Strategy And Objective

The investment objective of the Bridge Builder International Equity Fund (the Fund or the International Equity Fund ) is to provide capital appreciation. 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 (see below), with economic characteristics similar to equity securities, and certain investment companies that seek to track the performance of equity securities. The Fund will primarily invest in non-U.S.-dollar denominated securities of large capitalization companies that derive a majority of their revenues or profits from a country or countries other than the United States. The Fund may also invest in securities of mid and small capitalization companies. The Fund invests principally in equity securities issued by companies in developed countries, but 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 objective. The Fund may also invest a portion of its assets in securities of real estate investment trusts ( REITs ) that own and/or manage properties. From time to time, the Fund may also buy or sell derivatives, principally futures contracts for cash equitization purposes, and forward contracts and options for currency hedging. 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. The Fund s portfolio is constructed by combining the investment styles and strategies of multiple sub-advisers that will be retained by the Fund and 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. 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a Sub-adviser considers to be a better investment opportunity, when a Sub-adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, or when a Sub-adviser believes it would be appropriate to do so in order to readjust the asset allocation of the Fund s investment portfolio. The Adviser is responsible for determining the amount of Fund assets to allocate to each Sub-adviser. The Adviser may allocate Fund assets to the following Sub-advisers: Baillie Gifford Overseas Limited ( Baillie Gifford Overseas ); BlackRock Investment Management, LLC ( BlackRock ); Edinburgh Partners Limited ( Edinburgh Partners ); Mondrian Investment Partners Limited ( Mondrian ); Pzena Investment Management, LLC ( Pzena ); 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.