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U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index and includes approximately 800 non-mega cap companies based on a combination of their market cap and current index membership. The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500® Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. 0.2802 0.1701 -0.0968 0.1264 0.0914 0.1202 -0.1443 0.1504 0.2805 0.0480 0.0269 0.2850 0.2669 -0.1327 0.2313 0.1356 0.1044 -0.1801 0.1727 0.0567 0.2486 0.2477 0.1509 0.1630 0.1067 0.0593 0.2521 0.1780 0.0304 N-1A BRIDGE BUILDER TRUST 2026-10-28 Bridge Builder Core Bond Fund Investment Objective <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The investment objective of the Bridge Builder Core Bond Fund (the “Fund” or the “Core Bond Fund”) is to provide total return (capital appreciation plus income).</div> Fees and Expenses of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0 0.0002 0.0034 -0.0022 0.0012 October 28, 2027 Example <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 12 87 169 409 Portfolio Turnover <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 148% of the average value of its portfolio.</div> 1.48 Principal Investment Strategies <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities and other instruments, such as derivative instruments with economic characteristics similar to fixed income securities, and investment companies that seek to track the performance of fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund’s assets are allocated across different fixed-income market sectors and maturities. For purposes of the Fund’s 80% investment policy, fixed income securities include securities such as, but not limited to, securities issued or guaranteed by the U.S. government or its agencies; corporate bonds; convertible securities; preferred securities; asset-backed securities (“ABS”), including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued securities (e.g., Rule 144A securities); floating rate securities; and mortgage-related and mortgage-backed securities (“MBS”), including pass-through securities, collateralized mortgage obligations (“CMOs”), adjustable rate mortgage securities (“ARMs”), interest-only securities (“IOs”), principal-only securities (“POs”), inverse floaters, privately-issued MBS, commercial MBS (“CMBS”), to-be-announced MBS (“TBAs”), and mortgage dollar rolls. A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">In addition, the Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”), that have characteristics that are consistent with the Fund’s investment strategies. The Fund may invest in futures, primarily interest rate and U.S. Treasury futures, and in swaps, primarily interest rate swaps. The Fund may buy or sell futures or swaps to gain or hedge exposure to risk factors or to alter the Fund’s investment characteristics. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell, including, but not limited to, fixed income securities, on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments), including TBAs. The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund will invest primarily in securities denominated in U.S. dollars. The Fund may invest in securities issued by foreign entities, including emerging market securities, and obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. The Fund is designed to allow managers to invest in various fixed income market sectors.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub-adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Adviser is responsible for determining the amount of Fund assets allocated to each Sub-adviser. The Adviser allocates Fund assets to the following Sub-advisers: Robert W. Baird & Co. Incorporated (“Baird”), J.P. Morgan Investment Management Inc. (“JPMIM”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), and PGIM, Inc. (“PGIM”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Baird’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Baird’s strategy is based on its belief that the bond market is very efficient in discounting risk and return over time, and bond market benchmarks accurately reflect this relationship between risk and return across the duration curve. Baird believes interest rates are extremely difficult to consistently forecast over time and accordingly employs a duration-neutral, risk-controlled approach. Baird sets the duration of its allocated portion of the Fund’s assets equal to that of the Fund’s benchmark, thus aiming to ensure a high degree of predictability in tracking benchmark returns. Baird then adds incremental value through security selection, yield curve positioning, sector allocation and competitive execution of trades.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Baird’s philosophy is implemented strictly in the U.S. dollar-denominated, cash bond market, and Baird normally invests in U.S. government and other public sector entities, ABS and MBS of U.S. and U.S. dollar-denominated foreign issuers, and corporate debt of U.S. and foreign issuers.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">JPMIM’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">JPMIM incorporates a bottom-up, value-oriented approach in managing its allocated portion of the Fund’s assets. Taking a long-term approach, JPMIM looks for individual fixed income investments that it believes will perform well over market cycles. JPMIM is value-oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, and the complex legal and technical structure of the transaction.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Loomis Sayles’ Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Loomis Sayles’ investment philosophy focuses on research-driven, relative value investing on a risk-adjusted basis, seeking to add value primarily through security selection while continually managing risk in the portfolio. Loomis Sayles’ objective with respect to its allocated portion is to consistently outperform, over time, a broad-based market-weighted benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable fixed income market, including Treasury securities, government-related and corporate securities, MBS, ABS, and CMBS.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Under normal circumstances, Loomis Sayles will seek to invest in U.S. dollar-denominated, investment grade fixed income securities, including Treasury securities; agency securities; credit; MBS (including TBAs), ABS and CMBS; corporate bonds issued by U.S. and foreign companies; and mortgage dollar rolls.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">PGIM’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">PGIM’s strategy is based on the philosophy that research-driven security selection is the most consistent strategy for adding value to client portfolios. PGIM complements that base strategy with modest sector rotation, duration management, and disciplined trade execution. PGIM uses a team approach to attempt to add value by tilting toward fixed income sectors that it believes are attractive and by utilizing its extensive research capabilities to choose attractive fixed-income securities within sectors.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">In managing the Fund’s assets, PGIM uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, PGIM develops views on economic, policy and market trends. In its bottom-up research, PGIM develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. PGIM may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. PGIM may invest in a security based upon the expected total return rather than the yield of such security.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities and other instruments, such as derivative instruments with economic characteristics similar to fixed income securities, and investment companies that seek to track the performance of fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.</div> The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities and other instruments, such as derivative instruments with economic characteristics similar to fixed income securities, and investment companies that seek to track the performance of fixed income securities.For purposes of the Fund’s 80% investment policy, fixed income securities include securities such as, but not limited to, securities issued or guaranteed by the U.S. government or its agencies; corporate bonds; convertible securities; preferred securities; asset-backed securities (“ABS”), including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued securities (e.g., Rule 144A securities); floating rate securities; and mortgage-related and mortgage-backed securities (“MBS”), including pass-through securities, collateralized mortgage obligations (“CMOs”), adjustable rate mortgage securities (“ARMs”), interest-only securities (“IOs”), principal-only securities (“POs”), inverse floaters, privately-issued MBS, commercial MBS (“CMBS”), to-be-announced MBS (“TBAs”), and mortgage dollar rolls.Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund will invest primarily in securities denominated in U.S. dollars. The Fund may invest in securities issued by foreign entities, including emerging market securities, and obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises.</div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Interest Rate Risk. </span>The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Fluctuations in interest rates may also affect the liquidity of the fixed-income securities held by the Fund. As a result, it is possible that the Fund would, during these conditions, maintain a substantial portion of its assets in cash, on which it may earn little, if any, income. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Credit Risk. </span>Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Asset-Backed, Mortgage-Related, and Mortgage-Backed Securities Risk.</span> Borrowers may default on the obligations that underlie ABS, mortgage-related securities, and MBS. During periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than it had expected, causing the Fund to experience additional volatility. During periods of falling interest rates, ABS, mortgage-related securities, and MBS may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. CMOs, MBS, ARMs, IOs, POs, and inverse floaters may be more volatile and may be more sensitive to interest rate changes and prepayments than other mortgage-related securities. The impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) may result in a reduction in the value of the security. The risk of default, as described under “Credit Risk,” for privately-issued and sub-prime mortgages is generally higher than for other types of MBS. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. In addition, ABS such as CLOs and CDOs present credit risks that are not presented by MBS. This is because ABS generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an ABS defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Active Management Risk.</span> The Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Convertible Securities Risk.</span> The value of a convertible security will generally decline as interest rates increase and increase as interest rates decline. Convertible securities are also subject to credit risk. In addition, because convertible securities are generally convertible to the issuer’s common stock, convertible security prices will normally fluctuate as prices of the common stock increase or decline.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Corporate Debt Securities Risk.</span> Corporate debt securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Counterparty Risk.</span> When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Currency Risk.</span> As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Derivatives Risk.</span> An investment in derivatives (such as futures contracts, swaps, TBAs and dollar rolls) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps is also subject to counterparty risk, which is described above.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Floating Rate Securities Risk. </span>The Fund may invest in obligations with interest rates that are reset periodically. Although the prices of floating rate securities are generally less sensitive to interest rate changes than comparable quality fixed rate instruments, the value of floating rate securities may decline if the floating rate securities’ interest rates do not rise as quickly, or as much, as general interest rates.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Foreign Securities Risk (including Emerging Markets Risk).</span> The risks of investing in foreign securities, including those in emerging markets, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments and may have fewer resources to mitigate the effects of a pandemic or natural disaster.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives or strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Mortgage Dollar Roll Risk. </span>The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes. Mortgage dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker-dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon a Sub-adviser’s ability to correctly predict interest rates and prepayments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Portfolio Turnover Risk.</span> The Fund may buy and sell investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Preferred Stock Risk.</span> Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate of return. Preferred stocks are subject to issuer-specific risks (such as credit risk) and market risks applicable generally to equity securities. The market value of preferred stocks generally decreases when interest rates rise. Preferred stocks generally are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than the company’s bonds and other debt instruments. Preferred stock may also be subject to prepayment risk, which is discussed below.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Prepayment and Extension Risk. </span>When interest rates fall, issuers of higher-coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower-coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower-coupon debt obligations.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Privately Issued Securities Risk.</span> Investments in privately issued securities (<span style="font-style: italic;">e.g., </span>Rule 144A securities) may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Regulatory and Judicial Risk. </span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Reinvestment Risk.</span> Cash flows from fixed income securities are generally reinvested at current market rates. A decline in market rates may result in less attractive reinvestment opportunities and affect the Fund’s ability to meet its investment objective.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Sovereign Debt Risk.</span> Investments in non-U.S. sovereign debt securities can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">U.S. Government Securities Risk.</span> U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S, government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Valuation Risk. </span>Certain investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which certain Fund’s investments are actually bought and sold. The evaluated prices and fair value of certain Fund’s investments may be subject to frequent and significant change and will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk. </span>When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above.</div> </td> </tr> </table> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 40%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 81%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Quarterly Returns</td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Highest (quarter ended December 31, 2023)</td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">6.88%</td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Lowest (quarter ended March 31, 2022)</td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">-5.91%</td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was -2.70%.</div> Highest 2023-12-31 0.0688 Lowest 2022-03-31 -0.0591 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 -0.0270 Average Annual Total Returns <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.0753 0.0015 0.0255 0.0564 -0.0128 0.0112 0.0465 -0.0049 0.0137 0.0730 -0.0036 0.0201 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: times new roman; text-align: justify;">The Bloomberg U.S. Aggregate Bond Index measures the broad market for U.S. dollar-denominated investment grade fixed-rate taxable bond market. Index returns reflect the change in value, principal payments and interest of bonds in the index. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index.</div> Bridge Builder Core Plus Bond Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of the Bridge Builder Core Plus Bond Fund (the “Fund” or the “Core Plus Bond Fund”) is to provide total return (capital appreciation plus income). </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0 0.0002 0.0038 -0.0024 0.0014 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 14 98 189 457 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 415% of the average value of its portfolio. </div> 4.15 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities of any maturity or duration and other instruments, such as derivative instruments with economic characteristics similar to fixed income securities, and certain investment companies that seek to track the performance of fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s assets are allocated across different fixed income market sectors and maturities. For purposes of the Fund’s 80% investment policy, fixed income securities include securities such as, but not limited to, securities issued or guaranteed by the U.S. government or its agencies; corporate bonds; convertible securities (including but not limited to convertible bonds and rated and unrated convertible preferred stocks); repurchase agreements; corporate commercial paper; asset-backed securities (“ABS”), including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities); floating rate securities; inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”) issued by the U.S. Treasury) and other inflation-indexed bonds issued both by governments and corporations; structured securities; loans; and mortgage-related and mortgage-backed securities (“MBS”), including pass-through securities, collateralized mortgage obligations (“CMOs”), adjustable rate mortgage securities (“ARMs”), interest-only securities (“IOs”), principal-only securities (“POs”), inverse floaters, sub-prime MBS, privately-issued MBS, commercial MBS (“CMBS”), to-be-announced MBS (“TBAs”), and mortgage dollar rolls. A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount. For purposes of the Fund’s 80% investment policy, the Fund may invest in a variety of loans, including bank loans, bridge loans, debtor-in-possession loans and mezzanine loans. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s investments in fixed income securities consist, under normal market conditions, of a combination of investment grade securities and a “plus” portfolio of high yield securities deemed below investment grade, also known as “junk bonds,” or in unrated securities that a sub-adviser believes are of comparable quality to instruments that are so rated. The Fund’s investments in junk bonds may include bonds in default. The Fund considers investment grade securities to be those securities that are rated at or above Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), BBB- by Standard & Poor’s Corporation (“S&P”) or Fitch Ratings (“Fitch”), or an equivalent rating by another nationally recognized securities rating organization (“NRSRO”), or securities that are unrated but deemed by a sub-adviser to be comparable in quality to instruments that are so rated. If a security is rated differently by multiple NRSROs, the Fund treats the security as being rated in the highest rating category received from an NRSRO. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition, the Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”), that have characteristics that are consistent with the Fund’s investment strategies. The Fund may invest in futures, primarily interest rate, currency, and U.S. Treasury futures, and in swaps, including interest rate, credit default, total return, and currency swaps. In addition, the Fund may invest in forward contracts. The Fund may buy or sell futures, swaps, or forward contracts to gain or hedge exposure to risk factors or to alter the Fund’s investment characteristics. Any investment companies or derivatives that provide exposure to the investment focus suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in securities issued by foreign entities, including emerging market securities, and obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell, including but not limited to fixed income securities, on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments), including TBAs. The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. The Fund is designed to allow managers to invest in various fixed income market sectors. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub-adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Adviser is responsible for determining the amount of Fund assets allocated to each Sub-adviser. The Adviser allocates Fund assets to the Sub-advisers. The following are the Fund’s principal Sub-advisers: Dodge & Cox, Loomis, Sayles & Company, L.P. (“Loomis Sayles”), Metropolitan West Asset Management, LLC (“MetWest”), and Pacific Investment Management Company LLC (“PIMCO”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination or replacement of a Sub-adviser. Below is a summary of each principal Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Dodge & Cox’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Dodge & Cox’s investment strategy is built on four integrated pillars: rigorous fundamental analysis, a long-term investment horizon, a focus on valuation, and downside risk analysis. Dodge & Cox aims to construct a portfolio with attractive total return characteristics across various economic and market environments. Through a team-based decision-making process, Dodge & Cox seeks to create a portfolio with durable incremental yield, attractive relative return prospects, liquidity, high average quality, and diversification. Dodge & Cox seeks value in higher-yielding market segments like lower-rated investment-grade credit, below investment-grade securities and crossover credits (i.e., bonds rated between investment grade and high yield), and structured products (MBS and ABS). Detailed fundamental research is the primary risk mitigant at the security and/or issuer level, and a variety of qualitative and quantitative tools are used to monitor portfolio-level risk and highlight unintended exposures. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Loomis Sayles’ Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Three themes typically drive Loomis Sayles’ investment approach with respect to its allocated portion of the Fund’s assets. First, Loomis Sayles generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. Second, Loomis Sayles may invest significantly in securities the prices of which Loomis Sayles believes are more sensitive to events related to the underlying issuer than to changes in general interest rates or overall market default rates. Loomis Sayles relies primarily on issue selection as the key driver to investment performance. Loomis Sayles will manage the interest rate risks in the portfolio but believes that anticipating changes in rate levels is not the primary source of added value. Third, Loomis Sayles analyzes different sectors of the economy and differences in the yields (“spreads”) of various fixed-income securities in an effort to find securities that it believes may produce attractive returns in comparison to these securities’ risks. Loomis Sayles generally prefers securities that are protected against calls (early redemption by the issuer). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">MetWest’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">MetWest seeks to maximize current income and pursues above average total return consistent with prudent investment management over a full market cycle. MetWest employs a value-oriented fixed income management philosophy and an investment process predicated on a long-term economic outlook, which is determined by the investment team on a quarterly basis and is reviewed constantly. Investments are characterized by diversification among the sectors of the fixed income marketplace. The investment management team seeks to achieve the desired outperformance through the measured and disciplined application of five fixed income management strategies which include duration management, yield curve positioning, sector allocation, security selection, and opportunistic execution. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">PIMCO’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In selecting securities for its allocated portion of the Fund’s assets, PIMCO seeks to achieve the Fund’s investment objective by investing in a multi-sector portfolio of Fixed Income Instruments (as defined below) of varying maturities, which may be represented by derivatives, such as forwards, futures contracts, or swap agreements. “Fixed Income </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> Instruments” for purposes of PIMCO’s principal investment strategies include securities issued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises; corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; MBS and other ABS; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or “indexed” securities and event-linked bonds; bank capital and trust preferred securities; loan participations and assignments; delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers’ acceptances; repurchase agreements on Fixed Income Instruments; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">PIMCO may seek to obtain market exposure to these Fixed Income Instruments by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). PIMCO will seek maximum total return, consistent with preservation of capital and prudent investment management by investing in a broad array of fixed income sectors and utilizing income efficient implementation strategies. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities of any maturity or duration and other instruments, such as derivative instruments with economic characteristics similar to fixed income securities, and certain investment companies that seek to track the performance of fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities of any maturity or duration and other instruments, such as derivative instruments with economic characteristics similar to fixed income securities, and certain investment companies that seek to track the performance of fixed income securities.For purposes of the Fund’s 80% investment policy, fixed income securities include securities such as, but not limited to, securities issued or guaranteed by the U.S. government or its agencies; corporate bonds; convertible securities (including but not limited to convertible bonds and rated and unrated convertible preferred stocks); repurchase agreements; corporate commercial paper; asset-backed securities (“ABS”), including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities); floating rate securities; inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”) issued by the U.S. Treasury) and other inflation-indexed bonds issued both by governments and corporations; structured securities; loans; and mortgage-related and mortgage-backed securities (“MBS”), including pass-through securities, collateralized mortgage obligations (“CMOs”), adjustable rate mortgage securities (“ARMs”), interest-only securities (“IOs”), principal-only securities (“POs”), inverse floaters, sub-prime MBS, privately-issued MBS, commercial MBS (“CMBS”), to-be-announced MBS (“TBAs”), and mortgage dollar rolls.For purposes of the Fund’s 80% investment policy, the Fund may invest in a variety of loans, including bank loans, bridge loans, debtor-in-possession loans and mezzanine loans.Any investment companies or derivatives that provide exposure to the investment focus suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in securities issued by foreign entities, including emerging market securities, and obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Interest Rate Risk.</span> The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Fluctuations in interest rates may also affect the liquidity of the fixed-income securities held by the Fund. As a result, it is possible that the Fund would, during these conditions, maintain a substantial portion of its assets in cash, on which it may earn little, if any, income. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Credit Risk.</span> Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond. Credit risk for high yield securities, or “junk” bonds, is greater than for higher-rated securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Derivatives Risk.</span> An investment in derivatives (such as swaps, forward contracts, futures contracts, structured notes, TBAs and dollar rolls) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps and forward contracts is also subject to counterparty risk, which is described below. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> The Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Asset-Backed, Mortgage-Related, and Mortgage-Backed Securities Risk.</span> Borrowers may default on the obligations that underlie ABS, mortgage-related securities, and MBS. During periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than it had expected, causing the Fund to experience additional volatility. During periods of falling interest rates, ABS, mortgage-related securities, and MBS may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. CMOs, MBS, ARMs, IOs, POs, and inverse floaters may be more volatile and may be more sensitive to interest rate changes and prepayments than other mortgage-related securities. The impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) may result in a reduction in the value of the security. The risk of default, as described under “Credit Risk,” for privately-issued and sub-prime mortgages is generally higher than for other types of MBS. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. In addition, ABS such as CLOs and CDOs present credit risks that are not presented by MBS. This is because ABS generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an ABS defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Convertible Securities Risk.</span> The value of a convertible security will generally decline as interest rates increase and increase as interest rates decline. Convertible securities are also subject to credit risk. In addition, because convertible securities are generally convertible to the issuer’s common stock, convertible security prices will normally fluctuate as prices of the common stock increase or decline. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Corporate Debt Securities Risk.</span> Corporate debt securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk.</span> When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk.</span> As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Floating Rate Securities Risk.</span> The Fund may invest in obligations with interest rates that are reset periodically. Although the prices of floating rate securities are generally less sensitive to interest rate changes than comparable quality fixed rate instruments, the value of floating rate securities may decline if the floating rate securities’ interest rates do not rise as quickly, or as much, as general interest rates. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk (including Emerging Markets Risk).</span> The risks of investing in foreign securities, including those in emerging markets, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade of economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments and may have fewer resources to mitigate the effects of a pandemic or natural disaster. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">High Yield Securities Risk.</span> High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Inflation-Linked Securities Risk.</span> The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the “CPI”)). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives or strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Loan Risk. </span>Bank loans (including through both assignments and participations) often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> highly leveraged or in bankruptcy proceedings. Loans typically have less liquidity than investment grade bonds and there may be less public information available about them as compared to bonds. The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Mezzanine Securities Risk.</span> The Fund may invest in certain high yield securities known as mezzanine securities, which are subordinated debt securities generally issued in private placements in connection with an equity security (e.g., with attached warrants). Mezzanine investments may be issued with or without registration rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Mortgage Dollar Roll Risk.</span> The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes. Mortgage dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker-dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon a Sub-adviser’s ability to correctly predict interest rates and prepayments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover Risk.</span> The Fund may buy and sell investments frequently resulting in higher transaction costs, including brokerage commissions. Frequent transactions may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Preferred Stock Risk.</span> Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate of return. Preferred stocks are subject to issuer-specific risks (such as credit risk) and market risks applicable generally to equity securities. The market value of preferred stocks generally decreases when interest rates rise. Preferred stocks generally are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than the company’s bonds and other debt instruments. Preferred stock may also be subject to prepayment risk, which is discussed below. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Prepayment and Extension Risk. </span>When interest rates fall, issuers of higher-coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower-coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower-coupon debt obligations. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Privately Issued Securities Risk.</span> Investments in privately issued securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities) may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Reinvestment Risk.</span> Cash flows from fixed income securities are generally reinvested at current market rates. A decline in market rates may result in less attractive reinvestment opportunities and affect the Fund’s ability to meet its investment objective. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sovereign Debt Risk.</span> Investments in non-U.S. sovereign debt securities can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Structured Notes Risk.</span> Structured notes are specially-designed derivative debt instruments in which the terms may be structured by the purchaser and the issuer of the note. The Fund bears the risk that the issuer of the structured note will default. Structured notes may be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference measure. The Fund also bears the risk of loss of its principal investment and periodic payments expected to be received for the duration of its investment. In addition, a liquid market may not exist for structured notes. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Trust Preferred and Bank Capital Securities Risk. </span>Trust preferred securities (and bank capital securities that take the form of trust preferred securities) are preferred stocks issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent. Trust preferred securities are subject to unique risks, due to the fact that dividend payments will only be paid if interest payments on the underlying obligations are made, which interest payments are dependent on the financial condition of the parent corporation and may be deferred for up to 20 consecutive quarters. Such risks include increased credit risk and market value volatility, as well as the risk that a Fund may have to liquidate other investments in order to satisfy the distribution requirements applicable to regulated investment companies (“RICs”) if the trust preferred security or the subordinated debt is treated as an original issue discount obligation, and thereby causes the Fund to accrue interest income without receiving corresponding cash payments. There is also the risk that the underlying obligations, and thus the trust preferred securities, may be prepaid after a stated call date or as a result of certain tax or regulatory events, resulting in a lower yield to maturity. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">U.S. Government Securities Risk.</span> U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Valuation Risk.</span> Certain investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which certain Fund’s investments are actually bought and sold. The evaluated prices and fair value of certain Fund’s investments may be subject to frequent and significant change and will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk.</span> When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not anticipate future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended December 31, 2023)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">6.85%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended March 31, 2022)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-5.71%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was -3.12%. </div> Highest 2023-12-31 0.0685 Lowest 2022-03-31 -0.0571 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 -0.0312 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.0895 0.0066 0.0295 0.0683 -0.0094 0.0135 0.0556 -0.0018 0.0159 0.0730 -0.0036 0.0201 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Bloomberg U.S. Aggregate Bond Index measures the broad market for U.S. dollar-denominated investment grade fixed-rate taxable bond market. Index returns reflect the change in value, principal payments and interest of bonds in the index. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Municipal Bond Fund Investment Objective The investment objective of the Bridge Builder Municipal Bond Fund (the “Fund” or the “Municipal Bond Fund”) is to provide current income exempt from federal tax, with a secondary goal of preservation of investment principal. Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0 0.0002 0.0038 -0.0026 0.0012 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 12 96 187 455 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 23% of the average value of its portfolio. </div> 0.23 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. These municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for certain taxpayers subject to the federal alternative minimum tax (“Federal AMT”)). Municipal securities may be obligations of a variety of issuers, including state or local entities or other qualifying issuers. Issuers may be states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities. Municipal securities may also include, but are not limited to, municipal bonds related to financing projects such as those relating to education, healthcare, and transportation. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in municipal securities rated below investment grade, also known as “junk bonds,” or in unrated municipal securities that a sub-adviser of the Fund believes are of comparable quality. Investment grade securities are those securities that are rated at or above Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), BBB- by Standard & Poor’s Corporation (“S&P”) or Fitch Ratings (“Fitch”), or an equivalent rating by another nationally recognized securities rating organization (“NRSRO”), or securities that are unrated but deemed by the sub-adviser to be comparable in quality to instruments that are so rated. If a security is rated differently by multiple NRSROs, the Fund treats the security as being rated in the highest rating category received from an NRSRO. For purposes of the Fund’s 80% investment policy, the Fund may also invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell, including but not limited to municipal securities in which the Fund may invest for purposes of its 80% investment policy, on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund also invests in U.S. Treasury futures and may buy or sell futures to hedge exposure to risk factors, for speculative purposes or as a substitute for investing in conventional fixed income securities. In addition, the Fund may invest in privately issued securities (e.g., Rule 144A securities) and other investment companies, including open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub-adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub-adviser believes that it would be appropriate to do so in order to readjust the duration or asset allocation of its portion of the Fund’s investment portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Adviser is responsible for determining the amount of Fund assets allocated to each Sub-adviser. The Adviser allocates Fund assets to the following Sub-advisers: Robert W. Baird & Co. Incorporated (“Baird”), BlackRock Investment Management, LLC (“BlackRock”), FIAM LLC (“FIAM”), and MacKay Shields LLC (“MacKay Shields”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Baird’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The foundation of Baird’s strategy is a focus on seeking to control risk. With the belief that the bond market is efficient over time in discounting interest rate risk, making interest rate timing extremely difficult to consistently forecast over time, a key tenet of Baird’s strategy is to manage its allocated portion of the Fund on a duration-neutral basis relative to its selected benchmark, the Bloomberg Municipal Bond Index (with maturities ranging from 1 – 30 years). Baird then </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> seeks to add incremental return on a consistent basis through an in-depth, research-driven approach, identifying and capturing relative value opportunities in less efficient areas of the market. These include positioning along the yield curve on a duration-neutral basis overall, credit, sector, and subsector weightings – all relative to the benchmark – while also focusing on security selection and efficient trade execution. Typically, Baird’s strategy also seeks to have an income advantage relative to the benchmark as a means of adding incremental return. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">BlackRock’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">BlackRock takes a top-down, bottom-up approach with a flexible investment framework in managing its allocated portion of the Fund’s assets. The investment process begins with setting a macro-outlook and broad strategy guidelines around credit, duration, yield curve, structure, and liquidity. Portfolio management works closely with BlackRock’s credit research team to determine which sectors of the municipal market provide the most value and should be overweight and which should be underweight. Once a sector view is established, BlackRock’s credit research team works to identify securities that provide the best risk reward profile. BlackRock’s security selection process is based on its relative value outlook and the quantitative assessment of the security and portfolio. In managing its allocated portion of the Fund’s assets, BlackRock seeks total return derived primarily from coupon interest, and secondarily, capital appreciation. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">FIAM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">FIAM uses a municipal bond index as a guide in structuring and selecting its investments for its allocated portion of the Fund’s assets. This municipal bond index represents FIAM’s view of how the portfolio’s competitive universe will perform over time. This index is a market value-weighted index of short to intermediate investment-grade fixed-rate municipal bonds. FIAM considers a variety of factors when selecting investments, including the credit quality of issuers, security-specific features, current valuations relative to alternatives in the market, short-term trading opportunities resulting from market inefficiencies, and potential future valuations. In managing the portfolio’s exposure to various risks, including interest rate risk, FIAM also considers the market’s overall risk characteristics, current pricing of those risks, and internal views of potential future market conditions. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">MacKay Shields’ Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">MacKay Shields’ relative-value investment strategy combines a top-down macro view with bottom-up credit research driven security selection. MacKay Shields’ investment discipline begins by outlining a macro view of the economy, interest rates, inflation and both national and regional political concerns. The top-down component guides decisions relating to the Fund’s credit distribution, sector distribution, state exposure and yield curve positioning. The investment strategy seeks to maintain duration neutrality, typically expressed as a range around the duration of the relevant benchmark. MacKay Shields’ approach is driven by fundamental bottom-up security analysis using deep credit research and spread analysis. In doing so, the investment process seeks to identify mispricings and opportunities for total return with an emphasis and focus on risk management. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. These municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for certain taxpayers subject to the federal alternative minimum tax (“Federal AMT”)). Municipal securities may be obligations of a variety of issuers, including state or local entities or other qualifying issuers. Issuers may be states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities. Municipal securities may also include, but are not limited to, municipal bonds related to financing projects such as those relating to education, healthcare, and transportation. </div> The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax.For purposes of the Fund’s 80% investment policy, the Fund may also invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.The Fund may purchase or sell securities which it is eligible to purchase or sell, including but not limited to municipal securities in which the Fund may invest for purposes of its 80% investment policy, on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in municipal securities rated below investment grade, also known as “junk bonds,” or in unrated municipal securities that a sub-adviser of the Fund believes are of comparable quality. Investment grade securities are those securities that are rated at or above Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), BBB- by Standard & Poor’s Corporation (“S&P”) or Fitch Ratings (“Fitch”), or an equivalent rating by another nationally recognized securities rating organization (“NRSRO”), or securities that are unrated but deemed by the sub-adviser to be comparable in quality to instruments that are so rated. If a security is rated differently by multiple NRSROs, the Fund treats the security as being rated in the highest rating category received from an NRSRO. For purposes of the Fund’s 80% investment policy, the Fund may also invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Interest Rate Risk.</span> The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Fluctuations in interest rates may also affect the liquidity of the fixed-income securities held by the Fund. As a result, it is possible that the Fund would, during these conditions, maintain a substantial portion of its assets in cash, on which it may earn little, if any, income. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Credit Risk.</span> Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Municipal Securities Risk.</span> The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> The Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Derivatives Risk.</span> An investment in derivatives (such as futures contracts) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">High Yield Securities Risk.</span> High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> interest of these securities is speculative. High-yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk. </span>There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives or strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk.</span> Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk. </span>The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub- advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Municipal Revenue Bond Risk.</span> Municipal revenue bonds are used to finance municipal projects that generate revenue. These types of bonds may be more sensitive to adverse economic, business or political developments than other types of municipal bonds. In addition, if the specified revenues from a project do not materialize, there is a risk that the bonds may not be repaid. As a result, the municipal revenue bonds in which the Fund invests may entail greater credit risk than the Fund’s investments in other types of municipal bonds. Moreover, a change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing the Fund’s market risk. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Prepayment and Extension Risk.</span> When interest rates fall, issuers of higher-coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower-coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower-coupon debt obligations. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Private Activity Bonds Risk.</span> Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond and the issuing authority does not pledge its full faith, credit, and taxing power for repayment. The private enterprise can have a substantially different credit profile than the municipality or public authority. The Fund’s investments in private activity bonds may subject certain shareholders to the Federal AMT. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Privately Issued Securities Risk. </span>Investments in privately issued securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities) may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> Fund or less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold"></span><span style="font-weight:bold">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Reinvestment Risk. </span>Cash flows from fixed income securities are generally reinvested at current market rates. A decline in market rates may result in less attractive reinvestment opportunities and affect the Fund’s ability to meet its investment objective. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Tax and Federal AMT Risk.</span> The Fund will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither the Fund nor its Adviser or Sub-advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Certain shareholders subject to the Federal AMT may be required to report the Fund’s exempt interest distributions in determining their Federal AMT. Exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. The Fund may also not be a suitable investment for individual retirement accounts and other tax-deferred arrangements. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">U.S. Government Securities Risk.</span> U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Valuation Risk.</span> Certain investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which certain Fund’s investments are </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> actually bought and sold. The evaluated prices and fair value of certain Fund’s investments may be subject to frequent and significant change and will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk. </span>When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Zero Coupon Bonds Risk. </span>The value of zero-coupon bonds is subject to greater fluctuation in response to changes in market interest rates than the value of bonds which make regular payments of interest. Even though zero-coupon bonds do not pay current interest in cash, the Fund is required to accrue interest income on such investments and may be required to distribute that income at least annually to shareholders. Thus, the Fund could be required at times to liquidate other investments in order to satisfy its dividend requirements. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended December 31, 2023)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">6.23%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended March 31, 2022)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-5.51%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was -3.01%. </div> Highest 2023-12-31 0.0623 Lowest 2022-03-31 -0.0551 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 -0.0301 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.0509 0.0144 0.0245 0.0502 0.0140 0.0242 0.0476 0.0174 0.0245 0.0425 0.0080 0.0234 0.0518 0.0116 0.0227 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Bloomberg Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate and tax-exempt issues, with a remaining maturity of at least one year. The Bloomberg Municipal 1-15 Year Index is a subset of the Bloomberg Municipal Bond Index covering only maturities between 1 and 17 years. The Bloomberg Municipal Bond Index is an unmanaged index composed of tax-exempt bonds with maturities greater than one year and a minimum credit rating of Baa. Index returns reflect the change in value, principal payments and interest of bonds in the index. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Municipal High-Income Bond Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of the Bridge Builder Municipal High-Income Bond Fund (the “Fund” or the “Municipal High-Income Bond Fund”) is to provide current income exempt from federal tax. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0 0.0003 0.0039 -0.0023 0.0016 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 16 102 196 470 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio. </div> 0.34 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. These municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for certain taxpayers subject to the federal alternative minimum tax (“Federal AMT”)). Municipal securities may be obligations of a variety of issuers, including state or local entities or other qualifying issuers. Issuers may be states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities. Municipal securities may also include, but are not limited to, municipal bonds related to financing projects such as those relating to education, health care, and transportation. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests at least 50% of its assets in municipal securities rated Baa1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), BBB+ or lower by Standard & Poor’s Corporation (“S&P”) or Fitch Ratings (“Fitch”), or an equivalent rating by another nationally recognized securities rating organization (“NRSRO”), or in unrated securities that a sub-adviser of the Fund believes are of comparable quality. Such investments include municipal securities rated below investment grade, also known as “junk bonds,” which are municipal securities rated Ba1 or lower by Moody’s, BB+ or lower by S&P or Fitch, or an equivalent rating by another NRSRO, or in unrated securities that a sub-adviser believes are of comparable quality. If a security is rated differently by multiple NRSROs, the Fund treats the security as being rated in the highest rating category received from an NRSRO. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell, including but not limited to municipal securities in which the Fund may invest for purposes of its 80% investment policy, on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund also invests in futures, including Treasury futures, and may buy or sell futures to hedge exposure to risk factors, for speculative purposes or as a substitute for investing in conventional fixed income securities. In addition, the Fund may invest in privately issued securities (e.g., Rule 144A securities) and other investment companies, including open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when a Sub-adviser perceives deterioration in the credit fundamentals of the issuer, or when a Sub-adviser believes that it would be appropriate to do so in order to readjust the duration or asset allocation of its portion of the Fund’s investment portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Adviser is responsible for determining the amount of Fund assets allocated to each Sub-adviser. The Adviser may allocate Fund assets to the following Sub-advisers: Capital International, Inc. (“Capital International”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Capital International’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Capital International’s investment philosophy is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Capital International uses a system of multiple portfolio managers in managing its allocated portion of the Fund’s assets. Under this approach, its allocated portion of the Fund’s assets is divided into segments managed by individual portfolio managers. With respect to its allocated portion of the Fund’s assets, Capital International primarily invests in municipal securities that provide income exempt from federal personal </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> income tax and may subject certain taxpayers to Federal AMT. In selecting securities for its allocated portion of the Fund’s assets, Capital International may accept risks to capital value that it deems prudent to take advantage of opportunities for higher current income on municipal securities in which it invests. Capital International may sell securities when it believes that they no longer represent relatively attractive investment opportunities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">T. Rowe Price’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">T. Rowe Price’s active investment management approach emphasizes the value of in-depth fundamental credit research, diversification and risk management practices. By using fundamental research, T. Rowe Price seeks to select investments based on its outlook for the different sectors of the tax-free municipal market (for example, T. Rowe Price may emphasize revenue bonds instead of state and local general obligation debt) and specific issuers or securities. The goal of this approach is to seek higher yields while taking a risk-conscious approach. Risk management practices include managing the portfolio’s duration (which is a measurement of the price sensitivity of a bond or bond fund to changes in interest rates), while also focusing on striking a balance between (i) investing more heavily in certain sectors or issuers, and (ii) diversifying the investments held in T. Rowe Price’s allocated portion of the Fund’s assets across the broader municipal market. T. Rowe Price will invest in investment-grade bonds, as well as below investment-grade bonds. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. These municipal securities include debt obligations issued by or on behalf of a state or local entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for certain taxpayers subject to the federal alternative minimum tax (“Federal AMT”)). Municipal securities may be obligations of a variety of issuers, including state or local entities or other qualifying issuers. Issuers may be states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities. Municipal securities may also include, but are not limited to, municipal bonds related to financing projects such as those relating to education, health care, and transportation. </div> The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax.The Fund may purchase or sell securities which it is eligible to purchase or sell, including but not limited to municipal securities in which the Fund may invest for purposes of its 80% investment policy, on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests at least 50% of its assets in municipal securities rated Baa1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), BBB+ or lower by Standard & Poor’s Corporation (“S&P”) or Fitch Ratings (“Fitch”), or an equivalent rating by another nationally recognized securities rating organization (“NRSRO”), or in unrated securities that a sub-adviser of the Fund believes are of comparable quality. Such investments include municipal securities rated below investment grade, also known as “junk bonds,” which are municipal securities rated Ba1 or lower by Moody’s, BB+ or lower by S&P or Fitch, or an equivalent rating by another NRSRO, or in unrated securities that a sub-adviser believes are of comparable quality. If a security is rated differently by multiple NRSROs, the Fund treats the security as being rated in the highest rating category received from an NRSRO. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk. </span>The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Interest Rate Risk. </span>The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Fluctuations in interest rates may also affect the liquidity of the fixed-income securities held by the Fund. As a result, it is possible that the Fund would, during these conditions, maintain a substantial portion of its assets in cash, on which it may earn little, if any, income. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Credit Risk. </span>Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Municipal Securities Risk. </span>The value of the Fund’s investments in municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk. </span>The Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Derivatives Risk. </span>An investment in derivatives (such as futures contracts) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of derivatives is also subject to market risk and liquidity risk, which are described above. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">High Yield Securities Risk. </span>High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of these securities is speculative. High-yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk. </span>An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk. </span>There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives or strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk. </span>The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk. </span>The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Municipal Revenue Bond Risk. </span>Municipal revenue bonds are used to finance municipal projects that generate revenue. These types of bonds may be more sensitive to adverse economic, business or political developments than other types of municipal bonds. In addition, if the specified revenues from a project do not materialize, there is a risk that the bonds may not be repaid. As a result, the municipal revenue bonds in which the Fund invests may entail greater credit risk than the Fund’s investments in other types of municipal bonds. Moreover, a change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing the Fund’s market risk. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Prepayment and Extension Risk. </span>When interest rates fall, issuers of higher-coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower-coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower-coupon debt obligations. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Private Activity Bonds Risk.</span> Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond and the issuing authority does not pledge its full faith, credit, and taxing power for repayment. The private enterprise can have a substantially different credit profile than the municipality or public authority. The Fund’s investments in private activity bonds may subject certain shareholders to the Federal AMT. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Privately Issued Securities Risk. </span>Investments in privately issued securities (e.g., Rule 144A securities) may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk. </span>The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so, and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Reinvestment Risk. </span>Cash flows from fixed income securities are generally reinvested at current market rates. A decline in market rates may result in less attractive reinvestment opportunities and affect the Fund’s ability to meet its investment objective. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Tax and Federal AMT Risk. </span>The Fund will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither the Fund nor its Adviser or Sub-advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. Certain shareholders subject to the Federal AMT may be required to report the Fund’s exempt interest distributions in determining their Federal AMT. Exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. The Fund may also not be a suitable investment for individual retirement accounts and other tax-deferred arrangements. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">U.S. Government Securities Risk. </span>U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Valuation Risk.</span> Certain investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which certain Fund’s investments are actually bought and sold. The evaluated prices and fair value of certain Fund’s investments may be subject to frequent and significant change and will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk.</span> When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended September 30, 2024)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">3.33%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended December 31, 2024)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-1.06%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was -2.48%. </div> Highest 2024-09-30 0.0333 Lowest 2024-12-31 -0.0106 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 -0.0248 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 2023-04-13 2023-04-13 2023-04-13 2023-04-13 2023-04-13 0.0431 0.0500 0.0416 0.0487 0.0478 0.0480 0.0425 0.0280 0.0362 0.0353 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Bloomberg Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate and tax-exempt issues, with a remaining maturity of at least one year. The Bloomberg Municipal 65% High Grade/35% High-Yield Index represents the US municipal bond market by blending two key segments: investment-grade and high-yield municipal bonds. 65% High-Grade Municipal Bonds: This portion of the index consists of investment-grade municipal bonds, which are considered to have a relatively lower risk of default. These are typically issued by financially strong state and local governments. 35% High-Yield Municipal Bonds: This part of the index comprises non-investment-grade or unrated municipal bonds, which generally carry higher risk but offer the potential for higher returns. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Large Cap Growth Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of Bridge Builder Large Cap Growth Fund (the “Fund” or the “Large Cap Growth Fund”) is to provide capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0044 0 0.0001 0.0045 -0.0025 0.0020 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 20 119 227 543 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio. </div> 0.49 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies with growth characteristics and other instruments, such as derivative instruments with economic characteristics similar to such securities, and investment companies (see below) that seek to track the performance of such securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies with growth characteristics and other instruments, such as derivative instruments with economic characteristics similar to such securities, and investment companies (see below) that seek to track the performance of such securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund defines large capitalization companies as companies whose market capitalizations at the time of purchase are comparable to those of companies included in one or more of the following three indices: (i) the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index (as of September 30, 2026, companies with capitalizations greater than $1.76 billion); (ii) the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Index (as of September 30, 2026, companies with capitalizations greater than $5.73 billion); or (iii) the MSCI<sup style="font-size:75%;vertical-align:top">®</sup> ACWI Large Cap Index (as of September 30, 2026, companies with capitalizations greater than $1.73 billion). The market capitalization of the companies included in these indices will change with market conditions. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund defines companies with growth characteristics as companies that (i) are included in the Russell 1000 Growth<sup style="font-size:75%;vertical-align:top">®</sup> Index, the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index or the MSCI<sup style="font-size:75%;vertical-align:top">®</sup> ACWI Large Cap Growth Index (the “Growth Indices”); or (ii) are identified by the Adviser or a sub-adviser of the Fund as having characteristics similar to companies included in the Growth Indices, such as projected (FY1) earnings-per-share growth, trailing twelve-month earnings-per-share growth, price-to-projected (FY1) earnings per share, price-to-trailing twelve-month earnings per share and dividend yield.</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition, consistent with its 80% investment policy, the Fund may invest in securities issued by U.S. and foreign entities, including emerging market securities. The Fund may also invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). While the Fund primarily invests in equity securities of large capitalization companies with growth characteristics, it may also invest up to 20% of its net assets in other large capitalization companies or securities of medium and small capitalization companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the information technology sector. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. The Fund follows an investing style that favors growth investments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund is a non-diversified fund. A non-diversified fund may invest a greater portion of its assets in a single issuer or small group of issuers than a “diversified” fund. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: Jennison Associates LLC </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> (“Jennison”), Lazard Asset Management LLC (“Lazard”), Los Angeles Capital Management LLC (“LA Capital”), Russell Investment Management, LLC (“RIM”), T. Rowe Price Associates, Inc. (“T. Rowe Price”) and Wellington Management Company, LLP (“Wellington Management”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub‑adviser. Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Jennison’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Jennison seeks to invest in large capitalization securities whose price will increase over the long term. It invests in equity and equity-related securities of companies that it believes have strong capital appreciation potential. In deciding which equities to buy, Jennison follows a highly disciplined investment selection and management process of identifying companies that show superior absolute and relative earnings growth and also are believed to be attractively valued. Jennison’s confidence in potential issuer earnings is an important part of the selection process. Jennison evaluates a company’s value by examining fundamental metrics such as price to forward earnings, price to book value, price to sales, and enterprise value to earnings before interest, taxes, depreciation, and amortization. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Lazard’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Lazard invests primarily in equity securities, principally common stocks, of U.S. companies that Lazard believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. Although Lazard generally focuses on large capitalization companies, the market capitalizations of issuers in which Lazard invests may vary with market conditions, and Lazard also may invest in medium capitalization and small capitalization companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">LA Capital’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In managing its portion of the Fund’s assets, LA Capital uses a proprietary quantitative model that includes fundamental data inputs for a universe of large capitalization equity securities and, through the use of statistical tools, estimates expected returns based on each security’s risk characteristics and the expected return to each characteristic in the current market environment. Security weights are assigned through an integrated optimization process which identifies the portfolio with the highest expected return for an acceptable level of risk. LA Capital also employs monitoring tools and certain additional constraints to ensure compliance with guidelines and Fund regulations. The portfolio is rebalanced periodically using the quantitative model. As economic conditions change and investor risk preferences evolve, LA Capital’s forecasts will change accordingly. LA Capital will ordinarily seek to almost fully invest its segment of the Fund’s portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">RIM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Cash Equitization: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At the direction of the Adviser, RIM will expose all or a portion of the Fund’s cash to the performance of certain markets by purchasing derivatives (also known as “cash equitization”), which includes index futures contracts, currency forwards, and total return swaps. This is intended to cause the Fund to perform as though all or a portion of its cash were actually invested in those markets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Completion Portfolio: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At the direction of the Adviser, RIM will employ completion portfolio strategies to seek to achieve the Adviser’s preferred portfolio positioning for the Fund and in doing so may invest in equity securities, ADRs, GDRs, other investment companies, REITs, and derivatives such as futures contracts, currency forwards, and total return swaps. RIM may use quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and other instruments that RIM believes will achieve the Adviser’s preferred portfolio positioning for the Fund. At the direction of the Adviser, the strategy may be managed to offset undesired relative over- or under-weights to Fund exposures such as volatility, momentum, value, growth, capitalization size, industry, sector, country, specific securities or other factors to seek to achieve the Adviser’s preferred portfolio positioning for the Fund. RIM may utilize tools such as optimization, which involves the analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs, to implement the Adviser’s preferred portfolio positioning for the Fund. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">T. Rowe Price’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">T. Rowe Price seeks to provide long-term capital appreciation through investments in common stocks of growth companies. T. Rowe Price generally looks for companies having the following characteristics: above-average rate of earnings and cash flow growth and a lucrative niche in the economy that gives them the ability to sustain earnings momentum even during times of slow economic growth. T. Rowe Price will invest primarily in the securities of large capitalization companies. The portion of the Fund managed by T. Rowe Price may also at times invest significantly in certain sectors, such as the information technology sector. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Wellington Management’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Wellington Management seeks to invest primarily in equity securities of U.S. companies that it believes offer strong forward looking quality and growth characteristics. Wellington Management employs a disciplined, fundamentally driven investment process that emphasizes companies that exhibit high quality free cash flow margins (i.e., cash generated after expenses to support operations and maintain capital assets), capital return (i.e., dividends and share buybacks), and revenue growth higher than a certain minimum threshold. The manager then monitors and ranks securities based on their relative attractiveness across this universe, based on quality, growth, valuation, capital returns, and earnings revisions. Securities considered for purchase are attractive on a majority of the metrics (quality, growth, valuation, capital returns, and earnings revisions). </div> 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 large capitalization companies with growth characteristics and other instruments, such as derivative instruments with economic characteristics similar to such securities, and investment companies (see below) that seek to track the performance of such securities.In addition, consistent with its 80% investment policy, the Fund may invest in securities issued by U.S. and foreign entities, including emerging market securities.Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the information technology sector. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. The Fund follows an investing style that favors growth investments. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Growth Style Risk.</span> The Fund is managed primarily in a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Non-Diversification Risk. </span>The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Cash Equitization Risk.</span> A portion of the Fund’s assets may use derivatives to obtain equity market exposure for cash held by the Fund. If the markets or indexes to which the derivatives provide exposure decline, the Fund may incur losses that it would not have incurred had the cash remained uninvested or been invested in cash equivalents. The strategy may not provide the intended exposure, replicate the target benchmarks, or replicate the performance of the applicable market or index due to instrument selection, differences between prices in the index futures market and the stock market, financing and margin considerations, roll and transaction costs, market movements, cash flows, or implementation timing. Inaccurate, incomplete, or delayed information concerning cash balances, cash flows, intended exposures, or investment guidelines, as well as errors in implementing or adjusting the strategy, may cause the Fund’s actual exposure to differ from its intended exposure. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Completion Portfolio Risk.</span> RIM manages a portion of the Fund’s assets as a completion portfolio to seek to achieve the Adviser’s preferred overall portfolio positioning for the Fund. Investments, including derivatives such as futures contracts, forwards and swaps, in the completion portfolio may be purchased or retained primarily for their contribution to the Fund’s desired market, sector, industry, style, factor, country, currency or other exposures rather than based on their individual investment merits or expected performance. Accordingly, the Fund may hold securities that perform poorly or that would not otherwise be selected under a security-specific, active investment approach. The completion portfolio may not achieve the intended exposures or results and could adversely affect the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk. </span>As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Derivatives Risk. </span>An investment in derivatives (such as futures contracts, currency forwards and total return swaps) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps is also subject to counterparty risk, which is described above. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk (including Emerging Markets Risk).</span> The risks of investing in foreign securities, including those in emerging markets, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments and may have fewer resources to mitigate the effects of a pandemic or natural disaster. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk. </span>The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly invested across numerous sectors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:10%;"> </td> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-family:arial"><span style="font-size:95%">○</span></span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Information Technology Sector Risk.</span> From time to time, the Fund may focus its investments in the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins, and may be subject to extensive regulatory requirements causing considerable expense and delay. In addition, information technology companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Investments in smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:79%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended June 30, 2020)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">26.46%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended June 30, 2022)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-19.54%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 6.43%. </div> Highest 2020-06-30 0.2646 Lowest 2022-06-30 -0.1954 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.0643 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.1362 0.1046 0.1438 0.1095 0.0901 0.1326 0.0982 0.0805 0.1182 0.1715 0.1315 0.1429 0.1856 0.1532 0.1813 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 1000 <sup style="font-size:75%;vertical-align:top">®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Large Cap Value Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of Bridge Builder Large Cap Value Fund (the “Fund” or the “Large Cap Value Fund”) is to provide capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0044 0 0.0001 0.0045 -0.0024 0.0021 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 22 120 228 544 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 64% of the average value of its portfolio. </div> 0.64 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies with value characteristics and other instruments, such as derivative instruments with economic characteristics similar to such securities, and investment companies that seek to track the performance of such securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund defines large capitalization companies as companies whose market capitalizations at the time of purchase are comparable to those of companies included in one or more of the following three indices: (i) the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index (as of September 30, 2026, companies with capitalizations greater than $1.76 billion); (ii) the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Index (as of September 30, 2026, companies with capitalizations greater than $5.73 billion); or (iii) the MSCI<sup style="font-size:75%;vertical-align:top">®</sup> ACWI Large Cap Index (as of September 30, 2026, companies with capitalizations greater than $1.73 billion). The market capitalization of the companies included in these indices will change with market conditions. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund defines companies with value characteristics as companies that (i) are included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Value Index, the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index or the MSCI<sup style="font-size:75%;vertical-align:top">®</sup> ACWI Large Cap Value Index (the “Value Indices”); or (ii) are identified by the Adviser or a sub-adviser of the Fund as having value characteristics similar to companies included in the Value Indices, such as price-to-trailing twelve-month sales per share, price-to-book value per share, price-to-trailing twelve-month cash flow per share, price-to-trailing twelve-month earnings per share and dividend yield. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition, consistent with its 80% investment policy, the Fund may invest in securities issued by U.S. and foreign entities, including in non-U.S. dollar denominated securities. The Fund may invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). While the Fund primarily invests in equity securities of large capitalization companies with value characteristics, it may also invest up to 20% of its net assets in other large capitalization companies or securities of medium and small capitalization companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the financial sector. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. The Fund follows an investing style that favors value investments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), Dodge & Cox, LSV Asset Management (“LSV”), Russell Investment Management, LLC (“RIM”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), and Wellington Management Company, LLP (“Wellington Management”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Barrow Hanley’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Barrow Hanley invests primarily in large capitalization securities. As a traditional value manager, Barrow Hanley searches for companies that are temporarily undervalued for reasons Barrow Hanley can identify, understand, and believe will improve over time. In its valuation framework, Barrow Hanley strives to construct portfolios that trade at levels below the market across multiple metrics, such as the price-to-earnings and the price-to-book ratios, while simultaneously delivering an above-market dividend yield. Barrow Hanley’s goal is to generate alpha by building a high active share portfolio with an asymmetrical risk/return profile that maximizes upside potential while minimizing risk. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Dodge & Cox’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Dodge & Cox seeks to build a portfolio of individual securities that it believes to be undervalued relative to their long-term prospects. Fundamental bottom-up research, a long-term investment horizon, and rigorous valuation discipline are central to its investment approach. Dodge & Cox conducts detailed research to assess underlying financial condition and prospects of individual companies, including future earnings, cash flow, and dividends. Various other factors, including financial strength, economic condition, competitive advantage, quality of the business franchise, and the competence of a company’s management, are weighed against valuation in selecting individual securities. Dodge & Cox primarily invests in medium-to-large companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">LSV’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">LSV primarily invests in large and medium capitalization U.S. companies. LSV uses a bottom-up investment style, seeking to identify companies that are trading at prices substantially below their intrinsic value. LSV follows an active investment strategy, focusing on using data and financial information and combining such information with the rigor of a quantitative model. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">RIM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Cash Equitization: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At the direction of the Adviser, RIM will expose all or a portion of the Fund’s cash to the performance of certain markets by purchasing derivatives (also known as “cash equitization”), which includes index futures contracts, currency forwards, and total return swaps. This is intended to cause the Fund to perform as though all or a portion of its cash were actually invested in those markets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Completion Portfolio: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At the direction of the Adviser, RIM will employ completion portfolio strategies to seek to achieve the Adviser’s preferred portfolio positioning for the Fund and in doing so may invest in equity securities, ADRs, GDRs, other investment companies, REITs, and derivatives such as futures contracts, currency forwards, and total return swaps. RIM may use quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and other instruments that RIM believes will achieve the Adviser’s preferred portfolio positioning for the Fund. At the direction of the Adviser, the strategy may be managed to offset undesired relative over- or under-weights to Fund exposures such as volatility, momentum, value, growth, capitalization size, industry, sector, country, specific securities or other factors to seek to achieve the Adviser’s preferred portfolio positioning for the Fund. RIM may utilize tools such as optimization, which involves the analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs, to implement the Adviser’s preferred portfolio positioning for the Fund. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">T. Rowe Price’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">T. Rowe Price invests in equity securities with a track record of paying dividends. T. Rowe Price typically employs a value approach in selecting investments. T. Rowe Price’s in-house research team seeks dividend-paying companies that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth. In selecting investments for its allocated portion of the Fund, T. Rowe Price </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> generally looks for companies with one or more of the following: an established operating history; above-average dividend yield relative to the broader equity market; low price/earnings ratio relative to the broader equity market; a sound balance sheet and other positive financial characteristics; or low stock price relative to a company’s underlying value as measured by assets, cash flow, or business franchises. T. Rowe Price typically invests in U.S. common stocks and may invest in foreign stocks. The portion of the Fund managed by T. Rowe Price may also at times invest significantly in certain sectors, such as the financials sector. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Wellington Management’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Wellington Management normally invests a significant portion of its assets in the equity securities of large capitalization companies, though it may invest in the securities of companies with any market capitalization. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Wellington Management uses substantial proprietary, fundamental research resources to identify companies with superior prospects for dividend growth and capital appreciation that sell at reasonable valuation levels. Wellington Management believes that above average growth in dividends is an effective and often overlooked indicator of higher quality, shareholder-oriented companies that have the ability to produce consistent, above-average returns over the long term. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies with value characteristics and other instruments, such as derivative instruments with economic characteristics similar to such securities, and investment companies that seek to track the performance of such securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> 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 large capitalization companies with value characteristics and other instruments, such as derivative instruments with economic characteristics similar to such securities, and investment companies that seek to track the performance of such securities.In addition, consistent with its 80% investment policy, the Fund may invest in securities issued by U.S. and foreign entities, including in non-U.S. dollar denominated securities.Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. The Fund may invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). While the Fund primarily invests in equity securities of large capitalization companies with value characteristics, it may also invest up to 20% of its net assets in other large capitalization companies or securities of medium and small capitalization companies. You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Value Style Risk.</span> The Fund is managed primarily in a value investment style. Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Cash Equitization Risk.</span> A portion of the Fund’s assets may use derivatives to obtain equity market exposure for cash held by the Fund. If the markets or indexes to which the derivatives provide exposure decline, the Fund may incur losses that it would not have incurred had the cash remained uninvested or been invested in cash equivalents. The strategy may not provide the intended exposure, replicate the target benchmarks, or replicate the performance of the applicable market or index due to instrument selection, differences between prices in the index futures market and the stock market, financing and margin considerations, roll and transaction costs, market movements, cash flows, or implementation timing. Inaccurate, incomplete, or delayed information concerning cash balances, cash flows, intended exposures, or investment guidelines, as well as errors in implementing or adjusting the strategy, may cause the Fund’s actual exposure to differ from its intended exposure. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Completion Portfolio Risk.</span> RIM manages a portion of the Fund’s assets as a completion portfolio to seek to achieve the Adviser’s preferred overall portfolio positioning for the Fund. Investments, including derivatives such as futures contracts, forwards and swaps, in the completion portfolio may be purchased or retained primarily for their contribution to the Fund’s desired market, sector, industry, style, factor, country, currency or other exposures rather than based on their individual investment merits or expected performance. Accordingly, the Fund may hold securities that perform poorly or that would not otherwise be selected under a security-specific, active investment approach. The completion portfolio may not achieve the intended exposures or results and could adversely affect the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk. </span>As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Derivatives Risk. </span><span style="font-weight:bold"></span>An investment in derivatives (such as futures contracts, currency forwards and total return swaps) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps is also subject to counterparty risk, which is described above. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk.</span> The risks of investing in foreign securities can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. <span style="font-weight:bold"></span>government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span><span style="font-weight:bold"></span><span style="font-weight:bold"></span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more diversified across numerous sectors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:10%;"> </td> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-family:arial"><span style="font-size:95%">○</span></span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Financials Sector Risk.</span> From time to time, the Fund may focus its investments in the financials sector. The financials sector can be significantly affected by changes in the interest rates, government regulation, the rate of defaults on corporate, consumer and governmental debt, the availability and cost of capital, and the impact of more stringent capital requirements. The Fund may be adversely affected by events or developments negatively impacting the financials sector. For example, events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur losses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Investments in smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:79%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended December 31, 2020)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">18.11%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended March 31, 2020)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-26.31%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 9.37%. </div> Highest 2020-12-31 0.1811 Lowest 2020-03-31 -0.2631 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.0937 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.1326 0.1201 0.1194 0.1056 0.0987 0.1057 0.0993 0.0925 0.0965 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 1000 <sup style="font-size:75%;vertical-align:top">®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Mid Cap Fund Investment Objective <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The investment objective of Bridge Builder Mid Cap Fund (the “Fund” or the “Mid Cap Fund”) is to provide capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0 0.0002 0.0066 -0.0032 0.0034 October 28, 2027 Example <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 35 179 336 792 Portfolio Turnover <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 107% of the average value of its portfolio.</div> 1.07 Principal Investment Strategies <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">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 mid-capitalization companies and other instruments, such as derivative instruments with economic characteristics similar to securities of mid-capitalization companies, and investment companies that seek to track the performance of securities of mid-capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund defines mid-capitalization companies as companies whose market capitalizations at the time of purchase typically fall within the range of the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (as of September 30, 2026, companies with capitalizations between approximately $1.76 billion and $123.26 billion). The market capitalization of the companies included in the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index will change with market conditions.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">While the Fund primarily invests in equity securities of mid‑capitalization companies, it may also invest in securities of large and small capitalization companies. The Fund may invest in securities issued by U.S. and foreign entities. The Fund may invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest in other investment companies, including other open‑end or closed‑end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the information technology sector. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: Artisan Partners Limited Partnership (“Artisan Partners”), Boston Partners Global Investors, Inc. (“Boston Partners”), Driehaus Capital Management LLC (“Driehaus”), Los Angeles Capital Management LLC (“LA Capital”), LSV Asset Management (“LSV”), Russell Investment Management, LLC (“RIM”), Stephens Investment Management Group, LLC (“SIMG”) and Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of the Sub-advisers. Below is a summary of each Sub-adviser’s principal investment strategies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Artisan Partners’ Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Artisan Partners’ investment team employs a fundamental investment process to construct a diversified portfolio of U.S. mid-capitalization growth companies. The team seeks to invest in companies that it believes possess franchise</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The team’s investment process focuses on two distinct elements – security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Boston Partners’ Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Boston Partners primarily invests in mid-capitalization companies. Boston Partners uses bottom-up fundamental analysis to make investment decisions. Boston Partners’ strategy is designed to identify companies with attractive valuations, sound business fundamentals, and improving business momentum. Boston Partners’ strategy seeks to add value through bottom-up stock selection.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Driehaus’ Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Driehaus primarily invests in the equity securities of U.S. mid-capitalization companies. Investment decisions are based on Driehaus’ belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. These decisions involve evaluating a company’s competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the company. An investment decision is also based on the evaluation by Driehaus of relative valuation, macroeconomic and behavioral factors affecting the company and its stock price. Driehaus sells holdings for a variety of reasons, including to take profits, changes to the fundamental investment thesis, changes in the risk/reward assessment of the holding, an assessment that the holding is efficiently priced, to make room for more attractive ideas or for other portfolio or risk management considerations. Driehaus frequently and actively trades its portfolio securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">LA Capital’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">In managing its portion of the Fund’s assets, LA Capital uses a proprietary quantitative model that includes fundamental data inputs for a universe of mid-capitalization equity securities and, through the use of statistical tools, estimates expected returns based on each security’s risk characteristics and the expected return to each characteristic in the current market environment. Security weights are assigned through an integrated optimization process which identifies the portfolio with the highest expected return for an acceptable level of risk. LA Capital also employs monitoring tools and certain additional constraints to ensure compliance with guidelines and Fund regulations. The portfolio is rebalanced periodically using the quantitative model. As economic conditions change and investor risk preferences evolve, LA Capital’s forecasts will change accordingly. LA Capital will ordinarily seek to almost fully invest its allocated portion of the Fund’s portfolio.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">LSV’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">LSV primarily invests in mid-capitalization companies. LSV uses a bottom-up investment style, seeking to identify companies that are trading at prices substantially below their intrinsic value. LSV follows an active investment strategy, focusing on using data and financial information and combining such information with the rigor of a quantitative model.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">RIM’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Cash Equitization:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">At the direction of the Adviser, RIM will expose all or a portion of the Fund’s cash to the performance of certain markets by purchasing derivatives (also known as “cash equitization”), which includes index futures contracts, currency forwards, and total return swaps. This is intended to cause the Fund to perform as though all or a portion of its cash were actually invested in those markets.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Completion Portfolio:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">At the direction of the Adviser, RIM will employ completion portfolio strategies to seek to achieve the Adviser’s preferred portfolio positioning for the Fund and in doing so may invest in equity securities, ADRs, GDRs, other</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">investment companies, REITs, and derivatives such as futures contracts, currency forwards, and total return swaps. RIM may use quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and other instruments that RIM believes will achieve the Adviser’s preferred portfolio positioning for the Fund. At the direction of the Adviser, the strategy may be managed to offset undesired relative over- or under-weights to Fund exposures such as volatility, momentum, value, growth, capitalization size, industry, sector, country, specific securities or other factors to seek to achieve the Adviser’s preferred portfolio positioning for the Fund. RIM may utilize tools such as optimization, which involves the analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs, to implement the Adviser’s preferred portfolio positioning for the Fund.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">SIMG’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">SIMG evaluates and selects securities of mid-capitalization companies. SIMG primarily invests in the common stock of U.S. companies, although ADRs can be purchased from time-to-time. When making its investment decisions, SIMG employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening in an effort to identify companies that exhibit potential for superior earnings growth that is unrecognized by the markets. SIMG has two screens—one for core growth stocks and one for catalyst stocks. Core growth stocks have strong growth franchises, recurring revenue, and above-average growth rates; catalyst stocks, in comparison, are experiencing change that could lead to accelerated earnings growth.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Vaughan Nelson’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Vaughan Nelson primarily invests in mid-capitalization companies with a focus on those companies meeting Vaughan Nelson’s return expectations. Vaughan Nelson uses a bottom-up value-oriented investment process in constructing the Fund’s portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">Companies earning a positive return on capital with stable-to-improving returns;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">Companies valued at a discount to their asset value; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">Companies with an attractive and sustainable dividend level.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">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 mid-capitalization companies and other instruments, such as derivative instruments with economic characteristics similar to securities of mid-capitalization companies, and investment companies that seek to track the performance of securities of mid-capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.</div> 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 mid-capitalization companies and other instruments, such as derivative instruments with economic characteristics similar to securities of mid-capitalization companies, and investment companies that seek to track the performance of securities of mid-capitalization companies.Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">While the Fund primarily invests in equity securities of mid‑capitalization companies, it may also invest in securities of large and small capitalization companies. The Fund may invest in securities issued by U.S. and foreign entities. The Fund may invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest in other investment companies, including other open‑end or closed‑end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the information technology sector. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy.</div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Smaller Company Risk.</span> Investments in smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Cash Equitization Risk.</span> A portion of the Fund’s assets may use derivatives to obtain equity market exposure for cash held by the Fund. If the markets or indexes to which the derivatives provide exposure decline, the Fund may incur losses that it would not have incurred had the cash remained uninvested or been invested in cash equivalents. The strategy may not provide the intended exposure, replicate the target benchmarks, or replicate the performance of the applicable market or index due to instrument selection, differences between prices in the index futures market and the stock market, financing and margin considerations, roll and transaction costs, market movements, cash flows, or implementation timing. Inaccurate, incomplete, or delayed information concerning cash balances, cash flows, intended exposures, or investment guidelines, as well as errors in implementing or adjusting the strategy, may cause the Fund’s actual exposure to differ from its intended exposure.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Completion Portfolio Risk. </span>RIM manages a portion of the Fund’s assets as a completion portfolio to seek to achieve the Adviser’s preferred overall portfolio positioning for the Fund. Investments, including derivatives such as futures contracts, forwards and swaps, in the completion portfolio may be purchased or retained primarily for their contribution to the Fund’s desired market, sector, industry, style, factor, country, currency or other exposures rather than based on their individual investment merits or expected performance. Accordingly, the Fund may hold securities that perform poorly or that would not otherwise be selected under a security-specific, active investment approach. The completion portfolio may not achieve the intended exposures or results and could adversely affect the Fund’s performance.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Currency Risk. </span>As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Derivatives Risk. </span>An investment in derivatives (such as futures contracts, currency forwards and total return swaps) may not perform as anticipated by the Adviser or the Sub‑advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">the underlying asset, rate, or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps is also subject to counterparty risk, which is described above.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Foreign Securities Risk.</span> The risks of investing in foreign securities can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Growth Style Risk.</span> Certain Sub-advisers manage their allocated portion of the Fund’s assets primarily using a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Regulatory and Judicial Risk.</span> The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly diversified across numerous sectors.</div> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 10%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><span style="font-size: 95%;">○</span></span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Information Technology Sector Risk.</span> From time to time, the Fund may focus its investments in the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins, and may be subject to extensive regulatory requirements causing considerable expense and delay. In addition, information technology companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Value Style Risk.</span> Certain Sub-advisers manage their allocated portion of the Fund’s assets primarily using a value investment style. Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability.</div> </td> </tr> </table> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. Prior to October 28, 2026, the Fund’s principal investment strategy focused on small and mid-capitalization companies with growth characteristics. Performance prior to that date reflects the Fund’s prior principal investment strategy. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 40%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 79%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Quarterly Returns</td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Highest (quarter ended June 30, 2020)</td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">29.32%</td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Lowest (quarter ended March 31, 2020)</td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">-20.63%</td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 5.16%.</div> Highest 2020-06-30 0.2932 Lowest 2020-03-31 -0.2063 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.0516 Average Annual Total Returns <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.0831 0.0414 0.1091 0.0638 0.0280 0.0951 0.0600 0.0300 0.0868 0.1715 0.1315 0.1429 0.1060 0.0867 0.1101 0.1031 0.0298 0.1055 Effective October 28, 2026, the Fund changed its secondary benchmark from the Russell 2500® Growth Index to the Russell Midcap® Index because the Adviser believes that the Russell Midcap® Index is more appropriate in light of the Fund’s current investment strategy. Bridge Builder Small Cap Fund Investment Objective <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The investment objective of Bridge Builder Small Cap Fund (the “Fund” or the “Small Cap Fund”) is to provide capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.<span style="font-weight: bold;"> You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0 0.0002 0.0066 -0.0033 0.0033 October 28, 2027 Example <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 34 178 335 791 Portfolio Turnover <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio.</div> 0.56 Principal Investment Strategies <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">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 characteristics similar to securities of small capitalization companies, and investment companies that seek to track the performance of securities of small capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund defines small capitalization companies as companies whose market capitalizations at the time of purchase are comparable to those of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (as of September 30, 2026, companies with capitalizations below approximately $12.64 billion). The market capitalization of the companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index will change with market conditions.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">While the Fund primarily invests in equity securities of small‑capitalization companies, it may also invest in securities of large and medium capitalization companies. The Fund may invest in securities issued by U.S. and foreign entities. The Fund may invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest in other investment companies, including other open‑end or closed‑end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. In seeking to exceed the Fund’s benchmark index, a limited portion of the Fund will be managed to provide the Fund with two different sources of exposure: (a) a portfolio of U.S.-listed small capitalization equities, which is designed to gain exposure to the Fund’s benchmark index, and (b) a portfolio of fixed income securities of varying maturities, and related derivatives, principally futures contracts, forwards and swaps, managed with a view towards enhancing the Fund’s total return. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of the date of this Prospectus, the Fund expects to have significant exposure to securities of companies in the industrials sector, although this may change from time to time. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: American Century Investment Management, Inc. (“American Century”), Eagle Asset Management, Inc. (“Eagle”), Federated MDTA LLC (“Federated MDT”), Massachusetts Financial Services Company (d/b/a MFS Investment Management) (“MFS”), Pacific Investment Management Company LLC (“PIMCO”), Russell Investment Management, LLC (“RIM”), Silvercrest Asset Management Group LLC (“Silvercrest”) and Stephens Investment Management Group, LLC (“SIMG”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">American Century’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Under normal market conditions, American Century will invest at least 80% of the portion of the Fund’s net assets that it manages in small capitalization companies. American Century considers small capitalization companies to include those with market capitalizations no larger than that of the largest company in the S&P Small Cap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Index or the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index. In selecting stocks for the Fund, the portfolio managers of American Century look for equity securities of smaller companies whose stock price may not reflect the company’s value. The portfolio managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the portfolio managers believe more accurately reflects the value of the company.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Eagle’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">During normal market conditions, Eagle primarily invests in the equity securities of small capitalization companies. When making investment decisions, Eagle generally focuses on investing in the securities of small capitalization companies that demonstrate growth potential at a price that does not appear to reflect the company’s true underlying value. Eagle uses a three-pronged investment philosophy when evaluating potential additions to the portfolio – quality, valuation, and balance. Eagle seeks quality by investing in companies with superior cash-flow generation, management teams with a successful record of business strategy execution, sustainable growth, and a defensive business model. It seeks attractive valuation using market fluctuations as opportunistic entry points. Finally, it attempts to balance the allocated portion of the Fund’s portfolio through sector-weight policies that provide diversification across major economic sectors.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Federated MDT’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Federated MDT primarily invests in the common stock of small U.S. companies. Federated MDT utilizes a small capitalization growth approach by selecting most of its investments from companies listed in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index. Federated MDT’s investments may include, but are not limited to, equity securities of domestic issuers and real estate investment trusts (REITs). As Federated MDT’s sector exposure approximates the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, their allocated portion of the Fund may, from time to time, have larger allocations to certain broad market sectors, such as healthcare, technology and industrials. Federated MDT implements its strategy using a quantitative model driven by fundamental and technical stock selection variables, including relative value, profit trends, capital structure and price history. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The process also takes into account trading costs in an effort to ensure that trades are generated only to the extent they are expected to be profitable on an after-trading cost basis. Additionally, risk is controlled through diversification constraints which limit exposure to individual companies as well as groups of correlated companies. Federated MDT actively trades its portfolio securities as part of implementing its investment strategy.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">MFS’ Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">MFS primarily invests in securities of companies with small capitalizations. MFS focuses on investing in the stocks of companies it believes are undervalued compared to their perceived worth (value companies). MFS normally invests across different industries and sectors, but MFS may invest a significant percentage of the portion of the Fund’s assets allocated to MFS in issuers in a single industry or sector. MFS uses an active bottom-up investment approach to buying and selling investments. Investments are selected by MFS primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">PIMCO’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">PIMCO seeks to exceed the total return of the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index by gaining equity exposure to stocks together with a portfolio of Fixed Income Instruments (as defined below). Equity exposure can be obtained through direct investments in equity securities, ETFs and related derivatives, principally futures contracts, forwards and swaps. PIMCO defines “Fixed Income Instruments” to include bonds, debt securities (including high yield securities, commonly known as “junk bonds”), asset-backed securities (“ABS”), mortgage-related securities, mortgage-backed securities (“MBS”), and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities, as well as fixed income related derivatives, principally futures contracts, forwards and swaps. PIMCO expects</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">to gain exposure to equities and equity index derivatives with characteristics similar to those of stocks included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, in addition to or in place of investments in Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index stocks and/or equity-related underlying funds (such as exchange-traded funds) as part of an attempt to equal or exceed the daily performance of the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index. PIMCO may seek equity exposure through any of the foregoing instruments. PIMCO typically will seek to gain notional long exposure to its benchmark index in an amount, under normal circumstances, approximately equal to PIMCO’s allocated portion of the Fund’s net assets. Equity index derivatives may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly. The remaining portion of PIMCO’s allocated portion of the Fund’s assets will consist primarily of Fixed Income Instruments and related derivatives. PIMCO actively manages Fixed Income Instruments and related derivatives with a view toward enhancing the Fund’s total return.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">RIM’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Cash Equitization:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">At the direction of the Adviser, RIM will expose all or a portion of the Fund’s cash to the performance of certain markets by purchasing derivatives (also known as “cash equitization”), which includes index futures contracts, currency forwards, and total return swaps. This is intended to cause the Fund to perform as though all or a portion of its cash were actually invested in those markets.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Completion Portfolio:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">At the direction of the Adviser, RIM will employ completion portfolio strategies to seek to achieve the Adviser’s preferred portfolio positioning for the Fund and in doing so may invest in equity securities, ADRs, GDRs, other investment companies, REITs, and derivatives such as futures contracts, currency forwards, and total return swaps. RIM may use quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and other instruments that RIM believes will achieve the Adviser’s preferred portfolio positioning for the Fund. At the direction of the Adviser, the strategy may be managed to offset undesired relative over- or under-weights to Fund exposures such as volatility, momentum, value, growth, capitalization size, industry, sector, country, specific securities or other factors to seek to achieve the Adviser’s preferred portfolio positioning for the Fund. RIM may utilize tools such as optimization, which involves the analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs, to implement the Adviser’s preferred portfolio positioning for the Fund.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">Silvercrest’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Silvercrest primarily invests in small capitalization companies. These companies typically possess, in the opinion of the portfolio manager, one or more of the following attributes:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">Business that results in relatively consistent longer-term earning and cash flow growth;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">Franchise/asset value that may make the company attractive to potential acquirers;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">Cyclically depressed earnings and/or cash flow that has potential for improvement; or</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">A catalyst that will promote recognition of the company’s undervalued status.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; font-weight: bold;">SIMG’s Principal Investment Strategies</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">SIMG evaluates and selects securities of small capitalization companies. SIMG primarily invests in the common stock of U.S. companies, although ADRs can be purchased from time-to-time. When making its investment decisions, SIMG employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening in an effort to identify companies that exhibit potential for superior earnings growth that is unrecognized by the markets. SIMG has two screens—one for core growth stocks and one for catalyst stocks. Core growth stocks have strong growth franchises, recurring revenue, and above-average growth rates; catalyst stocks, in comparison, are experiencing change that could lead to accelerated earnings growth.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">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 characteristics similar to securities of small capitalization companies, and investment companies that seek to track the performance of securities of small capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.</div> 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 characteristics similar to securities of small capitalization companies, and investment companies that seek to track the performance of securities of small capitalization companies.Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">While the Fund primarily invests in equity securities of small‑capitalization companies, it may also invest in securities of large and medium capitalization companies. The Fund may invest in securities issued by U.S. and foreign entities. The Fund may invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest in other investment companies, including other open‑end or closed‑end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. In seeking to exceed the Fund’s benchmark index, a limited portion of the Fund will be managed to provide the Fund with two different sources of exposure: (a) a portfolio of U.S.-listed small capitalization equities, which is designed to gain exposure to the Fund’s benchmark index, and (b) a portfolio of fixed income securities of varying maturities, and related derivatives, principally futures contracts, forwards and swaps, managed with a view towards enhancing the Fund’s total return. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of the date of this Prospectus, the Fund expects to have significant exposure to securities of companies in the industrials sector, although this may change from time to time. Any investment companies or derivatives that provide exposure to the investments suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy.</div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Smaller Company Risk.</span> Investments in smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Asset-Backed, Mortgage-Related, and Mortgage-Backed Securities Risk.</span> Borrowers may default on the obligations that underlie ABS, mortgage-related securities, and MBS. During periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than it had expected, causing the Fund to experience additional volatility. During periods of falling interest rates, ABS, mortgage-related securities, and MBS may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. Collateralized mortgage obligations (“CMOs”), MBS, adjustable-rate mortgage securities (“ARMs”), interest-only securities (“IOs”), principal-only securities (“POs”), and inverse floaters may be more volatile and may be more sensitive to interest rate changes and prepayments than other mortgage-related securities. The impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) may result in a reduction in the value of the security. The risk of default, as described under “Credit Risk,” for privately-issued and sub-prime mortgages is generally higher than for other types of MBS. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. In addition, ABS</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">such as collateralized loan obligations (“CLOs”) and collateralized debt obligations (“CDOs”) present credit risks that are not presented by MBS. This is because ABS generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an ABS defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Cash Equitization Risk.</span> A portion of the Fund’s assets may use derivatives to obtain equity market exposure for cash held by the Fund. If the markets or indexes to which the derivatives provide exposure decline, the Fund may incur losses that it would not have incurred had the cash remained uninvested or been invested in cash equivalents. The strategy may not provide the intended exposure, replicate the target benchmarks, or replicate the performance of the applicable market or index due to instrument selection, differences between prices in the index futures market and the stock market, financing and margin considerations, roll and transaction costs, market movements, cash flows, or implementation timing. Inaccurate, incomplete, or delayed information concerning cash balances, cash flows, intended exposures, or investment guidelines, as well as errors in implementing or adjusting the strategy, may cause the Fund’s actual exposure to differ from its intended exposure.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Completion Portfolio Risk. </span>RIM manages a portion of the Fund’s assets as a completion portfolio to seek to achieve the Adviser’s preferred overall portfolio positioning for the Fund. Investments, including derivatives such as futures contracts, forwards and swaps, in the completion portfolio may be purchased or retained primarily for their contribution to the Fund’s desired market, sector, industry, style, factor, country, currency or other exposures rather than based on their individual investment merits or expected performance. Accordingly, the Fund may hold securities that perform poorly or that would not otherwise be selected under a security-specific, active investment approach. The completion portfolio may not achieve the intended exposures or results and could adversely affect the Fund’s performance.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Credit Risk.</span> Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Currency Risk. </span>As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Derivatives Risk. </span>An investment in derivatives (such as futures contracts, forwards and swaps) may not perform as anticipated by the Adviser or the Sub‑advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps and forwards is also subject to counterparty risk, which is described above.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Fixed Income with Equity Beta Overlay Risk.</span> The Fund seeks to generate returns from two distinct components: (i) “equity beta,” through derivatives, principally futures contracts, forwards and swaps,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;">investments in exchange-traded funds and/or a portfolio of equity securities designed to provide the Fund’s intended equity market exposure; and (ii) “alpha,” through a portfolio of fixed-income securities of varying maturities and related derivatives that is actively managed with the objective of enhancing the Fund’s total return. There is no assurance that either component will perform as intended or that the Fund will successfully achieve or maintain its desired equity market exposure. The Fund’s alpha strategy may fail to generate positive returns and may detract from, rather than enhance, the Fund’s performance. In addition, gains from one component may not offset losses from the other, and the Fund may experience losses from both components simultaneously. As a result, the Fund may underperform its benchmark index and may experience losses greater than those that would result from exposure to the benchmark index alone.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Foreign Securities Risk.</span> The risks of investing in foreign securities can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. <span style="font-weight: bold;"></span>government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Growth Style Risk.</span> Certain Sub-advisers manage their allocated portion of the Fund’s assets primarily using a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;"></span><span style="font-weight: bold;">High Yield Securities Risk. </span>High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Interest Rate Risk.</span> The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Fluctuations in interest rates may also affect the liquidity of the fixed income securities held by the Fund. As a result, it is possible that the Fund would, during these conditions, maintain a substantial portion of its assets in cash, on which it may earn little, if any, income. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Investment Company and Exchange-Traded Fund (“ETF”) Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Prepayment and Extension Risk.</span> When interest rates fall, issuers of higher-coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower-coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower-coupon debt obligations.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Quantitative Investing Risk. </span>To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;"></span><span style="font-weight: bold;">Regulatory and Judicial Risk.</span> The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Reinvestment Risk.</span> Cash flows from fixed income securities are generally reinvested at current market rates. A decline in market rates may result in less attractive reinvestment opportunities and affect the Fund’s ability to meet its investment objective.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly diversified across numerous sectors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 10%;"> </td> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-family: arial;"><span style="font-size: 95%;">○</span></span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Industrials Sector Risk.</span> From time to time, the Fund may focus its investments in the industrials sector. The industrials sector predominantly consists of the capital goods, transportation and commercial services industries. These areas of the economy can be more cyclically sensitive, given the dependence on capital expenditure company spending. For instance, in a cyclical downturn companies may decrease their planned spending on machinery, building products and electrical equipment leading industrials companies to incur losses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">U.S. Government Securities Risk.</span> U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; vertical-align: top; text-align: left;">●</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 10pt; text-align: justify;"><span style="font-weight: bold;">Value Style Risk.</span> Certain Sub-advisers manage their allocated portion of the Fund’s assets<span style="font-weight: bold;"></span> primarily using a value investment style. Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability.</div> </td> </tr> </table> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. Prior to October 28, 2026, the Fund’s principal investment strategy focused on small and mid-capitalization companies with value characteristics. Performance prior to that date reflects the Fund’s prior principal investment strategy. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 40%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 79%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Quarterly Returns</td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Highest (quarter ended December 31, 2020)</td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">25.39%</td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Lowest (quarter ended March 31, 2020)</td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">-32.28%</td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/ 26 to 9/30/26 was 10.88%.</div> Highest 2020-12-31 0.2539 Lowest 2020-03-31 -0.3228 The Fund’s performance (before taxes) from 1/1/ 26 to 9/30/26 2026-09-30 0.1088 Average Annual Total Returns <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.0914 0.1021 0.0942 0.0607 0.0793 0.0805 0.0707 0.0764 0.0742 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 0.1273 0.1002 0.0972 The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Indexis a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest companies based on a combination of their market cap and current index membership. The Russell 2500® Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500® Index companies with lower price-to-book and lower forecasted growth values. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. Effective October 28, 2026, the Fund changed its secondary benchmark from the Russell 2500® Value Index to the Russell 2000® Index because the Adviser believes that the Russell 2000® Index is more appropriate in light of the Fund’s current investment strategy. Bridge Builder International Equity Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of the Bridge Builder International Equity Fund (the “Fund” or the “International Equity Fund”) is to provide capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0 0.0003 0.0063 -0.0030 0.0033 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 34 171 321 758 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. </div> 0.39 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities and other instruments, such as derivative instruments with economic characteristics similar to equity securities, and investment companies that seek to track the performance of equity securities. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund primarily invests in non-U.S. companies. A non-U.S. company is a company economically tied to a country other than the United States. In determining whether a company is economically tied to a country other than the United States, the Adviser or a Sub-adviser will consider whether the company: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Is organized under the laws of a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has a class of securities whose principal securities market is in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has its principal office in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in one or more countries other than the United States; or </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Maintains 50% or more of its assets in one or more countries other than the United States. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Such a determination can also be based on the classifications assigned to a company by the Fund’s benchmark index provider. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in companies of any capitalization. The Fund invests principally in equity securities issued by companies in developed countries but, consistent with its 80% investment policy, the Fund may also invest in companies in emerging markets or developing countries. The Fund may also invest in U.S. dollar-denominated securities issued by foreign entities, American Depositary Receipts (“ADRs”), or Global Depositary Receipts (“GDRs”). The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”), that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes, and forward contracts and options for currency hedging. Any investment companies or derivatives that provide exposure to the investment focus suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund will enter into spot currency contracts to facilitate settlement of securities transactions and may enter into these contracts in order to “lock in” the U.S. dollar price of a security that it plans to buy or sell. The Fund may utilize a completion portfolio, which is a supplemental group of investments used to adjust the Fund’s overall portfolio exposures. The completion portfolio serves as a risk-management tool designed to help keep the Fund within the Adviser’s desired investment ranges and exposure limits relative to its benchmark index by seeking to offset material unintended portfolio exposures. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">From time to time, the Fund may also focus its investments in a particular country or geographic region, such as the United Kingdom or Japan, or in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the financials and industrials sectors. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser (each a “Sub-adviser”). Each Sub-adviser may use both its own proprietary and external research and securities selection processes to manage its allocated portion of the Fund’s assets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Portfolio securities may be sold at any time. Sales may occur when a Sub-adviser seeks to take advantage of what a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of its portion of the Fund’s investment portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser allocates Fund assets to the following Sub-advisers: Marathon Asset Management Limited (“Marathon-London”), </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> Massachusetts Financial Services Company (d/b/a MFS Investment Management) (“MFS”), Mondrian Investment Partners Limited (“Mondrian”), Pzena Investment Management, LLC (“Pzena”), Russell Investment Management, LLC (“RIM”) and WCM Investment Management, LLC (“WCM”). The Adviser may adjust allocations to the Sub-advisers at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Marathon-London’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Marathon-London invests primarily in equity securities of non-U.S. issuers in developed and emerging market countries. In selecting investments for the Fund, Marathon-London employs a bottom-up, fundamental investment philosophy focused on identifying attractive long-term investment opportunities that can arise as a result of certain “capital cycle” conditions. Capital cycle investing is based on the concept that the prospect of high returns will attract excessive capital and competition and the prospect of low returns will excessively depress new capital investments and discourage competition. This “capital cycle” approach to investing guides Marathon-London to invest in stocks in industries where consolidation has occurred and return on investment is expected to rise and/or where barriers to entry exist that may allow elevated return on investment to persist for longer than the market expects. Marathon-London’s long-term approach is often considered to be contrarian and its portfolio is expected to have low turnover, will seek to be well-diversified and will have a bias towards the smaller capitalization segments of the market. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">MFS’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">MFS primarily invests in foreign equity securities, including emerging market equity securities. Equity securities include common stocks, depositary receipts, and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. MFS focuses on investing in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies). MFS may invest in the securities of companies of any size. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">MFS normally invests across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the Fund’s assets allocated to MFS in issuers in a single industry, sector, country, or region. MFS uses an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected by MFS primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Mondrian’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Mondrian invests primarily in equity securities of non-U.S. large capitalization issuers, including the securities of emerging market companies, that in Mondrian’s opinion, are undervalued at the time of purchase based on fundamental value analysis employed by Mondrian. Mondrian employs a long-only, value investment philosophy. Portfolio construction is primarily driven by detailed bottom-up stock selection, based on rigorous dividend discount valuation analysis. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Pzena’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Pzena focuses on deep value investing, seeking to identify international securities that are trading at prices substantially below their intrinsic value but have solid long-term prospects. Pzena may also invest in emerging markets securities. Pzena performs intensive fundamental research using a bottom-up security selection process. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">RIM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Cash Equitization: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At the direction of the Adviser, RIM will expose all or a portion of the Fund’s cash to the performance of certain markets by purchasing derivatives (also known as “cash equitization”), which includes index futures contracts, currency forwards, and total return swaps. This is intended to cause the Fund to perform as though all or a portion of its cash were actually invested in those markets. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Completion Portfolio: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At the direction of the Adviser, RIM will employ completion portfolio strategies to seek to achieve the Adviser’s preferred portfolio positioning for the Fund and in doing so may invest in equity securities, ADRs, GDRs, other investment companies, REITs, and derivatives such as futures contracts, currency forwards, and total return swaps. RIM may use quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and other instruments that RIM believes will achieve the Adviser’s preferred portfolio positioning for the Fund. At the direction of the Adviser, the strategy may be managed to offset undesired relative over- or under-weights to Fund exposures such as volatility, momentum, value, growth, capitalization size, industry, sector, country, specific securities or other factors to seek to achieve the Adviser’s preferred portfolio positioning for the Fund. RIM may utilize tools such as optimization, which involves the analysis of tradeoffs between various risk and return factors as well as turnover and transaction costs, to implement the Adviser’s preferred portfolio positioning for the Fund. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">WCM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">WCM uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue and earnings, and that show a high probability for superior future growth. WCM’s investment process focuses on seeking industry leading companies that WCM believes possess growing competitive advantages; corporate cultures emphasizing strong, quality, and experienced management; low or no debt; and attractive relative valuations. WCM also considers other factors in selecting securities, including political risk, monetary policy risk, and regulatory risk. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Although WCM may invest in securities of companies of any size, WCM will generally invest in large, established multinational companies. WCM generally will invest in securities of companies located in different regions and in at least three different countries. From time to time, however, WCM may have a significant portion of its allocated assets invested in the securities of companies in one or a few countries or regions. </div> The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities and other instruments, such as derivative instruments with economic characteristics similar to equity securities, and investment companies that seek to track the performance of equity securities. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund primarily invests in non-U.S. companies. A non-U.S. company is a company economically tied to a country other than the United States. In determining whether a company is economically tied to a country other than the United States, the Adviser or a Sub-adviser will consider whether the company: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Is organized under the laws of a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has a class of securities whose principal securities market is in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has its principal office in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in one or more countries other than the United States; or </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Maintains 50% or more of its assets in one or more countries other than the United States. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Such a determination can also be based on the classifications assigned to a company by the Fund’s benchmark index provider. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in companies of any capitalization. The Fund invests principally in equity securities issued by companies in developed countries but, consistent with its 80% investment policy, the Fund may also invest in companies in emerging markets or developing countries. The Fund may also invest in U.S. dollar-denominated securities issued by foreign entities, American Depositary Receipts (“ADRs”), or Global Depositary Receipts (“GDRs”). The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”), that have characteristics that are consistent with the Fund’s investment strategies. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may also buy or sell derivatives, principally futures contracts, currency forwards and total return swaps, for cash equitization purposes, and forward contracts and options for currency hedging. Any investment companies or derivatives that provide exposure to the investment focus suggested by the Fund’s name or, with respect to derivatives, to one or more of the market risk factors associated with the investment focus suggested by the Fund’s name, are counted toward compliance with the Fund’s 80% investment policy. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk.</span> The risks of investing in foreign securities, including through ADRs and GDRs, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk.</span> As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Geographic Focus Risk.</span> To the extent that a significant portion of the Fund’s portfolio is invested in the securities of companies in a particular country or region, the Fund will be subject to greater risk of loss and price volatility than a fund holding more geographically diverse investments. The Fund may invest significant portions of its assets in the United Kingdom (the “UK”) and Japan, and therefore, the economic, political, social and environmental conditions of the UK and Japan generally will have a greater effect on the Fund’s performance than they would in a more geographically diversified fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk.</span> ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Cash Equitization Risk.</span> A portion of the Fund’s assets may use derivatives to obtain equity market exposure for cash held by the Fund. If the markets or indexes to which the derivatives provide exposure decline, the Fund may incur losses that it would not have incurred had the cash remained uninvested or been invested in cash equivalents. The strategy may not provide the intended exposure, replicate the target benchmarks, or replicate the performance of the applicable market or index due to instrument selection, differences between prices in the index futures market and the stock market, financing and margin considerations, roll and transaction costs, market movements, cash flows, or implementation timing. Inaccurate, incomplete, or delayed information concerning cash balances, cash flows, intended exposures, or investment guidelines, as well as errors in implementing or adjusting the strategy, may cause the Fund’s actual exposure to differ from its intended exposure. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Completion Portfolio Risk.</span> RIM manages a portion of the Fund’s assets as a completion portfolio to seek to achieve the Adviser’s preferred overall portfolio positioning for the Fund. Investments, including derivatives such as futures contracts, forwards and swaps, in the completion portfolio may be purchased or retained primarily for their contribution to the Fund’s desired market, sector, industry, style, factor, country, currency or other exposures rather than based on their individual investment merits or expected performance. Accordingly, the Fund may hold securities that perform poorly or that would not otherwise be selected under a security-specific, active investment approach. The completion portfolio may not achieve the intended exposures or results and could adversely affect the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Derivatives Risk. </span><span style="font-weight:bold"></span><span style="font-weight:bold"></span>An investment in derivatives (such as futures contracts, forward contracts, options, currency forwards and total return swaps) may not perform as anticipated by the Sub-advisers, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. The Fund’s use of derivatives is also subject to market risk, which is described above, and liquidity risk, which is described below. The Fund’s use of swaps and forward contracts is also subject to counterparty risk, which is described above. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Emerging Markets Securities Risk. </span>A fund that invests a significant portion of its assets in the securities of issuers based in countries with “emerging market” economies is subject to greater levels of foreign investment risk than a fund investing primarily in more-developed foreign markets since emerging market securities may present market, credit, currency, liquidity, legal, political and other risks greater than, or in addition to, the risks of investing in developed foreign countries. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Growth Style Risk.</span> The Fund is managed partially in a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. Because portions of the Fund’s assets are managed by different Sub-advisers using different styles, the Fund could engage in overlapping or conflicting securities transactions. Overlapping transactions could lead to multiple Sub-advisers purchasing the same or similar securities at the same time, potentially leading to the Fund holding a more concentrated position in these securities. Conversely, certain Sub-advisers may be purchasing securities at the same time other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk.</span> To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more diversified across numerous sectors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:10%;"> </td> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-family:arial"><span style="font-size:95%">○</span></span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Financials Sector Risk.</span> From time to time, the Fund may focus its investments in the financials sector. The financials sector can be significantly affected by changes in the interest rates, government regulation, the rate of defaults on corporate, consumer and governmental debt, the availability and cost of capital, and the impact of more stringent capital requirements. The Fund may be adversely affected by events or developments negatively impacting the financials sector. For example, events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur losses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:10%;"> </td> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-family:arial"><span style="font-size:95%">○</span></span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Industrials Sector Risk.</span> From time to time, the Fund may focus its investments in the industrials sector. The industrials sector predominantly consists of the capital goods, transportation and commercial services industries. These areas of the economy can be more cyclically sensitive, given the dependence on capital expenditure company spending. For instance, in a cyclical downturn companies may decrease their planned spending on machinery, building products and electrical equipment leading industrials companies to incur losses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Investments in smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Value Style Risk</span>. Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> returns for one, five and ten years compared to that of a broad measure of market performance. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one, five and ten years compared to that of a broad measure of market performance. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:79%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended June 30, 2020)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">17.96%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended March 31, 2020)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-22.44%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 8.63%. </div> Highest 2020-06-30 0.1796 Lowest 2020-03-31 -0.2244 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.0863 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 0.2850 0.0759 0.0857 0.2565 0.0612 0.0759 0.1853 0.0572 0.0684 0.3122 0.0892 0.0818 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) is an unmanaged index of over 900 companies, and is a generally accepted benchmark for major overseas markets. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Tax Managed Large Cap Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of Bridge Builder Tax Managed Large Cap Fund (the “Fund” or the “Large Cap Fund”) is to seek to provide a tax-efficient investment return consisting of capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0044 0 0.0002 0.0046 -0.0024 0.0022 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 23 123 234 556 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio. </div> 0.35 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies and other instruments, such as investment companies that seek to track the performance of securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund defines large capitalization companies as companies whose market capitalizations at the time of purchase are comparable to those of companies included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index (as of September 30, 2026, companies with capitalizations greater than $1.76 billion). The market capitalization of the companies included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index will change with market conditions. While the Fund primarily invests in equity securities of large capitalization companies, it may also invest up to 20% of its net assets in securities of small- and mid-capitalization companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition, consistent with its 80% investment policy, the Fund may invest in securities issued by U.S. and foreign entities. The Fund may also invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund does not intend to hedge the currency exposure that may be created by its investments in securities denominated in foreign currencies, although a Sub-adviser (defined below) may consider currency risks as part of its investment process. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. Any investment companies that provide exposure to the investment focus suggested by the Fund’s name are counted toward compliance with the Fund’s 80% investment policy. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the information technology sector. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser. The Fund implements the investment recommendations of the Fund’s sub-advisers through the use of Parametric Portfolio Associates LLC (“Parametric” and, together with the Fund’s other sub-advisers, the “Sub-advisers”) as overlay manager appointed by the Adviser. In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. In this role, Parametric manages one or more allocated portions of the Fund pursuant to a strategy that is designed to provide similar exposure to certain designated indices, as described in additional detail below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Each Sub-adviser (other than Parametric in its role as overlay manager) manages its allocated portion of the Fund’s portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser’s recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager, then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser’s model in the total portfolio determined by the Adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Each Sub-adviser may use its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund’s securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser’s forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In connection with the construction of the Fund’s portfolio, the Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), ClearBridge Investments, LLC (“ClearBridge”), Parametric, and T. Rowe Price Associates, Inc. (“T. Rowe Price”). The Adviser </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> may adjust the weighting of Fund assets allocated to each Sub-adviser’s model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Barrow Hanley’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Barrow Hanley recommends companies that are temporarily undervalued for reasons Barrow Hanley can identify, understand, and believe will improve over time. In its valuation framework, Barrow Hanley strives to construct portfolios that trade at levels below the market across multiple metrics (e.g., price/earnings, price/book value) while simultaneously delivering an above-market dividend yield. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">ClearBridge’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">ClearBridge recommends investments primarily in equity securities of U.S. companies. ClearBridge typically recommends investments in medium and large capitalization companies but may also recommend investments in small-capitalization companies. ClearBridge may recommend that up to 20% of its allocated portion of the Fund’s assets be invested in the equity securities of foreign issuers, including through ADRs. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In constructing its model portfolio, ClearBridge seeks to provide long-term appreciation of capital with an investment strategy consisting of individual company selection and management of cash reserves. ClearBridge looks to recommend investments among a strong core of growth and value stocks, consisting primarily of blue-chip companies dominant in their industries. ClearBridge may also recommend investments in companies with prospects for sustained earnings growth and/or a cyclical earnings record. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Parametric’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. This strategy is designed to provide the Fund with similar exposure to the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index and S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index while maximizing after-tax returns through a variety of tax management techniques. The strategy seeks to exceed its benchmark on an after-tax basis. The criterion for the selection of investments is inclusion within the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index or S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">T. Rowe Price’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">T. Rowe Price seeks to provide long-term capital appreciation through investments in common stocks of growth companies. In constructing its model portfolio for the Fund, T. Rowe Price generally looks for companies having the following characteristics: above-average rate of earnings and cash flow growth and a lucrative niche in the economy that gives them the ability to sustain earnings momentum even during times of slow economic growth. T. Rowe Price will invest primarily in the securities of large-capitalization companies. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies and other instruments, such as investment companies that seek to track the performance of securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 large capitalization companies and other instruments, such as investment companies that seek to track the performance of securities of large capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. Any investment companies that provide exposure to the investment focus suggested by the Fund’s name are counted toward compliance with the Fund’s 80% investment policy. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the information technology sector. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Taxation Risk. </span>The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. The Fund will engage in tax management techniques such as tax loss harvesting, whereby securities are sold in order to generate capital losses to offset current and future capital gains. However, there are certain risks inherent with tax loss harvesting, including the possibility that such activity does not improve the Fund’s after-tax returns. During certain market conditions, such as lower volatility periods and periods of strong economic growth, the Fund’s ability to generate capital losses to offset capital gains may be limited, which would limit the Fund’s ability to implement its tax loss harvesting strategy. In addition, because loss harvesting continuously decreases the cost-basis of the Fund’s portfolio, there is a risk that opportunities to realize losses may decrease over time. Tax loss harvesting may also increase the Fund’s portfolio turnover rates. In addition, the “wash sales” rule will limit the Fund’s ability to currently recognize a loss from the tax loss harvesting strategy when selling and purchasing substantially identical assets within a 61-day window (<span style="font-style:italic">i.e.</span>, a period beginning 30 days before the date of such purchase or the sale and ending 30 days after such date). In such a case, the basis of the newly purchased securities will be adjusted to reflect the disallowed loss. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Overlay Manager Risk. </span>The Fund implements the investment recommendations of the Sub-advisers through the use of an overlay manager appointed by the Adviser. Pursuant to direction from the Adviser, the overlay manager has limited authority to vary from the models. The Fund is subject to the risk that the performance of a portion of the Fund allocated to a particular Sub-adviser may deviate from the performance of that Sub-adviser’s model portfolio or the performance of other proprietary or client accounts over which that Sub-adviser retains trading authority. The overlay manager’s variation from a Sub-adviser’s model portfolio may contribute to performance deviations, including underperformance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk. </span>Certain securities in which the Fund invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates will affect the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a stronger U.S. dollar will reduce returns on foreign currency denominated securities for U.S. investors while a weak U.S. dollar will increase those returns. The Fund does not seek to hedge its currency risk. Accordingly, the Fund may experience losses (or gains) that would not have been experienced had the risk been hedged, due to declines (or increases) in the value of foreign currencies in relation to the U.S. dollar. In addition, although a Sub-adviser may consider currency risks as part of its investment process, its judgments in this regard may not always be correct. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Direct Indexing Risk. </span>Because the portion of the Fund allocated to Parametric is managed so that its total return closely corresponds with that of the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index and S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index, the Fund faces a risk of poor performance if the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index and S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index decline generally or perform poorly relative to other U.S. equity indices or individual stocks, the stocks of companies which comprise the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index and S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index fall out of favor with investors, or an adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in the S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index and S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk.</span> The risks of investing in foreign securities can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. Government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Growth Style Risk.</span> The Fund is managed partially in a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities, or prevent the Fund from selling securities at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub‑advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. In addition, a Sub-adviser may implement its model portfolio for its other accounts prior to submitting its model to the overlay manager appointed by the Adviser for the Fund, or after submitting its model portfolio to the overlay manager but before the overlay manager has had an opportunity to place some or all of the trades necessary for the Fund to implement the model portfolio. In these circumstances, trades placed by the overlay manager </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the Sub-adviser for its other accounts, including less favorable prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk</span>. To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of security markets, transactions and portfolio companies is subject to change. Such regulatory changes and judicial actions could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more diversified across numerous sectors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Information Technology Sector Risk. </span>From time to time, the Fund may focus its investments in the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins, and may be subject to extensive regulatory requirements causing considerable expense and delay. In addition, information technology companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Investments in smaller capitalization companies (including mid-capitalization and small-capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Value Style Risk.</span> Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:80%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended March 31, 2024)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">11.45%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended March 31, 2025)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-4.36%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 7.46%. </div> Highest 2024-03-31 0.1145 Lowest 2025-03-31 -0.0436 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.0746 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 2022-06-01 2022-06-01 2022-06-01 2022-06-01 2022-06-01 0.1509 0.1653 0.1485 0.1628 0.0910 0.1310 0.1715 0.1647 0.1788 0.1709 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The S&P 500<sup style="font-size:75%;vertical-align:top">®</sup> Index measures the performance of 500 widely </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;"> held stocks in the U.S. equity market. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Tax Managed Small/Mid Cap Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of Bridge Builder Tax Managed Small/Mid Cap Fund (the “Fund” or the “Small/Mid Cap Fund”) is to seek to provide a tax-efficient investment return consisting of capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0 0.0002 0.0066 -0.0026 0.0040 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 41 185 342 798 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 71% of the average value of its portfolio. </div> 0.71 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 investment companies that seek to track the performance of securities of small- and mid-capitalization companies. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 investment companies that seek to track the performance of securities of small- and mid-capitalization companies. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">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 investment companies that seek to track the performance of securities of small- and mid-capitalization companies. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund defines small- and mid-capitalization companies as companies whose market capitalizations at the time of purchase typically fall within the range of the Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Index and the Russell 2000<sup style="font-size:75%;vertical-align:top">®</sup> Index (as of September 30, 2026, companies with capitalizations between $337.77 thousand and $123.26 billion). The market capitalization of the companies included in the Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Index and the Russell 2000<sup style="font-size:75%;vertical-align:top">®</sup> Index will change with market conditions. While the Fund primarily invests in equity securities of small- and mid-capitalization companies, it may also invest up to 20% of its net assets in securities of large capitalization companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition, consistent with its 80% investment policy, the Fund may invest in securities issued by U.S. and foreign entities. The Fund may also invest in American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund does not intend to hedge the currency exposure that may be created by its investments in securities denominated in foreign currencies, although a Sub-adviser (defined below) may consider currency risks as part of its investment process. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. Any investment companies that provide exposure to the investment focus suggested by the Fund’s name are counted toward compliance with the Fund’s 80% investment policy. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the industrials sector. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Adviser. The Fund implements the investment recommendations of the Fund’s sub-advisers through the use of Parametric Portfolio Associates LLC (“Parametric” and, together with the Fund’s other sub-advisers, the “Sub-advisers”) as overlay manager appointed by the Adviser. In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. In this role, Parametric manages one or more allocated portions of the Fund pursuant to a strategy that is designed to provide similar exposure to certain designated indices, as described in additional detail below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Each Sub-adviser (other than Parametric in its role as overlay manager) manages its portion of the Fund’s portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser’s recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager, then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser’s model in the total portfolio determined by the Adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Each Sub-adviser may use its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund’s securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser’s forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In connection with the construction of the Fund’s portfolio, the Adviser allocates Fund assets for each investment strategy to the following Sub-advisers: AllianceBernstein L.P. (“AllianceBernstein”), Allspring Global Investments, LLC (“Allspring”), J.P. Morgan Investment Management Inc. (“JPMIM”), Neuberger Berman Investment Advisers </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> LLC (“Neuberger”), Parametric and Westfield Capital Management Company L.P. (“Westfield”). The Adviser may adjust the weighting of Fund assets allocated to each Sub-adviser’s model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">AllianceBernstein’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">AllianceBernstein recommends investments primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S. companies. AllianceBernstein considers small- to mid-capitalization companies to be companies that, at the time of investment, fall within the capitalization range between the smallest company in the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index and the greater of $5 billion or the market capitalization of the largest company in the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In constructing its model portfolio, AllianceBernstein generally looks for companies that are determined by AllianceBernstein to be undervalued, using AllianceBernstein’s fundamental value approach. In making recommendations for its allocated portion of the Fund’s assets, AllianceBernstein uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Allspring’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Under normal circumstances, Allspring recommends investments primarily in equity securities of medium-capitalization companies. Allspring defines equity securities of medium-capitalization companies as securities of companies with market capitalizations within the range of the Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Index at the time of purchase. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Typical investments recommended by Allspring include stocks of companies that are generally out of favor in the marketplace, or are undergoing reorganization or other corporate action that may create above-average price appreciation. Allspring regularly reviews the investments of the portfolio and may recommend the sale of a portfolio holding when a stock nears its price target, downside risks increase considerably, the company’s fundamentals have deteriorated, or Allspring identifies a more attractive investment opportunity. Allspring may recommend that portfolio securities be actively traded, which may lead to higher transaction costs that may affect the performance of Allspring’s allocated portion of the Fund’s assets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">JPMIM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">JPMIM employs a fundamental bottom-up investment process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which JPMIM believes will achieve above-average growth in the future. Under normal circumstances, JPMIM expects to recommend investments primarily in equity securities of mid-cap companies. JPMIM defines mid-cap companies as companies with market capitalizations similar to those within the universe of the Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index at the time of purchase. <span style="font-weight:bold"></span>In constructing its model portfolio for the Fund, JPMIM seeks growth companies with leading competitive positions that can achieve sustainable growth. JPMIM may recommend that a security be sold due to a change in the company’s fundamentals or if JPMIM believes the security is no longer attractively valued. JPMIM may also recommend that a security be sold if JPMIM identifies a stock that it believes offers a better investment opportunity. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Neuberger’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Neuberger recommends investments that are comprised mainly of common stocks of small-mid capitalization companies, which Neuberger defines as those with a total market capitalization within the market capitalization range of companies in the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index at the time of initial purchase. The market capitalization of the companies in Neuberger’s model portfolio and the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index changes over time and Neuberger may continue to recommend that a position in a company continue to be held or added to after its market capitalization has moved outside the range of the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index. Neuberger seeks to reduce risk by diversifying among many companies and industries. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">At times, Neuberger’s portfolio managers may emphasize certain sectors that they believe will benefit from market or economic trends. Although Neuberger expects to recommend investments primarily in domestic stocks, it may also recommend investments in stocks of foreign companies. Neuberger’s portfolio managers generally look for what they believe to be high-quality companies whose current market shares and balance sheets are strong. In addition, Neuberger’s portfolio managers tend to focus on companies whose financial strength is largely based on existing business lines rather than on projected growth. Factors in identifying these firms may include: a history of above- average returns; an established market niche; circumstances that would make it difficult for new competitors to enter the market; the ability to finance their own growth; and a belief that the company has sound future business prospects. This approach is designed to seek to benefit from potential increases in stock prices, while endeavoring to limit the risks typically associated with small-mid capitalization stocks. Neuberger’s portfolio managers follow a disciplined selling strategy and may recommend the sale of a stock when it reaches a target price, if a company’s business fails to perform as expected, or when other opportunities appear more attractive. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Parametric’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. This strategy is designed to provide the Fund with similar exposure to the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index and S&P SmallCap 600<sup style="font-size:75%;vertical-align:top">®</sup> Index while maximizing after-tax returns through a variety of tax management techniques. The strategy seeks to exceed its benchmark on an after-tax basis. The criterion for the selection of investments is inclusion within the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index and S&P SmallCap 600<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Westfield’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Westfield employs a fundamental, bottom-up research approach, which seeks to identify reasonably priced stocks with high earnings potential. In order to seek the highest returns with the least degree of risk, Westfield generally favors stocks that, in the judgment of Westfield, have: (i) sizeable management ownership; (ii) strong financial conditions; (iii) sufficient cash flow to fund growth internally; and (iv) strong pricing power. Westfield also considers factors such as earnings growth forecasts, price target estimates, total return potential, and business developments. Stocks may be sold when Westfield believes that the stocks no longer represent attractive investment opportunities, based on the factors described above. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Under normal circumstances, Westfield recommends investments in equity securities of small-mid capitalization companies. Westfield defines small-mid capitalization companies as companies whose market capitalizations at the time of initial purchase fall within the range of the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index. The market capitalization of the companies in Westfield’s model portfolio and the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index changes over time and Westfield will continue to recommend that a position in a company continue to be held or added to after its market capitalization has moved outside the range of the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index. Although Westfield recommends investments primarily in publicly traded U.S. securities, it may also recommend investments in foreign securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”) that have characteristics that are consistent with the Fund’s investment strategies. Any investment companies that provide exposure to the investment focus suggested by the Fund’s name are counted toward compliance with the Fund’s 80% investment policy. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”), which are companies that own and/or manage real estate properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the industrials sector. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Investments in smaller capitalization companies (including mid-capitalization and small-capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Taxation Risk.</span> The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. The Fund will engage in tax management techniques such as tax loss harvesting, whereby securities are sold in order to generate capital losses to offset current and future capital gains. However, there are certain risks inherent with tax loss harvesting, including the possibility that such activity does not improve the Fund’s after-tax returns. During certain market conditions, such as lower volatility periods and periods of strong economic growth, the Fund’s ability to generate capital losses to offset capital gains may be limited, which would limit the Fund’s ability to implement its tax loss harvesting strategy. In addition, because loss harvesting continuously decreases the cost-basis of the Fund’s portfolio, there is a risk that opportunities to realize losses may decrease over time. Tax loss harvesting may also increase the Fund’s portfolio turnover rates. In addition, the “wash sales” rule will limit the Fund’s ability to currently recognize a loss from the tax loss harvesting strategy when selling and purchasing substantially identical assets within a 61-day window (<span style="font-style:italic">i.e.</span>, a period beginning 30 days before the date of such purchase or the sale and ending 30 days after such date). In such a case, the basis of the newly purchased securities will be adjusted to reflect the disallowed loss. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Overlay Manager Risk. </span>The Fund implements the investment recommendations of its Sub-advisers through the use of an overlay manager appointed by the Adviser. Pursuant to direction from the Adviser, the overlay manager has limited authority to vary from the models. The Fund is subject to the risk that the performance of a portion of the Fund allocated to a particular Sub-adviser may deviate from the performance of that Sub-adviser’s model portfolio or the performance of other proprietary or client accounts over which that Sub-adviser retains trading authority. The overlay manager’s variation from the Sub-adviser’s model portfolio may contribute to performance deviations, including underperformance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. securities they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk. </span>Certain securities in which the Fund invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates will affect the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a stronger U.S. dollar will reduce returns on foreign currency denominated securities for U.S. investors while a weak U.S. dollar will increase those returns. The Fund does not seek to hedge its currency risk. Accordingly, the Fund may experience losses (or gains) that would not have been experienced had the risk been hedged, due to declines (or increases) in the value of foreign currencies in relation to the U.S. dollar. In addition, although a Sub-adviser may consider currency risks as part of its investment process, its judgments in this regard may not always be correct. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Direct Indexing Risk. </span>Because the portion of the Fund allocated to Parametric is managed so that its total return closely corresponds with that of the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index and S&P SmallCap 600<sup style="font-size:75%;vertical-align:top">®</sup> Index, the Fund faces a risk of poor performance if any such index declines generally or performs poorly relative to other U.S. equity indices or individual stocks, the stocks of companies which comprise any such index fall out of favor with investors, or an adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in any such index. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk.</span> The risks of investing in foreign securities can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors, and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. Government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Growth Style Risk.</span> The Fund is managed partially in a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities, or prevent the Fund from selling securities at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub‑advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. In addition, a Sub‑adviser may implement its model portfolio for its other accounts prior to submitting its model to the overlay manager appointed by the Adviser for the Fund, or after submitting its model portfolio to the overlay manager but before the overlay manager has had an opportunity to place some or all of the </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> trades necessary for the Fund to implement the model portfolio. In these circumstances, trades placed by the overlay manager pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the Sub-adviser for its other accounts, including less favorable prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk</span>. To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities transactions in the United States is a rapidly changing area of law. Securities markets are subject to legislative, regulatory, and judicial actions which could have a substantial adverse effect on the Fund’s performance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more diversified across numerous sectors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Industrials Sector Risk.</span> From time to time, the Fund may focus its investments in the industrials sector. The industrials sector predominantly consists of the capital goods, transportation and commercial services industries. These areas of the economy can be more cyclically sensitive, given the dependence on capital expenditure company spending. For instance, in a cyclical downturn companies may decrease their planned spending on machinery, building products and electrical equipment leading industrials companies to incur losses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Value Style Risk.</span> Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance and a more narrowly based index that reflects the market sectors in which the Fund invests. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:80%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended December 31, 2023)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">11.86%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended March 31, 2025)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-7.14%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 9.85%. </div> Highest 2023-12-31 0.1186 Lowest 2025-03-31 -0.0714 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.0985 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 2022-06-01 2022-06-01 2022-06-01 2022-06-01 2022-06-01 0.0593 0.0860 0.0574 0.0841 0.0365 0.0669 0.1715 0.1647 0.1191 0.0984 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index measures the performance of the small-to mid-cap segment of the U.S. equity universe. The Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index is a subset of the Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Tax Managed International Equity Fund Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The investment objective of the Bridge Builder Tax Managed International Equity Fund (the “Fund” or the “International Equity Fund”) is to seek to provide a tax-efficient investment return consisting of capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in an Edward D. Jones & Co., L.P. (“Edward Jones”) sponsored investment advisory program (an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0 0.0005 0.0065 -0.0025 0.0040 October 28, 2027 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Adviser’s agreement to waive management fees until October 28, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 41 183 337 787 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio. </div> 0.25 Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities and other instruments, such as investment companies that seek to track the performance of equity securities. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities and other instruments, such as investment companies that seek to track the performance of equity securities. The investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund primarily invests in non-U.S. companies. A non-U.S. company is a company economically tied to a country other than the United States. In determining whether a company is economically tied to a country other than the United States, the Adviser or a Sub-adviser will consider whether the company: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Is organized under the laws of a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has a class of securities whose principal securities market is in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has its principal office in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in one or more countries other than the United States; or </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Maintains 50% or more of its assets in one or more countries other than the United States. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Such a determination can also be based on the classifications assigned to a company by the Fund’s benchmark index provider. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in companies of any capitalization. The Fund invests principally in equity securities issued by companies in developed countries, but, consistent with its 80% investment policy, the Fund may also invest in companies in emerging markets or developing countries. The Fund may also invest in U.S. dollar-denominated securities issued by foreign entities, American Depositary Receipts (“ADRs”), or Global Depositary Receipts (“GDRs”). The Fund does not intend to hedge the currency exposure that may be created by its investments in securities denominated in foreign currencies, although a Sub-adviser (defined below) may consider currency risks as part of its investment process. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”), that have characteristics that are consistent with the Fund’s investment strategies. Any investment companies that provide exposure to the investment focus suggested by the Fund’s name are counted toward compliance with the Fund’s 80% investment policy. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”) that own and/or manage properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the financials sector. From time to time, the Fund may also focus its investments in a particular country or geographic region, such as the United Kingdom or Japan. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund’s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that have been or will be retained by the Fund and the Adviser. The Fund implements the investment recommendations of the Sub-advisers through the use of Parametric Portfolio Associates LLC (“Parametric” and, together with the Fund’s other sub- advisers, the “Sub-advisers”) as overlay manager appointed by the Adviser. In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. In this role, Parametric manages one or more allocated portions of the Fund pursuant to a strategy that is designed to provide similar exposure to certain designated indices, as described in additional detail below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Each Sub-adviser (other than Parametric in its role as overlay manager) manages its allocated portion of the Fund’s portfolio by providing a model portfolio to Parametric on an ongoing basis that represents that Sub-adviser’s recommendation as to the securities to be purchased, sold or retained by the Fund. Parametric, as the overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-advisers, including with respect to each direct indexing portion of the Fund, with the weighting of each Sub-adviser’s model in the total portfolio determined by the Adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Each Sub-adviser may use both its own proprietary and external research and securities selection processes in constructing its model portfolio. Pursuant to direction from the Adviser, Parametric has limited authority to vary from </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> the models, primarily for the purpose of efficient tax management of the Fund’s securities transactions. Parametric seeks to manage the impact of taxes through active tax management strategies, including tax lot management, which impacts tax loss harvesting, capital gain deferral, and the minimization of wash sales. The Adviser may also direct Parametric to adjust the portfolio to implement the Adviser’s forward-looking views regarding various portfolio characteristics or factors, or for risk management purposes. Parametric may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by the Adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In connection with the construction of the Fund’s portfolio, the Adviser allocates Fund assets to the following Sub-advisers: J.P. Morgan Investment Management Inc. (“JPMIM”), Parametric, Pzena Investment Management, LLC (“Pzena”), Thompson, Siegel & Walmsley LLC (“TSW”), and Walter Scott & Partners Limited (“Walter Scott”). The Adviser may adjust the weighting of Fund assets allocated to each Sub-adviser’s model at any time or make recommendations to the Board with respect to the hiring, termination, or replacement of a Sub-adviser. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Below is a summary of each Sub-adviser’s principal investment strategies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">JPMIM’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Under normal conditions, JPMIM will recommend investments in the equity securities of foreign companies of various market capitalizations, including foreign subsidiaries of U.S. companies. In constructing its model portfolio, JPMIM may recommend that a substantial part of the model’s assets be invested in just one region or country. In making determinations regarding investments in the securities of a particular country or currency, JPMIM will evaluate the yield and potential growth of an investment, as well as the relationship between the currency and the U.S. dollar. JPMIM may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. JPMIM may recommend securities where the issuer is located in one country but the security is denominated in the currency of another. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Parametric’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In addition to acting as overlay manager, Parametric also serves as the direct indexing manager for the Fund. This strategy is designed to provide the Fund with exposure to the MSCI EAFE Growth Index and the MSCI EAFE Value Index while maximizing after-tax returns through a variety of tax management techniques. The strategy seeks to exceed its benchmark on an after-tax basis. The criterion for the selection of investments is inclusion within the MSCI EAFE Growth Index or the MSCI EAFE Value Index. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Pzena’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Pzena focuses on deep value investing, seeking to identify international securities that are trading at prices substantially below their intrinsic value but have solid long-term prospects. Pzena may also recommend investments in emerging markets securities. Pzena performs fundamental research using a bottom-up security selection process. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">TSW’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">TSW employs a relative value investment approach supported by rigorous fundamental analysis. TSW’s model portfolio is characterized by broad diversification on both a geographic and sector basis, below-average valuation measures, and low annual turnover. TSW currently anticipates recommending investments in countries other than the United States. TSW will recommend primarily common stocks of companies listed on foreign securities exchanges of varying sizes as measured by assets, sales or market capitalization, and will recommend primarily securities of companies domiciled in developed markets. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Walter Scott’s Principal Investment Strategies </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Walter Scott seeks a favorable real rate of return over the long term. Walter Scott seeks stocks that will perform relatively well and will grow to a higher weight in the model portfolio. Walter Scott selects companies based on fundamental company analysis and a bottom-up research process. Walter Scott recommends the purchase of these companies with no near-term expectation of recommending the sale of such companies. Walter Scott’s approach expects its model portfolio to realize low portfolio turnover. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund primarily invests in non-U.S. companies. A non-U.S. company is a company economically tied to a country other than the United States. In determining whether a company is economically tied to a country other than the United States, the Adviser or a Sub-adviser will consider whether the company: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Is organized under the laws of a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has a class of securities whose principal securities market is in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Has its principal office in a country other than the United States; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in one or more countries other than the United States; or </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;">Maintains 50% or more of its assets in one or more countries other than the United States. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Such a determination can also be based on the classifications assigned to a company by the Fund’s benchmark index provider. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may invest in companies of any capitalization. The Fund invests principally in equity securities issued by companies in developed countries, but, consistent with its 80% investment policy, the Fund may also invest in companies in emerging markets or developing countries. The Fund may also invest in U.S. dollar-denominated securities issued by foreign entities, American Depositary Receipts (“ADRs”), or Global Depositary Receipts (“GDRs”). The Fund does not intend to hedge the currency exposure that may be created by its investments in securities denominated in foreign currencies, although a Sub-adviser (defined below) may consider currency risks as part of its investment process. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may also invest in other investment companies, including other open-end or closed-end investment companies and exchange-traded funds (“ETFs”), that have characteristics that are consistent with the Fund’s investment strategies. Any investment companies that provide exposure to the investment focus suggested by the Fund’s name are counted toward compliance with the Fund’s 80% investment policy. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”) that own and/or manage properties. The Fund may, from time to time, invest a significant portion of its total assets in securities of companies in certain sectors. As of September 30, 2026, the Fund had significant exposure to securities of companies in the financials sector. From time to time, the Fund may also focus its investments in a particular country or geographic region, such as the United Kingdom or Japan. </div> You may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions, and/or economic conditions. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Active Management Risk.</span> A significant portion of the Fund is actively managed with discretion and may underperform market indices, including relevant benchmark indices, or other mutual funds with similar investment objectives. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk.</span> The risks of investing in foreign securities, including through ADRs and GDRs, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition, periodic U.S. Government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Taxation Risk.</span> The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. The Fund will engage in tax management techniques such as tax loss harvesting, whereby securities are sold in order to generate capital losses to offset current and future capital gains. However, there are certain risks inherent with tax loss harvesting, including the possibility that such activity does not improve the Fund’s after-tax returns. During certain market conditions, such as lower volatility periods and periods of strong economic growth, the Fund’s ability to generate capital losses to offset capital gains may be limited, which would limit the Fund’s ability to implement its tax loss harvesting strategy. In addition, because loss harvesting continuously decreases the cost-basis of the Fund’s portfolio, there is a risk that opportunities to realize losses may decrease over time. Tax loss harvesting may also increase the Fund’s portfolio turnover rates. In addition, the “wash sales” rule will limit the Fund’s ability to currently recognize a loss from the tax loss harvesting strategy when selling and purchasing substantially identical assets within a 61-day window (<span style="font-style:italic">i.e.</span>, a period beginning 30 days before the date of such purchase or the sale and ending 30 days after such date). In such a case, the basis of the newly purchased securities will be adjusted to reflect the disallowed loss. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Overlay Manager Risk. </span>The Fund implements the investment recommendations of the Sub-advisers through the use of an overlay manager appointed by the Adviser. Pursuant to direction from the Adviser, the overlay manager has limited authority to vary from the models. The Fund is subject to the risk that the performance of a portion of the Fund allocated to a particular Sub-adviser may deviate from the performance of that Sub-adviser’s model portfolio or the performance of other proprietary or client accounts over which that Sub-adviser retains trading authority. The overlay manager’s variation from a Sub-adviser’s model portfolio may contribute to performance deviations, including underperformance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Currency Risk.</span> Certain securities in which the Fund invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates will affect the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a stronger U.S. dollar will reduce returns on foreign currency denominated securities for U.S. investors while a weak U.S. dollar will increase those returns. The Fund does not seek to hedge its currency risk. Accordingly, the Fund may experience losses (or gains) that would not have been experienced had the risk been hedged, due to declines (or increases) in the value of foreign currencies in relation to the U.S. dollar. In addition, although a Sub-adviser may consider currency risks as part of its investment process, its judgments in this regard may not always be correct. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Geographic Focus Risk.</span> To the extent that a significant portion of the Fund’s portfolio is invested in the securities of companies in a particular country or region, the Fund will be subject to greater risk of loss and price volatility than a fund holding more geographically diverse investments. The Fund may invest significant portions of its assets in the United Kingdom (the “UK”) and Japan, and therefore, the economic, political, social and environmental conditions of the UK and Japan generally will have a greater effect on the Fund’s performance than they would in a more geographically diversified fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk.</span> ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>When the Fund enters into an investment contract, the Fund is exposed to the risk that the other party may be unable or unwilling to fulfill its obligations, which could adversely impact the value of the Fund. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Direct Indexing Risk.</span> Because the portion of the Fund allocated to Parametric is managed so that its total return closely corresponds with that of the MSCI EAFE Growth Index and the MSCI EAFE Value Index, the Fund faces a risk of poor performance if either index declines generally or performs poorly relative to U.S. equity indices, other international equity indices or individual stocks, the stocks of companies which comprise either index fall out of favor with investors, or an adverse company specific event, such as an unfavorable earnings report, negatively affects the stock price of one of the larger companies in either index. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Emerging Markets Securities Risk. </span>A fund that invests a significant portion of its assets in the securities of issuers based in countries with “emerging market” economies is subject to greater levels of foreign investment risk than a fund investing primarily in more-developed foreign markets since emerging market securities may present market, credit, currency, liquidity, legal, political and other risks greater than, or in addition to, the risks of investing in developed foreign countries. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Growth Style Risk.</span> The Fund is managed partially in a growth investment style. Growth stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Growth stocks are stocks of companies expected to increase revenues and earnings at a faster rate than their peers. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk.</span> An investment company, including an ETF, in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Investment Strategy Risk.</span> There is no assurance the Fund’s investment objective will be achieved. Investment decisions may not produce the expected results. The value of the Fund may decline, and the Fund may underperform other funds with similar objectives and strategies. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk.</span> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities, or prevent the Fund from selling securities at desirable times or prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Multi-Manager and Multi-Style Management Risk.</span> The Fund allocates its assets to multiple Sub-advisers believed to have complementary styles. These investment styles, at times, may not be complementary and could result in more exposure to certain types of securities. In addition, a Sub-adviser may implement its model portfolio for its other accounts prior to submitting its model to the overlay manager appointed by the Adviser for the Fund, or after submitting its model portfolio to the overlay manager but before the overlay manager has had an opportunity to place some or all of the trades necessary for the Fund to implement the model portfolio. In these circumstances, trades placed by the overlay manager pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the Sub-adviser for its other accounts, including less favorable prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Quantitative Investing Risk</span>. To the extent that a Sub-adviser’s investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund, the Fund can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Large redemptions of the Fund’s shares may force the Fund to sell securities at times when it would not otherwise do so and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Regulatory and Judicial Risk. </span>The regulation of securities transactions in the United States is a rapidly changing area of law. Securities markets are subject to legislative, regulatory, and judicial actions which could have a substantial adverse effect on the Fund’s performance. In addition to United States regulation, the Fund may be affected by the actions of foreign governments, which could include actions such as the imposition of capital or currency controls, the nationalization of a company or industry of which the Fund owns securities, or the imposition of taxes that could have an adverse effect on security prices. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Sector Focus Risk. </span>Because the Fund may invest a significant portion of its assets in a particular sector of the market, the Fund may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more diversified across numerous sectors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:9%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Financials Sector Risk. </span>From time to time, the Fund may focus its investments in the financials sector. The financials sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and governmental debt, the availability and cost of capital, and the impact of more stringent capital requirements. The Fund may be adversely affected by events or developments negatively impacting the financials sector. For example, events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur losses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Investments in smaller capitalization companies (including mid-capitalization and small-capitalization companies) may have greater risks, as these companies may have less operating history, narrower product or customer markets, and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">●</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"><span style="font-weight:bold">Value Style Risk.</span> Value stocks can perform differently from the market as a whole and other types of stocks and may underperform other types of investments or investment styles, as different market styles tend to shift in and out of favor depending upon market conditions and other factors. Value stocks are believed to be undervalued relative to their projected underlying profitability. </div> </td> </tr> </table> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance. The performance information shown here reflects only Fund performance and does not reflect annual program or administrative fees you may be charged for participating in an Advisory Program. See the Fund’s website www.bridgebuildermutualfunds.com/literature for updated performance information. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </div> The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s year-to-year performance and the table shows how the Fund’s average annual total returns for one year and since inception compared to that of a broad measure of market performance. www.bridgebuildermutualfunds.com/literature The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Year-by-Year Total Returns Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:40%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:80%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Quarterly Returns</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Highest (quarter ended December 31, 2023)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">10.41%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Lowest (quarter ended December 31, 2024)</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right;">-8.47%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The performance information shown above is based on a calendar year. The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 was 10.82%. </div> Highest 2023-12-31 0.1041 Lowest 2024-12-31 -0.0847 The Fund’s performance (before taxes) from 1/1/26 to 9/30/26 2026-09-30 0.1082 Average Annual Total Returns <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differfrom those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. Average Annual Total Return as of December 31, 2025 2022-06-01 2022-06-01 2022-06-01 2022-06-01 0.2521 0.1112 0.2458 0.1072 0.1556 0.0880 0.3122 0.1334 <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:justify;">The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) is an unmanaged index of over 900 companies and is a generally accepted benchmark for major overseas markets. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. </div> Bridge Builder Transition Fund I Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The primary investment objective of the Bridge Builder Transition Fund I (the “Fund”) is to seek to orderly liquidate securities received by the Fund as part of Client Transitions (as defined below) as soon as reasonably practicable. When the Fund is not actively being used to facilitate a Client Transition (as defined below), the Fund will seek to preserve principal value. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in certain discretionary investment advisory programs sponsored by Edward D. Jones</span><span style="font-weight:bold"></span><span style="font-weight:bold"> & Co., L.P. (each, an </span><span style="font-weight:bold">“</span><span style="font-weight:bold">Advisory Program</span><span style="font-weight:bold">”</span><span style="font-weight:bold">), which are not reflected in the table and examples below. </span> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0 0.0000 0.0000 Other Expenses are based on estimated amounts for the current fiscal year. Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 0 0 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As the Fund has not commenced investment operations, it does not have any portfolio turnover as of the date of this Prospectus. </div> Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Transition Management Vehicle for Advisory Programs </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund is designed to be a transition management vehicle for Advisory Programs. Fund shares are available for purchase exclusively to clients of Edward D. Jones & Co., L.P. (“Edward Jones”) participating in an Advisory Program (collectively, “Clients”). In certain circumstances, a third party fund held by Clients (“Third Party Fund”) may distribute to Clients in‑kind securities and other investments (rather than cash) (referred to herein as “Third Party Portfolio Securities”) in satisfaction of Edward Jones’ request to redeem Client shares of the Third Party Fund. The sole purpose of the Fund is to provide Clients with an investment vehicle that is designed to transition Third Party Portfolio Securities to cash in an efficient manner (each, a “Client Transition”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In situations where Edward Jones requests to redeem shares of a Third Party Fund on behalf of its Clients and the Third Party Fund distributes Third Party Portfolio Securities to Clients instead of cash, Edward Jones, on behalf of Clients, may contribute such Third Party Portfolio Securities to the Fund in exchange for shares of the Fund equal in value to the Third Party Portfolio Securities, as valued by the Fund in accordance with its valuation procedures. The Fund will seek to orderly liquidate such Third Party Portfolio Securities as soon as reasonably practicable at a price that the Adviser believes is reasonable and will seek to minimize transaction costs to Clients in connection with such liquidations. After the Fund liquidates such Third Party Portfolio Securities, Edward Jones will submit redemption orders to the Fund on behalf of Clients as soon as reasonably practicable. The Fund will distribute the cash proceeds of the liquidated securities to Clients in redemption of their shares of the Fund upon receipt by the Fund of a redemption order submitted by Edward Jones on behalf of Clients. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">When the Fund is not actively being used to facilitate a Client Transition, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s primary investment objective. The Fund could be invested in these types of investments for extended periods of time. The Adviser or its affiliates may provide the operating capital for the Fund when the Fund is not actively being used to facilitate a Client Transition, and the Adviser or one of its affiliates may be the sole shareholder of the Fund during such times. When the Fund is not actively being used to facilitate a Client Transition, the Fund will seek to preserve principal value. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Investment Strategies </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund has broad flexibility with respect to its portfolio holdings in order to enable the Fund to accommodate the contribution of Third Party Portfolio Securities, which will be contributed to the Fund by the Clients participating in the Client Transition at the start of each Client Transition. As a result, the securities in the Fund’s portfolio will be determined by the securities and other investments that compose the Third Party Portfolio Securities for each Client Transition. <span style="font-weight:bold">Third Party Portfolio Securities could comprise any type of securities or other investments and will be received by the Fund without consideration of the investment risks or potential investment performance.</span> Therefore, the Fund is permitted to hold all types of securities and other investments, including, but not limited to, various types of fixed income investments, such as bonds, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), and below investment grade securities (also known as “junk bonds”); various types of equity investments, such as common stocks, convertible securities and interests in real estate investment trusts (“REITs”); privately offered securities; illiquid or restricted securities; derivatives; commodities; securities of other investment companies; and cash equivalents. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Once the Third Party Portfolio Securities are received by the Fund, the Adviser will not actively manage the Third Party Portfolio Securities. Rather, the Adviser’s primary focus will be to seek to orderly liquidate such Third Party Portfolio Securities as soon as reasonably practicable at a price the Adviser believes is reasonable and to seek to minimize transaction costs to Clients in connection with such liquidations. As a result, except as discussed herein, the Fund does not expect to hold any securities other than the Third Party Portfolio Securities contributed to the Fund at the start of each Client Transition, except that the Adviser may purchase cash equivalents, repurchase agreements, short-term fixed income securities and shares of money market funds (referred to herein, as “Cash Investments”) in connection with managing the cash raised during the liquidation process. In addition, the Adviser may invest Fund assets in Cash Investments to the extent necessary to avoid the Fund violating legal restrictions applicable to the Fund (<span style="font-style:italic">e.g.</span>, tax diversification requirements). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">As part of the Fund’s investment strategies, the Fund may receive all types of fixed income securities across different fixed-income market sectors and maturities and of varying credit quality. Such holdings may include fixed-income securities issued or guaranteed by the U.S. government or its agencies; municipal bonds; corporate bonds; convertible securities; corporate commercial paper; ABS, including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued fixed income securities (<span style="font-style:italic">e.g.,</span> Rule 144A securities); floating rate securities; inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”) issued by the U.S. Treasury) and other inflation-indexed bonds issued both by governments and corporations; structured securities; mortgage-related securities and MBS, including pass-through securities; collateralized mortgage obligations (“CMOs”); adjustable rate mortgage securities (“ARMs”); interest-only securities (“IOs”); principal-only securities (“POs”); inverse floaters; privately-issued MBS; commercial mortgage-backed securities (“CMBS”); mortgage dollar rolls; bank loans; and inflation-protected securities. The Fund may receive securities deemed below investment grade, also known as “junk bonds.” The Fund may receive U.S. dollar-denominated securities and non‑U.S. dollar-denominated securities issued by foreign entities, including those located in emerging markets, and obligations of non‑U.S. governments or their subdivisions, agencies, and government-sponsored enterprises. There are no limits regarding the Fund’s portfolio duration or the average maturity of its fixed income investments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive all types of equity securities across different market capitalization ranges and issued by both U.S. and foreign companies, including those located in emerging markets. Such investments may include common stocks; preferred stocks; bonds, notes and debentures convertible into common stocks (i.e., convertible securities); warrants to acquire common stock; depositary receipts, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”); real estate related securities (including equity and mortgage REITs); and privately issued equity securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive all types of derivative instruments, such as futures, forwards, options, and swaps. In addition, the Fund may receive securities of other investment companies, including open‑end funds, closed‑end funds, and exchange-traded funds (“ETFs”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">There is no limit on the number of countries in which the Fund may be invested; alternatively, the securities the Fund receives may be in a single country or a small group of countries. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive restricted or illiquid securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may concentrate its investments (<span style="font-style:italic">i.e.,</span> hold 25% or more of its total assets) in a particular industry or group of industries only if the securities and other investments that compose the Third Party Fund for which a Client Transition relates are so concentrated. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Given the purpose of the Fund, the Fund will sell securities frequently. The sale of the Fund’s securities will result in transaction costs and may result in capital gains to the Fund, which will ultimately be borne by Clients. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">When the Fund is not actively being used to facilitate a Client Transition, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements, short-term fixed income securities, and other short-term obligations that would not ordinarily be consistent with the Fund’s primary investment objective. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Because the Adviser’s primary focus will be to seek to orderly liquidate the Third Party Portfolio Securities as soon as reasonably practicable, during the Fund’s liquidation process the Fund may not be able to comply with the investment strategies and policies discussed in this Prospectus. </div> you may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Adjustable Rate Mortgage Securities Risk.</span> ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. In addition, certain ARMs may provide for an initial fixed, below-market interest rate. After the initial rate expires, the required monthly payment may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and, in turn, losses on the MBS into which that loan has been bundled. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non‑U.S. shares they represent. They are affected by the risks associated with non‑U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Asset-Backed, Mortgage-Related</span><span style="font-weight:bold">,</span><span style="font-weight:bold"> and Mortgage-Backed Securities Risk. </span>Borrowers may default on the obligations that underlie ABS, mortgage-related securities, and MBS. During periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than it had expected, causing the Fund to experience additional volatility. During periods of falling interest rates, ABS, mortgage-related securities, and MBS may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. CMOs, MBS, ARMs, IOs, POs, and inverse floaters may be more volatile and may be more sensitive to interest rate changes and prepayments than other mortgage-related securities. The impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non‑payment of loans) may result in a reduction in the value of the security. The risk of default, as described under “Credit Risk,” for privately-issued and sub‑prime mortgages is generally higher than for other types of MBS. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. In addition, ABS such as CLOs and CDOs present credit risks that are not presented by MBS. This is because ABS generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an ABS defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Commodity Risk. </span>The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Concentration Risk. </span>If the Fund concentrates its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Convertible Securities Risk.</span> The value of a convertible security will generally decline as interest rates increase and increase as interest rates decline. Convertible securities are also subject to credit risk. In addition, because convertible </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> securities are generally convertible to the issuer’s common stock, convertible security prices will normally fluctuate as prices of the common stock increase or decline. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Corporate Debt Securities Risk. </span>Corporate debt securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Therefore, corporate debt securities are subject to interest rate risk, market risk, and credit risk, as described herein.<span style="font-weight:bold"> </span> </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>The Fund may be involved in an investment contract, such as a derivative or a repurchase agreement, that exposes the Fund to the risk that the other party may be unable or unwilling to fulfill its contractual obligations, which could adversely impact the value of the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Credit Risk. </span>Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond. Credit risk for high yield securities, or “junk” bonds, is greater than for higher-rated securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Currency Risk.</span> As a result of the Fund receiving securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Cyber Security Risk.</span> The Fund and its service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund’s ability to calculate its net asset value (“NAV”), cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund’s investment in such portfolio companies to lose value. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Derivatives Risk.</span> Derivatives (such as futures, forwards, options, and swaps) may not perform as anticipated, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives are also subject to market risk, which is described below, and liquidity risk, which is described below. The Fund’s use of swaps and forward contracts is also subject to counterparty risk, which is described above. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions and/or economic conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Floating Rate Securities Risk. </span>The Fund may receive obligations with interest rates that are reset periodically. Although the prices of floating rate securities are generally less sensitive to interest rate changes than comparable quality fixed rate instruments, the value of floating rate securities may decline if the floating rate securities’ interest rates do not rise as quickly, or as much, as general interest rates. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk (including Emerging Markets Securities Risk). </span>The risks of receiving foreign securities, including those in emerging markets, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> passive investors and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition to the general risks of holding foreign securities, securities that are traded in foreign markets present special risks, including higher brokerage costs, potentially thinner trading markets, extended settlement periods and the risks of holding securities with foreign subcustodians and securities depositories. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments and may have fewer resources to mitigate the effects of a pandemic or natural disaster. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">High Yield Securities Risk.</span> High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Inflation-Linked Securities Risk</span>. The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the “CPI”)). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Interest Rate Risk. </span>The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk. </span>An investment company, including an ETF, in which the Fund may hold shares of, may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk</span>. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Loan Risk. </span>Bank loans (including through both assignments and participations) often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings. Loans typically have less liquidity than investment grade bonds and there may be less public information available about them as compared to bonds. The Fund may also receive delayed funding loans and revolving credit facilities, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Mezzanine Securities Risk</span>. The Fund may receive certain high yield securities known as mezzanine securities, which are subordinated debt securities generally issued in private placements in connection with an equity security (e.g., with attached warrants). Mezzanine investments may be issued with or without registration rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Money Market Fund Risk. </span>The Fund may, under certain circumstances, hold shares of a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of investments, it is possible to lose money by investing in a money market fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Mortgage Dollar Roll Risk. </span>The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes. Mortgage dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker-dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon the ability to correctly predict interest rates and prepayments. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Municipal Securities Risk. </span>The value of municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover Risk.</span> The Fund will buy and sell investments frequently resulting in higher transaction costs, including brokerage commissions. Frequent transactions may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Preferred Stocks Risk. </span>The Fund may receive preferred stocks. Preferred stocks involve credit risk, which is described above, and certain other risks. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of “non‑cumulative” preferred stocks) or defer distributions (in the case of “cumulative” preferred stocks). If the Fund receives a preferred stock on which distributions are deferred, the Fund may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Prepayment and Extension Risk. </span>When interest rates fall, issuers of higher coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> reinvest the proceeds at lower yields. When interest rates rise, issuers of lower coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower coupon debt obligations. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Privately Issued Securities Risk. </span>Privately placed securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities) may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks as these companies may have less operating history, narrower product or customer markets and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Sovereign Debt Risk. </span>Non‑U.S. sovereign debt securities can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">U.S. Government Securities Risk. </span>U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Valuation Risk.</span> The investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which the Fund’s investments are actually bought and sold. The evaluated prices and fair value of the Fund’s investments will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk. </span>When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund has not commenced operations as of the date of this prospectus and does not have a full calendar year of performance. Accordingly, performance information is not provided at this time. Performance information will be available after the Fund has been in operation for one calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Because of the Fund’s unique purpose and manner of operations, the Fund’s performance is not comparable to the performance of other mutual funds that hold similar securities. </div> The Fund has not commenced operations as of the date of this prospectus and does not have a full calendar year of performance. Accordingly, performance information is not provided at this time. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. Bridge Builder Transition Fund II Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The primary investment objective of the Bridge Builder Transition Fund II (the “Fund”) is to seek to orderly liquidate securities received by the Fund as part of Client Transitions (as defined below) as soon as reasonably practicable. When the Fund is not actively being used to facilitate a Client Transition (as defined below), the Fund will seek to preserve principal value. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold"></span>The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in certain discretionary investment advisory programs sponsored by Edward D. Jones & Co., L.P. (each, an “Advisory Program”), which are not reflected in the table and examples below. </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0 0.0000 0.0000 Other Expenses are based on estimated amounts for the current fiscal year. Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 0 0 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As the Fund has not commenced investment operations, it does not have any portfolio turnover as of the date of this Prospectus. </div> Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Transition Management Vehicle for Advisory Programs </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund is designed to be a transition management vehicle for Advisory Programs. Fund shares are available for purchase exclusively to clients of Edward D. Jones & Co., L.P. (“Edward Jones”) participating in an Advisory Program </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> (collectively, “Clients”). In certain circumstances, a third party fund held by Clients (“Third Party Fund”) may distribute to Clients in-kind securities and other investments (rather than cash) (referred to herein as “Third Party Portfolio Securities”) in satisfaction of Edward Jones’ request to redeem Client shares of the Third Party Fund. The sole purpose of the Fund is to provide Clients with an investment vehicle that is designed to transition Third Party Portfolio Securities to cash in an efficient manner (each, a “Client Transition”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In situations where Edward Jones requests to redeem shares of a Third Party Fund on behalf of its Clients and the Third Party Fund distributes Third Party Portfolio Securities to Clients instead of cash, Edward Jones, on behalf of Clients, may contribute such Third Party Portfolio Securities to the Fund in exchange for shares of the Fund equal in value to the Third Party Portfolio Securities, as valued by the Fund in accordance with its valuation procedures. The Fund will seek to orderly liquidate such Third Party Portfolio Securities as soon as reasonably practicable at a price that the Adviser believes is reasonable and will seek to minimize transaction costs to Clients in connection with such liquidations. After the Fund liquidates such Third Party Portfolio Securities, Edward Jones will submit redemption orders to the Fund on behalf of Clients as soon as reasonably practicable. The Fund will distribute the cash proceeds of the liquidated securities to Clients in redemption of their shares of the Fund upon receipt by the Fund of a redemption order submitted by Edward Jones on behalf of Clients. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">When the Fund is not actively being used to facilitate a Client Transition, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s primary investment objective. The Fund could be invested in these types of investments for extended periods of time. The Adviser or its affiliates may provide the operating capital for the Fund when the Fund is not actively being used to facilitate a Client Transition, and the Adviser or one of its affiliates may be the sole shareholder of the Fund during such times. When the Fund is not actively being used to facilitate a Client Transition, the Fund will seek to preserve principal value. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Investment Strategies </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund has broad flexibility with respect to its portfolio holdings in order to enable the Fund to accommodate the contribution of Third Party Portfolio Securities, which will be contributed to the Fund by the Clients participating in the Client Transition at the start of each Client Transition. As a result, the securities in the Fund’s portfolio will be determined by the securities and other investments that compose the Third Party Portfolio Securities for each Client Transition. <span style="font-weight:bold">Third Party Portfolio Securities could comprise any type of securities or other investments and will be received by the Fund without consideration of the investment risks or potential investment performance.</span> Therefore, the Fund is permitted to hold all types of securities and other investments, including, but not limited to, various types of fixed income investments, such as bonds, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), and below investment grade securities (also known as “junk bonds”); various types of equity investments, such as common stocks, convertible securities and interests in real estate investment trusts (“REITs”); privately offered securities; illiquid or restricted securities; derivatives; commodities; securities of other investment companies; and cash equivalents. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Once the Third Party Portfolio Securities are received by the Fund, the Adviser will not actively manage the Third Party Portfolio Securities. Rather, the Adviser’s primary focus will be to seek to orderly liquidate such Third Party Portfolio Securities as soon as reasonably practicable at a price the Adviser believes is reasonable and to seek to minimize transaction costs to Clients in connection with such liquidations. As a result, except as discussed herein, the Fund does not expect to hold any securities other than the Third Party Portfolio Securities contributed to the Fund at the start of each Client Transition, except that the Adviser may purchase cash equivalents, repurchase agreements, short-term fixed income securities and shares of money market funds (referred to herein, as “Cash Investments”) in connection with managing the cash raised during the liquidation process. In addition, the Adviser may invest Fund assets in Cash Investments to the extent necessary to avoid the Fund violating legal restrictions applicable to the Fund (<span style="font-style:italic">e.g.</span>, tax diversification requirements). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">As part of the Fund’s investment strategies, the Fund may receive all types of fixed income securities across different fixed-income market sectors and maturities and of varying credit quality. Such holdings may include fixed-income securities issued or guaranteed by the U.S. government or its agencies; municipal bonds; corporate bonds; convertible securities; corporate commercial paper; ABS, including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued fixed income securities (<span style="font-style:italic">e.g.,</span> Rule 144A securities); floating </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> rate securities; inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”) issued by the U.S. Treasury) and other inflation-indexed bonds issued both by governments and corporations; structured securities; mortgage-related securities and MBS, including pass-through securities; collateralized mortgage obligations (“CMOs”); adjustable rate mortgage securities (“ARMs”); interest-only securities (“IOs”); principal-only securities (“POs”); inverse floaters; privately-issued MBS; commercial mortgage-backed securities (“CMBS”); mortgage dollar rolls; bank loans; and inflation-protected securities. The Fund may receive securities deemed below investment grade, also known as “junk bonds.” The Fund may receive U.S. dollar-denominated securities and non-U.S. dollar-denominated securities issued by foreign entities, including those located in emerging markets, and obligations of non-U.S. governments or their subdivisions, agencies, and government-sponsored enterprises. There are no limits regarding the Fund’s portfolio duration or the average maturity of its fixed income investments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive all types of equity securities across different market capitalization ranges and issued by both U.S. and foreign companies, including those located in emerging markets. Such investments may include common stocks; preferred stocks; bonds, notes and debentures convertible into common stocks (i.e., convertible securities); warrants to acquire common stock; depositary receipts, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”); real estate related securities (including equity and mortgage REITs); and privately issued equity securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive all types of derivative instruments, such as futures, forwards, options, and swaps. In addition, the Fund may receive securities of other investment companies, including open-end funds, closed-end funds, and exchange-traded funds (“ETFs”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">There is no limit on the number of countries in which the Fund may be invested; alternatively, the securities the Fund receives may be in a single country or a small group of countries. </div><div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund may receive restricted or illiquid securities. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may concentrate its investments (<span style="font-style:italic">i.e.,</span> hold 25% or more of its total assets) in a particular industry or group of industries only if the securities and other investments that compose the Third Party Fund for which a Client Transition relates are so concentrated. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Given the purpose of the Fund, the Fund will sell securities frequently. The sale of the Fund’s securities will result in transaction costs and may result in capital gains to the Fund, which will ultimately be borne by Clients. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">When the Fund is not actively being used to facilitate a Client Transition, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements, short-term fixed income securities, and other short-term obligations that would not ordinarily be consistent with the Fund’s primary investment objective. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Because the Adviser’s primary focus will be to seek to orderly liquidate the Third Party Portfolio Securities as soon as reasonably practicable, during the Fund’s liquidation process the Fund may not be able to comply with the investment strategies and policies discussed in this Prospectus. </div> you may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Adjustable Rate Mortgage Securities Risk.</span> ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. In addition, certain ARMs may provide for an initial fixed, below-market interest rate. After the initial rate expires, the required monthly payment may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and, in turn, losses on the MBS into which that loan has been bundled. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks associated with non-U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Asset-Backed, Mortgage-Related, and Mortgage-Backed Securities Risk. </span>Borrowers may default on the obligations that underlie ABS, mortgage-related securities, and MBS. During periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than it had expected, causing the Fund to experience additional volatility. During periods of falling interest rates, ABS, mortgage-related securities, and MBS may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. CMOs, MBS, ARMs, IOs, POs, and inverse floaters may be more volatile and may be more sensitive to interest rate changes and prepayments than other mortgage-related securities. The impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) may result in a reduction in the value of the security. The risk of default, as described under “Credit Risk,” for privately-issued and sub-prime mortgages is generally higher than for other types of MBS. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. In addition, ABS such as CLOs and CDOs present credit risks that are not presented by MBS. This is because ABS generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an ABS defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Commodity Risk. </span>The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Concentration Risk. </span>If the Fund concentrates its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Convertible Securities Risk.</span> The value of a convertible security will generally decline as interest rates increase and increase as interest rates decline. Convertible securities are also subject to credit risk. In addition, because convertible securities are generally convertible to the issuer’s common stock, convertible security prices will normally fluctuate as prices of the common stock increase or decline. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Corporate Debt Securities Risk. </span>Corporate debt securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Therefore, corporate debt securities are subject to interest rate risk, market risk, and credit risk, as described herein. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>The Fund may be involved in an investment contract, such as a derivative or a repurchase agreement, that exposes the Fund to the risk that the other party may be unable or unwilling to fulfill its contractual obligations, which could adversely impact the value of the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Credit Risk. </span>Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond. Credit risk for high yield securities, or “junk” bonds, is greater than for higher-rated securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Currency Risk.</span> As a result of the Fund receiving securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Cyber Security Risk.</span> The Fund and its service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund’s ability to calculate its net asset value (“NAV”), cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund’s investment in such portfolio companies to lose value. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Derivatives Risk.</span> Derivatives (such as futures, forwards, options, and swaps) may not perform as anticipated, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives are also subject to market risk, which is described below, and liquidity risk, which is described below. The Fund’s use of swaps and forward contracts is also subject to counterparty risk, which is described above. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions and/or economic conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Floating Rate Securities Risk. </span>The Fund may receive obligations with interest rates that are reset periodically. Although the prices of floating rate securities are generally less sensitive to interest rate changes than comparable quality fixed rate instruments, the value of floating rate securities may decline if the floating rate securities’ interest rates do not rise as quickly, or as much, as general interest rates. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk (including Emerging Markets Securities Risk). </span>The risks of receiving foreign securities, including those in emerging markets, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition to the general risks of holding foreign securities, securities that are traded in foreign markets present special risks, including higher brokerage costs, potentially thinner trading markets, extended settlement periods and the risks of holding securities with foreign subcustodians and securities depositories. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. The risks associated with international investing will be greater in </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments and may have fewer resources to mitigate the effects of a pandemic or natural disaster. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">High Yield Securities Risk.</span> High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Inflation-Linked Securities Risk</span>. The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the “CPI”)). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Interest Rate Risk. </span>The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk. </span>An investment company, including an ETF, in which the Fund may hold shares of, may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk</span>. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Loan Risk. </span>Bank loans (including through both assignments and participations) often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings. Loans typically have less liquidity than investment grade bonds and there may be less public information available about them as compared to bonds. The Fund may also receive delayed funding loans and revolving credit facilities, in which a lender agrees to make loans up to a maximum amount upon demand by the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Mezzanine Securities Risk</span>. The Fund may receive certain high yield securities known as mezzanine securities, which are subordinated debt securities generally issued in private placements in connection with an equity security (e.g., with attached warrants). Mezzanine investments may be issued with or without registration rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Money Market Fund Risk. </span>The Fund may, under certain circumstances, hold shares of a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of investments, it is possible to lose money by investing in a money market fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Mortgage Dollar Roll Risk. </span>The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes. Mortgage dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker-dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon the ability to correctly predict interest rates and prepayments. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Municipal Securities Risk. </span>The value of municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover Risk.</span> The Fund will buy and sell investments frequently resulting in higher transaction costs, including brokerage commissions. Frequent transactions may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Preferred Stocks Risk. </span>The Fund may receive preferred stocks. Preferred stocks involve credit risk, which is described above, and certain other risks. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of “non-cumulative” preferred stocks) or defer distributions (in the case of “cumulative” preferred stocks). If the Fund receives a preferred stock on which distributions are deferred, the Fund may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Prepayment and Extension Risk. </span>When interest rates fall, issuers of higher coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower coupon debt obligations. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Privately Issued Securities Risk. </span>Privately placed securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities) may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> realized from these sales could be less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks as these companies may have less operating history, narrower product or customer markets and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Sovereign Debt Risk. </span>Non-U.S. sovereign debt securities can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">U.S. Government Securities Risk. </span>U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Valuation Risk.</span> The investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which the Fund’s investments are actually bought and sold. The evaluated prices and fair value of the Fund’s investments will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk. </span>When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund has not commenced operations as of the date of this prospectus and does not have a full calendar year of performance. Accordingly, performance information is not provided at this time. Performance information will be available after the Fund has been in operation for one calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Because of the Fund’s unique purpose and manner of operations, the Fund’s performance is not comparable to the performance of other mutual funds that hold similar securities. </div> The Fund has not commenced operations as of the date of this prospectus and does not have a full calendar year of performance. Accordingly, performance information is not provided at this time. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. Bridge Builder Transition Fund III Investment Objective <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The primary investment objective of the Bridge Builder Transition Fund III (the “Fund”) is to seek to orderly liquidate securities received by the Fund as part of Client Transitions (as defined below) as soon as reasonably practicable. When the Fund is not actively being used to facilitate a Client Transition (as defined below), the Fund will seek to preserve principal value. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as annual program or administrative fees for participating in certain discretionary investment advisory programs sponsored by Edward D. Jones</span><span style="font-weight:bold"></span><span style="font-weight:bold"> & Co., L.P. (each, an </span><span style="font-weight:bold">“</span><span style="font-weight:bold">Advisory Program</span><span style="font-weight:bold">”</span><span style="font-weight:bold">), which are not reflected in the table and examples below. </span> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0 0.0000 0.0000 Other Expenses are based on estimated amounts for the current fiscal year. Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 0 0 Portfolio Turnover <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As the Fund has not commenced investment operations, it does not have any portfolio turnover as of the date of this Prospectus. </div> Principal Investment Strategies <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Transition Management Vehicle for Advisory Programs </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund is designed to be a transition management vehicle for Advisory Programs. Fund shares are available for purchase exclusively to clients of Edward D. Jones & Co., L.P. (“Edward Jones”) participating in an Advisory Program </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> (collectively, “Clients”). In certain circumstances, a third party fund held by Clients (“Third Party Fund”) may distribute to Clients in‑kind securities and other investments (rather than cash) (referred to herein as “Third Party Portfolio Securities”) in satisfaction of Edward Jones’ request to redeem Client shares of the Third Party Fund. The sole purpose of the Fund is to provide Clients with an investment vehicle that is designed to transition Third Party Portfolio Securities to cash in an efficient manner (each, a “Client Transition”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">In situations where Edward Jones requests to redeem shares of a Third Party Fund on behalf of its Clients and the Third Party Fund distributes Third Party Portfolio Securities to Clients instead of cash, Edward Jones, on behalf of Clients, may contribute such Third Party Portfolio Securities to the Fund in exchange for shares of the Fund equal in value to the Third Party Portfolio Securities, as valued by the Fund in accordance with its valuation procedures. The Fund will seek to orderly liquidate such Third Party Portfolio Securities as soon as reasonably practicable at a price that the Adviser believes is reasonable and will seek to minimize transaction costs to Clients in connection with such liquidations. After the Fund liquidates such Third Party Portfolio Securities, Edward Jones will submit redemption orders to the Fund on behalf of Clients as soon as reasonably practicable. The Fund will distribute the cash proceeds of the liquidated securities to Clients in redemption of their shares of the Fund upon receipt by the Fund of a redemption order submitted by Edward Jones on behalf of Clients. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">When the Fund is not actively being used to facilitate a Client Transition, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with the Fund’s primary investment objective. The Fund could be invested in these types of investments for extended periods of time. The Adviser or its affiliates may provide the operating capital for the Fund when the Fund is not actively being used to facilitate a Client Transition, and the Adviser or one of its affiliates may be the sole shareholder of the Fund during such times. When the Fund is not actively being used to facilitate a Client Transition, the Fund will seek to preserve principal value. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Investment Strategies </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund has broad flexibility with respect to its portfolio holdings in order to enable the Fund to accommodate the contribution of Third Party Portfolio Securities, which will be contributed to the Fund by the Clients participating in the Client Transition at the start of each Client Transition. As a result, the securities in the Fund’s portfolio will be determined by the securities and other investments that compose the Third Party Portfolio Securities for each Client Transition. <span style="font-weight:bold">Third Party Portfolio Securities could comprise any type of securities or other investments and will be received by the Fund without consideration of the investment risks or potential investment performance.</span> Therefore, the Fund is permitted to hold all types of securities and other investments, including, but not limited to, various types of fixed income investments, such as bonds, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), and below investment grade securities (also known as “junk bonds”); various types of equity investments, such as common stocks, convertible securities and interests in real estate investment trusts (“REITs”); privately offered securities; illiquid or restricted securities; derivatives; commodities; securities of other investment companies; and cash equivalents. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Once the Third Party Portfolio Securities are received by the Fund, the Adviser will not actively manage the Third Party Portfolio Securities. Rather, the Adviser’s primary focus will be to seek to orderly liquidate such Third Party Portfolio Securities as soon as reasonably practicable at a price the Adviser believes is reasonable and to seek to minimize transaction costs to Clients in connection with such liquidations. As a result, except as discussed herein, the Fund does not expect to hold any securities other than the Third Party Portfolio Securities contributed to the Fund at the start of each Client Transition, except that the Adviser may purchase cash equivalents, repurchase agreements, short-term fixed income securities and shares of money market funds (referred to herein, as “Cash Investments”) in connection with managing the cash raised during the liquidation process. In addition, the Adviser may invest Fund assets in Cash Investments to the extent necessary to avoid the Fund violating legal restrictions applicable to the Fund (<span style="font-style:italic">e.g.</span>, tax diversification requirements). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">As part of the Fund’s investment strategies, the Fund may receive all types of fixed income securities across different fixed-income market sectors and maturities and of varying credit quality. Such holdings may include fixed-income securities issued or guaranteed by the U.S. government or its agencies; municipal bonds; corporate bonds; convertible securities; corporate commercial paper; ABS, including collateralized loan obligations (“CLOs”) and other collateralized debt obligations (“CDOs”); privately-issued fixed income securities (<span style="font-style:italic">e.g.,</span> Rule 144A securities); floating </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> rate securities; inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”) issued by the U.S. Treasury) and other inflation-indexed bonds issued both by governments and corporations; structured securities; mortgage-related securities and MBS, including pass-through securities; collateralized mortgage obligations (“CMOs”); adjustable rate mortgage securities (“ARMs”); interest-only securities (“IOs”); principal-only securities (“POs”); inverse floaters; privately-issued MBS; commercial mortgage-backed securities (“CMBS”); mortgage dollar rolls; bank loans; and inflation-protected securities. The Fund may receive securities deemed below investment grade, also known as “junk bonds.” The Fund may receive U.S. dollar-denominated securities and non‑U.S. dollar-denominated securities issued by foreign entities, including those located in emerging markets, and obligations of non‑U.S. governments or their subdivisions, agencies, and government-sponsored enterprises. There are no limits regarding the Fund’s portfolio duration or the average maturity of its fixed income investments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive all types of equity securities across different market capitalization ranges and issued by both U.S. and foreign companies, including those located in emerging markets. Such investments may include common stocks; preferred stocks; bonds, notes and debentures convertible into common stocks (i.e., convertible securities); warrants to acquire common stock; depositary receipts, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”); real estate related securities (including equity and mortgage REITs); and privately issued equity securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive all types of derivative instruments, such as futures, forwards, options, and swaps. In addition, the Fund may receive securities of other investment companies, including open‑end funds, closed‑end funds, and exchange-traded funds (“ETFs”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">There is no limit on the number of countries in which the Fund may be invested; alternatively, the securities the Fund receives may be in a single country or a small group of countries. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may receive restricted or illiquid securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund may concentrate its investments (<span style="font-style:italic">i.e.,</span> hold 25% or more of its total assets) in a particular industry or group of industries only if the securities and other investments that compose the Third Party Fund for which a Client Transition relates are so concentrated. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Given the purpose of the Fund, the Fund will sell securities frequently. The sale of the Fund’s securities will result in transaction costs and may result in capital gains to the Fund, which will ultimately be borne by Clients. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">When the Fund is not actively being used to facilitate a Client Transition, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements, short-term fixed income securities, and other short-term obligations that would not ordinarily be consistent with the Fund’s primary investment objective. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Because the Adviser’s primary focus will be to seek to orderly liquidate the Third Party Portfolio Securities as soon as reasonably practicable, during the Fund’s liquidation process the Fund may not be able to comply with the investment strategies and policies discussed in this Prospectus. </div> you may lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Adjustable Rate Mortgage Securities Risk.</span> ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM. In addition, certain ARMs may provide for an initial fixed, below-market interest rate. After the initial rate expires, the required monthly payment may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and, in turn, losses on the MBS into which that loan has been bundled. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">American Depositary Receipts or Global Depositary Receipts Risk. </span>ADRs and GDRs are subject to many of the same currency and economic risks as the underlying non‑U.S. shares they represent. They are affected by the risks associated with non‑U.S. securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Asset-Backed, Mortgage-Related</span><span style="font-weight:bold">,</span><span style="font-weight:bold"> and Mortgage-Backed Securities Risk. </span>Borrowers may default on the obligations that underlie ABS, mortgage-related securities, and MBS. During periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than it had expected, causing the Fund to experience additional volatility. During periods of falling interest rates, ABS, mortgage-related securities, and MBS may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. CMOs, MBS, ARMs, IOs, POs, and inverse floaters may be more volatile and may be more sensitive to interest rate changes and prepayments than other mortgage-related securities. The impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non‑payment of loans) may result in a reduction in the value of the security. The risk of default, as described under “Credit Risk,” for privately-issued and sub‑prime mortgages is generally higher than for other types of MBS. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. In addition, ABS such as CLOs and CDOs present credit risks that are not presented by MBS. This is because ABS generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an ABS defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Commodity Risk. </span>The market price of commodity investments may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Concentration Risk. </span>If the Fund concentrates its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Convertible Securities Risk.</span> The value of a convertible security will generally decline as interest rates increase and increase as interest rates decline. Convertible securities are also subject to credit risk. In addition, because convertible securities are generally convertible to the issuer’s common stock, convertible security prices will normally fluctuate as prices of the common stock increase or decline. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Corporate Debt Securities Risk. </span>Corporate debt securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Therefore, corporate debt securities are subject to interest rate risk, market risk, and credit risk, as described herein.<span style="font-weight:bold"> </span> </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Counterparty Risk. </span>The Fund may be involved in an investment contract, such as a derivative or a repurchase agreement, that exposes the Fund to the risk that the other party may be unable or unwilling to fulfill its contractual obligations, which could adversely impact the value of the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Credit Risk. </span>Credit risk is the risk that the issuer of a bond will fail to make payments when due or default completely. If the issuer of the bond experiences an actual or anticipated deterioration in credit quality, the price of the bond may be negatively impacted. The degree of credit risk depends on the financial condition of the issuer and the terms of the bond. Credit risk for high yield securities, or “junk” bonds, is greater than for higher-rated securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Currency Risk.</span> As a result of the Fund receiving securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, adversely affecting the value of the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Cyber Security Risk.</span> The Fund and its service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund’s ability to calculate its net asset value (“NAV”), cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund’s investment in such portfolio companies to lose value. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Derivatives Risk.</span> Derivatives (such as futures, forwards, options, and swaps) may not perform as anticipated, may not be able to be closed out at a favorable time or price, or may increase the Fund’s volatility. Derivatives may create investment leverage so that when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment, or when used for hedging purposes, the derivative may not provide the anticipated protection, causing the Fund to lose money on both the derivative and the exposure the Fund sought to hedge. Increases and decreases in the value of the Fund’s portfolio may be magnified when the Fund uses leverage. Derivatives are also subject to correlation risk, which is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives are also subject to market risk, which is described below, and liquidity risk, which is described below. The Fund’s use of swaps and forward contracts is also subject to counterparty risk, which is described above. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Equity Securities Risk.</span> The value of equity securities will rise and fall over short or extended periods of time in response to the activities of the company that issued them, general market conditions and/or economic conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Floating Rate Securities Risk. </span>The Fund may receive obligations with interest rates that are reset periodically. Although the prices of floating rate securities are generally less sensitive to interest rate changes than comparable quality fixed rate instruments, the value of floating rate securities may decline if the floating rate securities’ interest rates do not rise as quickly, or as much, as general interest rates. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Foreign Securities Risk (including Emerging Markets Securities Risk). </span>The risks of receiving foreign securities, including those in emerging markets, can increase the potential for losses in the Fund and may include currency risk, political and economic instability, terrorism, armed conflicts and other geopolitical events, additional or fewer government regulations, the imposition of tariffs and other restrictions on trade or economic sanctions, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Geopolitical or other events such as nationalization or expropriation could cause the loss of the Fund’s entire investment in one or more countries. In addition to the general risks of holding foreign securities, securities that are traded in foreign markets present special risks, including </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"> higher brokerage costs, potentially thinner trading markets, extended settlement periods and the risks of holding securities with foreign subcustodians and securities depositories. In addition, periodic U.S. government prohibitions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments and may have fewer resources to mitigate the effects of a pandemic or natural disaster. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">High Yield Securities Risk.</span> High yield, or “junk,” securities involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High yield securities also may be less liquid than higher quality investments. These securities may offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Inflation-Linked Securities Risk</span>. The value of inflation-linked securities is expected to change in response to changes in real interest rates (the market rate of interest less the anticipated rate of inflation). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g. the Consumer Price Index (the “CPI”)). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Interest Rate Risk. </span>The value of fixed income securities may decline because of increases in interest rates or rise because of decreases in interest rates. The value of a fixed income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. The prices of fixed income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed income securities with greater duration. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Changes in monetary policy made by central banks and/or their governments or changes in economic conditions may affect the level of interest rates, which could have sudden or unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund’s investments to decline, potentially suddenly and significantly. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Investment Company and Exchange-Traded Fund Risk. </span>An investment company, including an ETF, in which the Fund may hold shares of, may not achieve its investment objective or execute its investment strategies effectively. Large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an investment company’s fees and expenses. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Issuer-Specific Risk</span>. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole or other similar securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Larger Company Risk. </span>Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology. They may also not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Liquidity Risk. </span>Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit the Fund’s ability to value securities or prevent the Fund from selling securities or closing derivative positions at desirable times or prices. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Loan Risk. </span>Bank loans (including through both assignments and participations) often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings. Loans typically have less liquidity than investment grade bonds and there may be less public information available about them as compared to bonds. The Fund may also receive delayed funding loans and revolving credit facilities, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Market Risk.</span> The overall market may perform poorly or the returns from the securities in which the Fund invests may underperform returns from the general securities markets, a particular securities market, or other types of investments. A variety of factors can influence underperformance and can have a significant impact on the Fund and its investments, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic, natural disaster, spread of infectious illness or other public health issue, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Mezzanine Securities Risk</span>. The Fund may receive certain high yield securities known as mezzanine securities, which are subordinated debt securities generally issued in private placements in connection with an equity security (e.g., with attached warrants). Mezzanine investments may be issued with or without registration rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Money Market Fund Risk. </span>The Fund may, under certain circumstances, hold shares of a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of investments, it is possible to lose money by investing in a money market fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Mortgage Dollar Roll Risk. </span>The use of mortgage dollar rolls is a speculative technique involving leverage and can have an economic effect similar to borrowing money for investment purposes. Mortgage dollar roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker-dealer to whom the Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted. Successful use of mortgage dollar rolls may depend upon the ability to correctly predict interest rates and prepayments. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Municipal Securities Risk. </span>The value of municipal securities may be adversely affected by unfavorable legislative or political developments and economic developments that impact the financial condition of municipal issuers. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Additionally, the relative amount of publicly available information about the financial condition of municipal securities issuers is generally less than that for corporate securities. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover Risk.</span> The Fund will buy and sell investments frequently resulting in higher transaction costs, including brokerage commissions. Frequent transactions may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Preferred Stocks Risk. </span>The Fund may receive preferred stocks. Preferred stocks involve credit risk, which is described above, and certain other risks. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of “non‑cumulative” preferred stocks) or defer distributions (in the case of “cumulative” preferred stocks). If the Fund receives a preferred stock on which distributions are deferred, the Fund may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Prepayment and Extension Risk. </span>When interest rates fall, issuers of higher coupon debt obligations, as well as issuers of callable bonds, may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower coupon debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower coupon debt obligations. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Privately Issued Securities Risk. </span>Privately placed securities (<span style="font-style:italic">e.g.</span>, Rule 144A securities) may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than what may be considered the fair value of such securities. Furthermore, companies with securities that are not publicly traded are not subject to the disclosure and other investor protection requirements that might be applicable if the securities were publicly traded. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Real Estate Investment Trusts Risk.</span> REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Redemption Risk.</span> The Fund may experience losses or realize taxable gains when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Smaller Company Risk.</span> Smaller capitalization companies (including medium capitalization and small capitalization companies) may have greater risks as these companies may have less operating history, narrower product or customer markets and fewer managerial and financial resources than more established companies. Smaller capitalization stocks may be more volatile and have less liquidity. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Sovereign Debt Risk. </span>Non‑U.S. sovereign debt securities can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">U.S. Government Securities Risk. </span>U.S. government obligations are affected by changes or expected changes in interest rates, among other things. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, such obligations are still subject to credit risk. Securities issued or guaranteed by federal agencies or authorities or U.S. government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. Moreover, some securities are neither insured nor guaranteed by the U.S. government. The U.S. Department of the Treasury has the authority to provide financial support to certain of these debt obligations, but no assurance can be given that the U.S. government will do so. From time to time, controversy or uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities (including those held by the Fund), cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt, all of which could have a material adverse impact on the Fund. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">Valuation Risk.</span> The investments held by the Fund are generally valued using evaluated prices and fair values of certain of the Fund’s investments provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers or the Adviser’s Valuation Committee using fair valuation methodologies. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which the Fund’s investments are actually bought and sold. The evaluated prices and fair value of the Fund’s investments will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;"><span style="font-weight:bold">When-Issued, Delayed Delivery, and Forward Commitment Transactions Risk. </span>When-issued transactions, delayed delivery purchases, and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. Therefore, these transactions may result in a form of leverage and increase the Fund’s overall investment exposure. When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. These transactions are also subject to counterparty risk, which is described above. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund has not commenced operations as of the date of this prospectus and does not have a full calendar year of performance. Accordingly, performance information is not provided at this time. Performance information will be available after the Fund has been in operation for one calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Because of the Fund’s unique purpose and manner of operations, the Fund’s performance is not comparable to the performance of other mutual funds that hold similar securities. </div> The Fund has not commenced operations as of the date of this prospectus and does not have a full calendar year of performance. Accordingly, performance information is not provided at this time. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. The Net Annual Fund Operating Expenses shown in the fee table may not correlate to the net expense ratio reflected in the Financial Highlights included in this Prospectus or in the Fund’s financial statements. This is because the net expense ratio presented in the Financial Highlights and the financial statements reflects the effect of the Adviser’s management fee waiver during the Fund’s prior fiscal year, while the Net Annual Fund Operating Expenses shown in the fee table reflect the expected effect of the management fee waiver during the Fund’s current fiscal year. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index and includes approximately 800 non-mega cap companies based on a combination of their market cap and current index membership. The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500® Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. Effective October 28, 2026, the Fund changed its secondary benchmark from the Russell 2500® Growth Index to the Russell Midcap® Index because the Adviser believes that the Russell Midcap® Index is more appropriate in light of the Fund’s current investment strategy. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. The Net Annual Fund Operating Expenses shown in the fee table may not correlate to the net expense ratio reflected in the Financial Highlights included in this Prospectus or in the Fund’s financial statements. This is because the net expense ratio presented in the Financial Highlights and the financial statements reflects the effect of the Adviser’s management fee waiver during the Fund’s prior fiscal year, while the Net Annual Fund Operating Expenses shown in the fee table reflect the expected effect of the management fee waiver during the Fund’s current fiscal year. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest companies based on a combination of their market cap and current index membership. The Russell 2500® Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500® Index companies with lower price-to-book and lower forecasted growth values. The Fund’s portfolio holdings may differ significantly from the securities held in the relevant index and, unlike a mutual fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. You cannot invest directly in an index. Effective October 28, 2026, the Fund changed its secondary benchmark from the Russell 2500® Value Index to the Russell 2000® Index because the Adviser believes that the Russell 2000® Index is more appropriate in light of the Fund’s current investment strategy. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Other Expenses include acquired fund fees and expenses less than 0.01%. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Other Expenses are based on estimated amounts for the current fiscal year. Olive Street Investment Advisers, LLC (“Olive Street” or the “Adviser”) does not charge a management fee. In addition, the Adviser has contractually agreed, pursuant to its Investment Advisory Agreement with Bridge Builder Trust (the “Trust”), on behalf of the Fund, to directly pay the Fund’s ordinary operating expenses, except that the Fund is responsible for and has assumed the obligation to pay all acquired fund fees and expenses, portfolio transaction expenses (including but not limited to brokerage and commission expenses), interest expenses in connection with investment activities, taxes and extraordinary and non‑routine expenses. Other Expenses are based on estimated amounts for the current fiscal year. Olive Street Investment Advisers, LLC (“Olive Street” or the “Adviser”) does not charge a management fee. In addition, the Adviser has contractually agreed, pursuant to its Investment Advisory Agreement with Bridge Builder Trust (the “Trust”), on behalf of the Fund, to directly pay the Fund’s ordinary operating expenses, except that the Fund is responsible for and has assumed the obligation to pay all acquired fund fees and expenses, portfolio transaction expenses (including but not limited to brokerage and commission expenses), interest expenses in connection with investment activities, taxes and extraordinary and non-routine expenses. Other Expenses include acquired fund fees and expenses less than 0.01%. Other Expenses are based on estimated amounts for the current fiscal year. Olive Street Investment Advisers, LLC (“Olive Street” or the “Adviser”) does not charge a management fee. In addition, the Adviser has contractually agreed, pursuant to its Investment Advisory Agreement with Bridge Builder Trust (the “Trust”), on behalf of the Fund, to directly pay the Fund’s ordinary operating expenses, except that the Fund is responsible for and has assumed the obligation to pay all acquired fund fees and expenses, portfolio transaction expenses (including but not limited to brokerage and commission expenses), interest expenses in connection with investment activities, taxes and extraordinary and non‑routine expenses. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%. Olive Street Investment Advisers, LLC (the “Adviser”) has contractually agreed, until at least October 28, 2027, to waive its management fees to the extent management fees to be paid to the Adviser exceed the management fees the Fund is required to pay the Fund’s sub-advisers (i.e., the Adviser does not receive any management fees from the Fund as a result of its waivers). This contractual agreement may not be terminated by the Adviser without the consent of the Board of Trustees (the “Board”) of Bridge Builder Trust (the “Trust”), except that the Adviser may terminate the agreement upon written notice to the Trust, effective as of the end of the expense limitation period ending October 28, 2027, if written notice is provided to the Trust by or before a date agreed to by the Board. Such waivers are not subject to reimbursement by the Fund. Other Expenses include acquired fund fees and expenses less than 0.01%.