Bridge Builder Municipal High-Income Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Bridge Builder Municipal High-Income Bond Fund held 3,628 positions with $6.43B in net assets. Its ten largest holdings made up 8.8% of the fund. The BBMHX share class costs 0.16% a year. Over the 12 months to May 2026, BBMHX returned 8.9%, with dividends reinvested. In 2026 Q2 it added 236 new positions and exited 173.
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.
The fund invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax, with at least 50% in securities rated Baa1 or lower by Moody's, BBB+ or lower by S&P or Fitch, or equivalent ratings, including below-investment-grade municipal bonds; unrated securities may be included if a sub-adviser believes them of comparable quality. Day-to-day management is delegated to multiple sub-advisers—Capital International and T. Rowe Price—each applying its own research and selection process to its allocated portion of the fund's assets. Capital International seeks attractively priced securities for long-term income; T. Rowe Price emphasizes fundamental credit research and sector selection while managing duration and diversification. Because portfolio decisions depend on each sub-adviser's assessment of credit quality and investment opportunity, performance will reflect the judgments and security selections of the sub-advisers retained and their respective allocations.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
FIDELITY INV MMKT GOVT-INST | 2.18% | $140.06M | — |
F/C US 2YR NOTE (CBT) SEP26 | 1.63% | $104.92M | — |
BUCKEYE OH TOBACCO 5% 06/01/55 5.00% · due 2055-06-01 | 0.90% | $57.76M | — |
F/C US 5YR NOTE (CBT) SEP26 | 0.80% | $51.38M | — |
PUERTO RICO CMWLT V/R 11/01/51 0.00% floating · due 2051-11-01 | 0.71% | $45.95M | — |
PUERTO RICO CMWLT V/R 11/01/43 0.00% floating · due 2043-11-01 | 0.69% | $44.41M | — |
PUERTO RICO SAL 4.75% 07/01/53 4.75% · due 2053-07-01 | 0.55% | $35.45M | — |
PUERTO RICO SALES ZCP 07/01/46 0.00% · due 2046-07-01 | 0.49% | $31.24M | — |
PUERTO RICO SALES 5% 07/01/58 5.00% · due 2058-07-01 | 0.44% | $28.01M | — |
PUBLIC FIN AUTH 5.75% 12/31/65 5.75% · due 2065-12-31 | 0.37% | $24.07M | — |
The 200 largest of 3,628 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 93.28% |
| Securitized | 3.86% |
| Derivatives | 2.43% |
| Cash & short-term | 2.18% |
Derivatives are shown at market value, not notional exposure.
How it has done
BBMHX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.46%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Bridge Builder Municipal High-Income Bond Fund is an actively managed U.S. bond fund. 41% of BBMHX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.16%· BBMHX 0.16%
- Portfolio turnover
- 30.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
236 new· the largest 8
173 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.3% |
| Floating rate | 12.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.6% |
| 1-3y | 1.7% |
| 3-5y | 3.1% |
| 5-10y | 11.8% |
| 10y+ | 82.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 60% |
| Credit spreads | 40% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.32 yr |
| High yield | +0.97 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.08 yr | 1% |
| 1 yr | 0.22 yr | 3% |
| 5 yr | 1.13 yr | 18% |
| 10 yr | 2.82 yr | 44% |
| 30 yr | 2.09 yr | 33% |
| 3 mo | 0.36 yr | 8% |
| 1 yr | 0.31 yr | 7% |
| 5 yr | 1.04 yr | 24% |
| 10 yr | 1.86 yr | 43% |
| 30 yr | 0.72 yr | 17% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.08 | +0.35 | +0.01 | $227.4k | $6.3k |
| 1 yr | +0.22 | +0.24 | +0.08 | $152.3k | $49.0k |
| 5 yr | +1.13 | +0.86 | +0.18 | $554.2k | $115.9k |
| 10 yr | +2.82 | +1.39 | +0.47 | $896.6k | $300.0k |
| 30 yr | +2.09 | +0.48 | +0.24 | $307.0k | $153.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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