Bridge Builder Municipal High-Income Bond Fund
Bridge Builder Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Gross | Net |
|---|---|---|
| BBMHX | 0.39% | 0.16% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 30.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 93.28% |
| Securitized | 3.86% |
| Derivatives | 2.43% |
| Cash & short-term | 2.18% |
Derivatives are shown at market value, not notional exposure.
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: F/C US 2YR NOTE (CBT) SEP26, F/C US 5YR NOTE (CBT) SEP26, BLACK BELT ENERGY 5% 06/01/36, NEW YORK NY V/R 04/01/42, MASSACHUSETTS ST 5.5% 12/01/56, MISSISSIPPI ST BU V/R 11/01/35, MISSISSIPPI ST BU V/R 12/01/30, CONNECTICUT ST HL V/R 07/01/57
Largest exited: F/C US 2YR NOTE (CBT) JUN26, SOUTHEAST ENERGY A 5% 10/01/30, UNIV OF CALIFORNIA 5% 05/15/30, ARIZONA INDL DEV V/R 02/01/48, WEST VIRGINIA ST V/R 04/01/36, FLORIDA ST DEV FI V/R 07/01/32, WISCONSIN ST HLTH 4% 11/15/34, TARRANT CNTY TX C V/R 11/15/55
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | 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% 06/01/555.00% · due 2055-06-01 | 0.90% | $57.76M | — |
| — | F/C US 5YR NOTE (CBT) SEP26 | 0.80% | $51.38M | — |
| — | PUERTO RICO CMWLT V/R 11/01/510.00% floating · due 2051-11-01 | 0.71% | $45.95M | — |
| — | PUERTO RICO CMWLT V/R 11/01/430.00% floating · due 2043-11-01 | 0.69% | $44.41M | — |
| — | PUERTO RICO SAL 4.75% 07/01/534.75% · due 2053-07-01 | 0.55% | $35.45M | — |
| — | PUERTO RICO SALES ZCP 07/01/460.00% · due 2046-07-01 | 0.49% | $31.24M | — |
| — | PUERTO RICO SALES 5% 07/01/585.00% · due 2058-07-01 | 0.44% | $28.01M | — |
| — | PUBLIC FIN AUTH 5.75% 12/31/655.75% · due 2065-12-31 | 0.37% | $24.07M | — |
Top 10 positions are 8.76% of net assets, top 25 12.85%, across 3.4K issuers.
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