SECURITIES AND EXCHANGE COMMISSION
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number:
811-22811
(Exact name of registrant as specified in charter)
(Address of principal executive offices)
Evan S. Posner, Secretary
c/o 12555 Manchester Road
(Name and address of Agent for service)
Registrant’s telephone number, including area code: (314)
515-3289
Date of fiscal year end: June 30
Date of reporting period: June 30, 2024
Form
N-CSR
is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule
30e-1
under the Investment Company Act of 1940 (17 CFR
270.30e-1).
The Commission may use the information provided on Form
N-CSR
in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form
N-CSR,
and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form
N-CSR
unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. REPORT TO SHAREHOLDERS
The following is a copy of the Registrant’s annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940, as amended (the “1940 Act”)(17 CFR
270.30e-1).
| | |
| |
| BRIDGE BUILDER CORE BOND FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Core Bond Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000 investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Core Bond Fund | | $ | 12 | | | | 0.12% | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund
returned
3.65% during the fiscal year
ended
June 30, 2024. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which
returned
2.63% over the same period.
A 25 basis point (“bps”, 1bps equal 0.01%) hike in July of 2023 capped off the U.S. Federal Reserve’s most aggressive rate hiking cycle in recent memory as it sought to reduce inflation toward its 2% long term
target
. Weakening inflation data in late 2023 renewed the optimism of market participants that inflation could be tamed. This resulted in the market pricing in numerous rate cuts heading into 2024. The first quarter of 2024 saw a reversal of that sentiment as rates rose on unexpectedly strong economic and
inflation
data in February and March, resulting in a resetting of expectations as the market came to terms with the potential for interest rates to remain elevated.
Altogether, the 10-Year U.S. Treasury rate rose from
3.81
% on June 30, 2023, to 4.37% on June 30, 2024, and while interest rate volatility moderated, it remained elevated relative to recent history. The yield curve remained inverted throughout the fiscal year, meaning that short-term rates were higher than long-term rates. Meanwhile, corporate credit spreads narrowed over the period, particularly within U.S. high-yield, leading to gains for U.S. corporate bonds and other credit-sensitive areas of the market. Emerging market debt also performed well, while the non-U.S. developed bond
market closed the fiscal year with modest losses. The U.S. dollar appreciated marginally relative to most other developed-markets currencies during this time.
Against this backdrop, the Fund outperformed its benchmark by 1.02% for the fiscal year. The outperformance was primarily driven by an underweight to U.S. Treasuries and security selection.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund for the most recently completed 10 fiscal years. It compares the Fund’s return to a hypothetical $10,000 investment in the Bloomberg U.S. Aggregate Bond Index, an index representing the overall United States investment-grade bond market.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | 10 Years | |
| | | |
| Bridge Builder Core Bond Fund | | | 3.65% | | | | 0.43% | | | | 1.87% | |
| | | |
| Bloomberg U.S. Aggregate Bond Index | | | 2.63% | | | | -0.23% | | | | 1.35% | |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
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 | | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER CORE BOND FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 17,072,257 | |
| |
| Number of Portfolio Holdings* | | | 4,879 | |
| |
| Portfolio Turnover through the Reporting Period | | | 127% | |
| |
| Net Advisory Fee (000s) | | $ | 17,486 | |
Graphical Representation of Holdings*
Security Type Allocation (% of Investments)
Credit Quality Allocation (% of Investments)**
| * | Amounts presented do not include derivative positions. |
| ** | 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 an equivalent rating by another nationally recognized securities rating organization (“ NRSRO ”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Securities that are unrated are listed as such. If a security had multiple ratings that were not identical, the highest rating was used. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts
.
If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000261 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | |  |
| | |
| |
| BRIDGE BUILDER CORE PLUS BOND FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Core Plus Bond Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000 investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Core Plus Bond Fund | | $ | 21 | | | | 0.21% | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 3.86% during the fiscal year ended June 30, 2024. The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.63% during the same period.
A 25 basis point ("bps", 1bps equal 0.01%) hike in July of 2023 capped off the U.S. Federal Reserve’s most aggressive rate hiking cycle in recent memory as it sought to reduce inflation toward its 2% long term target. Weakening inflation data in late 2023 renewed the optimism of market participants that inflation could be tamed. This resulted in the market pricing in numerous rate cuts heading into 2024. The first quarter of 2024 saw a reversal of that sentiment as rates rose on unexpectedly strong economic and inflation data in February and March, resulting in a resetting of expectations as the market came to terms with the potential for interest rates to remain elevated.
Altogether, the 10-Year U.S. Treasury rate rose from 3.81% on June 30, 2023, to 4.37% on June 30, 2024, and while interest rate volatility moderated, it remained elevated relative to recent history. The yield curve remained inverted throughout the fiscal year, meaning that short-term rates were higher than long-term rates. Meanwhile, corporate credit spreads narrowed over the period, particularly within U.S. high-yield, leading to gains for U.S. corporate bonds and other credit-sensitive areas of the market. Emerging market debt also performed well, while the non-U.S. developed bond
market closed the fiscal year with modest losses. The U.S. dollar appreciated marginally relative to most other developed-markets currencies during this time.
Against this backdrop, the Fund outperformed its benchmark by 1.23% for the fiscal year. The Fund’s selection within corporate bonds and the securitized sectors were contributors to its outperformance. The Fund’s underweight to U.S. Treasuries also contributed to relative results.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (July 13, 2015) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Bloomberg U.S. Aggregate Bond Index, an index representing the overall United States investment-grade bond market.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception
(7/13/2015) | |
| Bridge Builder Core Plus Bond Fund | | | 3.86% | | | | 0.79% | | | | 2.09% | |
| | | |
| Bloomberg U.S. Aggregate Bond Index | | | 2.63% | | | | -0.23% | | | | 1.33% | |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER CORE PLUS BOND FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 34,361,250 | |
| |
| Number of Portfolio Holdings* | | | 4,486 | |
| |
| Portfolio Turnover through the Reporting Period | | | 331% | |
| |
| Net Advisory Fee (000s) | | $ | 41,345 | |
Graphical Representation of Holdings*
Security Type Allocation (% of Investments)
Credit Quality Allocation (% of Investments)**
| * | Amounts presented do not include derivative positions. |
| ** | 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 an equivalent rating by another nationally recognized securities rating organization (“NRSRO”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Securities that are unrated are listed as such. If a security had multiple ratings that were not identical, the highest rating was used. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving
copies
thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000262 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
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| |
| BRIDGE BUILDER MUNICIPAL BOND FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Municipal Bond Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000
investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Municipal Bond Fund | | $ | 13 | | | | 0.13% | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 4.11% during the fiscal year ended June 30, 2024. The Fund outperformed its benchmark, the Bloomberg Municipal
1-15
Year Index, which returned 2.69% during the same period.
A 25 basis point (“bps”, 1bps equal 0.01%) hike in July of 2023 capped off the U.S. Federal Reserve’s most aggressive rate hiking cycle in recent memory as it sought to reduce inflation toward its 2% long term target. Weakening inflation data in late 2023 renewed the optimism of market participants that inflation could be tamed. This resulted in the market pricing in numerous rate cuts heading into 2024. The first quarter of 2024 saw a reversal of that sentiment as rates rose on unexpectedly strong economic and inflation data in February and March, resulting in a resetting of expectations as the market came to terms with the potential for interest rates to remain elevated.
Altogether, the
10-Year
U.S. Treasury rate rose from 3.81% on June 30, 2023, to 4.37% on June 30, 2024, and while interest rate volatility moderated, it remained elevated relative to recent history. The yield curve remained inverted throughout the fiscal year, meaning that short-term rates were higher than long-term rates. Meanwhile, corporate credit spreads narrowed over the period, particularly within U.S. high-yield, leading to gains for U.S. corporate bonds and other credit-sensitive areas of the market. Emerging market debt also performed well, while the
non-U.S.
developed bond market closed the fiscal year with modest losses. The U.S. dollar appreciated marginally relative to most other developed-markets currencies during this time.
The second half of 2023 saw municipal bond yields shift lower as inflation declined, but municipal bond prices were pressured
by material outflows from the asset class. Conversely, during the first half of 2024, while municipal bonds faced pressure from increasing interest rates similar to the taxable bond market, this was partially offset by a supportive technical environment, including material inflows into the municipal market that helped to support bond prices. The
10-year
AAA municipal yield closed the fiscal year on June 30, 2024 roughly 30 bps higher compared to June 30, 2023.
Against this backdrop, the Fund outperformed its benchmark by 1.42% for the fiscal year. The Fund’s selection within general obligation and revenue bond sectors, along with its yield curve positioning, were primary contributors.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (September 14, 2015) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Bloomberg Municipal Bond Index, an index representing the overall applicable tax-exempt bond market, and to the Bloomberg Municipal 1-15 Year Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception
(9/14/2015) | |
| Bridge Builder Municipal Bond Fund | | | 4.11% | | | | 1.37% | | | | 2.25% | |
| Bloomberg Municipal Bond Index | | | 3.21% | | | | 1.16% | | | | 2.29% | |
Bloomberg Municipal 1-15 Year Index | | | 2.69% | | | | 1.16% | | | | 2.05% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the Bloomberg Municipal 1-15 Year Index to the Bloomberg Municipal Bond
Index
.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER MUNICIPAL BOND FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 14,580,949 | |
| |
| Number of Portfolio Holdings* | | | 4,494 | |
| |
| Portfolio Turnover through the Reporting Period | | | 31% | |
| |
| Net Advisory Fee (000s) | | $ | 14,486 | |
Graphical Representation of Holdings*
Security Type Allocation (% of Investments)
Credit Quality Allocation (% of Investments)**
State Allocation (% of Long-Term Investments)
| * | Amounts presented do not include derivative positions. |
| ** | 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 an equivalent rating by another nationally recognized securities rating organization (“NRSRO”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Securities that are unrated are listed as such. If a security had multiple ratings that were not identical, the highest rating was used. |
Availability of Additional Information
You can find additional information on the Fund’s
website
,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund
may
mail only one copy of the prospectus, Statement of Additional Information and each
annual
& semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000263 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER MUNICIPAL HIGH-INCOME BOND FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Municipal High-Income Bond Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000
investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Municipal High-Income Bond Fund | | $ | 21 | | | | 0.20% | |
How did the Fund perform last year? What affected the Fund’s performance?
The Fund returned 7.06% during the fiscal year ended June 30, 2024. The Fund outperformed its benchmark, the Bloomberg Municipal 65% High-Grade/35% High-Yield Index, which returned 5.18% during the same period.
A 25 basis point (“bps”, 1bps equal 0.01%) hike in July of 2023 capped off the U.S. Federal Reserve’s most aggressive rate hiking cycle in recent memory as it sought to reduce inflation toward its 2% long term target. Weakening inflation data in late 2023 renewed the optimism of market participants that inflation could be tamed. This resulted in the market pricing in numerous rate cuts heading into 2024. The first quarter of 2024 saw a reversal of that sentiment as rates rose on unexpectedly strong economic and inflation data in February and March, resulting in a resetting of expectations as the market came to terms with the potential for interest rates to remain elevated.
Altogether, the
10-Year
U.S. Treasury rate rose from 3.81% on June 30, 2023, to 4.37% on June 30, 2024, and while interest rate volatility moderated, it remained elevated relative to recent history. The yield curve remained inverted throughout the fiscal year, meaning that short-term rates were higher than long-term rates. Meanwhile, corporate credit spreads narrowed over the period, particularly within U.S. high-yield, leading to gains for U.S. corporate bonds and other credit-sensitive areas of the market. Emerging market debt also performed well, while the
non-U.S.
developed bond market closed the fiscal year with modest losses. The U.S. dollar appreciated marginally relative to most other developed-markets currencies during this time.
The second half of 2023 saw municipal bond yields shift lower as inflation declined, but municipal bond prices were pressured by material outflows from the asset class. Conversely, during the first half of 2024, while municipal
bonds faced pressure from increasing interest rates, this was partially offset by a supportive technical environment, including material inflows into the municipal market that supported bond prices. The
10-year
AAA municipal yield closed the fiscal year on June 30, 2024 roughly 30 bps higher compared to June 30, 2023.
Against this backdrop, the Fund outperformed its benchmark by 1.88% for the fiscal year. The Fund’s selection within revenue bond sectors, particularly utility and healthcare
sub-sectors,
were contributors to outperformance. While the Fund’s overall duration positioning was a headwind to relative results, this was partially offset by its yield curve positioning.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (April 13, 2023) to
June
30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Bloomberg Municipal Bond Index, an index representing the overall applicable tax-exempt bond market, and to the Bloomberg Municipal 65% High-Grade/35% High Yield Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | |
| | |
| Average annual total returns: | | 1 Year | | Since
Inception
(4/13/2023) | |
| | |
| Bridge Builder Municipal High-Income Bond Fund | | 7.06% | | | 5.79% | |
| | |
| Bloomberg Municipal Bond Index | | 3.21% | | | 1.58% | |
| | |
| Bloomberg Municipal 65% High-Grade/35% High-Yield Index | | 5.18% | | | 3.53% | |
Pursuant to new regulatory requirements, the Fund’s broad-
based
securities market index has changed from the Bloomberg Municipal 65% High-Grade/35% High Yield Index to the Bloomberg Municipal Bond Index.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER MUNICIPAL HIGH-INCOME BOND FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 3,166,047 | |
| |
| Number of Portfolio Holdings* | | | 2,448 | |
| |
| Portfolio Turnover through the Reporting Period | | | 19% | |
| |
| Net Advisory Fee (000s) | | $ | 3,512 | |
Graphical Representation of Holdings*
Security Type Allocation (% of Investments)
Credit Quality Allocation (% of Investments)**
State Allocation (% of Long-Term Investments)
| * | Amounts presented do not include derivative positions. |
| ** | 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 an equivalent rating by another nationally recognized securities rating organization (“NRSRO”). Securities that are unrated are listed as such. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. If a security had multiple ratings that were not identical, the highest rating was used. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of
the
prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000264 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER LARGE CAP GROWTH FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Large Cap Growth Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| Fund name | | Cost of a
$10,000
investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Large Cap Growth Fund | | $ | 20 | | | | 0.18% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 25.06%, underperforming its benchmark, the Russell 1000
®
Growth Index, which returned 33.48%.
For the year, large-capitalization growth stocks experienced narrow market returns, where the top five performing names within the benchmark contributed 63% of the Index’s overall returns. When viewed from a sector perspective, communication services and technology contributed roughly 74% of overall returns, further exemplifying the narrowness of the top five names by sector.
Despite strong returns on an absolute basis, it was a difficult environment for the Fund to keep pace with its Index. Compared to the Russell 1000
®
Growth Index, the Fund’s relative underperformance was driven by both sector allocation and stock selection. Within sector allocation, the Fund’s overweight to financials and underweights to technology and communication services weighed on relative returns. From a stock selection perspective, underweights to NVIDIA and Meta were significant headwinds. Given the strong market performance over the trailing year, the Fund’s modest cash position also created a drag on relative performance versus the benchmark.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (April 27, 2015) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Russell 3000
®
Index, an index representing the overall United States equity market, and to the Russell 1000
®
Growth Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception
(4/27/2015) | |
| Bridge Builder Large Cap Growth Fund | | | 25.06% | | | | 15.07% | | | | 13.42% | |
| | | 23.13% | | | | 14.14% | | | | 12.25% | |
Russell 1000 ® Growth Index | | | 33.48% | | | | 19.34% | | | | 16.36% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the Russell 1000
®
Growth Index to the Russell 3000
®
Index
.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER LARGE CAP GROWTH FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 24,991,456 | |
| |
| Number of Portfolio Holdings* | | | 383 | |
| |
| Portfolio Turnover through the Reporting Period | | | 24% | |
| |
| Net Advisory Fee (000s) | | $ | 40,931 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER LARGE CAP VALUE FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Large Cap Value Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000 investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Large Cap Value Fund | | $ | 25 | | | | 0.23% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 15.15%, outperforming its benchmark, the Russell 1000
®
Value Index, which returned 13.06%.
For the fiscal year, within large-capitalization value stocks, four of the sectors led the broad market, while seven lagged. Financials, technology, industrials and energy were the top performing sectors, with financials significantly outperforming other sectors of the market and contributing to roughly 46% of the overall benchmark returns. In addition, within the overall large capitalization portion of the market, value stocks underperformed growth stocks for the one-year period.
Compared to its benchmark, the Fund’s relative outperformance was driven by strong stock selection as it was a positive tailwind in eight of the eleven market sectors. Stock selection within communication services, technology and materials sectors were the largest contributors to the Fund’s outperformance.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (April 27, 2015) to June 30, 2024. It compares the Index Fund’s return to a hypothetical $10,000 investment in the Russell 3000
®
Index, an index representing the overall United States equity market, and to the Russell 1000
®
Value Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception
(4/27/2015) | |
| | | |
| Bridge Builder Large Cap Value Fund | | | 15.15% | | | | 11.76% | | | | 10.19% | |
| | | 23.13% | | | | 14.14% | | | | 12.25% | |
| | | 13.06% | | | | 9.01% | | | | 8.37% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the Russell 1000
®
Value Index to the Russell 3000
®
Index.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER LARGE CAP VALUE FUND | | |
| | | | |
| |
| Total net assets (000s) | | $ | 21,124,118 | |
| |
| Number of portfolio holdings* | | | 957 | |
| |
| Portfolio Turnover through the Reporting Period | | | 20% | |
| |
| Net Advisory Fee (000s) | | $ | 40,492 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving
copies
thirty days after your request is
received
.
| | | | |
Bridge Builder Mutual Funds | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER TAX MANAGED LARGE CAP FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Tax Managed Large Cap Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000 investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Tax Managed Large Cap Fund | | $ | 28 | | | | 0.25% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 25.17%, outperforming its benchmark, the S&P 500 Index, which returned 24.56% for the period.
For the year, within large-capitalization stocks, approximately half of the benchmark’s performance came from the technology sector’s roughly 42% return, contributing nearly 12% of the benchmark’s 24.56% return. The technology sector’s significant outperformance and its 29% weight in the benchmark created a challenging market environment for other sectors to keep up with the performance of the benchmark overall. Only one other sector, communication services, was able to outperform the broader market, while the other nine lagged. Real estate, utilities and materials were the worst performing sectors for the year. In addition, within the overall large-capitalization portion of the market, value stocks underperformed growth stocks for the 1-year period.
Against this backdrop, the Fund managed to outperform its benchmark through strong stock selection. While the concentrated performance within the technology sector was a headwind, the Fund’s strong stock selection in industrials, consumer discretionary and financials more than offset it, supporting the Fund’s modest outperformance for the fiscal year.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (June 1, 2022) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Russell 3000
®
Index, an index representing the overall United States equity market, and to the S&P 500 Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | |
| | |
| Average annual total returns: | | 1 Year | | | Since Inception (6/1/2022) | |
| | |
| Bridge Builder Tax Managed Large Cap Fund | | | 25.17% | | | | 17.06% | |
| | | 23.13% | | | | 15.61% | |
| S&P 500 Index | | | 24.56% | | | | 16.63% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the S&P 500 Index to the Russell 3000
®
Index.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER TAX MANAGED LARGE CAP FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 4,462,790 | |
| |
| Number of Portfolio Holdings* | | | 391 | |
| |
| Portfolio Turnover through the Reporting Period | | | 22% | |
| |
| Net Advisory Fee (000s) | | $ | 7,165 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000267 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER SMALL/MID CAP GROWTH FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Small/Mid Cap Growth Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000
investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Small/Mid Cap Growth Fund | | $ | 38 | | | | 0.36% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 13.12%, while its benchmark, the Russell 2500
®
Growth Index, returned 9.02% for the period, which resulted in overall outperformance.
For the year,
mid-capitalization
stocks outperformed small-capitalization stocks. Within the investment universe, strongest performers included energy, consumer staples and utilities. The communication services and health care sectors were the weakest performers. Relative investment style performance across the
mid-
and small-capitalization segments of the market was mixed: within the
mid-capitalization
segment of the market, growth stocks outperformed value stocks; while within the small-capitalization segments of the market, value stocks outperformed growth stocks.
Compared to its benchmark, the Fund’s relative outperformance was driven by strong stock selection within certain sectors. Stock selection within information technology, communication services, consumer discretionary, and industrials sectors contributed to performance. These contributors offset the weaker stock selection in consumer staples, the underweight to energy, and the overweight to communication services.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (April 27, 2015) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Russell 3000
®
Index, an index representing the overall United States equity market, and to the Russell 2500
®
Growth Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception (4/27/2015) | |
| | | |
| Bridge Builder Small/Mid Cap Growth Fund | | | 13.12% | | | | 8.21% | | | | 9.39% | |
| | | |
| | | 23.13% | | | | 14.14% | | | | 12.25% | |
| | | |
Russell 2500 ® Growth Index | | | 9.02% | | | | 7.58% | | | | 8.36% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the Russell 2500
®
Growth Index to the Russell 3000
®
Index.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER SMALL/MID CAP GROWTH FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 8,336,645 | |
| |
| Number of Portfolio Holdings* | | | 1,552 | |
| |
| Portfolio Turnover through the Reporting Period | | | 66% | |
| |
| Net Advisory Fee (000s) | | $ | 25,707 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000268 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER SMALL/MID CAP VALUE FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Small/Mid Cap Value Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000
investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Small/Mid Cap Value Fund | | $ | 42 | | | | 0.39% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 13.28%, outperforming its benchmark, the Russell 2500
®
Value Index, which returned 11.24% for the period.
For the year,
mid-capitalization
stocks outperformed small-capitalization stocks. Within the investment universe, strongest performers included the energy, financials and utilities. The communication services and health care were the weakest performers. Relative investment style performance across the
mid-
and small-capitalization segments of the market was mixed: within the
mid-capitalization
segment of the market, growth stocks outperformed value stocks; while within the small-capitalization segments of the market, value stocks outperformed growth stocks.
Compared to its benchmark, the Fund’s relative outperformance was driven by strong stock selection within certain sectors. Stock selection within financials and energy contributed to performance, while the Fund’s underweight in communication services also contributed to relative returns. These contributors offset the weaker stock selection in materials and the overweight to utilities.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (April 27, 2015) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Russell 3000
®
Index, an index representing the overall United States equity market, and to the Russell 2500
®
Value Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception (4/27/2015) | |
| Bridge Builder Small/Mid Cap Value Fund | | | 13.28% | | | | 9.41% | | | | 7.56% | |
| | | 23.13% | | | | 14.14% | | | | 12.25% | |
| | | 11.24% | | | | 8.01% | | | | 7.14% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the Russell 2500
®
Value Index to the Russell 3000
®
Index.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER SMALL/MID CAP VALUE FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 7,881,573 | |
| |
| Number of Portfolio Holdings* | | | 2,303 | |
| |
| Portfolio Turnover through the Reporting Period | | | 46% | |
| |
| Net Advisory Fee (000s) | | $ | 26,982 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is
received
.
| | | | |
Bridge Builder Mutual Funds BBT000269 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER TAX MANAGED SMALL/MID CAP FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Tax Managed Small/Mid Cap Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000
investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Tax Managed Small/Mid Cap Fund | | $ | 44 | | | | 0.42% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 10.90%, outperforming its benchmark, the Russell 2500
®
Index, which returned 10.47% for the period.
For the year,
mid-capitalization
stocks outperformed small-capitalization stocks. Within the investment universe, strongest performers included the financials, energy and utilities sectors. The communication services, health care and real estate sectors were the weakest performers. Overall, benchmark performance was fairly balanced across sectors, as six of the eleven sectors outperformed the broader market. Performance was mixed between growth and value within the small- and
mid-cap
indices as
mid-cap
growth outperformed
mid-cap
value, while
small-cap
growth underperformed
small-cap
value for the trailing
one-year
period.
Compared to its benchmark, the Fund’s relative outperformance was driven by its overweight to
mid-cap
stocks and favorable stock selection. Relative performance was balanced across sectors as eight of the eleven contributed to outperformance for the year. The largest detractor for the year was driven by weak stock selection within health care.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (June 1, 2022) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the Russell 3000
®
Index, an index representing the overall United States equity market, and to the Russell 2500
®
Index, an index reflecting the market sectors in which the Fund invests for the same period.
| | | | | | | | |
| | |
| Average annual total returns: | | 1 Year | | | Since Inception (6/1/2022) | |
| | |
| Bridge Builder Tax Managed Small/Mid Cap Fund | | | 10.90% | | | | 9.16% | |
| | | 23.13% | | | | 15.61% | |
| | | 10.47% | | | | 6.64% | |
Pursuant to new regulatory requirements, the Fund’s broad-based securities market index has changed from the Russell 2500
®
Index to the Russell 3000
®
Index.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER TAX MANAGED SMALL/MID CAP FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 1,642,801 | |
| |
| Number of Portfolio Holdings* | | | 1,193 | |
| |
| Portfolio Turnover through the Reporting Period | | | 29% | |
| |
| Net Advisory Fee (000s) | | $ | 4,106 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is
received
.
| | | | |
Bridge Builder Mutual Funds BBT000270 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER INTERNATIONAL EQUITY FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder International Equity Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000 investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder International Equity Fund | | $ | 37 | | | | 0.35% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 9.75%, underperforming its benchmark, the MSCI EAFE Index, which returned 11.54% for the period.
For the year, the U.S. dollar generally appreciated versus the currencies of other developed regions, detracting from the returns of international securities for U.S. investors. Emerging markets performance was stronger than developed markets. In non-U.S developed markets, value stocks outperformed growth stocks, and large-capitalization stocks outperformed small-capitalization stocks. Consumer staples and utilities struggled over the year, while information technology and financials generated the strongest returns.
Compared to its benchmark, the Fund’s relative underperformance was driven by stock selection within certain sectors. Weak stock selection, particularly in consumer discretionary, financials, and industrials detracted from relative returns. Sector allocation, such as the overweight to information technology contributed to returns, helping to partially offset the weak stock selection.
Global growth has stayed resilient despite higher borrowing costs, bolstered by U.S. strength. As major central banks start cutting rates to normalize policy, early signs of recovery outside the U.S. are starting to emerge and a modest eurozone recovery appears to be underway.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (July 6, 2015) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the MSCI EAFE Index, an index representing the international developed equity markets.
| | | | | | | | | | | | |
| | | |
| Average annual total returns: | | 1 Year | | | 5 Years | | | Since Inception
(7/6/2015) | |
| | | |
| Bridge Builder International Equity Fund | | | 9.75% | | | | 6.52% | | | | 5.94% | |
| | | |
| MSCI EAFE Index | | | 11.54% | | | | 6.46% | | | | 5.48% | |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
| |
| BRIDGE BUILDER INTERNATIONAL EQUITY FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 18,234,842 | |
| |
| Number of Portfolio Holdings* | | | 933 | |
| |
| Portfolio Turnover through the Reporting Period | | | 32% | |
| |
| Net Advisory Fee (000s) | | $ | 56,197 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Country Allocation (% of Long-Term Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is
received
.
| | | | |
Bridge Builder Mutual Funds BBT000271 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
| | |
| |
| BRIDGE BUILDER TAX MANAGED INTERNATIONAL EQUITY FUND | | |
Annual Shareholder Report
This annual shareholder report contains important information about the Bridge Builder Tax Managed International Equity Fund (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “Reporting Period”). You can find additional information about the Fund at
www.bridgebuildermutualfunds.com/literature
. You can also request this information by contacting us at
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
| | | | | | | | |
| | | Cost of a
$10,000 investment | | | Cost paid as a
% of a $10,000
investment | |
| Bridge Builder Tax Managed International Equity Fund | | $ | 41 | | | | 0.39% | |
How did the Fund perform last year? What affected the Fund’s performance?
For the fiscal year ended June 30, 2024, the Fund returned 9.06%, underperforming its benchmark, the MSCI EAFE Index, which returned 11.54% for the period.
For the year, the U.S. dollar generally appreciated versus the currencies of other developed regions, detracting from the returns of international securities for U.S. investors. Emerging markets performance was stronger than developed markets. In non-U.S developed markets, value stocks outperformed growth stocks, and large-capitalization stocks outperformed small-capitalization stocks. Consumer staples and utilities struggled over the year, while information technology and financials generated the strongest returns.
Compared to its benchmark, the Fund’s relative underperformance was driven by stock selection within certain sectors. Weak stock selection, particularly in health care, financials, and industrials detracted from relative returns. Sector allocation, such as the underweight to financials, also detracted from returns. Strong stock selection and an overweight in information technology contributed to returns, helping to partially offset the detractors.
Global growth has stayed resilient despite higher borrowing costs, bolstered by U.S. strength. As major central banks start cutting rates to normalize policy, early signs of recovery outside the U.S. are starting to emerge. A modest eurozone recovery appears to
be
underway.
The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (June 1, 2022) to June 30, 2024. It compares the Fund’s return to a hypothetical $10,000 investment in the MSCI EAFE Index, an index representing the international developed equity markets.
| | | | | | | | |
| | |
| Average annual total returns: | | 1 Year | | | Since Inception (6/1/2022) | |
| | |
| Bridge Builder Tax Managed International Equity Fund | | | 9.06% | | | | 8.65% | |
| MSCI EAFE Index | | | 11.54% | | | | 9.64% | |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
Call 1-855-823-3611 or visit
www.bridgebuildermutualfunds.com/literature
for additional information.
The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| | |
| | bridgebuildermutualfunds.com |
| | |
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| BRIDGE BUILDER TAX MANAGED INTERNATIONAL EQUITY FUND | | |
| | | | |
| |
| Total Net Assets (000s) | | $ | 1,648,767 | |
| |
| Number of Portfolio Holdings* | | | 515 | |
| |
| Portfolio Turnover through the Reporting Period | | | 18% | |
| |
| Net Advisory Fee (000s) | | $ | 4,502 | |
Graphical Representation of Holdings*
Sector Allocation (% of Investments)
Country Allocation (% of Long-Term Investments)
Top Ten Equity Holdings (% of Total Net Assets)
| * | Amounts presented do not include derivative positions. |
Availability of Additional Information
You can find additional information on the Fund’s website,
www.bridgebuildermutualfunds.com
including its:
| | • | | proxy voting information |
To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semiannual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.
| | | | |
Bridge Builder Mutual Funds BBT000272 | | For additional information please scan the code for hosted material at
https://www.bridgebuildermutualfunds.com/literature/ | | |
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s code of ethics is filed with this Form N-CSR under Item 19(a)(1).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s board of trustees has determined that Timothy Jacoby is the “audit committee financial experts” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The registrant has engaged its principal accountant to perform audit services, audit-related services, and tax services during the past two fiscal years. “Audit fees” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related fees” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax fees” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| | | | | | | | |
| | | FYE 6/30/2024 | | | FYE 6/30/2023 | |
Audit Fees | | $ | 938,199 | | | $ | 931,260 | |
Audit-Related Fees | | $ | 0 | | | $ | 0 | |
Tax Fees | | $ | 121,200 | | | $ | 111,831 | |
All Other Fees | | $ | 0 | | | $ | 0 | |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X were as follows:
| | | | | | | | |
| | | FYE 6/30/2024 | | | FYE 6/30/2023 | |
Audit-Related Fees | | | 0 | % | | | 0 | % |
Tax Fees | | | 0 | % | | | 0 | % |
All Other Fees | | | 0 | % | | | 0 | % |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant. The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any entity controlling, controlled by, or under common control with the investment adviser) for the last two years.
| | | | | | | | |
Non-Audit Related Fees | | FYE 6/30/2024 | | | FYE 6/30/2023 | |
Registrant | | $ | 121,200 | | | $ | 111,831 | |
Registrant’s Investment Adviser | | $ | 0 | | | $ | 0 | |
The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
| | | | |
| | | Fiscal Year Ended 2023 | |
Non-Audit Related Fees | | $ | 1,534,000 | |
Tax Fees | | $ | 553,200 | |
All Other Fees | | $ | 1,000 | |
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
ITEM 6. INVESTMENTS.
| (a) | A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included in the financial statements filed under Item 7 of this Form N-CSR. |
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Annual Financial Statements
June 30, 2024
Bridge Builder Core Bond Fund
Bridge Builder Core Plus Bond Fund
Bridge Builder Municipal Bond Fund
Bridge Builder Municipal High-Income Bond Fund
Bridge Builder Large Cap Growth Fund
Bridge Builder Large Cap Value Fund
Bridge Builder Tax Managed Large Cap Fund
Bridge Builder Small/Mid Cap Growth Fund
Bridge Builder Small/Mid Cap Value Fund
Bridge Builder Tax Managed Small/Mid Cap Fund
Bridge Builder International Equity Fund
Bridge Builder Tax Managed International Equity Fund
Table of Contents
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
BONDS & NOTES – 98.76% | | | | | | | | |
| Asset-Backed Obligations – 11.71% | | | | | | | | |
510 Asset Backed 2021-NPL1 Trust | | | | | | | | |
5.24%, 06/25/2061, Series 2021-NPL1, Class A1 (1)(2) | | $ | 856 | | | $ | 843 | |
510 Asset Backed 2021-NPL2 Trust | | | | | | | | |
2.12%, 06/25/2061, Series 2021-NPL2, Class A1 (1)(2) | | | 2,977 | | | | 2,914 | |
Academic Loan Funding Trust 2013-1 | | | | | | | | |
6.25% (30-day Average SOFR + 0.91%), 12/26/2044, Series 2013-1A, Class A (1)(3) | | | 348 | | | | 339 | |
ACC Trust 2022-1 | | | | | | | | |
2.55%, 02/20/2025, Series 2022-1, Class B (1) | | | 1,037 | | | | 1,022 | |
Accelerated 2021-1H LLC | | | | | | | | |
1.90%, 10/20/2040, Series 2021-1H, Class B (1) | | | 1,705 | | | | 1,565 | |
Affirm Asset Securitization Trust 2024-A | | | | | | | | |
5.61%, 02/15/2029, Series 2024-A, Class 1A (1) | | | 15,600 | | | | 15,576 | |
American Express Credit Account Master Trust | | | | | | | | |
5.23%, 04/16/2029, Series 2024-1, Class A | | | 6,130 | | | | 6,187 | |
5.24%, 04/15/2031, Series 2024-2, Class A | | | 11,600 | | | | 11,816 | |
American Homes 4 Rent 2014-SFR3 Trust | | | | | | | | |
4.60%, 12/17/2036, Series 2014-SFR3, Class C (1) | | | 600 | | | | 595 | |
6.42%, 12/17/2036, Series 2014-SFR3, Class E (1) | | | 1,000 | | | | 998 | |
American Homes 4 Rent 2015-SFR1 Trust | | | | | | | | |
3.47%, 04/17/2052, Series 2015-SFR1, Class A (1) | | | 1,857 | | | | 1,822 | |
5.64%, 04/17/2052, Series 2015-SFR1, Class E (1) | | | 3,900 | | | | 3,879 | |
American Homes 4 Rent 2015-SFR2 Trust | | | | | | | | |
3.73%, 10/17/2052, Series 2015-SFR2, Class A (1) | | | 1,631 | | | | 1,592 | |
AmeriCredit Automobile Receivables Trust 2021-2 | | | | | | | | |
1.01%, 01/19/2027, Series 2021-2, Class C | | | 4,600 | | | | 4,383 | |
AmeriCredit Automobile Receivables Trust 2021-3 | | | | | | | | |
0.76%, 08/18/2026, Series 2021-3, Class A3 | | | 844 | | | | 833 | |
1.41%, 08/18/2027, Series 2021-3, Class C | | | 5,100 | | | | 4,784 | |
AmeriCredit Automobile Receivables Trust 2023-1 | | | | | | | | |
5.80%, 12/18/2028, Series 2023-1, Class C | | | 6,800 | | | | 6,864 | |
Amortizing Residential Collateral Trust 2002-BC5 | | | | | | | | |
6.49% (1 Month Term SOFR + 1.15%, 1.04% Floor), 07/25/2032, Series 2002-BC5, Class M1 (3) | | | 94 | | | | 99 | |
AMSR 2019-SFR1 Trust | | | | | | | | |
3.02%, 01/19/2039, Series 2019-SFR1, Class B (1) | | | 2,471 | | | | 2,331 | |
AMSR 2020-SFR3 Trust | | | | | | | | |
2.56%, 09/17/2037, Series 2020-SFR3, Class E1 (1) | | | 7,734 | | | | 7,374 | |
AMSR 2020-SFR4 Trust | | | | | | | | |
1.36%, 11/17/2037, Series 2020-SFR4, Class A (1) | | | 4,047 | | | | 3,835 | |
1.86%, 11/17/2037, Series 2020-SFR4, Class C (1) | | | 9,000 | | | | 8,488 | |
AMSR 2021-SFR1 Trust | | | | | | | | |
2.90%, 06/17/2038, Series 2021-SFR1, Class E2 (1) | | | 3,950 | | | | 3,424 | |
AMSR 2022-SFR3 Trust | | | | | | | | |
4.00%, 10/17/2039, Series 2022-SFR3, Class E1 (1) | | | 10,000 | | | | 9,157 | |
Anchorage Capital CLO 26 Ltd. | | | | | | | | |
7.53% (3 Month Term SOFR + 2.20%, 2.20% Floor), 07/19/2034, Series 2023-26A, Class A1 (1)(3) | | | 20,750 | | | | 20,828 | |
Anchorage Capital CLO 8 Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 10/27/2034, Series 2016-8A, Class AR2A (1)(3) | | | 15,500 | | | | 15,517 | |
Asset Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6 | | | | | | | | |
6.14% (1 Month Term SOFR + 0.79%, 0.68% Floor), 11/25/2033, Series 2003-HE6, Class A2 (3) | | | 624 | | | | 638 | |
Atlas Senior Loan Fund XXIII Ltd. | | | | | | | | |
6.87% (3 Month Term SOFR + 1.53%, 1.53% Floor), 07/20/2037, Series 2024-23A, Class A1 (1)(3) | | | 28,975 | | | | 28,975 | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | |
1.66%, 02/20/2028, Series 2021-2A, Class A (1) | | | 14,400 | | | | 13,174 | |
3.83%, 08/21/2028, Series 2022-1A, Class A (1) | | | 17,300 | | | | 16,524 | |
5.23%, 12/20/2030, Series 2024-3A, Class A (1) | | | 7,600 | | | | 7,531 | |
5.36%, 06/20/2030, Series 2024-1A, Class A (1) | | | 12,003 | | | | 11,947 | |
5.57%, 10/20/2028, Series 2024-2A, Class B (1) | | | 1,400 | | | | 1,396 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Balboa Bay Loan Funding 2020-1 Ltd. | | | | | | | | |
6.71% (3 Month Term SOFR + 1.38%, 1.12% Floor), 01/20/2032, Series 2020-1A, Class AR (1)(3) | | $ | 16,647 | | | $ | 16,678 | |
Barings CLO Ltd. 2023-I | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%, 1.10% Floor), 01/20/2034, Series LP-2A, Class A (1)(3) | | | 22,150 | | | | 22,198 | |
Bastion Funding I LLC | | | | | | | | |
7.12%, 04/25/2038, Series 2023-1A, Class A2 (1) | | | 5,226 | | | | 5,166 | |
Battalion CLO X Ltd. | | | | | | | | |
6.75% (3 Month Term SOFR + 1.43%, 1.17% Floor), 01/25/2035, Series 2016-10A, Class A1R2 (1)(3) | | | 2,000 | | | | 2,000 | |
Bayview Financial Mortgage Pass-Through Trust 2007-B | | | | | | | | |
7.33%, 08/28/2047, Series 2007-B, Class 1A2 (2) | | | 91 | | | | 77 | |
Bear Stearns Asset Backed Securities Trust 2003-2 | | | | | | | | |
6.96% (1 Month Term SOFR + 1.61%, 1.50% Floor, 11.00% Cap), 03/25/2043, Series 2003-2, Class A3 (3) | | | 1,370 | | | | 1,349 | |
Bellemeade RE 2021-2 Ltd. | | | | | | | | |
6.34% (30-day Average SOFR + 1.00%, 1.00% Floor), 09/25/2031, Series 2021-3A, Class A2 (1)(3) | | | 8,400 | | | | 8,400 | |
BOF VII AL Funding Trust I | | | | | | | | |
6.29%, 07/26/2032, Series 2023-CAR3, Class A2 (1) | | | 7,022 | | | | 7,059 | |
6.63%, 07/26/2032, Series 2023-CAR3, Class B (1) | | | 2,577 | | | | 2,592 | |
BofA Auto Trust 2024-1 | | | | | | | | |
5.31%, 06/17/2030, Series 2024-1A, Class A4 (1) | | | 2,551 | | | | 2,566 | |
5.35%, 11/15/2028, Series 2024-1A, Class A3 (1) | | | 2,751 | | | | 2,759 | |
Bridgecrest Lending Auto Securitization Trust 2024-1 | | | | | | | | |
5.65%, 04/16/2029, Series 2024-1, Class C | | | 5,403 | | | | 5,393 | |
Business Jet Securities 2021-1 LLC | | | | | | | | |
2.16%, 04/15/2036, Series 2021-1A, Class A (1) | | | 1,959 | | | | 1,855 | |
BXG Receivables Note Trust 2022-A | | | | | | | | |
5.35%, 09/28/2037, Series 2022-A, Class C (1) | | | 7,035 | | | | 6,720 | |
Capital One Multi-Asset Execution Trust | | | | | | | | |
4.42%, 05/15/2028, Series 2023-A1, Class A | | | 7,300 | | | | 7,202 | |
Capital One Prime Auto Receivables Trust 2023-2 | | | | | | | | |
5.82%, 06/15/2028, Series 2023-2, Class A3 | | | 2,388 | | | | 2,410 | |
Carlyle Global Market Strategies CLO 2015-5 Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 1.10%, 1.10% Floor), 01/20/2032, Series 2015-5A, Class A1R3 (1)(3)(4) | | | 10,000 | | | | 10,000 | |
Carlyle U.S. CLO 2021-11 Ltd. | | | | | | | | |
6.68% (3 Month Term SOFR + 1.36%, 1.10% Floor), 01/25/2033, Series 2021-11A, Class A (1)(3) | | | 5,000 | | | | 4,999 | |
CarMax Auto Owner Trust 2020-3 | | | | | | | | |
0.77%, 03/16/2026, Series 2020-3, Class A4 | | | 472 | | | | 471 | |
Carmax Auto Owner Trust 2021-1 | | | | | | | | |
0.34%, 12/15/2025, Series 2021-1, Class A3 | | | 294 | | | | 293 | |
0.53%, 10/15/2026, Series 2021-1, Class A4 | | | 4,057 | | | | 3,937 | |
CarMax Auto Owner Trust 2021-2 | | | | | | | | |
1.34%, 02/16/2027, Series 2021-2, Class C | | | 4,180 | | | | 4,011 | |
CarMax Auto Owner Trust 2021-3 | | | | | | | | |
0.55%, 06/15/2026, Series 2021-3, Class A3 | | | 1,914 | | | | 1,873 | |
1.25%, 05/17/2027, Series 2021-3, Class C | | | 3,350 | | | | 3,170 | |
CarMax Auto Owner Trust 2021-4 | | | | | | | | |
0.56%, 09/15/2026, Series 2021-4, Class A3 | | | 1,974 | | | | 1,921 | |
1.38%, 07/15/2027, Series 2021-4, Class C | | | 2,850 | | | | 2,682 | |
CarMax Auto Owner Trust 2022-1 | | | | | | | | |
1.47%, 12/15/2026, Series 2022-1, Class A3 | | | 3,785 | | | | 3,686 | |
2.20%, 11/15/2027, Series 2022-1, Class C | | | 4,200 | | | | 3,960 | |
2.47%, 07/17/2028, Series 2022-1, Class D | | | 2,000 | | | | 1,881 | |
CarMax Auto Owner Trust 2024-1 | | | | | | | | |
4.94%, 08/15/2029, Series 2024-1, Class A4 | | | 1,438 | | | | 1,432 | |
CarMax Auto Owner Trust 2024-2 | | | | | | | | |
5.50%, 01/16/2029, Series 2024-2, Class A3 | | | 2,845 | | | | 2,860 | |
5.65%, 05/17/2027, Series 2024-2, Class A2A | | | 5,230 | | | | 5,236 | |
Carvana Auto Receivables Trust 2021-P3 | | | | | | | | |
1.03%, 06/10/2027, Series 2021-P3, Class A4 | | | 2,994 | | | | 2,803 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Carvana Auto Receivables Trust 2023-N1 | | | | | | | | |
5.92%, 07/10/2029, Series 2023-N1, Class C (1) | | $ | 6,625 | | | $ | 6,626 | |
Carvana Auto Receivables Trust 2023-P2 | | | | | | | | |
5.53%, 05/10/2029, Series 2023-P2, Class B (1) | | | 1,653 | | | | 1,652 | |
Carvana Auto Receivables Trust 2023-P3 | | | | | | | | |
5.82%, 08/10/2028, Series 2023-P3, Class A3 (1) | | | 2,748 | | | | 2,764 | |
Carvana Auto Receivables Trust 2024-N2 | | | | | | | | |
5.67%, 09/10/2030, Series 2024-N2, Class B (1) | | | 1,847 | | | | 1,852 | |
Carvana Auto Receivables Trust 2024-P1 | | | | | | | | |
5.37%, 05/10/2030, Series 2024-P1, Class B (1) | | | 1,648 | | | | 1,649 | |
Carvana Auto Receivables Trust 2024-P2 | | | | | | | | |
5.38%, 08/12/2030, Series 2024-P2, Class B | | | 2,156 | | | | 2,157 | |
CFIN 2022-RTL1 Issuer LLC | | | | | | | | |
3.25%, 02/16/2026, Series 2022-RTL1, Class AA (1) | | | 4,249 | | | | 4,131 | |
Chase Auto Owner Trust 2024-2 | | | | | | | | |
5.48%, 11/26/2029, Series 2024-2A, Class A4 (1) | | | 5,874 | | | | 5,948 | |
5.52%, 06/25/2029, Series 2024-2A, Class A3 (1) | | | 3,610 | | | | 3,633 | |
5.55%, 01/25/2030, Series 2024-2A, Class B (1) | | | 1,336 | | | | 1,352 | |
Chase Funding Trust Series 2003-4 | | | | | | | | |
4.92%, 05/25/2033, Series 2003-4, Class 1A5 (2) | | | 59 | | | | 56 | |
Chase Funding Trust Series 2003-6 | | | | | | | | |
4.87%, 11/25/2034, Series 2003-6, Class 1A5 (2) | | | 72 | | | | 70 | |
4.87%, 11/25/2034, Series 2003-6, Class 1A7 (2) | | | 123 | | | | 119 | |
Chase Issuance Trust | | | | | | | | |
4.63%, 01/15/2031, Series 2024-A2, Class A | | | 4,730 | | | | 4,696 | |
5.08%, 09/15/2030, Series 2023-A2, Class A | | | 2,471 | | | | 2,491 | |
CIFC Funding 2018-II Ltd. | | | | | | | | |
6.63% (3 Month Term SOFR + 1.30%), 04/20/2031, Series 2018-2A, Class A1 (1)(3) | | | 10,294 | | | | 10,304 | |
CIFC Funding 2021-V Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.40%, 1.40% Floor), 07/15/2034, Series 2021-5A, Class A (1)(3) | | | 10,000 | | | | 10,029 | |
Citizens Auto Receivables Trust 2024-1 | | | | | | | | |
5.11%, 04/17/2028, Series 2024-1, Class A3 (1) | | | 6,193 | | | | 6,174 | |
Commonbond Student Loan Trust 2017-B-GS | | | | | | | | |
2.68%, 09/25/2042, Series 2017-BGS, Class A1 (1) | | | 1,916 | | | | 1,740 | |
Commonbond Student Loan Trust 2018-A-GS | | | | | | | | |
3.21%, 02/25/2044, Series 2018-AGS, Class A1 (1) | | | 1,522 | | | | 1,404 | |
Commonbond Student Loan Trust 2018-C-GS | | | | | | | | |
3.87%, 02/25/2046, Series 2018-CGS, Class A1 (1) | | | 400 | | | | 377 | |
Continental Finance Credit Card ABS Master Trust | | | | | | | | |
2.24%, 12/15/2028, Series 2020-1A, Class A (1) | | | 779 | | | | 775 | |
6.19%, 10/15/2030, Series 2022-A, Class A (1) | | | 10,045 | | | | 10,001 | |
COOF Securitization Trust 2014-1 Ltd. | | | | | | | | |
2.90%, 06/25/2040, Series 2014-1, Class A (1)(5) | | | 256 | | | | 18 | |
CoreVest American Finance 2019-3 Trust | | | | | | | | |
2.71%, 10/15/2052, Series 2019-3, Class A (1) | | | 2,219 | | | | 2,183 | |
3.16%, 10/15/2052, Series 2019-3, Class B (1) | | | 2,250 | | | | 2,014 | |
3.27%, 10/15/2052, Series 2019-3, Class C (1) | | | 5,862 | | | | 5,183 | |
CoreVest American Finance 2020-3 Trust | | | | | | | | |
2.20%, 08/15/2053, Series 2020-3, Class B (1) | | | 6,314 | | | | 5,253 | |
Countrywide Asset-Backed Certificates | | | | | | | | |
5.12%, 02/25/2035, Series 2004-S1, Class A3 (2) | | | 6 | | | | 6 | |
CPS Auto Receivables Trust 2022-C | | | | | | | | |
5.28%, 04/15/2030, Series 2022-C, Class C (1) | | | 6,000 | | | | 5,960 | |
Credit Acceptance Auto Loan Trust 2022-3 | | | | | | | | |
8.45%, 02/15/2033, Series 2022-3A, Class C (1) | | | 9,500 | | | | 9,835 | |
Credit Acceptance Auto Loan Trust 2023-2 | | | | | | | | |
5.92%, 05/16/2033, Series 2023-2A, Class A (1) | | | 10,000 | | | | 9,994 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Credit Acceptance Auto Loan Trust 2023-3 | | | | | | | | |
6.39%, 08/15/2033, Series 2023-3A, Class A (1) | | $ | 5,800 | | | $ | 5,870 | |
Credit Acceptance Auto Loan Trust 2023-5 | | | | | | | | |
6.13%, 12/15/2033, Series 2023-5A, Class A (1) | | | 8,875 | | | | 8,925 | |
Credit Acceptance Auto Loan Trust 2024-1 | | | | | | | | |
6.71%, 07/17/2034, Series 2024-1A, Class C (1) | | | 9,300 | | | | 9,424 | |
Credit Acceptance Auto Loan Trust 2024-2 | | | | | | | | |
6.70%, 10/16/2034, Series 2024-2A, Class C (1) | | | 13,334 | | | | 13,411 | |
Crossroads Asset Trust 2021-A | | | | | | | | |
2.52%, 01/20/2026, Series 2021-A, Class D (1) | | | 695 | | | | 694 | |
CWABS Asset-Backed Certificates Trust 2005-10 | | | | | | | | |
4.12%, 02/25/2036, Series 2005-10, Class AF6 (5) | | | 2 | | | | 2 | |
CWABS Asset-Backed Certificates Trust 2005-17 | | | | | | | | |
5.56%, 05/25/2036, Series 2005-17, Class 1AF5 (5) | | | 5 | | | | 4 | |
CWABS Asset-Backed Certificates Trust 2006-10 | | | | | | | | |
5.97%, 09/25/2046, Series 2006-10, Class 1AF3 (5) | | | 2 | | | | 2 | |
CWABS, Inc. Asset-Backed Certificates Series 2004-1 | | | | | | | | |
6.02% (1 Month Term SOFR + 0.67%, 0.56% Floor), 04/25/2034, Series 2004-1, Class 3A (3) | | | 1 | | | | 1 | |
6.21% (1 Month Term SOFR + 0.86%, 0.75% Floor), 03/25/2034, Series 2004-1, Class M1 (3) | | | 5 | | | | 5 | |
6.28% (1 Month Term SOFR + 0.94%, 0.83% Floor), 03/25/2034, Series 2004-1, Class M2 (3) | | | 3 | | | | 3 | |
CWABS, Inc. Asset-Backed Certificates Trust 2004-6 | | | | | | | | |
6.24% (1 Month Term SOFR + 0.89%, 0.78% Floor), 11/25/2034, Series 2004-6, Class 2A5 (3) | | | 307 | | | | 290 | |
6.36% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/25/2034, Series 2004-6, Class M1 (3) | | | 5 | | | | 5 | |
DataBank Issuer | | | | | | | | |
2.06%, 02/27/2051, Series 2021-1A, Class A2 (1) | | | 6,150 | | | | 5,708 | |
Delta Air Lines 2015-1 Class AA Pass-Through Trust | | | | | | | | |
3.63%, 07/30/2027 | | | 818 | | | | 781 | |
Discover Card Execution Note Trust | | | | | | | | |
4.93%, 06/15/2028, Series 2023-A2, Class A | | | 5,403 | | | | 5,381 | |
Diversified Abs Phase VI LLC | | | | | | | | |
7.50%, 11/28/2039, Series VI, Class A | | | 5,327 | | | | 5,130 | |
DP Lion Holdco LLC | | | | | | | | |
8.24%, 11/30/2043, Series 2023-1A, Class A | | | 3,829 | | | | 3,862 | |
DT Auto Owner Trust 2021-2 | | | | | | | | |
1.10%, 02/16/2027, Series 2021-2A, Class C (1) | | | 233 | | | | 232 | |
DT Auto Owner Trust 2023-1 | | | | | | | | |
5.19%, 10/16/2028, Series 2023-1A, Class B (1) | | | 2,241 | | | | 2,229 | |
DT Auto Owner Trust 2023-2 | | | | | | | | |
5.79%, 02/15/2029, Series 2023-2A, Class C (1) | | | 8,785 | | | | 8,760 | |
DT Auto Owner Trust 2023-3 | | | | | | | | |
6.29%, 08/16/2027, Series 2023-3A, Class A (1) | | | 2,497 | | | | 2,503 | |
Elmwood CLO II Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.41% Floor), 04/20/2034, Series 2019-2A, Class AR (1)(3) | | | 20,000 | | | | 20,013 | |
Enterprise Fleet Financing 2023-2 LLC | | | | | | | | |
5.56%, 04/22/2030, Series 2023-2, Class A2 (1) | | | 9,408 | | | | 9,408 | |
Exeter Automobile Receivables Trust 2022-2 | | | | | | | | |
4.56%, 07/17/2028, Series 2022-2A, Class D | | | 11,635 | | | | 11,386 | |
Exeter Automobile Receivables Trust 2022-4 | | | | | | | | |
5.98%, 12/15/2028, Series 2022-4A, Class D | | | 6,264 | | | | 6,248 | |
Exeter Automobile Receivables Trust 2023-3 | | | | | | | | |
6.21%, 06/15/2028, Series 2023-3A, Class C | | | 5,400 | | | | 5,420 | |
Exeter Automobile Receivables Trust 2023-4 | | | | | | | | |
6.95%, 12/17/2029, Series 2023-4A, Class D | | | 4,820 | | | | 4,920 | |
Exeter Automobile Receivables Trust 2024-2 | | | | | | | | |
5.92%, 02/15/2030, Series 2024-2A, Class D | | | 10,080 | | | | 10,103 | |
First National Master Note Trust | | | | | | | | |
5.77%, 09/15/2029, Series 2023-2, Class A | | | 9,800 | | | | 9,925 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
FirstKey Homes 2020-SFR2 Trust | | | | | | | | |
1.27%, 10/19/2037, Series 2020-SFR2, Class A (1) | | $ | 18,391 | | | $ | 17,419 | |
2.67%, 10/19/2037, Series 2020-SFR2, Class E (1) | | | 7,948 | | | | 7,549 | |
FirstKey Homes 2021-SFR1 Trust | | | | | | | | |
1.54%, 08/17/2038, Series 2021-SFR1, Class A (1) | | | 12,008 | | | | 11,048 | |
2.19%, 08/17/2038, Series 2021-SFR1, Class D (1) | | | 7,500 | | | | 6,891 | |
FirstKey Homes 2022-SFR1 Trust | | | | | | | | |
4.15%, 05/19/2039, Series 2022-SFR1, Class A (1) | | | 10,743 | | | | 10,355 | |
5.20%, 05/19/2039, Series 2022-SFR1, Class D (1) | | | 4,935 | | | | 4,794 | |
Flagship Credit Auto Trust 2019-4 | | | | | | | | |
3.12%, 01/15/2026, Series 2019-4, Class D (1) | | | 4,463 | | | | 4,422 | |
Flagship Credit Auto Trust 2022-2 | | | | | | | | |
5.80%, 04/17/2028, Series 2022-2, Class D (1) | | | 4,000 | | | | 3,793 | |
Flagship Credit Auto Trust 2023-1 | | | | | | | | |
5.38%, 12/15/2026, Series 2023-1, Class A2 (1) | | | 1,630 | | | | 1,627 | |
Flywheel | | | | | | | | |
7.15%, 08/25/2044, Series 2024-PDP1 (1) | | | 7,700 | | | | 7,700 | |
8.11%, 08/25/2044, Series 2024-PDP1 (1) | | | 2,500 | | | | 2,500 | |
FMC GMSR Issuer Trust | | | | | | | | |
3.62%, 07/25/2026, Series 2021-GT1, Class A (1)(5) | | | 10,900 | | | | 9,756 | |
3.85%, 10/25/2026, Series 2021-GT2, Class A (1)(5) | | | 8,250 | | | | 7,391 | |
4.45%, 01/25/2026, Series 2020-GT1, Class A (1)(5) | | | 9,700 | | | | 9,019 | |
6.19%, 04/25/2027, Series 2022-GT1, Class A (1) | | | 8,210 | | | | 7,993 | |
6.50%, 03/26/2027, Series 2024-SAT1, Class A (1)(5) | | | 12,840 | | | | 12,584 | |
Ford Credit Auto Owner Trust 2020-C | | | | | | | | |
0.51%, 08/15/2026, Series 2020-C, Class A4 | | | 4,883 | | | | 4,791 | |
Ford Credit Auto Owner Trust 2021-REV1 | | | | | | | | |
1.61%, 10/17/2033, Series 2021-1, Class B (1) | | | 2,320 | | | | 2,162 | |
Ford Credit Auto Owner Trust 2021-REV2 | | | | | | | | |
1.91%, 05/15/2034, Series 2021-2, Class B (1) | | | 2,150 | | | | 1,980 | |
Ford Credit Auto Owner Trust 2022-A | | | | | | | | |
1.29%, 06/15/2026, Series 2022-A, Class A3 | | | 1,769 | | | | 1,736 | |
Ford Credit Auto Owner Trust 2023-A | | | | | | | | |
4.65%, 02/15/2028, Series 2023-A, Class A3 | | | 2,094 | | | | 2,074 | |
Ford Credit Auto Owner Trust 2023-B | | | | | | | | |
5.23%, 05/15/2028, Series 2023-B, Class A3 | | | 1,652 | | | | 1,651 | |
Ford Credit Auto Owner Trust 2023-REV1 | | | | | | | | |
4.85%, 08/15/2035, Series 2023-1, Class A (1) | | | 18,470 | | | | 18,316 | |
Ford Credit Auto Owner Trust 2023-REV2 | | | | | | | | |
5.28%, 02/15/2036, Series 2023-2, Class A (1) | | | 8,800 | | | | 8,865 | |
Ford Credit Auto Owner Trust 2024-B | | | | | | | | |
5.23%, 05/15/2030, Series 2024-B, Class B | | | 3,009 | | | | 3,012 | |
Ford Credit Auto Owner Trust 2024-REV1 | | | | | | | | |
4.87%, 08/15/2036, Series 2024-1, Class A (1)(2) | | | 2,520 | | | | 2,499 | |
Ford Credit Floorplan Master Owner Trust A | | | | | | | | |
1.06%, 09/15/2027, Series 2020-2, Class A | | | 10,300 | | | | 9,766 | |
4.92%, 05/15/2028, Series 2023-1, Class A1 (1) | | | 20,850 | | | | 20,709 | |
5.24%, 04/15/2031, Series 2024-2, Class A (1) | | | 4,725 | | | | 4,763 | |
Ford Credit Floorplan Master Owner Trust A Series 2024-1 | | | | | | | | |
5.29%, 04/15/2029, Series 2024-1, Class A1 (1) | | | 5,815 | | | | 5,836 | |
Foundation Finance Trust 2019-1 | | | | | | | | |
3.86%, 11/15/2034, Series 2019-1A, Class A (1) | | | 6 | | | | 6 | |
Foundation Finance Trust 2023-2 | | | | | | | | |
6.53%, 06/15/2049, Series 2023-2A, Class A (1) | | | 2,214 | | | | 2,245 | |
9.10%, 06/15/2049, Series 2023-2A, Class D (1) | | | 4,706 | | | | 4,849 | |
Foursight Capital Automobile Receivables Trust 2021-1 | | | | | | | | |
1.32%, 03/15/2027, Series 2021-1, Class D (1) | | | 776 | | | | 774 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Foursight Capital Automobile Receivables Trust 2021-2 | | | | | | | | |
1.92%, 09/15/2027, Series 2021-2, Class D (1) | | $ | 850 | | | $ | 823 | |
GE Capital Mortgage Services, Inc. 1999-HE1 Trust | | | | | | | | |
6.71%, 04/25/2029, Series 1999-HE1, Class M (5) | | | 6 | | | | 5 | |
GITSIT Mortgage Loan Trust 2024-NPL1 | | | | | | | | |
7.47%, 06/25/2054, Series 2024-NPL1, Class A1 (1)(2) | | | 5,530 | | | | 5,532 | |
GLS Auto Receivables Issuer Trust 2021-1 | | | | | | | | |
1.68%, 01/15/2027, Series 2021-1A, Class D (1) | | | 840 | | | | 822 | |
GLS Auto Receivables Issuer Trust 2021-2 | | | | | | | | |
1.42%, 04/15/2027, Series 2021-2A, Class D (1) | | | 2,250 | | | | 2,171 | |
GLS Auto Receivables Issuer Trust 2021-4 | | | | | | | | |
2.48%, 10/15/2027, Series 2021-4A, Class D (1) | | | 6,180 | | | | 5,904 | |
GLS Auto Receivables Issuer Trust 2023-3 | | | | | | | | |
6.01%, 05/15/2029, Series 2023-3A, Class C (1) | | | 4,738 | | | | 4,746 | |
GLS Auto Receivables Issuer Trust 2023-4 | | | | | | | | |
6.65%, 08/15/2029, Series 2023-4A, Class C (1) | | | 6,500 | | | | 6,599 | |
GM Financial Automobile Leasing Trust 2024-2 | | | | | | | | |
5.39%, 07/20/2027, Series 2024-2, Class A3 | | | 3,532 | | | | 3,542 | |
GM Financial Consumer Automobile Receivables Trust 2020-4 | | | | | | | | |
0.50%, 02/17/2026, Series 2020-4, Class A4 | | | 3,739 | | | | 3,706 | |
GM Financial Consumer Automobile Receivables Trust 2021-1 | | | | | | | | |
0.54%, 05/17/2027, Series 2021-1, Class A4 | | | 4,174 | | | | 4,104 | |
GM Financial Consumer Automobile Receivables Trust 2023-4 | | | | | | | | |
6.16%, 04/16/2029, Series 2023-4, Class B | | | 1,700 | | | | 1,741 | |
6.41%, 05/16/2029, Series 2023-4, Class C | | | 1,200 | | | | 1,231 | |
GM Financial Revolving Receivables Trust 2021-1 | | | | | | | | |
1.49%, 06/12/2034, Series 2021-1, Class B (1) | | | 500 | | | | 456 | |
GM Financial Revolving Receivables Trust 2023-2 | | | | | | | | |
5.77%, 08/11/2036, Series 2023-2, Class A (1) | | | 20,576 | | | | 21,120 | |
GM Financial Revolving Receivables Trust 2024-1 | | | | | | | | |
4.98%, 12/11/2036, Series 2024-1, Class A (1) | | | 8,200 | | | | 8,168 | |
GMF Floorplan Owner Revolving Trust | | | | | | | | |
5.06%, 03/15/2031, Series 2024-2A, Class A (1) | | | 8,455 | | | | 8,470 | |
5.13%, 03/15/2029, Series 2024-1A, Class A1 (1) | | | 21,762 | | | | 21,752 | |
Golden Credit Card Trust | | | | | | | | |
4.31%, 09/15/2027, Series 2022-4A, Class A (1) | | | 10,250 | | | | 10,105 | |
Goodgreen 2017-1 Trust | | | | | | | | |
3.74%, 10/15/2052, Series 2017-1A, Class A (1) | | | 611 | | | | 551 | |
Goodgreen 2017-2 Trust | | | | | | | | |
3.26%, 10/15/2053, Series 2017-2A, Class A (1) | | | 1,709 | | | | 1,525 | |
Goodgreen 2017-R1 Trust | | | | | | | | |
5.00%, 10/20/2051, Series 2017-R1 (1) | | | 909 | | | | 881 | |
Goodgreen 2019-2 | | | | | | | | |
2.76%, 04/15/2055, Series 2019-2A, Class A (1) | | | 2,623 | | | | 2,217 | |
Goodgreen 2023-1 | | | | | | | | |
5.90%, 01/17/2061, Series 2023-1A, Class A (1) | | | 6,460 | | | | 6,128 | |
Greenwood Park CLO Ltd. | | | | | | | | |
6.60% (3 Month Term SOFR + 1.27%), 04/15/2031, Series 2018-1A, Class A2 (1)(3) | | | 15,689 | | | | 15,713 | |
Grene Energy | | | | | | | | |
11.00%, 01/20/2026 (6) | | | 380 | | | | 323 | |
Harley-Davidson Motorcycle Trust 2021-A | | | | | | | | |
0.37%, 04/15/2026, Series 2021-A, Class A3 | | | 173 | | | | 173 | |
0.53%, 09/15/2028, Series 2021-A, Class A4 | | | 4,288 | | | | 4,204 | |
HERO Funding 2017-3 | | | | | | | | |
3.95%, 09/20/2048, Series 2017-3A, Class A2 (1) | | | 1,128 | | | | 997 | |
HERO Funding Trust 2016-2 | | | | | | | | |
3.75%, 09/20/2041, Series 2016-2A, Class A (1) | | | 610 | | | | 558 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
HERO Funding Trust 2016-3 | | | | | | | | |
3.08%, 09/20/2042, Series 2016-3A, Class A1 (1) | | $ | 254 | | | $ | 228 | |
HERO Funding Trust 2016-4A | | | | | | | | |
3.57%, 09/20/2047, Series 2016-4A, Class A1 (1) | | | 833 | | | | 754 | |
HERO Funding Trust 2017-1A | | | | | | | | |
4.46%, 09/20/2047, Series 2017-1A, Class A2 (1) | | | 1,610 | | | | 1,461 | |
HERO Funding Trust 2017-2 | | | | | | | | |
3.28%, 09/20/2048, Series 2017-2A, Class A1 (1) | | | 1,421 | | | | 1,239 | |
Hertz Vehicle Financing III LLC | | | | | | | | |
5.49%, 06/25/2027, Series 2023-1A, Class A (1) | | | 12,400 | | | | 12,378 | |
Hertz Vehicle Financing III LP | | | | | | | | |
1.68%, 12/27/2027, Series 2021-2A, Class A (1) | | | 7,200 | | | | 6,571 | |
Hertz Vehicle Financing LLC | | | | | | | | |
2.33%, 06/26/2028, Series 2022-2A, Class A (1) | | | 18,900 | | | | 17,332 | |
Hilton Grand Vacations Trust 2022-1D | | | | | | | | |
4.10%, 06/20/2034, Series 2022-1D, Class B (1) | | | 1,934 | | | | 1,867 | |
HIN Timeshare Trust 2020-A | | | | | | | | |
2.23%, 10/09/2039, Series 2020-A, Class B (1) | | | 1,196 | | | | 1,104 | |
HINNT 2024-A LLC | | | | | | | | |
5.49%, 03/15/2043, Series 2024-A, Class A (1) | | | 5,534 | | | | 5,539 | |
Home Partners of America 2021-2 Trust | | | | | | | | |
1.90%, 12/17/2026, Series 2021-2, Class A (1) | | | 6,714 | | | | 6,166 | |
2.95%, 12/17/2026, Series 2021-2, Class E2 (1) | | | 6,247 | | | | 5,673 | |
Home Partners of America 2021-3 Trust | | | | | | | | |
2.20%, 01/17/2041, Series 2021-3, Class A (1) | | | 3,694 | | | | 3,238 | |
3.20%, 01/17/2041, Series 2021-3, Class E1 (1) | | | 5,247 | | | | 4,535 | |
Home RE 2022-1 Ltd. | | | | | | | | |
8.19% (30-day Average SOFR + 2.85%), 10/25/2034, Series 2022-1, Class M1A (1)(3) | | | 3,574 | | | | 3,594 | |
Honda Auto Receivables 2021-4 Owner Trust | | | | | | | | |
0.88%, 01/21/2026, Series 2021-4, Class A3 | | | 1,740 | | | | 1,705 | |
Huntington Auto Trust 2024-1 | | | | | | | | |
5.14%, 08/15/2029, Series 2024-1A, Class A4 (1) | | | 11,500 | | | | 11,492 | |
Hyundai Auto Lease Securitization Trust 2023-B | | | | | | | | |
5.17%, 04/15/2027, Series 2023-B, Class A4 (1) | | | 2,099 | | | | 2,089 | |
Hyundai Auto Lease Securitization Trust 2024-B | | | | | | | | |
5.41%, 05/17/2027, Series 2024-B, Class A3 (1) | | | 6,147 | | | | 6,160 | |
5.56%, 08/15/2028, Series 2024-B, Class B (1) | | | 4,473 | | | | 4,483 | |
Hyundai Auto Receivables Trust 2021-B | | | | | | | | |
0.38%, 01/15/2026, Series 2021-B, Class A3 | | | 1,061 | | | | 1,051 | |
Hyundai Auto Receivables Trust 2023-C | | | | | | | | |
5.55%, 12/17/2029, Series 2023-C, Class A4 | | | 2,326 | | | | 2,356 | |
Hyundai Auto Receivables Trust 2024-A | | | | | | | | |
4.92%, 01/15/2031, Series 2024-A, Class A4 | | | 4,053 | | | | 4,038 | |
Jonah 2022-1 A2 | | | | | | | | |
7.80%, 11/10/2037, Series 2022-1, Class A2 (1) | | | 6,257 | | | | 6,081 | |
Jonah Energy Abs I LLC | | | | | | | | |
7.20%, 12/10/2037, Series 2022-1, Class A1 (1) | | | 4,770 | | | | 4,744 | |
KGS-Alpha SBA COOF Trust | | | | | | | | |
0.59%, 05/25/2039, Series 2012-6, Class A (1)(5) | | | 685 | | | | 8 | |
KGS-Alpha SBA COOF Trust 2012-2 | | | | | | | | |
0.87%, 08/25/2038, Series 2012-2, Class A (1)(5) | | | 738 | | | | 12 | |
KGS-Alpha SBA COOF Trust 2014-2 | | | | | | | | |
3.30%, 04/25/2040, Series 2014-2, Class A (1)(5) | | | 159 | | | | 7 | |
KKR CLO 11 Ltd. | | | | | | | | |
6.77% (3 Month Term SOFR + 1.44%, 1.44% Floor), 01/15/2031, Series 11, Class AR (1)(3) | | | 6,009 | | | | 6,024 | |
LAD Auto Receivables Trust 2024-1 | | | | | | | | |
5.17%, 09/15/2028, Series 2024-1A, Class A4 (1) | | | 2,227 | | | | 2,211 | |
5.23%, 01/18/2028, Series 2024-1A, Class A3 (1) | | | 3,554 | | | | 3,533 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
LendingPoint 2020-REV1 Asset Securitization Trust | | | | | | | | |
4.49%, 10/15/2028, Series 2020-REV1, Class B (1) | | $ | 1,519 | | | $ | 1,516 | |
Long Beach Mortgage Loan Trust 2004-1 | | | | | | | | |
6.21% (1 Month Term SOFR + 0.86%, 0.75% Floor), 02/25/2034, Series 2004-1, Class M1 (3) | | | 57 | | | | 55 | |
Long Beach Mortgage Loan Trust 2004-3 | | | | | | | | |
6.31% (1 Month Term SOFR + 0.97%, 0.86% Floor), 07/25/2034, Series 2004-3, Class M1 (3) | | | 24 | | | | 23 | |
Mariner Finance Issuance Trust 2021-A | | | | | | | | |
2.33%, 03/20/2036, Series 2021-AA, Class B (1) | | | 5,700 | | | | 5,144 | |
MidOcean Credit CLO III | | | | | | | | |
6.71% (3 Month Term SOFR + 1.38%, 1.12% Floor), 04/21/2031, Series 2014-3A, Class A1R (1)(3) | | | 8,364 | | | | 8,370 | |
MidOcean Credit CLO IX | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 07/20/2031, Series 2018-9A, Class A1 (1)(3) | | | 2,595 | | | | 2,598 | |
Mid-State Capital Corp. 2006-1 Trust | | | | | | | | |
6.08%, 10/15/2040, Series 2006-1, Class M1 (1) | | | 318 | | | | 312 | |
MMAF Equipment Finance LLC 2019-B | | | | | | | | |
2.29%, 11/12/2041, Series 2019-B, Class A5 (1) | | | 7,200 | | | | 6,807 | |
MMAF Equipment Finance LLC 2023-A | | | | | | | | |
5.54%, 12/13/2029, Series 2023-A, Class A3 (1) | | | 16,250 | | | | 16,367 | |
Navient Private Education Refi Loan Trust 2018-C | | | | | | | | |
3.52%, 06/16/2042, Series 2018-CA, Class A2 (1) | | | 79 | | | | 79 | |
Navient Private Education Refi Loan Trust 2019-C | | | | | | | | |
3.13%, 02/15/2068, Series 2019-CA, Class A2 (1) | | | 1,539 | | | | 1,488 | |
Navient Private Education Refi Loan Trust 2020-B | | | | | | | | |
2.12%, 01/15/2069, Series 2020-BA, Class A2 (1) | | | 2,066 | | | | 1,917 | |
Navient Private Education Refi Loan Trust 2021-G | | | | | | | | |
1.58%, 04/15/2070, Series 2021-GA, Class A (1) | | | 7,589 | | | | 6,626 | |
Nelnet Student Loan Trust 2021-D | | | | | | | | |
1.63%, 04/20/2062, Series 2021-DA, Class AFX (1) | | | 6,634 | | | | 6,077 | |
New Century Home Equity Loan Trust Series 2003-5 | | | | | | | | |
4.85%, 11/25/2033, Series 2003-5, Class AI6 (2) | | | 79 | | | | 75 | |
New Residential Mortgage Loan Trust 2018-1 | | | | | | | | |
4.00%, 12/25/2057, Series 2018-1A, Class A1A (1)(5) | | | 1,120 | | | | 1,056 | |
New Residential Mortgage Loan Trust 2022-SFR2 | | | | | | | | |
4.00%, 09/04/2039, Series 2022-SFR2, Class D (1) | | | 5,000 | | | | 4,619 | |
NGC 2024-I Ltd. | | | | | | | | |
6.93% (3 Month Term SOFR + 1.60%, 1.60% Floor), 07/20/2037, Series 2024-1A, Class A1 (1)(3) | | | 29,750 | | | | 29,750 | |
Nissan Auto Lease Trust 2023-B | | | | | | | | |
5.61%, 11/15/2027, Series 2023-B, Class A4 | | | 2,808 | | | | 2,810 | |
Nissan Auto Receivables 2021-A Owner Trust | | | | | | | | |
0.33%, 10/15/2025, Series 2021-A, Class A3 | | | 1,865 | | | | 1,844 | |
NRZ Excess Spread-Collateralized Notes | | | | | | | | |
3.10%, 07/25/2026, Series 2021-FHT1, Class A (1) | | | 6,300 | | | | 5,927 | |
3.23%, 05/25/2026, Series 2021-FNT2, Class A (1) | | | 3,788 | | | | 3,584 | |
3.47%, 11/25/2026, Series 2021-GNT1, Class A (1) | | | 3,983 | | | | 3,700 | |
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1 | | | | | | | | |
3.84%, 12/25/2025, Series 2020-PLS1, Class A (1) | | | 3,040 | | | | 2,934 | |
Oaktown Re VII Ltd. | | | | | | | | |
6.94% (30-day Average SOFR + 1.60%, 1.60% Floor), 04/25/2034, Series 2021-2, Class M1A (1)(3) | | | 5,227 | | | | 5,231 | |
OCP CLO 2015-9 Ltd. | | | | | | | | |
6.58% (3 Month Term SOFR + 1.25%, 1.25% Floor), 01/15/2033, Series 2015-9A, Class A1R2 (1)(3) | | | 15,000 | | | | 15,024 | |
Octane Receivables Trust 2021-1 | | | | | | | | |
1.53%, 04/20/2027, Series 2021-1A, Class B (1) | | | 700 | | | | 685 | |
Octane Receivables Trust 2023-1 | | | | | | | | |
5.96%, 07/20/2029, Series 2023-1A, Class B (1) | | | 4,100 | | | | 4,104 | |
OL SP 2018-B LLC | | | | | | | | |
4.16%, 02/09/2030, Series 2018, Class A | | | 422 | | | | 422 | |
4.61%, 02/09/2030, Series 2018, Class B | | | 92 | | | | 92 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
OneMain Direct Auto Receivables Trust 2019-1 | | | | | | | | |
3.63%, 09/14/2027, Series 2019-1A, Class A (1) | | $ | 11,207 | | | $ | 11,048 | |
OneMain Direct Auto Receivables Trust 2021-1 | | | | | | | | |
1.26%, 07/14/2028, Series 2021-1A, Class B (1) | | | 10,300 | | | | 9,614 | |
OneMain Direct Auto Receivables Trust 2023-1 | | | | | | | | |
5.41%, 11/14/2029, Series 2023-1A, Class A (1) | | | 12,500 | | | | 12,486 | |
7.07%, 02/14/2033, Series 2023-1A, Class D (1) | | | 6,480 | | | | 6,558 | |
OneMain Financial Issuance Trust 2020-2 | | | | | | | | |
1.75%, 09/14/2035, Series 2020-2A, Class A (1) | | | 9,400 | | | | 8,777 | |
OneMain Financial Issuance Trust 2021-1 | | | | | | | | |
6.09% (30-day Average SOFR + 0.76%), 06/16/2036, Series 2021-1A, Class A2 (1)(3) | | | 10,342 | | | | 10,321 | |
OneMain Financial Issuance Trust 2023-2 | | | | | | | | |
5.84%, 09/15/2036, Series 2023-2A, Class A1 (1) | | | 16,600 | | | | 16,801 | |
Oportun Funding XIV LLC | | | | | | | | |
1.76%, 03/08/2028, Series 2021-A, Class B (1) | | | 1,643 | | | | 1,593 | |
Oportun Issuance Trust 2021-B | | | | | | | | |
1.47%, 05/08/2031, Series 2021-B, Class A (1) | | | 5,255 | | | | 4,974 | |
Oportun Issuance Trust 2022-2 | | | | | | | | |
7.40%, 10/09/2029, Series 2022-2, Class B (1) | | | 2,233 | | | | 2,234 | |
Oportun Issuance Trust 2022-3 | | | | | | | | |
5.05%, 06/09/2031, Series 2022-A, Class A (1) | | | 10,500 | | | | 10,423 | |
Oportun Issuance Trust 2024-1 | | | | | | | | |
6.55%, 04/08/2031, Series 2024-1A, Class B (1) | | | 3,794 | | | | 3,795 | |
Option One Mortgage Loan Trust 2004-3 | | | | | | | | |
6.36% (1 Month Term SOFR + 1.01%, 0.90% Floor), 11/25/2034, Series 2004-3, Class A4 (3) | | | 1,575 | | | | 1,559 | |
OZLM Funding IV Ltd. | | | | | | | | |
6.84% (3 Month Term SOFR + 1.51%), 10/22/2030, Series 2013-4A, Class A1R (1)(3) | | | 3,027 | | | | 3,028 | |
OZLM XXII Ltd. | | | | | | | | |
6.65% (3 Month Term SOFR + 1.33%), 01/17/2031, Series 2018-22A, Class A1 (1)(3) | | | 4,188 | | | | 4,194 | |
P4 SFR 2019-STL | | | | | | | | |
7.25%, 10/11/2026, Series 2019, Class A | | | 5,700 | | | | 5,415 | |
Pagaya AI Technology in Housing Trust 2023-1 | | | | | | | | |
3.60%, 10/25/2040, Series 2023-1, Class A (1) | | | 3,200 | | | | 2,954 | |
Palmer Square CLO 2014-1 Ltd. | | | | | | | | |
6.71%, 01/17/2031, Series 2014-1A (1)(5) | | | 1,426 | | | | 1,427 | |
Park Avenue Institutional Advisers CLO Ltd. 2018-1 | | | | | | | | |
6.59% (3 Month Term SOFR + 1.26%, 1.00% Floor), 10/20/2031, Series 2018-1A, Class A1AR (1)(3) | | | 17,919 | | | | 17,921 | |
Pennsylvania Higher Education Assistance Agency | | | | | | | | |
5.97% (30-day Average SOFR + 0.64%, 0.53% Floor), 05/25/2070, Series 2021-1A, Class A (1)(3) | | | 4,805 | | | | 4,765 | |
PFS Financing Corp. | | | | | | | | |
5.80%, 03/15/2028, Series 2023-A, Class A (1) | | | 10,700 | | | | 10,767 | |
PNMAC GMSR Issuer Trust 2022-GT1 | | | | | | | | |
9.59% (30-day Average SOFR + 4.25%), 05/25/2027, Series 2022-GT1, Class A (1)(3) | | | 9,425 | | | | 9,551 | |
PRET 2021-RN4 LLC | | | | | | | | |
2.49%, 10/25/2051, Series 2021-RN4, Class A1 (1)(5) | | | 12,532 | | | | 12,364 | |
Pretium Mortgage Credit Partners I 2021-NPL1 LLC | | | | | | | | |
5.24%, 09/27/2060, Series 2021-NPL1, Class A1 (1)(2) | | | 5,009 | | | | 4,989 | |
Progress Residential 2020-SFR3 Trust | | | | | | | | |
2.30%, 10/17/2027, Series 2020-SFR3, Class E (1) | | | 6,000 | | | | 5,697 | |
Progress Residential 2021-SFR1 | | | | | | | | |
1.56%, 04/17/2038, Series 2021-SFR1, Class C (1) | | | 3,500 | | | | 3,252 | |
Progress Residential 2021-SFR2 Trust | | | | | | | | |
2.55%, 04/19/2038, Series 2021-SFR2, Class E1 (1) | | | 5,000 | | | | 4,662 | |
Progress Residential 2021-SFR3 | | | | | | | | |
2.54%, 05/17/2026, Series 2021-SFR3, Class E1 (1) | | | 6,250 | | | | 5,812 | |
Progress Residential 2021-SFR9 Trust | | | | | | | | |
2.81%, 11/17/2040, Series 2021-SFR9, Class E1 (1) | | | 5,400 | | | | 4,717 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Progress Residential 2022-SFR1 Trust | | | | | | | | |
3.93%, 02/17/2041, Series 2022-SFR1, Class E1 (1) | | $ | 11,100 | | | $ | 9,886 | |
Progress Residential 2022-SFR2 Trust | | | | | | | | |
3.95%, 04/17/2027, Series 2022-SFR2, Class D (1) | | | 3,000 | | | | 2,819 | |
Progress Residential 2022-SFR3 Trust | | | | | | | | |
5.20%, 04/17/2039, Series 2022-SFR3, Class E1 (1) | | | 9,025 | | | | 8,634 | |
Progress Residential 2024-SFR2 Trust | | | | | | | | |
3.30%, 04/17/2041, Series 2024-SFR2, Class A (1) | | | 20,000 | | | | 18,311 | |
PRPM 2021-10 LLC | | | | | | | | |
2.49%, 10/25/2026, Series 2021-10, Class A1 (1)(2) | | | 1,559 | | | | 1,543 | |
PRPM 2021-3 LLC | | | | | | | | |
4.87%, 04/25/2026, Series 2021-3, Class A1 (1)(2) | | | 1,136 | | | | 1,122 | |
PRPM 2021-5 LLC | | | | | | | | |
4.79%, 06/25/2026, Series 2021-5, Class A1 (1)(2) | | | 1,986 | | | | 1,970 | |
PRPM 2021-9 LLC | | | | | | | | |
2.36%, 10/25/2026, Series 2021-9, Class A1 (1)(2) | | | 1,260 | | | | 1,240 | |
RCO VI Mortgage LLC 2022-1 | | | | | | | | |
3.00%, 01/25/2027, Series 2022-1, Class A1 (1)(2) | | | 3,507 | | | | 3,419 | |
RCO VII Mortgage LLC 2024-1 | | | | | | | | |
7.02%, 01/25/2029, Series 2024-1, Class A1 (1)(2) | | | 2,175 | | | | 2,168 | |
Redwood Funding Trust 2023-1 | | | | | | | | |
7.50%, 07/25/2059, Series 2023-1, Class A (1)(2) | | | 6,044 | | | | 5,916 | |
Regional Management Issuance Trust 2020-1 | | | | | | | | |
3.23%, 10/15/2030, Series 2020-1, Class B (1) | | | 2,590 | | | | 2,516 | |
Regional Management Issuance Trust 2021-1 | | | | | | | | |
1.68%, 03/17/2031, Series 2021-1, Class A (1) | | | 2,086 | | | | 2,030 | |
Renaissance Home Equity Loan Trust | | | | | | | | |
5.61%, 04/25/2037, Series 2007-1, Class AF3 (2) | | | 299 | | | | 76 | |
Renew 2017-1 | | | | | | | | |
3.67%, 09/20/2052, Series 2017-1A, Class A (1) | | | 796 | | | | 727 | |
Santander Consumer Auto Receivables Trust 2021-A | | | | | | | | |
0.48%, 06/15/2026, Series 2021-AA, Class A4 (1) | | | 1,377 | | | | 1,364 | |
Santander Drive Auto Receivables Trust 2021-2 | | | | | | | | |
1.35%, 07/15/2027, Series 2021-2, Class D | | | 6,851 | | | | 6,673 | |
Santander Drive Auto Receivables Trust 2022-1 | | | | | | | | |
2.56%, 04/17/2028, Series 2022-1, Class C | | | 6,590 | | | | 6,513 | |
Santander Drive Auto Receivables Trust 2022-4 | | | | | | | | |
4.14%, 02/16/2027, Series 2022-4, Class A3 | | | 3,944 | | | | 3,932 | |
Santander Drive Auto Receivables Trust 2022-6 | | | | | | | | |
4.49%, 11/16/2026, Series 2022-6, Class A3 | | | 591 | | | | 590 | |
5.69%, 02/18/2031, Series 2022-6, Class D | | | 10,600 | | | | 10,573 | |
Santander Drive Auto Receivables Trust 2023-1 | | | | | | | | |
4.88%, 04/15/2027, Series 2023-1, Class A3 | | | 3,841 | | | | 3,835 | |
5.09%, 05/15/2030, Series 2023-1, Class C | | | 2,300 | | | | 2,279 | |
Santander Drive Auto Receivables Trust 2023-3 | | | | | | | | |
5.77%, 11/15/2030, Series 2023-3, Class C | | | 4,500 | | | | 4,529 | |
Santander Drive Auto Receivables Trust 2023-4 | | | | | | | | |
5.73%, 04/17/2028, Series 2023-4, Class A3 | | | 7,302 | | | | 7,332 | |
6.04%, 12/15/2031, Series 2023-4, Class C | | | 8,300 | | | | 8,412 | |
Santander Drive Auto Receivables Trust 2023-6 | | | | | | | | |
5.98%, 04/16/2029, Series 2023-6, Class B | | | 2,500 | | | | 2,527 | |
6.40%, 03/17/2031, Series 2023-6, Class C | | | 1,000 | | | | 1,026 | |
Santander Drive Auto Receivables Trust 2024-3 | | | | | | | | |
5.55%, 09/17/2029, Series 2024-3, Class B | | | 6,888 | | | | 6,900 | |
5.63%, 01/16/2029, Series 2024-3, Class A3 | | | 6,273 | | | | 6,281 | |
5.97%, 10/15/2031, Series 2024-3, Class D | | | 11,480 | | | | 11,516 | |
SART 2018-1 | | | | | | | | |
4.76%, 06/15/2025, Series 2018-1 | | | 219 | | | | 218 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
SBNA Auto Lease Trust 2024-B | | | | | | | | |
5.55%, 12/20/2028, Series 2024-B, Class A4 (1) | | $ | 2,995 | | | $ | 3,008 | |
5.56%, 11/22/2027, Series 2024-B, Class A3 (1) | | | 2,996 | | | | 3,004 | |
SCF Equipment Leasing 2021-1 LLC | | | | | | | | |
1.93%, 09/20/2030, Series 2021-1A, Class D (1) | | | 3,600 | | | | 3,412 | |
SCF Equipment Leasing 2023-1 LLC | | | | | | | | |
6.17%, 05/20/2032, Series 2023-1A, Class A3 (1) | | | 5,000 | | | | 5,114 | |
7.00%, 08/22/2033, Series 2023-1A, Class D (1) | | | 8,558 | | | | 8,809 | |
Securitized Asset Backed Receivables LLC Trust 2006-CB1 | | | | | | | | |
2.84%, 01/25/2036, Series 2006-CB1, Class AF2 (2) | | | 41 | | | | 33 | |
SFS Auto Receivables Securitization Trust 2023-1 | | | | | | | | |
5.71%, 01/22/2030, Series 2023-1A, Class B (1) | | | 1,200 | | | | 1,214 | |
5.97%, 02/20/2031, Series 2023-1A, Class C (1) | | | 1,550 | | | | 1,572 | |
SFS Auto Receivables Securitization Trust 2024-2 | | | | | | | | |
5.33%, 11/20/2029, Series 2024-2A, Class A3 (1) | | | 3,359 | | | | 3,368 | |
Sierra Timeshare 2019-3 Receivables Funding LLC | | | | | | | | |
2.75%, 08/20/2036, Series 2019-3A, Class B (1) | | | 557 | | | | 553 | |
Sierra Timeshare 2020-2 Receivables Funding LLC | | | | | | | | |
1.33%, 07/20/2037, Series 2020-2A, Class A (1) | | | 605 | | | | 585 | |
Sierra Timeshare 2021-1 Receivables Funding LLC | | | | | | | | |
1.34%, 11/20/2037, Series 2021-1A, Class B (1) | | | 1,489 | | | | 1,415 | |
Sixth Street CLO XVI Ltd. | | | | | | | | |
7.11% (3 Month Term SOFR + 1.79%, 1.79% Floor), 01/20/2037, Series 2020-16A, Class A1R (1)(3) | | | 20,250 | | | | 20,344 | |
SoFi Professional Loan Program 2017-F LLC | | | | | | | | |
2.84%, 01/25/2041, Series 2017-F, Class A2FX (1) | | | 1,589 | | | | 1,552 | |
SoFi Professional Loan Program 2018-B Trust | | | | | | | | |
3.34%, 08/25/2047, Series 2018-B, Class A2FX (1) | | | 688 | | | | 676 | |
SoFi Professional Loan Program 2019-C LLC | | | | | | | | |
2.37%, 11/16/2048, Series 2019-C, Class A2FX (1) | | | 2,576 | | | | 2,417 | |
SoFi Professional Loan Program 2020-ATrust | | | | | | | | |
2.54%, 05/15/2046, Series 2020-A, Class A2FX (1) | | | 3,518 | | | | 3,295 | |
Sound Point CLO II Ltd. | | | | | | | | |
6.66% (3 Month Term SOFR + 1.33%, 1.33% Floor), 01/26/2031, Series 2013-1A, Class A1R (1)(3) | | | 6,534 | | | | 6,535 | |
Sound Point CLO XXII Ltd. | | | | | | | | |
6.67% (3 Month Term SOFR + 1.34%, 1.08% Floor), 01/20/2032, Series 2019-1A, Class AR (1)(3) | | | 2,500 | | | | 2,503 | |
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1 | | | | | | | | |
3.45%, 02/25/2032, Series 2002-AL1, Class A2 | | | 2 | | | | 2 | |
3.45%, 02/25/2032, Series 2002-AL1, Class A3 | | | 14 | | | | 5 | |
Synchrony Card Funding LLC | | | | | | | | |
5.54%, 07/15/2029, Series 2023-A1, Class A | | | 3,525 | | | | 3,549 | |
Tesla Electric Vehicle Trust 2023-1 | | | | | | | | |
5.38%, 02/20/2029, Series 2023-1, Class A4 (1) | | | 1,733 | | | | 1,739 | |
Texas Natural Gas Securitization Finance Corp. | | | | | | | | |
5.10%, 04/01/2035 | | | 11,171 | | | | 11,158 | |
5.17%, 04/01/2041 | | | 10,028 | | | | 10,046 | |
Towd Point HE Trust 2023-1 | | | | | | | | |
6.88%, 02/25/2063, Series 2023-1, Class A1A (1) | | | 1,083 | | | | 1,083 | |
Towd Point Mortgage Trust | | | | | | | | |
7.29%, 10/25/2063, Series 2023-CES2, Class A1A (1)(5) | | | 3,113 | | | | 3,172 | |
Towd Point Mortgage Trust 2020-MH1 | | | | | | | | |
2.25%, 02/25/2060, Series 2020-MH1, Class A1 (1)(5) | | | 2,362 | | | | 2,260 | |
Towd Point Mortgage Trust 2024-CES1 | | | | | | | | |
5.85%, 01/25/2064, Series 2024-CES1, Class A1A (1)(5) | | | 558 | | | | 556 | |
Towd Point Mortgage Trust 2024-CES3 | | | | | | | | |
6.29%, 05/25/2064, Series 2024-CES3, Class A1 (1)(5) | | | 6,817 | | | | 6,841 | |
Toyota Auto Loan Extended Note Trust 2024-1 | | | | | | | | |
5.16%, 11/25/2036, Series 2024-1A, Class A (1) | | | 7,290 | | | | 7,335 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Toyota Auto Receivables 2020-D Owner Trust | | | | | | | | |
0.47%, 01/15/2026, Series 2020-D, Class A4 | | $ | 1,748 | | | $ | 1,732 | |
Toyota Auto Receivables 2021-B Owner Trust | | | | | | | | |
0.53%, 10/15/2026, Series 2021-B, Class A4 | | | 1,886 | | | | 1,817 | |
Toyota Auto Receivables 2021-D Owner Trust | | | | | | | | |
1.02%, 03/15/2027, Series 2021-D, Class A4 | | | 854 | | | | 808 | |
Toyota Lease Owner Trust 2024-A | | | | | | | | |
5.26%, 06/20/2028, Series 2024-A, Class A4 (1) | | | 5,800 | | | | 5,796 | |
Trinitas CLO XXII Ltd. | | | | | | | | |
7.17% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/20/2036, Series 2023-22A, Class A1 (1)(3) | | | 14,000 | | | | 14,095 | |
Trinitas CLO XXVI Ltd. | | | | | | | | |
7.01% (3 Month Term SOFR + 1.69%, 1.69% Floor), 01/20/2035, Series 2023-26A, Class A1 (1)(3) | | | 18,500 | | | | 18,546 | |
Upstart Pass-Through Trust Series 2021-ST9 | | | | | | | | |
1.70%, 11/20/2029, Series 2021-ST9, Class A (1) | | | 435 | | | | 431 | |
VCAT 2021-NPL1 LLC | | | | | | | | |
5.29%, 12/26/2050, Series 2021-NPL1, Class A1 (1)(2) | | | 552 | | | | 549 | |
VCAT 2021-NPL5 LLC | | | | | | | | |
1.87%, 08/25/2051, Series 2021-NPL5, Class A1 (1)(2) | | | 4,298 | | | | 4,230 | |
VCAT 2021-NPL6 LLC | | | | | | | | |
1.92%, 09/25/2051, Series 2021-NPL6, Class A1 (1)(2) | | | 1,779 | | | | 1,741 | |
Venture 32 CLO Ltd. | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%, 1.10% Floor), 07/18/2031, Series 2018-32A, Class A1 (1)(3) | | | 7,496 | | | | 7,494 | |
Venture 43 CLO Ltd. | | | | | | | | |
6.83% (3 Month Term SOFR + 1.50%, 1.24% Floor), 04/15/2034, Series 2021-43A, Class A1 (1)(3) | | | 3,000 | | | | 3,004 | |
Vericrest Opportunity Loan Transferee | | | | | | | | |
1.87%, 08/25/2051, Series 2021-NP11, Class A1 (1)(2) | | | 3,513 | | | | 3,429 | |
Verizon Master Trust | | | | | | | | |
4.49%, 01/22/2029, Series 2023-1, Class A | | | 2,695 | | | | 2,662 | |
5.00%, 12/20/2028, Series 2024-1, Class A1A | | | 6,084 | | | | 6,058 | |
Verizon Master Trust Series 2024-5 | | | | | | | | |
5.00%, 06/21/2032, Series 2024-5, Class A (1) | | | 14,119 | | | | 14,088 | |
VM Debt | | | | | | | | |
7.46%, 07/18/2027, Series 2019-1 (1) | | | 14,996 | | | | 14,097 | |
Volkswagen Auto Loan Enhanced Trust 2023-1 | | | | | | | | |
5.01%, 01/22/2030, Series 2023-1, Class A4 | | | 1,748 | | | | 1,741 | |
VOLT CV LLC | | | | | | | | |
2.49%, 11/27/2051, Series 2021-CF2, Class A1 (1)(2) | | | 6,594 | | | | 6,375 | |
VOLT XCII LLC | | | | | | | | |
4.89%, 02/27/2051, Series 2021-NPL1, Class A1 (1)(2) | | | 2,667 | | | | 2,626 | |
VOLT XCIII LLC | | | | | | | | |
4.89%, 02/27/2051, Series 2021-NPL2, Class A1 (1)(2) | | | 6,153 | | | | 6,062 | |
VOLT XCIV LLC | | | | | | | | |
5.24%, 02/27/2051, Series 2021-NPL3, Class A1 (1)(2) | | | 6,053 | | | | 5,987 | |
VOLT XCIX LLC | | | | | | | | |
5.12%, 04/25/2051, Series 2021-NPL8, Class A1 (1)(2) | | | 2,654 | | | | 2,629 | |
VOLT XCVI LLC | | | | | | | | |
5.12%, 03/27/2051, Series 2021-NPL5, Class A1 (1)(2) | | | 5,457 | | | | 5,410 | |
VOLT XCVII LLC | | | | | | | | |
5.24%, 04/25/2051, Series 2021-NPL6, Class A1 (1)(2) | | | 6,130 | | | | 6,095 | |
Voya CLO 2019-3 Ltd. | | | | | | | | |
6.66% (3 Month Term SOFR + 1.34%, 1.08% Floor), 10/17/2032, Series 2019-3A, Class AR (1)(3) | | | 20,000 | | | | 20,039 | |
VSE 2018-A Voi Mortgage LLC | | | | | | | | |
3.56%, 02/20/2036, Series 2018-A, Class A (1) | | | 395 | | | | 392 | |
Wellfleet CLO 2020-1 Ltd. | | | | | | | | |
6.54% (3 Month Term SOFR + 1.20%, 1.20% Floor), 04/15/2033, Series 2020-1A, Class A1AR (1)(3) | | | 24,000 | | | | 24,000 | |
Westgate Resorts 2024-1 LLC | | | | | | | | |
6.56%, 01/20/2038, Series 2024-1A, Class B (1) | | | 6,515 | | | | 6,503 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Asset-Backed Obligations – 11.71% – (continued) | | | | | | | | |
Westlake Automobile Receivables Trust 2020-3 | | | | | | | | |
1.65%, 02/17/2026, Series 2020-3A, Class D (1) | | $ | 644 | | | $ | 640 | |
Westlake Automobile Receivables Trust 2022-2 | | | | | | | | |
5.48%, 09/15/2027, Series 2022-2A, Class D (1) | | | 3,500 | | | | 3,470 | |
Westlake Automobile Receivables Trust 2023-1 | | | | | | | | |
5.21%, 01/18/2028, Series 2023-1A, Class A3 (1) | | | 4,523 | | | | 4,507 | |
6.79%, 11/15/2028, Series 2023-1A, Class D (1) | | | 3,345 | | | | 3,399 | |
Westlake Automobile Receivables Trust 2023-2 | | | | | | | | |
7.01%, 11/15/2028, Series 2023-2A, Class D (1) | | | 7,312 | | | | 7,414 | |
Westlake Automobile Receivables Trust 2023-3 | | | | | | | | |
6.02%, 09/15/2028, Series 2023-3A, Class C (1) | | | 7,800 | | | | 7,822 | |
Westlake Automobile Receivables Trust 2024-2 | | | | | | | | |
5.62%, 03/15/2030, Series 2024-2A, Class B (1) | | | 4,108 | | | | 4,110 | |
WF Card Issuance Trust | | | | | | | | |
4.94%, 02/15/2029, Series 2024-A1, Class A | | | 4,898 | | | | 4,890 | |
Wheels Fleet Lease Funding 1 LLC | | | | | | | | |
5.80%, 04/18/2038, Series 2023-1A, Class A (1) | | | 13,502 | | | | 13,503 | |
World Omni Auto Receivables Trust 2020-C | | | | | | | | |
0.61%, 10/15/2026, Series 2020-C, Class A4 | | | 2,983 | | | | 2,938 | |
World Omni Auto Receivables Trust 2023-D | | | | | | | | |
5.79%, 02/15/2029, Series 2023-D, Class A3 | | | 2,600 | | | | 2,632 | |
World Omni Auto Receivables Trust 2024-B | | | | | | | | |
5.23%, 07/15/2030, Series 2024-B, Class A4 | | | 2,819 | | | | 2,838 | |
5.27%, 09/17/2029, Series 2024-B, Class A3 | | | 3,319 | | | | 3,329 | |
World Omni Automobile Lease Securitization Trust 2023-A | | | | | | | | |
5.04%, 07/17/2028, Series 2023-A, Class A4 | | | 1,470 | | | | 1,461 | |
World Omni Automobile Lease Securitization Trust 2024-A | | | | | | | | |
5.25%, 09/17/2029, Series 2024-A, Class A4 | | | 3,640 | | | | 3,649 | |
5.26%, 10/15/2027, Series 2024-A, Class A3 | | | 5,024 | | | | 5,030 | |
World Omni Select Auto Trust 2021-A | | | | | | | | |
1.09%, 11/15/2027, Series 2021-A, Class C | | | 2,350 | | | | 2,235 | |
Zais CLO 7 Ltd. | | | | | | | | |
6.88% (3 Month Term SOFR + 1.55%), 04/15/2030, Series 2017-2A, Class A (1)(3) | | | 1,709 | | | | 1,710 | |
| | | | | | | | |
Total Asset-Backed Obligations
(Cost: $2,031,653) | | | | | | | 1,999,774 | |
| | | | | | | | |
Corporate Bonds – 29.06% | | | | | | | | |
| Basic Materials – 0.93% | | | | | | | | |
Albemarle Corp. | | | | | | | | |
5.45%, 12/01/2044 | | | 600 | | | | 546 | |
Anglo American Capital Plc | | | | | | | | |
3.63%, 09/11/2024 (1) | | | 630 | | | | 627 | |
4.75%, 04/10/2027 (1) | | | 5,500 | | | | 5,398 | |
5.63%, 04/01/2030 (1) | | | 4,300 | | | | 4,328 | |
5.75%, 04/05/2034 (1) | | | 14,350 | | | | 14,320 | |
ArcelorMittal SA | | | | | | | | |
6.00%, 06/17/2034 | | | 1,678 | | | | 1,677 | |
6.35%, 06/17/2054 | | | 2,319 | | | | 2,252 | |
6.75%, 03/01/2041 | | | 3,462 | | | | 3,531 | |
Barrick Gold Corp. | | | | | | | | |
6.45%, 10/15/2035 | | | 203 | | | | 218 | |
Celulosa Arauco y Constitucion SA | | | | | | | | |
4.50%, 08/01/2024 | | | 779 | | | | 777 | |
CF Industries, Inc. | | | | | | | | |
4.95%, 06/01/2043 | | | 1,800 | | | | 1,570 | |
5.38%, 03/15/2044 | | | 2,040 | | | | 1,872 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Basic Materials – 0.93% – (continued) | | | | | | | | |
Corp. Nacional del Cobre de Chile | | | | | | | | |
3.63%, 08/01/2027 (1) | | $ | 3,820 | | | $ | 3,622 | |
6.44%, 01/26/2036 (1) | | | 2,076 | | | | 2,143 | |
Dow Chemical Co. | | | | | | | | |
4.55%, 11/30/2025 | | | 437 | | | | 432 | |
DuPont de Nemours, Inc. | | | | | | | | |
5.32%, 11/15/2038 | | | 3,425 | | | | 3,523 | |
5.42%, 11/15/2048 | | | 1,865 | | | | 1,932 | |
Freeport Indonesia PT | | | | | | | | |
4.76%, 04/14/2027 (1) | | | 660 | | | | 646 | |
5.32%, 04/14/2032 (1) | | | 4,054 | | | | 3,931 | |
6.20%, 04/14/2052 (1) | | | 1,676 | | | | 1,652 | |
Glencore Funding LLC | | | | | | | | |
2.63%, 09/23/2031 (1) | | | 4,000 | | | | 3,282 | |
3.88%, 10/27/2027 (1) | | | 875 | | | | 835 | |
3.88%, 04/27/2051 (1) | | | 1,000 | | | | 714 | |
4.00%, 03/27/2027 (1) | | | 6,300 | | | | 6,073 | |
5.34%, 04/04/2027 (1) | | | 7,073 | | | | 7,059 | |
5.37%, 04/04/2029 (1) | | | 4,642 | | | | 4,620 | |
5.63%, 04/04/2034 (1) | | | 5,346 | | | | 5,264 | |
5.70%, 05/08/2033 (1) | | | 1,700 | | | | 1,694 | |
6.38%, 10/06/2030 (1) | | | 2,512 | | | | 2,618 | |
6.50%, 10/06/2033 (1) | | | 7,000 | | | | 7,292 | |
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT | | | | | | | | |
4.75%, 05/15/2025 (1) | | | 5,657 | | | | 5,598 | |
5.45%, 05/15/2030 (1) | | | 4,661 | | | | 4,575 | |
6.53%, 11/15/2028 (1) | | | 4,448 | | | | 4,602 | |
LYB International Finance BV | | | | | | | | |
4.88%, 03/15/2044 | | | 300 | | | | 261 | |
5.25%, 07/15/2043 | | | 610 | | | | 553 | |
LYB International Finance III LLC | | | | | | | | |
1.25%, 10/01/2025 | | | 692 | | | | 655 | |
Newmont Corp. / Newcrest Finance Pty Ltd. | | | | | | | | |
5.35%, 03/15/2034 (1) | | | 15,221 | | | | 15,197 | |
Nutrien Ltd. | | | | | | | | |
4.13%, 03/15/2035 | | | 1,960 | | | | 1,747 | |
4.20%, 04/01/2029 | | | 420 | | | | 402 | |
5.25%, 01/15/2045 | | | 1,444 | | | | 1,328 | |
OCP SA | | | | | | | | |
6.75%, 05/02/2034 (1) | | | 4,622 | | | | 4,743 | |
Reliance, Inc. | | | | | | | | |
2.15%, 08/15/2030 | | | 3,100 | | | | 2,593 | |
Rio Tinto Alcan, Inc. | | | | | | | | |
5.75%, 06/01/2035 | | | 54 | | | | 56 | |
Samarco Mineracao SA | | | | | | | | |
9.00%, 06/30/2031 (1)(7) | | | 582 | | | | 541 | |
Sasol Financing USA LLC | | | | | | | | |
6.50%, 09/27/2028 | | | 1,555 | | | | 1,482 | |
Steel Dynamics, Inc. | | | | | | | | |
5.38%, 08/15/2034 | | | 2,514 | | | | 2,471 | |
Union Carbide Corp. | | | | | | | | |
7.75%, 10/01/2096 | | | 681 | | | | 829 | |
Vale Overseas Ltd. | | | | | | | | |
6.13%, 06/12/2033 | | | 8,122 | | | | 8,185 | |
6.88%, 11/21/2036 | | | 5,167 | | | | 5,545 | |
6.88%, 11/10/2039 | | | 2,107 | | | | 2,247 | |
8.25%, 01/17/2034 | | | 984 | | | | 1,152 | |
| | | | | | | | |
Total Basic Materials | | | | 159,210 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Communications – 2.21% | | | | | | | | |
Amazon.com, Inc. | | | | | | | | |
3.88%, 08/22/2037 | | $ | 1,700 | | | $ | 1,501 | |
3.95%, 04/13/2052 | | | 4,000 | | | | 3,216 | |
AT&T, Inc. | | | | | | | | |
1.65%, 02/01/2028 | | | 525 | | | | 466 | |
2.25%, 02/01/2032 | | | 3,510 | | | | 2,847 | |
2.55%, 12/01/2033 | | | 7,636 | | | | 6,072 | |
2.75%, 06/01/2031 | | | 2,315 | | | | 1,982 | |
3.50%, 06/01/2041 | | | 1,353 | | | | 1,034 | |
3.50%, 09/15/2053 | | | 16,032 | | | | 10,883 | |
3.55%, 09/15/2055 | | | 10,545 | | | | 7,109 | |
3.65%, 06/01/2051 | | | 1,565 | | | | 1,105 | |
3.65%, 09/15/2059 | | | 1,685 | | | | 1,130 | |
3.80%, 12/01/2057 | | | 987 | | | | 690 | |
4.50%, 05/15/2035 | | | 7,570 | | | | 6,971 | |
4.65%, 06/01/2044 | | | 2,145 | | | | 1,833 | |
5.40%, 02/15/2034 | | | 16,455 | | | | 16,455 | |
6.00%, 08/15/2040 | | | 2,275 | | | | 2,323 | |
Bell Telephone Co. of Canada or Bell Canada | | | | | | | | |
5.10%, 05/11/2033 | | | 3,000 | | | | 2,942 | |
British Telecommunications Plc | | | | | | | | |
9.63%, 12/15/2030 | | | 5,000 | | | | 6,105 | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | |
3.50%, 06/01/2041 | | | 13,115 | | | | 8,808 | |
3.50%, 03/01/2042 | | | 8,745 | | | | 5,818 | |
3.70%, 04/01/2051 | | | 2,580 | | | | 1,569 | |
4.91%, 07/23/2025 | | | 2,305 | | | | 2,283 | |
5.05%, 03/30/2029 | | | 2,000 | | | | 1,923 | |
5.38%, 04/01/2038 | | | 835 | | | | 727 | |
5.75%, 04/01/2048 | | | 1,603 | | | | 1,340 | |
6.38%, 10/23/2035 | | | 4,000 | | | | 3,900 | |
6.55%, 06/01/2034 | | | 11,981 | | | | 11,985 | |
6.83%, 10/23/2055 | | | 690 | | | | 652 | |
Comcast Corp. | | | | | | | | |
2.89%, 11/01/2051 | | | 3,342 | | | | 2,085 | |
2.94%, 11/01/2056 | | | 845 | | | | 510 | |
2.99%, 11/01/2063 | | | 2,980 | | | | 1,749 | |
3.25%, 11/01/2039 | | | 3,295 | | | | 2,536 | |
3.75%, 04/01/2040 | | | 2,195 | | | | 1,786 | |
3.90%, 03/01/2038 | | | 455 | | | | 386 | |
3.97%, 11/01/2047 | | | 154 | | | | 120 | |
4.00%, 11/01/2049 | | | 638 | | | | 498 | |
4.05%, 11/01/2052 | | | 156 | | | | 121 | |
4.20%, 08/15/2034 | | | 555 | | | | 509 | |
4.25%, 01/15/2033 | | | 3,107 | | | | 2,905 | |
5.35%, 05/15/2053 | | | 7,275 | | | | 6,974 | |
Corning, Inc. | | | | | | | | |
3.90%, 11/15/2049 | | | 960 | | | | 722 | |
Cox Communications, Inc. | | | | | | | | |
2.60%, 06/15/2031 (1) | | | 15,920 | | | | 13,149 | |
2.95%, 10/01/2050 (1) | | | 1,275 | | | | 758 | |
3.35%, 09/15/2026 (1) | | | 369 | | | | 353 | |
3.50%, 08/15/2027 (1) | | | 8,245 | | | | 7,794 | |
3.60%, 06/15/2051 (1) | | | 1,250 | | | | 848 | |
3.85%, 02/01/2025 (1) | | | 1,250 | | | | 1,235 | |
4.80%, 02/01/2035 (1) | | | 6,000 | | | | 5,426 | |
Crown Castle Towers LLC | | | | | | | | |
3.66%, 05/15/2025 (1) | | | 955 | | | | 938 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Communications – 2.21% – (continued) | | | | | | | | |
Deutsche Telekom International Finance BV | | | | | | | | |
8.75%, 06/15/2030 | | $ | 49 | | | $ | 57 | |
Discovery Communications LLC | | | | | | | | |
3.63%, 05/15/2030 | | | 4,150 | | | | 3,652 | |
eBay, Inc. | | | | | | | | |
2.60%, 05/10/2031 | | | 8,000 | | | | 6,790 | |
Grupo Televisa SAB | | | | | | | | |
6.13%, 01/31/2046 | | | 220 | | | | 212 | |
Meta Platforms, Inc. | | | | | | | | |
5.60%, 05/15/2053 | | | 3,065 | | | | 3,128 | |
5.75%, 05/15/2063 | | | 2,296 | | | | 2,359 | |
NBCUniversal Media LLC | | | | | | | | |
4.45%, 01/15/2043 | | | 10 | | | | 9 | |
NBN Co. Ltd. | | | | | | | | |
2.63%, 05/05/2031 (1) | | | 15,025 | | | | 12,894 | |
5.75%, 10/06/2028 (1) | | | 2,255 | | | | 2,317 | |
NTT Finance Corp. | | | | | | | | |
5.11%, 07/02/2029 (1) | | | 1,757 | | | | 1,751 | |
Paramount Global | | | | | | | | |
2.90%, 01/15/2027 | | | 525 | | | | 485 | |
3.70%, 06/01/2028 | | | 870 | | | | 784 | |
4.90%, 08/15/2044 | | | 315 | | | | 219 | |
Rogers Communications, Inc. | | | | | | | | |
3.80%, 03/15/2032 | | | 4,650 | | | | 4,155 | |
4.55%, 03/15/2052 | | | 1,995 | | | | 1,629 | |
5.30%, 02/15/2034 | | | 12,145 | | | | 11,917 | |
Sprint Capital Corp. | | | | | | | | |
6.88%, 11/15/2028 | | | 7,612 | | | | 8,069 | |
Telecom Italia Capital SA | | | | | | | | |
7.20%, 07/18/2036 | | | 413 | | | | 395 | |
7.20%, 07/18/2036 (1) | | | 1,231 | | | | 1,269 | |
Telefonica Emisiones SA | | | | | | | | |
4.10%, 03/08/2027 | | | 2,215 | | | | 2,150 | |
4.90%, 03/06/2048 | | | 4,575 | | | | 3,863 | |
Time Warner Cable Enterprises LLC | | | | | | | | |
8.38%, 07/15/2033 | | | 529 | | | | 584 | |
Time Warner Cable LLC | | | | | | | | |
5.50%, 09/01/2041 | | | 6,815 | | | | 5,675 | |
5.88%, 11/15/2040 | | | 1,275 | | | | 1,106 | |
6.55%, 05/01/2037 | | | 375 | | | | 355 | |
6.75%, 06/15/2039 | | | 539 | | | | 521 | |
7.30%, 07/01/2038 | | | 253 | | | | 256 | |
T-Mobile USA, Inc. | | | | | | | | |
3.00%, 02/15/2041 | | | 2,300 | | | | 1,646 | |
3.60%, 11/15/2060 | | | 3,920 | | | | 2,650 | |
3.88%, 04/15/2030 | | | 54,202 | | | | 50,670 | |
4.50%, 04/15/2050 | | | 1,023 | | | | 854 | |
4.85%, 01/15/2029 | | | 2,974 | | | | 2,937 | |
5.05%, 07/15/2033 | | | 3,360 | | | | 3,287 | |
5.15%, 04/15/2034 | | | 1,947 | | | | 1,914 | |
5.65%, 01/15/2053 | | | 1,000 | | | | 985 | |
5.75%, 01/15/2054 | | | 1,406 | | | | 1,399 | |
Verizon Communications, Inc. | | | | | | | | |
1.68%, 10/30/2030 | | | 765 | | | | 622 | |
2.10%, 03/22/2028 | | | 1,176 | | | | 1,058 | |
2.36%, 03/15/2032 | | | 26,930 | | | | 22,016 | |
2.55%, 03/21/2031 | | | 13,855 | | | | 11,771 | |
2.65%, 11/20/2040 | | | 2,329 | | | | 1,604 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Communications – 2.21% – (continued) | | | | | | | | |
3.15%, 03/22/2030 | | $ | 515 | | | $ | 464 | |
3.40%, 03/22/2041 | | | 1,500 | | | | 1,147 | |
3.70%, 03/22/2061 | | | 3,000 | | | | 2,117 | |
4.02%, 12/03/2029 | | | 197 | | | | 186 | |
4.27%, 01/15/2036 | | | 2,311 | | | | 2,094 | |
4.33%, 09/21/2028 | | | 10,688 | | | | 10,392 | |
4.40%, 11/01/2034 | | | 2,500 | | | | 2,317 | |
4.81%, 03/15/2039 | | | 7,941 | | | | 7,364 | |
Vodafone Group Plc | | | | | | | | |
5.63%, 02/10/2053 | | | 475 | | | | 455 | |
6.15%, 02/27/2037 | | | 4,600 | | | | 4,886 | |
| | | | | | | | |
Total Communications | | | | 376,507 | |
| | | | | | | | |
| Consumer, Cyclical – 1.74% | | | | | | | | |
7-Eleven, Inc. | | | | | | | | |
1.80%, 02/10/2031 (1) | | | 1,270 | | | | 1,017 | |
2.50%, 02/10/2041 (1) | | | 1,298 | | | | 848 | |
Air Canada 2013-1 Class A Pass-Through Trust | | | | | | | | |
4.13%, 05/15/2025 (1) | | | 1,135 | | | | 1,110 | |
Air Canada 2015-1 Class A Pass-Through Trust | | | | | | | | |
3.60%, 03/15/2027 (1) | | | 539 | | | | 511 | |
Air Canada 2015-2 Class AA Pass-Through Trust | | | | | | | | |
3.75%, 12/15/2027 (1) | | | 875 | | | | 822 | |
Air Canada 2017-1 Class A Pass-Through Trust | | | | | | | | |
3.55%, 01/15/2030 (1) | | | 2,121 | | | | 1,898 | |
Air Canada 2017-1 Class AA Pass-Through Trust | | | | | | | | |
3.30%, 01/15/2030 (1) | | | 4,106 | | | | 3,751 | |
Alimentation Couche-Tard, Inc. | | | | | | | | |
3.44%, 05/13/2041 (1) | | | 2,460 | | | | 1,856 | |
3.63%, 05/13/2051 (1) | | | 3,500 | | | | 2,512 | |
3.80%, 01/25/2050 (1) | | | 2,100 | | | | 1,568 | |
5.27%, 02/12/2034 (1) | | | 3,050 | | | | 3,005 | |
5.62%, 02/12/2054 (1) | | | 2,200 | | | | 2,172 | |
American Airlines 2014-1 Class A Pass-Through Trust | | | | | | | | |
3.70%, 10/01/2026 | | | 253 | | | | 241 | |
American Airlines 2015-1 Class A Pass-Through Trust | | | | | | | | |
3.38%, 05/01/2027 | | | 5,629 | | | | 5,314 | |
American Airlines 2015-2 Class AA Pass-Through Trust | | | | | | | | |
3.60%, 09/22/2027 | | | 441 | | | | 418 | |
American Airlines 2016-2 Class A Pass-Through Trust | | | | | | | | |
3.65%, 06/15/2028 | | | 782 | | | | 718 | |
American Airlines 2016-2 Class AA Pass-Through Trust | | | | | | | | |
3.20%, 06/15/2028 | | | 991 | | | | 919 | |
American Airlines 2016-3 Class AA Pass-Through Trust | | | | | | | | |
3.00%, 10/15/2028 | | | 974 | | | | 896 | |
AutoZone, Inc. | | | | | | | | |
1.65%, 01/15/2031 | | | 1,540 | | | | 1,235 | |
British Airways 2018-1 Class A Pass-Through Trust | | | | | | | | |
4.13%, 09/20/2031 (1) | | | 1,645 | | | | 1,534 | |
British Airways 2018-1 Class AA Pass-Through Trust | | | | | | | | |
3.80%, 09/20/2031 (1) | | | 773 | | | | 726 | |
British Airways 2019-1 Class AA Pass-Through Trust | | | | | | | | |
3.30%, 12/15/2032 (1) | | | 1,265 | | | | 1,137 | |
CK Hutchison International 21 Ltd. | | | | | | | | |
3.13%, 04/15/2041 (1) | | | 703 | | | | 520 | |
Continental Airlines 2012-2 Class A Pass-Through Trust | | | | | | | | |
4.00%, 10/29/2024 | | | 3,176 | | | | 3,176 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Cyclical – 1.74% – (continued) | | | | | | | | |
Cummins, Inc. | | | | | | | | |
5.45%, 02/20/2054 | | $ | 2,352 | | | $ | 2,307 | |
Daimler Truck Finance North America LLC | | | | | | | | |
5.13%, 09/25/2027 (1) | | | 6,005 | | | | 5,977 | |
5.38%, 06/25/2034 (1) | | | 4,971 | | | | 4,914 | |
Delta Air Lines 2020-1 Class AA Pass-Through Trust | | | | | | | | |
2.00%, 06/10/2028 | | | 1,204 | | | | 1,095 | |
Ford Motor Credit Co. LLC | | | | | | | | |
2.90%, 02/10/2029 | | | 6,720 | | | | 5,925 | |
4.00%, 11/13/2030 | | | 4,720 | | | | 4,214 | |
4.13%, 08/17/2027 | | | 750 | | | | 713 | |
5.80%, 03/08/2029 | | | 9,580 | | | | 9,546 | |
6.13%, 03/08/2034 | | | 6,273 | | | | 6,205 | |
6.80%, 11/07/2028 | | | 1,590 | | | | 1,643 | |
7.35%, 03/06/2030 | | | 1,265 | | | | 1,339 | |
General Motors Co. | | | | | | | | |
5.00%, 04/01/2035 | | | 4,591 | | | | 4,298 | |
6.13%, 10/01/2025 | | | 14,000 | | | | 14,073 | |
6.60%, 04/01/2036 | | | 685 | | | | 717 | |
General Motors Financial Co., Inc. | | | | | | | | |
1.25%, 01/08/2026 | | | 2,126 | | | | 1,990 | |
2.35%, 01/08/2031 | | | 1,707 | | | | 1,400 | |
2.70%, 06/10/2031 | | | 3,430 | | | | 2,836 | |
3.80%, 04/07/2025 | | | 1,785 | | | | 1,758 | |
4.30%, 07/13/2025 | | | 1,765 | | | | 1,741 | |
5.35%, 07/15/2027 | | | 4,164 | | | | 4,152 | |
5.40%, 05/08/2027 | | | 1,855 | | | | 1,854 | |
5.75%, 02/08/2031 | | | 1,170 | | | | 1,173 | |
5.95%, 04/04/2034 | | | 6,975 | | | | 6,981 | |
Home Depot, Inc. | | | | | | | | |
3.63%, 04/15/2052 | | | 2,600 | | | | 1,923 | |
4.40%, 03/15/2045 | | | 268 | | | | 232 | |
4.85%, 06/25/2031 | | | 14,410 | | | | 14,297 | |
5.30%, 06/25/2054 | | | 9,399 | | | | 9,177 | |
Hyatt Hotels Corp. | | | | | | | | |
5.75%, 01/30/2027 | | | 2,370 | | | | 2,393 | |
Hyundai Capital America | | | | | | | | |
1.30%, 01/08/2026 (1) | | | 1,005 | | | | 943 | |
1.50%, 06/15/2026 (1) | | | 2,215 | | | | 2,053 | |
1.80%, 10/15/2025 (1) | | | 1,190 | | | | 1,134 | |
1.80%, 01/10/2028 (1) | | | 2,170 | | | | 1,923 | |
2.38%, 10/15/2027 (1) | | | 1,200 | | | | 1,094 | |
3.00%, 02/10/2027 (1) | | | 675 | | | | 637 | |
5.35%, 03/19/2029 (1) | | | 7,831 | | | | 7,819 | |
5.68%, 06/26/2028 (1) | | | 5,000 | | | | 5,053 | |
6.10%, 09/21/2028 (1) | | | 11,410 | | | | 11,717 | |
JetBlue 2020-1 Class B Pass-Through Trust | | | | | | | | |
7.75%, 11/15/2028 | | | 1,193 | | | | 1,226 | |
Kia Corp. | | | | | | | | |
1.75%, 10/16/2026 (1) | | | 1,620 | | | | 1,494 | |
Lear Corp. | | | | | | | | |
2.60%, 01/15/2032 | | | 1,225 | | | | 1,003 | |
Lowe’s Companies, Inc. | | | | | | | | |
5.63%, 04/15/2053 | | | 2,853 | | | | 2,762 | |
Marriott International, Inc. | | | | | | | | |
4.90%, 04/15/2029 | | | 809 | | | | 800 | |
McDonald’s Corp. | | | | | | | | |
4.45%, 03/01/2047 | | | 360 | | | | 302 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Cyclical – 1.74% – (continued) | | | | | | | | |
4.70%, 12/09/2035 | | $ | 216 | | | $ | 205 | |
6.30%, 10/15/2037 | | | 394 | | | | 422 | |
Nissan Motor Co. Ltd. | | | | | | | | |
4.81%, 09/17/2030 (1) | | | 2,551 | | | | 2,370 | |
O’Reilly Automotive, Inc. | | | | | | | | |
3.60%, 09/01/2027 | | | 802 | | | | 764 | |
4.70%, 06/15/2032 | | | 3,150 | | | | 3,040 | |
Sands China Ltd. | | | | | | | | |
5.40%, 08/08/2028 | | | 249 | | | | 244 | |
Spirit Airlines Pass-Through Trust 2017-1AA | | | | | | | | |
3.38%, 02/15/2030 | | | 659 | | | | 581 | |
Stellantis Finance U.S., Inc. | | | | | | | | |
2.69%, 09/15/2031 (1) | | | 2,008 | | | | 1,660 | |
Toll Brothers Finance Corp. | | | | | | | | |
4.35%, 02/15/2028 | | | 16,345 | | | | 15,787 | |
Toyota Motor Credit Corp. | | | | | | | | |
5.05%, 05/16/2029 | | | 14,511 | | | | 14,562 | |
United Airlines 2013-1 Class A Pass-Through Trust | | | | | | | | |
4.30%, 08/15/2025 | | | 2,354 | | | | 2,317 | |
United Airlines 2014-1 Class A Pass-Through Trust | | | | | | | | |
4.00%, 04/11/2026 | | | 571 | | | | 553 | |
United Airlines 2016-1 Class A Pass-Through Trust | | | | | | | | |
3.45%, 07/07/2028 | | | 1,166 | | | | 1,069 | |
United Airlines 2016-1 Class AA Pass-Through Trust | | | | | | | | |
3.10%, 07/07/2028 | | | 5,250 | | | | 4,872 | |
United Airlines 2016-1 Class B Pass-Through Trust | | | | | | | | |
3.65%, 01/07/2026 | | | 1,211 | | | | 1,171 | |
United Airlines 2016-2 Class A Pass-Through Trust | | | | | | | | |
3.10%, 10/07/2028 | | | 1,999 | | | | 1,796 | |
United Airlines 2016-2 Class AA Pass-Through Trust | | | | | | | | |
2.88%, 10/07/2028 | | | 1,200 | | | | 1,093 | |
United Airlines 2016-2 Class B Pass-Through Trust | | | | | | | | |
3.65%, 10/07/2025 | | | 1,419 | | | | 1,376 | |
United Airlines 2018-1 Class A Pass-Through Trust | | | | | | | | |
3.70%, 03/01/2030 | | | 2,840 | | | | 2,577 | |
United Airlines 2018-1 Class AA Pass-Through Trust | | | | | | | | |
3.50%, 03/01/2030 | | | 2,511 | | | | 2,319 | |
United Airlines 2018-1 Class B Pass-Through Trust | | | | | | | | |
4.60%, 03/01/2026 | | | 777 | | | | 760 | |
United Airlines 2019-1 Class A Pass-Through Trust | | | | | | | | |
4.55%, 08/25/2031 | | | 1,621 | | | | 1,496 | |
United Airlines 2019-1 Class AA Pass-Through Trust | | | | | | | | |
4.15%, 08/25/2031 | | | 1,855 | | | | 1,738 | |
United Airlines 2019-2 Class AA Pass-Through Trust | | | | | | | | |
2.70%, 05/01/2032 | | | 2,346 | | | | 2,030 | |
Volkswagen Group of America Finance LLC | | | | | | | | |
1.63%, 11/24/2027 (1) | | | 897 | | | | 795 | |
4.35%, 06/08/2027 (1) | | | 12,500 | | | | 12,193 | |
5.80%, 09/12/2025 (1) | | | 11,190 | | | | 11,213 | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.28%, 03/15/2032 | | | 6,000 | | | | 5,237 | |
5.05%, 03/15/2042 | | | 8,721 | | | | 7,094 | |
5.14%, 03/15/2052 | | | 4,910 | | | | 3,823 | |
| | | | | | | | |
Total Consumer, Cyclical | | | | 297,894 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Non-cyclical – 3.30% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.05%, 11/21/2039 | | $ | 8,792 | | | $ | 7,637 | |
4.25%, 11/21/2049 | | | 741 | | | | 618 | |
4.40%, 11/06/2042 | | | 1,700 | | | | 1,491 | |
4.45%, 05/14/2046 | | | 425 | | | | 369 | |
4.55%, 03/15/2035 | | | 6,025 | | | | 5,715 | |
4.70%, 05/14/2045 | | | 3,255 | | | | 2,940 | |
5.05%, 03/15/2034 | | | 4,510 | | | | 4,497 | |
5.40%, 03/15/2054 | | | 5,036 | | | | 4,980 | |
5.50%, 03/15/2064 | | | 2,096 | | | | 2,069 | |
Aetna, Inc. | | | | | | | | |
4.50%, 05/15/2042 | | | 4,205 | | | | 3,502 | |
4.75%, 03/15/2044 | | | 1,800 | | | | 1,515 | |
6.75%, 12/15/2037 | | | 341 | | | | 364 | |
AHS Hospital Corp. | | | | | | | | |
2.78%, 07/01/2051 | | | 2,730 | | | | 1,736 | |
Altria Group, Inc. | | | | | | | | |
2.45%, 02/04/2032 | | | 3,845 | | | | 3,109 | |
Amgen, Inc. | | | | | | | | |
1.65%, 08/15/2028 | | | 1,155 | | | | 1,010 | |
2.80%, 08/15/2041 | | | 1,980 | | | | 1,392 | |
3.00%, 01/15/2052 | | | 2,500 | | | | 1,637 | |
3.15%, 02/21/2040 | | | 2,000 | | | | 1,495 | |
5.60%, 03/02/2043 | | | 2,940 | | | | 2,897 | |
5.65%, 03/02/2053 | | | 11,949 | | | | 11,767 | |
Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.70%, 02/01/2036 | | | 7,057 | | | | 6,728 | |
4.90%, 02/01/2046 | | | 6,000 | | | | 5,532 | |
Anheuser-Busch InBev Finance, Inc. | | | | | | | | |
4.63%, 02/01/2044 | | | 455 | | | | 406 | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
4.35%, 06/01/2040 | | | 5,910 | | | | 5,209 | |
4.38%, 04/15/2038 | | | 2,240 | | | | 2,039 | |
4.44%, 10/06/2048 | | | 590 | | | | 505 | |
4.60%, 04/15/2048 | | | 757 | | | | 670 | |
4.95%, 01/15/2042 | | | 2,735 | | | | 2,567 | |
5.45%, 01/23/2039 | | | 1,200 | | | | 1,216 | |
Ascension Health | | | | | | | | |
3.11%, 11/15/2039 | | | 2,670 | | | | 2,072 | |
Ashtead Capital, Inc. | | | | | | | | |
5.80%, 04/15/2034 (1) | | | 5,000 | | | | 4,962 | |
Astrazeneca Finance LLC | | | | | | | | |
5.00%, 02/26/2034 | | | 11,136 | | | | 11,074 | |
AstraZeneca Plc | | | | | | | | |
4.00%, 09/18/2042 | | | 540 | | | | 454 | |
6.45%, 09/15/2037 | | | 500 | | | | 557 | |
Baptist Healthcare System Obligated Group | | | | | | | | |
3.54%, 08/15/2050 | | | 2,280 | | | | 1,657 | |
BAT Capital Corp. | | | | | | | | |
2.26%, 03/25/2028 | | | 2,000 | | | | 1,792 | |
2.73%, 03/25/2031 | | | 6,820 | | | | 5,751 | |
3.56%, 08/15/2027 | | | 952 | | | | 904 | |
4.39%, 08/15/2037 | | | 3,610 | | | | 3,046 | |
4.54%, 08/15/2047 | | | 5,306 | | | | 4,086 | |
7.08%, 08/02/2053 | | | 4,186 | | | | 4,451 | |
Baxalta, Inc. | | | | | | | | |
5.25%, 06/23/2045 | | | 50 | | | | 47 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Non-cyclical – 3.30% – (continued) | | | | | | | | |
Becton Dickinson & Co. | | | | | | | | |
3.73%, 12/15/2024 | | $ | 515 | | | $ | 510 | |
Bimbo Bakeries USA, Inc. | | | | | | | | |
4.00%, 05/17/2051 (1) | | | 3,755 | | | | 2,830 | |
5.38%, 01/09/2036 (1) | | | 535 | | | | 521 | |
6.05%, 01/15/2029 (1) | | | 238 | | | | 245 | |
Bon Secours Mercy Health, Inc. | | | | | | | | |
3.21%, 06/01/2050 | | | 1,730 | | | | 1,173 | |
Boston Scientific Corp. | | | | | | | | |
4.55%, 03/01/2039 | | | 356 | | | | 332 | |
6.50%, 11/15/2035 | | | 845 | | | | 938 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.13%, 06/15/2039 | | | 1,512 | | | | 1,312 | |
4.55%, 02/20/2048 | | | 1,374 | | | | 1,177 | |
5.55%, 02/22/2054 | | | 1,630 | | | | 1,607 | |
5.65%, 02/22/2064 | | | 2,455 | | | | 2,398 | |
Bunge Ltd. Finance Corp. | | | | | | | | |
2.75%, 05/14/2031 | | | 3,900 | | | | 3,336 | |
Campbell Soup Co. | | | | | | | | |
2.38%, 04/24/2030 | | | 895 | | | | 770 | |
3.13%, 04/24/2050 | | | 494 | | | | 321 | |
Centene Corp. | | | | | | | | |
2.45%, 07/15/2028 | | | 2,882 | | | | 2,559 | |
Children’s Health System of Texas | | | | | | | | |
2.51%, 08/15/2050 | | | 2,270 | | | | 1,387 | |
Children’s Hospital | | | | | | | | |
2.93%, 07/15/2050 | | | 1,340 | | | | 860 | |
Children’s Hospital Corp. | | | | | | | | |
2.59%, 02/01/2050 | | | 1,290 | | | | 805 | |
Cigna Group | | | | | | | | |
3.25%, 04/15/2025 | | | 970 | | | | 953 | |
4.38%, 10/15/2028 | | | 15,325 | | | | 14,881 | |
4.80%, 07/15/2046 | | | 218 | | | | 192 | |
Coca-Cola Co. | | | | | | | | |
5.30%, 05/13/2054 | | | 3,870 | | | | 3,840 | |
Coca-Cola Femsa SAB de CV | | | | | | | | |
1.85%, 09/01/2032 | | | 1,500 | | | | 1,164 | |
2.75%, 01/22/2030 | | | 619 | | | | 550 | |
CommonSpirit Health | | | | | | | | |
1.55%, 10/01/2025 | | | 1,290 | | | | 1,225 | |
2.78%, 10/01/2030 | | | 5,925 | | | | 5,132 | |
3.91%, 10/01/2050 | | | 1,265 | | | | 961 | |
Conagra Brands, Inc. | | | | | | | | |
1.38%, 11/01/2027 | | | 1,755 | | | | 1,546 | |
7.00%, 10/01/2028 | | | 3,250 | | | | 3,457 | |
Constellation Brands, Inc. | | | | | | | | |
2.88%, 05/01/2030 | | | 3,620 | | | | 3,195 | |
4.50%, 05/09/2047 | | | 180 | | | | 150 | |
4.75%, 05/09/2032 | | | 400 | | | | 384 | |
Cottage Health Obligated Group | | | | | | | | |
3.30%, 11/01/2049 | | | 1,530 | | | | 1,097 | |
CVS Health Corp. | | | | | | | | |
2.70%, 08/21/2040 | | | 2,500 | | | | 1,661 | |
4.78%, 03/25/2038 | | | 6,550 | | | | 5,848 | |
4.88%, 07/20/2035 | | | 2,515 | | | | 2,350 | |
5.00%, 01/30/2029 | | | 783 | | | | 775 | |
5.05%, 03/25/2048 | | | 5,000 | | | | 4,308 | |
5.25%, 02/21/2033 | | | 3,100 | | | | 3,027 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Non-cyclical – 3.30% – (continued) | | | | | | | | |
5.88%, 06/01/2053 | | $ | 2,749 | | | $ | 2,634 | |
6.00%, 06/01/2044 | | | 1,942 | | | | 1,903 | |
CVS Pass-Through Trust | | | | | | | | |
5.77%, 01/10/2033 (1) | | | 575 | | | | 570 | |
5.93%, 01/10/2034 (1) | | | 443 | | | | 439 | |
7.51%, 01/10/2032 (1) | | | 623 | | | | 648 | |
CVS Pass-Through Trust Series 2009 | | | | | | | | |
8.35%, 07/10/2031 (1) | | | 626 | | | | 675 | |
CVS Pass-Through Trust Series 2013 | | | | | | | | |
4.70%, 01/10/2036 (1) | | | 716 | | | | 651 | |
Dentsply Sirona, Inc. | | | | | | | | |
3.25%, 06/01/2030 | | | 3,000 | | | | 2,621 | |
DH Europe Finance II Sarl | | | | | | | | |
3.25%, 11/15/2039 | | | 431 | | | | 341 | |
Element Fleet Management Corp. | | | | | | | | |
3.85%, 06/15/2025 (1) | | | 3,000 | | | | 2,942 | |
6.27%, 06/26/2026 (1) | | | 7,530 | | | | 7,618 | |
6.32%, 12/04/2028 (1) | | | 2,390 | | | | 2,471 | |
Elevance Health, Inc. | | | | | | | | |
4.10%, 03/01/2028 | | | 920 | | | | 889 | |
4.38%, 12/01/2047 | | | 4,500 | | | | 3,735 | |
4.63%, 05/15/2042 | | | 400 | | | | 352 | |
4.65%, 01/15/2043 | | | 391 | | | | 345 | |
4.65%, 08/15/2044 | | | 395 | | | | 344 | |
Eli Lilly & Co. | | | | | | | | |
5.00%, 02/09/2054 | | | 2,010 | | | | 1,920 | |
ERAC USA Finance LLC | | | | | | | | |
4.50%, 02/15/2045 (1) | | | 300 | | | | 261 | |
5.40%, 05/01/2053 (1) | | | 1,558 | | | | 1,506 | |
5.63%, 03/15/2042 (1) | | | 357 | | | | 357 | |
Experian Finance Plc | | | | | | | | |
2.75%, 03/08/2030 (1) | | | 9,240 | | | | 8,173 | |
Ford Foundation | | | | | | | | |
2.82%, 06/01/2070 | | | 790 | | | | 459 | |
Fresenius Medical Care U.S. Finance III, Inc. | | | | | | | | |
3.00%, 12/01/2031 (1) | | | 8,000 | | | | 6,480 | |
General Mills, Inc. | | | | | | | | |
3.00%, 02/01/2051 | | | 3,007 | | | | 1,914 | |
Gilead Sciences, Inc. | | | | | | | | |
1.65%, 10/01/2030 | | | 1,700 | | | | 1,401 | |
2.60%, 10/01/2040 | | | 1,855 | | | | 1,278 | |
4.60%, 09/01/2035 | | | 4,225 | | | | 3,992 | |
Global Payments, Inc. | | | | | | | | |
3.20%, 08/15/2029 | | | 4,843 | | | | 4,351 | |
5.30%, 08/15/2029 | | | 964 | | | | 957 | |
Grupo Bimbo SAB de CV | | | | | | | | |
4.70%, 11/10/2047 (1) | | | 4,500 | | | | 3,875 | |
Hackensack Meridian Health, Inc. | | | | | | | | |
2.68%, 09/01/2041 | | | 3,780 | | | | 2,645 | |
2.88%, 09/01/2050 | | | 2,000 | | | | 1,313 | |
Haleon U.S. Capital LLC | | | | | | | | |
3.38%, 03/24/2029 | | | 2,865 | | | | 2,660 | |
Hartford HealthCare Corp. | | | | | | | | |
3.45%, 07/01/2054 | | | 3,370 | | | | 2,404 | |
HCA, Inc. | | | | | | | | |
3.50%, 07/15/2051 | | | 116 | | | | 78 | |
3.63%, 03/15/2032 | | | 3,500 | | | | 3,083 | |
4.50%, 02/15/2027 | | | 7,000 | | | | 6,840 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Non-cyclical – 3.30% – (continued) | | | | | | | | |
5.13%, 06/15/2039 | | $ | 1,715 | | | $ | 1,589 | |
5.50%, 06/15/2047 | | | 1,955 | | | | 1,807 | |
5.88%, 02/01/2029 | | | 4,000 | | | | 4,072 | |
Icon Investments Six DAC | | | | | | | | |
5.85%, 05/08/2029 | | | 6,925 | | | | 7,037 | |
Imperial Brands Finance Plc | | | | | | | | |
5.50%, 02/01/2030 (1) | | | 8,970 | | | | 8,886 | |
J M Smucker Co. | | | | | | | | |
6.20%, 11/15/2033 | | | 1,225 | | | | 1,287 | |
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | | | | | | | | |
3.00%, 05/15/2032 | | | 7,450 | | | | 6,133 | |
3.75%, 12/01/2031 | | | 2,700 | | | | 2,364 | |
5.75%, 04/01/2033 | | | 7,500 | | | | 7,482 | |
6.75%, 03/15/2034 (1) | | | 3,176 | | | | 3,367 | |
Johnson & Johnson | | | | | | | | |
4.80%, 06/01/2029 | | | 9,016 | | | | 9,085 | |
4.95%, 06/01/2034 | | | 8,729 | | | | 8,831 | |
5.25%, 06/01/2054 | | | 3,022 | | | | 3,035 | |
Kellanova | | | | | | | | |
5.25%, 03/01/2033 | | | 2,385 | | | | 2,368 | |
Keurig Dr Pepper, Inc. | | | | | | | | |
4.42%, 12/15/2046 | | | 3,850 | | | | 3,239 | |
Kimberly-Clark de Mexico SAB de CV | | | | | | | | |
2.43%, 07/01/2031 (1) | | | 7,500 | | | | 6,360 | |
Kraft Heinz Foods Co. | | | | | | | | |
4.38%, 06/01/2046 | | | 6,113 | | | | 4,972 | |
4.63%, 10/01/2039 | | | 2,357 | | | | 2,088 | |
Kroger Co. | | | | | | | | |
4.45%, 02/01/2047 | | | 1,600 | | | | 1,320 | |
5.40%, 07/15/2040 | | | 95 | | | | 92 | |
Laboratory Corp. of America Holdings | | | | | | | | |
2.95%, 12/01/2029 | | | 2,190 | | | | 1,956 | |
Massachusetts Institute of Technology | | | | | | | | |
3.89%, 07/01/2116 | | | 2,906 | | | | 2,139 | |
4.68%, 07/01/2114 | | | 1,645 | | | | 1,454 | |
Memorial Health Services | | | | | | | | |
3.45%, 11/01/2049 | | | 3,040 | | | | 2,256 | |
Merck & Co., Inc. | | | | | | | | |
2.75%, 12/10/2051 | | | 1,415 | | | | 885 | |
5.00%, 05/17/2053 | | | 1,335 | | | | 1,255 | |
5.15%, 05/17/2063 | | | 1,040 | | | | 988 | |
Molson Coors Beverage Co. | | | | | | | | |
4.20%, 07/15/2046 | | | 1,511 | | | | 1,208 | |
Mount Sinai Hospital | | | | | | | | |
3.98%, 07/01/2048 | | | 999 | | | | 772 | |
MultiCare Health System | | | | | | | | |
2.80%, 08/15/2050 | | | 3,003 | | | | 1,813 | |
Mylan, Inc. | | | | | | | | |
5.20%, 04/15/2048 | | | 5,965 | | | | 4,840 | |
5.40%, 11/29/2043 | | | 2,625 | | | | 2,267 | |
MyMichigan Health | | | | | | | | |
3.41%, 06/01/2050 | | | 3,480 | | | | 2,435 | |
Nationwide Children’s Hospital, Inc. | | | | | | | | |
4.56%, 11/01/2052 | | | 646 | | | | 580 | |
NYU Langone Hospitals | | | | | | | | |
3.38%, 07/01/2055 | | | 1,270 | | | | 877 | |
Orlando Health Obligated Group | | | | | | | | |
4.09%, 10/01/2048 | | | 2,605 | | | | 2,149 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Non-cyclical – 3.30% – (continued) | | | | | | | | |
Pepperdine University | | | | | | | | |
3.30%, 12/01/2059 | | $ | 1,440 | | | $ | 919 | |
Pfizer Investment Enterprises Pte Ltd. | | | | | | | | |
5.11%, 05/19/2043 | | | 2,027 | | | | 1,927 | |
5.30%, 05/19/2053 | | | 10,801 | | | | 10,418 | |
Philip Morris International, Inc. | | | | | | | | |
2.75%, 02/25/2026 | | | 18,587 | | | | 17,807 | |
5.13%, 02/13/2031 | | | 9,615 | | | | 9,513 | |
Piedmont Healthcare, Inc. | | | | | | | | |
2.86%, 01/01/2052 | | | 2,195 | | | | 1,389 | |
President & Fellows of Harvard College | | | | | | | | |
3.30%, 07/15/2056 | | | 4,420 | | | | 3,164 | |
Providence St Joseph Health Obligated Group | | | | | | | | |
2.75%, 10/01/2026 | | | 1,200 | | | | 1,129 | |
Quanta Services, Inc. | | | | | | | | |
2.35%, 01/15/2032 | | | 2,965 | | | | 2,409 | |
Regeneron Pharmaceuticals, Inc. | | | | | | | | |
1.75%, 09/15/2030 | | | 2,800 | | | | 2,306 | |
Revvity, Inc. | | | | | | | | |
3.63%, 03/15/2051 | | | 3,400 | | | | 2,359 | |
Reynolds American, Inc. | | | | | | | | |
4.45%, 06/12/2025 | | | 3,100 | | | | 3,064 | |
5.70%, 08/15/2035 | | | 3,025 | | | | 2,954 | |
Roche Holdings, Inc. | | | | | | | | |
5.59%, 11/13/2033 (1) | | | 7,570 | | | | 7,851 | |
Royalty Pharma Plc | | | | | | | | |
1.20%, 09/02/2025 | | | 874 | | | | 830 | |
2.15%, 09/02/2031 | | | 1,291 | | | | 1,035 | |
S&P Global, Inc. | | | | | | | | |
2.90%, 03/01/2032 | | | 2,118 | | | | 1,830 | |
Solventum Corp. | | | | | | | | |
5.60%, 03/23/2034 (1) | | | 15,000 | | | | 14,732 | |
Sysco Corp. | | | | | | | | |
5.95%, 04/01/2030 | | | 5,000 | | | | 5,203 | |
6.60%, 04/01/2050 | | | 1,000 | | | | 1,113 | |
Takeda Pharmaceutical Co. Ltd. | | | | | | | | |
3.03%, 07/09/2040 | | | 3,675 | | | | 2,661 | |
3.18%, 07/09/2050 | | | 1,920 | | | | 1,272 | |
5.65%, 07/05/2044 | | | 3,650 | | | | 3,584 | |
Texas Health Resources | | | | | | | | |
2.33%, 11/15/2050 | | | 970 | | | | 559 | |
4.33%, 11/15/2055 | | | 1,000 | | | | 844 | |
Tyson Foods, Inc. | | | | | | | | |
5.70%, 03/15/2034 | | | 9,700 | | | | 9,663 | |
UnitedHealth Group, Inc. | | | | | | | | |
3.25%, 05/15/2051 | | | 1,395 | | | | 958 | |
3.50%, 08/15/2039 | | | 1,675 | | | | 1,353 | |
4.75%, 05/15/2052 | | | 7,015 | | | | 6,211 | |
5.05%, 04/15/2053 | | | 7,745 | | | | 7,174 | |
5.88%, 02/15/2053 | | | 1,495 | | | | 1,553 | |
University of Chicago | | | | | | | | |
2.76%, 04/01/2045 | | | 1,575 | | | | 1,196 | |
University of Miami | | | | | | | | |
4.06%, 04/01/2052 | | | 1,280 | | | | 1,030 | |
University of Southern California | | | | | | | | |
3.23%, 10/01/2120 | | | 1,370 | | | | 818 | |
Utah Acquisition Sub, Inc. | | | | | | | | |
5.25%, 06/15/2046 | | | 275 | | | | 226 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer, Non-cyclical – 3.30% – (continued) | | | | | | | | |
Verisk Analytics, Inc. | | | | | | | | |
4.00%, 06/15/2025 | | $ | 1,035 | | | $ | 1,018 | |
5.75%, 04/01/2033 | | | 2,280 | | | | 2,340 | |
Viatris, Inc. | | | | | | | | |
2.30%, 06/22/2027 | | | 3,525 | | | | 3,218 | |
3.85%, 06/22/2040 | | | 3,625 | | | | 2,647 | |
4.00%, 06/22/2050 | | | 4,000 | | | | 2,692 | |
Viterra Finance BV | | | | | | | | |
3.20%, 04/21/2031 (1) | | | 10,250 | | | | 8,853 | |
5.25%, 04/21/2032 (1) | | | 5,295 | | | | 5,164 | |
Yale-New Haven Health Services Corp. | | | | | | | | |
2.50%, 07/01/2050 | | | 1,530 | | | | 915 | |
Zoetis, Inc. | | | | | | | | |
2.00%, 05/15/2030 | | | 1,590 | | | | 1,339 | |
| | | | | | | | |
Total Consumer, Non-cyclical | | | | 563,895 | |
| | | | | | | | |
| Energy – 3.12% | | | | | | | | |
Abu Dhabi Crude Oil Pipeline LLC | | | | | | | | |
4.60%, 11/02/2047 (1) | | | 3,131 | | | | 2,804 | |
Aker BP ASA | | | | | | | | |
2.00%, 07/15/2026 (1) | | | 1,517 | | | | 1,411 | |
3.10%, 07/15/2031 (1) | | | 2,730 | | | | 2,323 | |
5.60%, 06/13/2028 (1) | | | 3,380 | | | | 3,410 | |
6.00%, 06/13/2033 (1) | | | 10,990 | | | | 11,103 | |
Antero Resources Corp. | | | | | | | | |
5.38%, 03/01/2030 (1) | | | 6,340 | | | | 6,136 | |
Apache Corp. | | | | | | | | |
5.10%, 09/01/2040 | | | 3,781 | | | | 3,227 | |
Boardwalk Pipelines LP | | | | | | | | |
3.60%, 09/01/2032 | | | 5,000 | | | | 4,311 | |
5.95%, 06/01/2026 | | | 3,000 | | | | 3,015 | |
BP Capital Markets America, Inc. | | | | | | | | |
2.94%, 06/04/2051 | | | 3,935 | | | | 2,498 | |
4.89%, 09/11/2033 | | | 2,000 | | | | 1,945 | |
Canadian Natural Resources Ltd. | | | | | | | | |
6.25%, 03/15/2038 | | | 5,000 | | | | 5,130 | |
6.50%, 02/15/2037 | | | 118 | | | | 122 | |
Cenovus Energy, Inc. | | | | | | | | |
5.25%, 06/15/2037 | | | 1,977 | | | | 1,889 | |
5.40%, 06/15/2047 | | | 192 | | | | 177 | |
Cheniere Energy Partners LP | | | | | | | | |
5.75%, 08/15/2034 (1) | | | 4,000 | | | | 4,016 | |
5.95%, 06/30/2033 | | | 3,000 | | | | 3,042 | |
Cheniere Energy, Inc. | | | | | | | | |
5.65%, 04/15/2034 (1) | | | 1,630 | | | | 1,631 | |
Columbia Pipeline Group, Inc. | | | | | | | | |
5.80%, 06/01/2045 | | | 2,700 | | | | 2,634 | |
Columbia Pipelines Operating Co. LLC | | | | | | | | |
6.04%, 11/15/2033 (1) | | | 1,000 | | | | 1,022 | |
Continental Resources, Inc. | | | | | | | | |
2.27%, 11/15/2026 (1) | | | 3,235 | | | | 3,003 | |
Coterra Energy, Inc. | | | | | | | | |
3.90%, 05/15/2027 | | | 3,045 | | | | 2,929 | |
Devon Energy Corp. | | | | | | | | |
4.75%, 05/15/2042 | | | 2,251 | | | | 1,885 | |
5.60%, 07/15/2041 | | | 2,844 | | | | 2,646 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Energy – 3.12% – (continued) | | | | | | | | |
Diamondback Energy, Inc. | | | | | | | | |
5.15%, 01/30/2030 | | $ | 493 | | | $ | 491 | |
5.90%, 04/18/2064 | | | 3,822 | | | | 3,689 | |
Eastern Gas Transmission & Storage, Inc. | | | | | | | | |
4.60%, 12/15/2044 | | | 1,300 | | | | 1,093 | |
Ecopetrol SA | | | | | | | | |
5.38%, 06/26/2026 | | | 537 | | | | 526 | |
8.63%, 01/19/2029 | | | 6,705 | | | | 7,057 | |
EIG Pearl Holdings Sarl | | | | | | | | |
3.55%, 08/31/2036 (1) | | | 5,996 | | | | 5,150 | |
Enbridge Energy Partners LP | | | | | | | | |
7.38%, 10/15/2045 | | | 2,600 | | | | 2,962 | |
7.50%, 04/15/2038 | | | 4,949 | | | | 5,666 | |
Enbridge, Inc. | | | | | | | | |
5.63%, 04/05/2034 | | | 11,042 | | | | 11,024 | |
5.70%, 03/08/2033 | | | 2,430 | | | | 2,449 | |
Energy Transfer LP | | | | | | | | |
3.90%, 07/15/2026 | | | 3,769 | | | | 3,650 | |
4.00%, 10/01/2027 | | | 1,829 | | | | 1,756 | |
4.95%, 01/15/2043 | | | 1,482 | | | | 1,269 | |
5.00%, 05/15/2050 | | | 1,115 | | | | 946 | |
5.25%, 04/15/2029 | | | 5,631 | | | | 5,609 | |
5.25%, 07/01/2029 | | | 4,357 | | | | 4,330 | |
5.30%, 04/01/2044 | | | 200 | | | | 180 | |
5.40%, 10/01/2047 | | | 1,500 | | | | 1,342 | |
5.55%, 05/15/2034 | | | 4,055 | | | | 4,013 | |
5.60%, 09/01/2034 | | | 7,050 | | | | 7,003 | |
6.00%, 02/01/2029 (1) | | | 5,000 | | | | 5,034 | |
6.00%, 06/15/2048 | | | 1,000 | | | | 964 | |
6.05%, 06/01/2041 | | | 2,000 | | | | 1,966 | |
6.10%, 12/01/2028 | | | 3,360 | | | | 3,462 | |
6.13%, 12/15/2045 | | | 810 | | | | 794 | |
6.25%, 04/15/2049 | | | 3,505 | | | | 3,487 | |
6.40%, 12/01/2030 | | | 2,495 | | | | 2,624 | |
6.50%, 02/01/2042 | | | 3,000 | | | | 3,103 | |
6.55%, 12/01/2033 | | | 1,385 | | | | 1,468 | |
6.63%, 10/15/2036 | | | 2,000 | | | | 2,112 | |
7.50%, 07/01/2038 | | | 1,926 | | | | 2,188 | |
ENI SpA | | | | | | | | |
4.25%, 05/09/2029 (1) | | | 2,825 | | | | 2,715 | |
5.70%, 10/01/2040 (1) | | | 557 | | | | 535 | |
5.95%, 05/15/2054 (1) | | | 6,272 | | | | 6,160 | |
ENI USA, Inc. | | | | | | | | |
7.30%, 11/15/2027 | | | 400 | | | | 425 | |
EnLink Midstream LLC | | | | | | | | |
5.63%, 01/15/2028 (1) | | | 13,284 | | | | 13,203 | |
6.50%, 09/01/2030 (1) | | | 12,690 | | | | 12,989 | |
EnLink Midstream Partners LP | | | | | | | | |
4.85%, 07/15/2026 | | | 3,420 | | | | 3,356 | |
5.45%, 06/01/2047 | | | 2,099 | | | | 1,821 | |
Enterprise Products Operating LLC | | | | | | | | |
4.85%, 08/15/2042 | | | 4,000 | | | | 3,613 | |
4.95%, 10/15/2054 | | | 177 | | | | 156 | |
5.75%, 03/01/2035 | | | 1,075 | | | | 1,100 | |
5.95%, 02/01/2041 | | | 1,788 | | | | 1,840 | |
EQM Midstream Partners LP | | | | | | | | |
4.00%, 08/01/2024 | | | 749 | | | | 746 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Energy – 3.12% – (continued) | | | | | | | | |
EQT Corp. | | | | | | | | |
3.90%, 10/01/2027 | | $ | 805 | | | $ | 769 | |
Equinor ASA | | | | | | | | |
7.25%, 09/23/2027 | | | 7,967 | | | | 8,485 | |
Exxon Mobil Corp. | | | | | | | | |
3.00%, 08/16/2039 | | | 3,535 | | | | 2,685 | |
3.10%, 08/16/2049 | | | 2,040 | | | | 1,382 | |
Flex Intermediate Holdco LLC | | | | | | | | |
3.36%, 06/30/2031 (1) | | | 3,360 | | | | 2,796 | |
4.32%, 12/30/2039 (1) | | | 1,365 | | | | 989 | |
Galaxy Pipeline Assets Bidco Ltd. | | | | | | | | |
2.94%, 09/30/2040 (1) | | | 2,244 | | | | 1,793 | |
Gray Oak Pipeline LLC | | | | | | | | |
2.60%, 10/15/2025 (1) | | | 5,580 | | | | 5,357 | |
Greensaif Pipelines Bidco Sarl | | | | | | | | |
6.13%, 02/23/2038 (1) | | | 1,665 | | | | 1,692 | |
6.51%, 02/23/2042 (1) | | | 2,235 | | | | 2,324 | |
Halliburton Co. | | | | | | | | |
4.75%, 08/01/2043 | | | 565 | | | | 497 | |
4.85%, 11/15/2035 | | | 200 | | | | 190 | |
7.60%, 08/15/2096 (1) | | | 258 | | | | 290 | |
Hess Corp. | | | | | | | | |
4.30%, 04/01/2027 | | | 7,314 | | | | 7,131 | |
7.88%, 10/01/2029 | | | 5,535 | | | | 6,190 | |
HF Sinclair Corp. | | | | | | | | |
5.88%, 04/01/2026 | | | 4,573 | | | | 4,583 | |
Kinder Morgan Energy Partners LP | | | | | | | | |
6.95%, 01/15/2038 | | | 8,490 | | | | 9,210 | |
7.50%, 11/15/2040 | | | 483 | | | | 543 | |
Kinder Morgan, Inc. | | | | | | | | |
5.00%, 02/01/2029 | | | 2,753 | | | | 2,722 | |
5.05%, 02/15/2046 | | | 600 | | | | 525 | |
7.80%, 08/01/2031 | | | 4,600 | | | | 5,201 | |
Marathon Petroleum Corp. | | | | | | | | |
4.50%, 04/01/2048 | | | 3,000 | | | | 2,413 | |
5.13%, 12/15/2026 | | | 3,207 | | | | 3,195 | |
MPLX LP | | | | | | | | |
2.65%, 08/15/2030 | | | 7,390 | | | | 6,368 | |
4.50%, 04/15/2038 | | | 4,000 | | | | 3,488 | |
4.88%, 06/01/2025 | | | 3,000 | | | | 2,973 | |
5.20%, 03/01/2047 | | | 695 | | | | 621 | |
5.20%, 12/01/2047 | | | 560 | | | | 495 | |
5.50%, 06/01/2034 | | | 6,610 | | | | 6,510 | |
NGPL PipeCo LLC | | | | | | | | |
3.25%, 07/15/2031 (1) | | | 2,055 | | | | 1,755 | |
Northern Natural Gas Co. | | | | | | | | |
5.63%, 02/01/2054 (1) | | | 560 | | | | 548 | |
Occidental Petroleum Corp. | | | | | | | | |
4.30%, 08/15/2039 | | | 1,190 | | | | 969 | |
6.38%, 09/01/2028 | | | 5,643 | | | | 5,823 | |
8.50%, 07/15/2027 | | | 2,342 | | | | 2,509 | |
8.88%, 07/15/2030 | | | 6,280 | | | | 7,232 | |
ONEOK Partners LP | | | | | | | | |
6.20%, 09/15/2043 | | | 2,500 | | | | 2,507 | |
6.65%, 10/01/2036 | | | 1,050 | | | | 1,110 | |
ONEOK, Inc. | | | | | | | | |
2.75%, 09/01/2024 | | | 6,954 | | | | 6,913 | |
3.10%, 03/15/2030 | | | 13,970 | | | | 12,489 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Energy – 3.12% – (continued) | | | | | | | | |
4.20%, 03/15/2045 | | $ | 5,725 | | | $ | 4,295 | |
Ovintiv, Inc. | | | | | | | | |
8.13%, 09/15/2030 | | | 5,651 | | | | 6,383 | |
Petroleos Mexicanos | | | | | | | | |
6.49%, 01/23/2027 | | | 1,185 | | | | 1,137 | |
6.50%, 03/13/2027 | | | 1,090 | | | | 1,039 | |
6.50%, 01/23/2029 | | | 970 | | | | 876 | |
6.88%, 08/04/2026 | | | 2,390 | | | | 2,340 | |
Phillips 66 | | | | | | | | |
4.88%, 11/15/2044 | | | 70 | | | | 62 | |
5.88%, 05/01/2042 | | | 3,000 | | | | 3,023 | |
Phillips 66 Co. | | | | | | | | |
3.15%, 12/15/2029 | | | 655 | | | | 593 | |
4.90%, 10/01/2046 | | | 1,012 | | | | 889 | |
Pioneer Natural Resources Co. | | | | | | | | |
1.90%, 08/15/2030 | | | 10,650 | | | | 8,923 | |
5.10%, 03/29/2026 | | | 2,810 | | | | 2,804 | |
Plains All American Pipeline LP / PAA Finance Corp. | | | | | | | | |
3.55%, 12/15/2029 | | | 2,800 | | | | 2,557 | |
4.70%, 06/15/2044 | | | 1,721 | | | | 1,417 | |
5.70%, 09/15/2034 | | | 1,094 | | | | 1,084 | |
QatarEnergy | | | | | | | | |
1.38%, 09/12/2026 (1) | | | 1,534 | | | | 1,412 | |
2.25%, 07/12/2031 (1) | | | 3,240 | | | | 2,706 | |
Reliance Industries Ltd. | | | | | | | | |
2.88%, 01/12/2032 (1) | | | 3,000 | | | | 2,541 | |
Sabal Trail Transmission LLC | | | | | | | | |
4.68%, 05/01/2038 (1) | | | 10,000 | | | | 9,069 | |
Sabine Pass Liquefaction LLC | | | | | | | | |
4.50%, 05/15/2030 | | | 3,320 | | | | 3,185 | |
5.88%, 06/30/2026 | | | 6,680 | | | | 6,707 | |
Santos Finance Ltd. | | | | | | | | |
3.65%, 04/29/2031 (1) | | | 5,891 | | | | 5,147 | |
6.88%, 09/19/2033 (1) | | | 4,155 | | | | 4,395 | |
Shell International Finance BV | | | | | | | | |
2.75%, 04/06/2030 | | | 3,300 | | | | 2,943 | |
Spectra Energy Partners LP | | | | | | | | |
4.50%, 03/15/2045 | | | 3,000 | | | | 2,452 | |
Suncor Energy, Inc. | | | | | | | | |
5.95%, 12/01/2034 | | | 1,048 | | | | 1,070 | |
6.50%, 06/15/2038 | | | 3,323 | | | | 3,480 | |
6.80%, 05/15/2038 | | | 423 | | | | 451 | |
7.88%, 06/15/2026 | | | 543 | | | | 565 | |
Targa Resources Corp. | | | | | | | | |
5.20%, 07/01/2027 | | | 4,000 | | | | 3,992 | |
6.15%, 03/01/2029 | | | 12,245 | | | | 12,639 | |
TC PipeLines LP | | | | | | | | |
3.90%, 05/25/2027 | | | 5,000 | | | | 4,790 | |
4.38%, 03/13/2025 | | | 8,465 | | | | 8,383 | |
TotalEnergies Capital International SA | | | | | | | | |
2.99%, 06/29/2041 | | | 4,000 | | | | 2,915 | |
3.13%, 05/29/2050 | | | 2,465 | | | | 1,662 | |
3.46%, 07/12/2049 | | | 1,905 | | | | 1,385 | |
TransCanada PipeLines Ltd. | | | | | | | | |
4.75%, 05/15/2038 | | | 1,000 | | | | 915 | |
6.20%, 10/15/2037 | | | 573 | | | | 592 | |
Valero Energy Corp. | | | | | | | | |
4.35%, 06/01/2028 | | | 3,416 | | | | 3,306 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Energy – 3.12% – (continued) | | | | | | | | |
6.63%, 06/15/2037 | | $ | 5,000 | | | $ | 5,330 | |
7.50%, 04/15/2032 | | | 175 | | | | 198 | |
Var Energi ASA | | | | | | | | |
5.00%, 05/18/2027 (1) | | | 11,460 | | | | 11,214 | |
8.00%, 11/15/2032 (1) | | | 4,000 | | | | 4,478 | |
Western Midstream Operating LP | | | | | | | | |
6.15%, 04/01/2033 | | | 2,000 | | | | 2,050 | |
6.35%, 01/15/2029 | | | 2,892 | | | | 2,983 | |
Williams Companies, Inc. | | | | | | | | |
2.60%, 03/15/2031 | | | 2,530 | | | | 2,137 | |
3.75%, 06/15/2027 | | | 2,368 | | | | 2,273 | |
4.85%, 03/01/2048 | | | 3,000 | | | | 2,595 | |
4.90%, 03/15/2029 | | | 5,209 | | | | 5,138 | |
4.90%, 01/15/2045 | | | 2,355 | | | | 2,055 | |
5.10%, 09/15/2045 | | | 4,510 | | | | 4,063 | |
5.40%, 03/04/2044 | | | 2,750 | | | | 2,591 | |
5.65%, 03/15/2033 | | | 3,350 | | | | 3,381 | |
5.75%, 06/24/2044 | | | 2,500 | | | | 2,448 | |
6.30%, 04/15/2040 | | | 333 | | | | 345 | |
Woodside Finance Ltd. | | | | | | | | |
3.65%, 03/05/2025 (1) | | | 3,300 | | | | 3,253 | |
| | | | | | | | |
Total Energy | | | | 532,303 | |
| | | | | | | | |
| Financials – 11.63% | | | | | | | | |
ABN AMRO Bank NV | | | | | | | | |
1.54% (1 Year CMT Index + 0.80%), 06/16/2027 (1)(3) | | | 5,000 | | | | 4,611 | |
2.47% (1 Year CMT Index + 1.10%), 12/13/2029 (1)(3) | | | 1,300 | | | | 1,144 | |
3.32% (5 Year CMT Index + 1.90%), 03/13/2037 (1)(3) | | | 2,500 | | | | 2,049 | |
4.75%, 07/28/2025 (1) | | | 5,000 | | | | 4,930 | |
6.34% (1 Year CMT Index + 1.65%), 09/18/2027 (1)(3) | | | 8,900 | | | | 9,018 | |
6.58% (1 Year CMT Index + 1.55%), 10/13/2026 (1)(3) | | | 4,400 | | | | 4,444 | |
AEGON Funding Co. LLC | | | | | | | | |
5.50%, 04/16/2027 (1) | | | 3,500 | | | | 3,485 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
1.65%, 10/29/2024 | | | 330 | | | | 326 | |
2.45%, 10/29/2026 | | | 2,345 | | | | 2,187 | |
3.00%, 10/29/2028 | | | 1,290 | | | | 1,172 | |
3.30%, 01/30/2032 | | | 11,225 | | | | 9,645 | |
4.45%, 10/01/2025 | | | 3,500 | | | | 3,451 | |
5.10%, 01/19/2029 | | | 755 | | | | 748 | |
6.10%, 01/15/2027 | | | 3,680 | | | | 3,734 | |
6.50%, 07/15/2025 | | | 1,848 | | | | 1,862 | |
AIA Group Ltd. | | | | | | | | |
3.20%, 09/16/2040 (1) | | | 915 | | | | 668 | |
AIB Group Plc | | | | | | | | |
5.87% (SOFR + 1.91%), 03/28/2035 (1)(3) | | | 3,000 | | | | 2,980 | |
6.61% (SOFR + 2.33%), 09/13/2029 (1)(3) | | | 1,610 | | | | 1,662 | |
AIG SunAmerica Global Financing X | | | | | | | | |
6.90%, 03/15/2032 (1) | | | 955 | | | | 1,037 | |
Alexandria Real Estate Equities, Inc. | | | | | | | | |
1.88%, 02/01/2033 | | | 1,190 | | | | 895 | |
2.00%, 05/18/2032 | | | 2,180 | | | | 1,706 | |
3.80%, 04/15/2026 | | | 338 | | | | 328 | |
4.00%, 02/01/2050 | | | 1,451 | | | | 1,077 | |
American Express Co. | | | | | | | | |
3.55% (5 Year CMT Index + 2.85%), 09/15/2172 (3) | | | 3,475 | | | | 3,239 | |
5.10% (SOFR + 1.00%), 02/16/2028 (3) | | | 6,003 | | | | 5,976 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
American Tower Corp. | | | | | | | | |
1.50%, 01/31/2028 | | $ | 2,660 | | | $ | 2,332 | |
1.88%, 10/15/2030 | | | 2,485 | | | | 2,023 | |
2.10%, 06/15/2030 | | | 1,300 | | | | 1,089 | |
2.95%, 01/15/2051 | | | 875 | | | | 547 | |
3.10%, 06/15/2050 | | | 1,340 | | | | 865 | |
3.38%, 10/15/2026 | | | 506 | | | | 483 | |
3.70%, 10/15/2049 | | | 2,065 | | | | 1,498 | |
AmFam Holdings, Inc. | | | | | | | | |
2.81%, 03/11/2031 (1) | | | 5,000 | | | | 3,822 | |
ANZ New Zealand Int’l Ltd. | | | | | | | | |
3.45%, 01/21/2028 (1) | | | 500 | | | | 473 | |
5.36%, 08/14/2028 (1) | | | 2,590 | | | | 2,617 | |
Aon Corp. / Aon Global Holdings Plc | | | | | | | | |
3.90%, 02/28/2052 | | | 4,250 | | | | 3,147 | |
Aon North America, Inc. | | | | | | | | |
5.45%, 03/01/2034 | | | 3,880 | | | | 3,863 | |
5.75%, 03/01/2054 | | | 3,800 | | | | 3,717 | |
Arthur J Gallagher & Co. | | | | | | | | |
3.50%, 05/20/2051 | | | 3,000 | | | | 2,068 | |
Athene Global Funding | | | | | | | | |
2.95%, 11/12/2026 (1) | | | 8,845 | | | | 8,333 | |
Athene Holding Ltd. | | | | | | | | |
6.25%, 04/01/2054 | | | 3,611 | | | | 3,613 | |
Australia & New Zealand Banking Group Ltd. | | | | | | | | |
2.57% (5 Year CMT Index + 1.70%), 11/25/2035 (1)(3) | | | 4,590 | | | | 3,769 | |
4.40%, 05/19/2026 (1) | | | 1,816 | | | | 1,778 | |
Aviation Capital Group LLC | | | | | | | | |
5.50%, 12/15/2024 (1) | | | 1,745 | | | | 1,740 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.13%, 02/21/2026 (1) | | | 1,430 | | | | 1,344 | |
2.53%, 11/18/2027 (1) | | | 15,330 | | | | 13,788 | |
3.25%, 02/15/2027 (1) | | | 3,700 | | | | 3,463 | |
4.25%, 04/15/2026 (1) | | | 1,710 | | | | 1,661 | |
4.38%, 05/01/2026 (1) | | | 790 | | | | 768 | |
5.50%, 01/15/2026 (1) | | | 4,364 | | | | 4,329 | |
5.75%, 03/01/2029 (1) | | | 2,531 | | | | 2,517 | |
5.75%, 11/15/2029 (1) | | | 1,165 | | | | 1,158 | |
6.38%, 05/04/2028 (1) | | | 2,750 | | | | 2,793 | |
Banco Nacional de Panama | | | | | | | | |
2.50%, 08/11/2030 (1) | | | 2,750 | | | | 2,115 | |
Banco Santander SA | | | | | | | | |
1.72% (1 Year CMT Index + 0.90%), 09/14/2027 (3) | | | 3,000 | | | | 2,751 | |
2.75%, 05/28/2025 | | | 4,800 | | | | 4,675 | |
5.15%, 08/18/2025 | | | 600 | | | | 595 | |
5.18%, 11/19/2025 | | | 1,500 | | | | 1,486 | |
5.54% (1 Year CMT Index + 1.45%), 03/14/2030 (3) | | | 3,400 | | | | 3,374 | |
6.35%, 03/14/2034 | | | 13,400 | | | | 13,410 | |
6.61%, 11/07/2028 | | | 4,400 | | | | 4,621 | |
Bangkok Bank PCL | | | | | | | | |
5.65%, 07/05/2034 (1) | | | 2,334 | | | | 2,338 | |
Bank of America Corp. | | | | | | | | |
1.66% (SOFR + 0.91%), 03/11/2027 (3) | | | 950 | | | | 891 | |
1.73% (SOFR + 0.96%), 07/22/2027 (3) | | | 7,170 | | | | 6,646 | |
1.90% (SOFR + 1.53%), 07/23/2031 (3) | | | 1,285 | | | | 1,058 | |
2.09% (SOFR + 1.06%), 06/14/2029 (3) | | | 15,630 | | | | 13,866 | |
2.30% (SOFR + 1.22%), 07/21/2032 (3) | | | 16,345 | | | | 13,380 | |
2.55% (SOFR + 1.05%), 02/04/2028 (3) | | | 3,075 | | | | 2,870 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
2.57% (SOFR + 1.21%), 10/20/2032 (3) | | $ | 4,515 | | | $ | 3,742 | |
2.59% (SOFR + 2.15%), 04/29/2031 (3) | | | 2,997 | | | | 2,591 | |
2.68% (SOFR + 1.93%), 06/19/2041 (3) | | | 7,418 | | | | 5,183 | |
2.69% (SOFR + 1.32%), 04/22/2032 (3) | | | 17,025 | | | | 14,388 | |
2.88% (3 Month Term SOFR + 1.45%), 10/22/2030 (3) | | | 5,130 | | | | 4,566 | |
2.97% (SOFR + 1.33%), 02/04/2033 (3) | | | 4,550 | | | | 3,851 | |
3.59% (3 Month Term SOFR + 1.63%), 07/21/2028 (3) | | | 7,800 | | | | 7,424 | |
3.71% (3 Month Term SOFR + 1.77%), 04/24/2028 (3) | | | 4,500 | | | | 4,310 | |
3.82% (3 Month Term SOFR + 1.84%), 01/20/2028 (3) | | | 10,000 | | | | 9,638 | |
3.97% (3 Month Term SOFR + 1.47%), 02/07/2030 (3) | | | 2,820 | | | | 2,671 | |
4.00%, 01/22/2025 | | | 3,860 | | | | 3,823 | |
4.27% (3 Month Term SOFR + 1.57%), 07/23/2029 (3) | | | 1,500 | | | | 1,445 | |
4.38% (SOFR + 1.58%), 04/27/2028 (3) | | | 4,000 | | | | 3,904 | |
4.45%, 03/03/2026 | | | 7,140 | | | | 7,021 | |
5.20% (SOFR + 1.63%), 04/25/2029 (3) | | | 4,230 | | | | 4,223 | |
5.29% (SOFR + 1.91%), 04/25/2034 (3) | | | 5,870 | | | | 5,808 | |
5.47% (SOFR + 1.65%), 01/23/2035 (3) | | | 14,681 | | | | 14,667 | |
5.82% (SOFR + 1.57%), 09/15/2029 (3) | | | 3,900 | | | | 3,982 | |
6.20% (SOFR + 1.99%), 11/10/2028 (3) | | | 3,000 | | | | 3,089 | |
7.75%, 05/14/2038 | | | 137 | | | | 163 | |
Bank of Ireland Group Plc | | | | | | | | |
2.03% (1 Year CMT Index + 1.10%), 09/30/2027 (1)(3) | | | 6,132 | | | | 5,648 | |
5.60% (SOFR + 1.62%), 03/20/2030 (1)(3) | | | 15,120 | | | | 15,043 | |
6.25% (1 Year CMT Index + 2.65%), 09/16/2026 (1)(3) | | | 4,525 | | | | 4,547 | |
Bank of Montreal | | | | | | | | |
3.80% (5 Year Swap Rate USD + 1.43%), 12/15/2032 (3) | | | 6,500 | | | | 6,107 | |
Bank of New York Mellon Corp. | | | | | | | | |
6.32% (SOFR + 1.60%), 10/25/2029 (3) | | | 2,800 | | | | 2,927 | |
6.47% (SOFR + 1.85%), 10/25/2034 (3) | | | 2,380 | | | | 2,567 | |
Bank of Nova Scotia | | | | | | | | |
4.85%, 02/01/2030 | | | 3,702 | | | | 3,643 | |
5.45%, 08/01/2029 | | | 7,727 | | | | 7,803 | |
Banque Federative du Credit Mutuel SA | | | | | | | | |
5.79%, 07/13/2028 (1) | | | 5,080 | | | | 5,180 | |
Barclays Plc | | | | | | | | |
2.89% (1 Year CMT Index + 1.30%), 11/24/2032 (3) | | | 1,572 | | | | 1,300 | |
3.65%, 03/16/2025 | | | 1,500 | | | | 1,477 | |
4.97% (3 Month LIBOR USD + 1.90%), 05/16/2029 (3) | | | 2,450 | | | | 2,398 | |
5.50% (1 Year CMT Index + 2.65%), 08/09/2028 (3) | | | 2,360 | | | | 2,356 | |
5.69% (SOFR + 1.74%), 03/12/2030 (3) | | | 13,585 | | | | 13,621 | |
6.22% (SOFR + 2.98%), 05/09/2034 (3) | | | 2,500 | | | | 2,562 | |
6.50% (SOFR + 1.88%), 09/13/2027 (3) | | | 6,615 | | | | 6,725 | |
Berkshire Hathaway Finance Corp. | | | | | | | | |
3.85%, 03/15/2052 | | | 2,265 | | | | 1,751 | |
BlackRock Funding, Inc. | | | | | | | | |
5.25%, 03/14/2054 | | | 4,845 | | | | 4,682 | |
Blackstone Holdings Finance Co. LLC | | | | | | | | |
4.45%, 07/15/2045 (1) | | | 170 | | | | 141 | |
Blue Owl Finance LLC | | | | | | | | |
6.25%, 04/18/2034 (1) | | | 3,836 | | | | 3,846 | |
BNP Paribas SA | | | | | | | | |
1.32% (SOFR + 1.00%), 01/13/2027 (1)(3) | | | 8,178 | | | | 7,634 | |
1.68% (SOFR + 0.91%), 06/30/2027 (1)(3) | | | 2,660 | | | | 2,458 | |
1.90% (SOFR + 1.61%), 09/30/2028 (1)(3) | | | 6,280 | | | | 5,607 | |
2.59% (5 Year CMT Index + 2.05%), 08/12/2035 (1)(3) | | | 2,000 | | | | 1,635 | |
2.82% (3 Month Term SOFR + 1.37%), 11/19/2025 (1)(3) | | | 4,000 | | | | 3,950 | |
2.87% (3 Month Term SOFR + 1.39%), 04/19/2032 (1)(3) | | | 3,560 | | | | 2,984 | |
5.18% (SOFR + 1.52%), 01/09/2030 (1)(3) | | | 750 | | | | 742 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
5.34% (1 Year CMT Index + 1.50%), 06/12/2029 (1)(3) | | $ | 6,000 | | | $ | 5,994 | |
5.50% (SOFR + 1.59%), 05/20/2030 (1)(3) | | | 2,985 | | | | 2,973 | |
5.74% (SOFR + 1.88%), 02/20/2035 (1)(3) | | | 5,305 | | | | 5,276 | |
5.89% (SOFR + 1.87%), 12/05/2034 (1)(3) | | | 2,920 | | | | 2,991 | |
Boston Properties LP | | | | | | | | |
3.40%, 06/21/2029 | | | 2,933 | | | | 2,607 | |
BPCE SA | | | | | | | | |
1.65% (SOFR + 1.52%), 10/06/2026 (1)(3) | | | 1,566 | | | | 1,482 | |
2.28% (SOFR + 1.31%), 01/20/2032 (1)(3) | | | 8,350 | | | | 6,739 | |
3.12% (SOFR + 1.73%), 10/19/2032 (1)(3) | | | 3,000 | | | | 2,441 | |
3.25%, 01/11/2028 (1) | | | 7,815 | | | | 7,270 | |
4.50%, 03/15/2025 (1) | | | 2,000 | | | | 1,973 | |
4.63%, 07/11/2024 (1) | | | 1,300 | | | | 1,299 | |
5.15%, 07/21/2024 (1) | | | 2,800 | | | | 2,797 | |
5.72% (1 Year CMT Index + 1.96%), 01/18/2030 (1)(3) | | | 2,841 | | | | 2,835 | |
5.75% (SOFR + 2.87%), 07/19/2033 (1)(3) | | | 1,200 | | | | 1,188 | |
5.94% (SOFR + 1.85%), 05/30/2035 (1)(3) | | | 3,170 | | | | 3,157 | |
5.98% (SOFR + 2.10%), 01/18/2027 (1)(3) | | | 4,300 | | | | 4,303 | |
6.71% (SOFR + 2.27%), 10/19/2029 (1)(3) | | | 3,300 | | | | 3,421 | |
Brixmor Operating Partnership LP | | | | | | | | |
2.25%, 04/01/2028 | | | 1,930 | | | | 1,722 | |
2.50%, 08/16/2031 | | | 1,080 | | | | 888 | |
4.05%, 07/01/2030 | | | 2,286 | | | | 2,121 | |
5.75%, 02/15/2035 | | | 2,250 | | | | 2,244 | |
Brookfield Finance, Inc. | | | | | | | | |
3.90%, 01/25/2028 | | | 770 | | | | 735 | |
4.70%, 09/20/2047 | | | 158 | | | | 134 | |
4.85%, 03/29/2029 | | | 875 | | | | 860 | |
Brown & Brown, Inc. | | | | | | | | |
2.38%, 03/15/2031 | | | 4,150 | | | | 3,427 | |
4.20%, 03/17/2032 | | | 6,000 | | | | 5,476 | |
CaixaBank SA | | | | | | | | |
6.68% (SOFR + 2.08%), 09/13/2027 (1)(3) | | | 3,215 | | | | 3,276 | |
Camden Property Trust | | | | | | | | |
4.90%, 01/15/2034 | | | 3,157 | | | | 3,020 | |
Canadian Imperial Bank of Commerce | | | | | | | | |
5.62%, 07/17/2026 | | | 5,000 | | | | 5,026 | |
Cantor Fitzgerald LP | | | | | | | | |
7.20%, 12/12/2028 (1) | | | 3,615 | | | | 3,718 | |
Capital One Financial Corp. | | | | | | | | |
1.88% (SOFR + 0.86%), 11/02/2027 (3) | | | 361 | | | | 331 | |
2.62% (SOFR + 1.27%), 11/02/2032 (3) | | | 2,495 | | | | 2,030 | |
4.20%, 10/29/2025 | | | 400 | | | | 392 | |
5.70% (SOFR + 1.91%), 02/01/2030 (3) | | | 2,410 | | | | 2,421 | |
6.31% (SOFR + 2.64%), 06/08/2029 (3) | | | 7,130 | | | | 7,295 | |
7.62% (SOFR + 3.07%), 10/30/2031 (3) | | | 7,000 | | | | 7,706 | |
Charles Schwab Corp. | | | | | | | | |
1.65%, 03/11/2031 | | | 11,130 | | | | 8,938 | |
Citibank N.A. | | | | | | | | |
5.57%, 04/30/2034 | | | 2,720 | | | | 2,763 | |
Citigroup, Inc. | | | | | | | | |
1.12% (SOFR + 0.77%), 01/28/2027 (3) | | | 19,320 | | | | 18,020 | |
2.52% (SOFR + 1.18%), 11/03/2032 (3) | | | 1,140 | | | | 937 | |
2.56% (SOFR + 1.17%), 05/01/2032 (3) | | | 19,270 | | | | 16,060 | |
3.06% (SOFR + 1.35%), 01/25/2033 (3) | | | 6,852 | | | | 5,820 | |
3.52% (3 Month Term SOFR + 1.41%), 10/27/2028 (3) | | | 3,846 | | | | 3,635 | |
3.67% (3 Month Term SOFR + 1.65%), 07/24/2028 (3) | | | 7,895 | | | | 7,526 | |
3.70%, 01/12/2026 | | | 9,150 | | | | 8,911 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
3.79% (SOFR + 1.94%), 03/17/2033 (3) | | $ | 1,000 | | | $ | 891 | |
3.89% (3 Month Term SOFR + 1.82%), 01/10/2028 (3) | | | 12,600 | | | | 12,163 | |
3.98% (3 Month Term SOFR + 1.60%), 03/20/2030 (3) | | | 3,490 | | | | 3,295 | |
4.08% (3 Month Term SOFR + 1.45%), 04/23/2029 (3) | | | 1,111 | | | | 1,065 | |
4.30%, 11/20/2026 | | | 1,570 | | | | 1,531 | |
4.40%, 06/10/2025 | | | 10,360 | | | | 10,218 | |
4.45%, 09/29/2027 | | | 8,213 | | | | 8,005 | |
5.17% (SOFR + 1.36%), 02/13/2030 (3) | | | 10,833 | | | | 10,770 | |
5.45% (SOFR + 1.45%), 06/11/2035 (3) | | | 7,515 | | | | 7,456 | |
Citizens Financial Group, Inc. | | | | | | | | |
3.25%, 04/30/2030 | | | 5,000 | | | | 4,404 | |
6.65% (SOFR + 2.33%), 04/25/2035 (3) | | | 2,000 | | | | 2,067 | |
CNA Financial Corp. | | | | | | | | |
3.45%, 08/15/2027 | | | 820 | | | | 777 | |
5.50%, 06/15/2033 | | | 8,225 | | | | 8,201 | |
CNO Global Funding | | | | | | | | |
5.88%, 06/04/2027 (1) | | | 5,000 | | | | 5,016 | |
Commonwealth Bank of Australia | | | | | | | | |
3.74%, 09/12/2039 (1) | | | 5,000 | | | | 3,972 | |
Cooperatieve Rabobank UA | | | | | | | | |
4.38%, 08/04/2025 | | | 570 | | | | 561 | |
COPT Defense Properties LP | | | | | | | | |
2.00%, 01/15/2029 | | | 860 | | | | 729 | |
2.90%, 12/01/2033 | | | 5,350 | | | | 4,212 | |
Corebridge Financial, Inc. | | | | | | | | |
3.65%, 04/05/2027 | | | 2,055 | | | | 1,966 | |
3.85%, 04/05/2029 | | | 1,455 | | | | 1,364 | |
Credit Agricole SA | | | | | | | | |
1.25% (SOFR + 0.89%), 01/26/2027 (1)(3) | | | 10,596 | | | | 9,880 | |
1.91% (SOFR + 1.68%), 06/16/2026 (1)(3) | | | 6,715 | | | | 6,464 | |
4.00% (5 Year Swap Rate USD + 1.64%), 01/10/2033 (1)(3) | | | 5,000 | | | | 4,640 | |
4.38%, 03/17/2025 (1) | | | 305 | | | | 301 | |
5.34% (SOFR + 1.69%), 01/10/2030 (1)(3) | | | 6,430 | | | | 6,361 | |
5.37%, 03/11/2034 (1) | | | 4,315 | | | | 4,261 | |
6.25% (SOFR + 2.67%), 01/10/2035 (1)(3) | | | 3,000 | | | | 3,018 | |
6.32% (SOFR + 1.86%), 10/03/2029 (1)(3) | | | 1,315 | | | | 1,351 | |
Crown Castle, Inc. | | | | | | | | |
3.10%, 11/15/2029 | | | 875 | | | | 781 | |
4.00%, 03/01/2027 | | | 261 | | | | 252 | |
5.10%, 05/01/2033 | | | 2,625 | | | | 2,532 | |
CubeSmart LP | | | | | | | | |
2.25%, 12/15/2028 | | | 7,275 | | | | 6,406 | |
Danske Bank | | | | | | | | |
1.62% (1 Year CMT Index + 1.35%), 09/11/2026 (1)(3) | | | 2,000 | | | | 1,901 | |
5.43% (1 Year CMT Index + 0.95%), 03/01/2028 (1)(3) | | | 3,486 | | | | 3,488 | |
5.71% (1 Year CMT Index + 1.40%), 03/01/2030 (1)(3) | | | 11,609 | | | | 11,641 | |
Deutsche Bank AG | | | | | | | | |
2.13% (SOFR + 1.87%), 11/24/2026 (3)(14) | | | 6,026 | | | | 5,719 | |
2.31% (SOFR + 1.22%), 11/16/2027 (3) | | | 674 | | | | 622 | |
2.55% (SOFR + 1.32%), 01/07/2028 (3) | | | 3,350 | | | | 3,098 | |
3.74% (SOFR + 2.26%), 01/07/2033 (3) | | | 5,000 | | | | 4,113 | |
5.41%, 05/10/2029 | | | 2,055 | | | | 2,052 | |
5.71% (SOFR + 1.59%), 02/08/2028 (3) | | | 1,910 | | | | 1,907 | |
6.72% (SOFR + 3.18%), 01/18/2029 (3) | | | 875 | | | | 903 | |
6.82% (SOFR + 2.51%), 11/20/2029 (3) | | | 1,420 | | | | 1,477 | |
7.15% (SOFR + 2.52%), 07/13/2027 (3) | | | 8,045 | | | | 8,241 | |
Digital Realty Trust LP | | | | | | | | |
5.55%, 01/15/2028 | | | 3,000 | | | | 3,027 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
Discover Bank | | | | | | | | |
3.45%, 07/27/2026 | | $ | 2,800 | | | $ | 2,674 | |
4.65%, 09/13/2028 | | | 4,000 | | | | 3,841 | |
Discover Financial Services | | | | | | | | |
3.75%, 03/04/2025 | | | 2,920 | | | | 2,881 | |
4.10%, 02/09/2027 | | | 3,471 | | | | 3,337 | |
DNB Bank ASA | | | | | | | | |
1.13% (1 Year CMT Index + 0.85%), 09/16/2026 (1)(3) | | | 4,000 | | | | 3,785 | |
1.61% (1 Year CMT Index + 0.68%), 03/30/2028 (1)(3) | | | 3,435 | | | | 3,093 | |
DOC DR LLC | | | | | | | | |
2.63%, 11/01/2031 | | | 1,360 | | | | 1,126 | |
Equinix, Inc. | | | | | | | | |
2.00%, 05/15/2028 | | | 4,467 | | | | 3,956 | |
2.90%, 11/18/2026 | | | 2,580 | | | | 2,437 | |
Essex Portfolio LP | | | | | | | | |
1.65%, 01/15/2031 | | | 910 | | | | 723 | |
2.65%, 03/15/2032 | | | 1,740 | | | | 1,440 | |
Extra Space Storage LP | | | | | | | | |
2.20%, 10/15/2030 | | | 2,630 | | | | 2,183 | |
2.40%, 10/15/2031 | | | 1,310 | | | | 1,076 | |
4.00%, 06/15/2029 | | | 1,831 | | | | 1,717 | |
5.90%, 01/15/2031 | | | 2,540 | | | | 2,594 | |
F&G Annuities & Life, Inc. | | | | | | | | |
6.50%, 06/04/2029 | | | 950 | | | | 947 | |
7.40%, 01/13/2028 | | | 1,318 | | | | 1,361 | |
F&G Global Funding | | | | | | | | |
1.75%, 06/30/2026 (1) | | | 1,905 | | | | 1,752 | |
5.88%, 06/10/2027 (1) | | | 2,540 | | | | 2,527 | |
Fairfax Financial Holdings Ltd. | | | | | | | | |
5.63%, 08/16/2032 | | | 9,000 | | | | 8,872 | |
6.00%, 12/07/2033 (1) | | | 6,640 | | | | 6,744 | |
Federation des Caisses Desjardins du Quebec | | | | | | | | |
5.25%, 04/26/2029 (1) | | | 7,700 | | | | 7,682 | |
5.70%, 03/14/2028 (1) | | | 2,800 | | | | 2,832 | |
Fidelity & Guaranty Life Holdings, Inc. | | | | | | | | |
5.50%, 05/01/2025 (1) | | | 474 | | | | 471 | |
FMR LLC | | | | | | | | |
4.95%, 02/01/2033 (1) | | | 250 | | | | 243 | |
6.45%, 11/15/2039 (1) | | | 258 | | | | 281 | |
GAIF Bond Issuer Pty Ltd. | | | | | | | | |
3.40%, 09/30/2026 (1) | | | 1,000 | | | | 957 | |
Globe Life, Inc. | | | | | | | | |
4.55%, 09/15/2028 | | | 3,000 | | | | 2,857 | |
Goldman Sachs Bank USA | | | | | | | | |
5.41% (SOFR + 0.75%), 05/21/2027 (3) | | | 8,314 | | | | 8,300 | |
Goldman Sachs Capital I | | | | | | | | |
6.35%, 02/15/2034 | | | 127 | | | | 131 | |
Goldman Sachs Group, Inc. | | | | | | | | |
1.43% (SOFR + 0.80%), 03/09/2027 (3) | | | 5,125 | | | | 4,782 | |
1.54% (SOFR + 0.82%), 09/10/2027 (3) | | | 6,340 | | | | 5,823 | |
1.95% (SOFR + 0.91%), 10/21/2027 (3) | | | 2,541 | | | | 2,346 | |
1.99% (SOFR + 1.09%), 01/27/2032 (3) | | | 7,395 | | | | 6,001 | |
2.38% (SOFR + 1.25%), 07/21/2032 (3) | | | 3,165 | | | | 2,599 | |
2.62% (SOFR + 1.28%), 04/22/2032 (3) | | | 9,805 | | | | 8,244 | |
2.64% (SOFR + 1.11%), 02/24/2028 (3) | | | 8,243 | | | | 7,688 | |
3.62% (SOFR + 1.85%), 03/15/2028 (3) | | | 14,810 | | | | 14,161 | |
3.69% (3 Month Term SOFR + 1.77%), 06/05/2028 (3) | | | 9,911 | | | | 9,481 | |
3.75%, 02/25/2026 | | | 9,005 | | | | 8,772 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
4.22% (3 Month Term SOFR + 1.56%), 05/01/2029 (3) | | $ | 5,000 | | | $ | 4,813 | |
4.41% (3 Month Term SOFR + 1.69%), 04/23/2039 (3) | | | 2,075 | | | | 1,835 | |
5.73% (SOFR + 1.27%), 04/25/2030 (3) | | | 4,543 | | | | 4,624 | |
6.48% (SOFR + 1.77%), 10/24/2029 (3) | | | 3,200 | | | | 3,341 | |
6.75%, 10/01/2037 | | | 2,170 | | | | 2,341 | |
Goodman U.S. Finance Four LLC | | | | | | | | |
4.50%, 10/15/2037 (1) | | | 200 | | | | 172 | |
Goodman U.S. Finance Three LLC | | | | | | | | |
3.70%, 03/15/2028 (1) | | | 862 | | | | 808 | |
Great-West Lifeco Finance 2018 LP | | | | | | | | |
4.58%, 05/17/2048 (1) | | | 650 | | | | 551 | |
Guardian Life Insurance Co. of America | | | | | | | | |
4.85%, 01/24/2077 (1) | | | 5,610 | | | | 4,682 | |
Hanover Insurance Group, Inc. | | | | | | | | |
2.50%, 09/01/2030 | | | 5,610 | | | | 4,727 | |
Hartford Financial Services Group, Inc. | | | | | | | | |
4.30%, 04/15/2043 | | | 1,080 | | | | 911 | |
Healthcare Realty Holdings LP | | | | | | | | |
2.00%, 03/15/2031 | | | 1,380 | | | | 1,087 | |
3.10%, 02/15/2030 | | | 1,000 | | | | 874 | |
Healthpeak OP LLC | | | | | | | | |
3.40%, 02/01/2025 | | | 41 | | | | 40 | |
3.50%, 07/15/2029 | | | 1,742 | | | | 1,609 | |
High Street Funding Trust I | | | | | | | | |
4.11%, 02/15/2028 (1) | | | 1,975 | | | | 1,865 | |
High Street Funding Trust II | | | | | | | | |
4.68%, 02/15/2048 (1) | | | 5,250 | | | | 4,224 | |
HSBC Holdings Plc | | | | | | | | |
2.01% (SOFR + 1.73%), 09/22/2028 (3) | | | 3,585 | | | | 3,220 | |
2.21% (SOFR + 1.29%), 08/17/2029 (3) | | | 2,075 | | | | 1,824 | |
2.36% (SOFR + 1.95%), 08/18/2031 (3) | | | 2,580 | | | | 2,156 | |
2.87% (SOFR + 1.41%), 11/22/2032 (3) | | | 2,095 | | | | 1,742 | |
3.97% (3 Month Term SOFR + 1.87%), 05/22/2030 (3) | | | 1,000 | | | | 935 | |
4.04% (3 Month Term SOFR + 1.81%), 03/13/2028 (3) | | | 3,161 | | | | 3,045 | |
4.29% (3 Month Term SOFR + 1.61%), 09/12/2026 (3) | | | 8,009 | | | | 7,868 | |
5.55% (SOFR + 1.46%), 03/04/2030 (3) | | | 8,691 | | | | 8,707 | |
5.60% (SOFR + 1.06%), 05/17/2028 (3) | | | 8,161 | | | | 8,193 | |
6.10%, 01/14/2042 | | | 1,060 | | | | 1,128 | |
6.33% (SOFR + 2.65%), 03/09/2044 (3) | | | 2,485 | | | | 2,599 | |
7.39% (SOFR + 3.35%), 11/03/2028 (3) | | | 3,360 | | | | 3,553 | |
Huntington Bancshares, Inc. | | | | | | | | |
5.71% (SOFR + 1.87%), 02/02/2035 (3) | | | 9,482 | | | | 9,335 | |
6.21% (SOFR + 2.02%), 08/21/2029 (3) | | | 3,061 | | | | 3,125 | |
ING Groep NV | | | | | | | | |
1.73% (SOFR + 1.01%), 04/01/2027 (3) | | | 705 | | | | 659 | |
5.55% (SOFR + 1.77%), 03/19/2035 (3) | | | 11,692 | | | | 11,543 | |
6.08% (SOFR + 1.56%), 09/11/2027 (3) | | | 923 | | | | 933 | |
Invesco Finance Plc | | | | | | | | |
3.75%, 01/15/2026 | | | 4,000 | | | | 3,894 | |
Jefferies Financial Group, Inc. | | | | | | | | |
6.20%, 04/14/2034 | | | 5,000 | | | | 5,064 | |
6.25%, 01/15/2036 | | | 155 | | | | 157 | |
6.45%, 06/08/2027 | | | 428 | | | | 438 | |
JP Morgan Chase & Co. | | | | | | | | |
1.04% (3 Month Term SOFR + 0.70%), 02/04/2027 (3) | | | 1,950 | | | | 1,816 | |
1.47% (SOFR + 0.77%), 09/22/2027 (3) | | | 15,960 | | | | 14,660 | |
1.58% (SOFR + 0.89%), 04/22/2027 (3) | | | 5,000 | | | | 4,666 | |
2.58% (3 Month Term SOFR + 1.25%), 04/22/2032 (3) | | | 6,390 | | | | 5,397 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
2.95% (SOFR + 1.17%), 02/24/2028 (3) | | $ | 2,600 | | | $ | 2,449 | |
2.96% (SOFR + 1.26%), 01/25/2033 (3) | | | 10,500 | | | | 8,952 | |
4.00% (3 Month Term SOFR + 2.75%), 10/01/2172 (3) | | | 4,275 | | | | 4,156 | |
4.01% (3 Month Term SOFR + 1.38%), 04/23/2029 (3) | | | 2,320 | | | | 2,218 | |
4.32% (SOFR + 1.56%), 04/26/2028 (3) | | | 1,995 | | | | 1,946 | |
4.45% (3 Month Term SOFR + 1.59%), 12/05/2029 (3) | | | 9,660 | | | | 9,378 | |
4.60% (3 Month Term SOFR + 3.13%), 08/01/2172 (3) | | | 1,985 | | | | 1,957 | |
5.00% (3 Month Term SOFR + 3.38%), 02/01/2173 (3) | | | 5,010 | | | | 4,996 | |
5.30% (SOFR + 1.45%), 07/24/2029 (3) | | | 23,665 | | | | 23,745 | |
5.35% (SOFR + 1.85%), 06/01/2034 (3) | | | 3,600 | | | | 3,584 | |
5.58% (SOFR + 1.16%), 04/22/2030 (3) | | | 9,489 | | | | 9,639 | |
5.77% (SOFR + 1.49%), 04/22/2035 (3) | | | 7,773 | | | | 7,975 | |
KeyCorp | | | | | | | | |
4.79% (SOFR + 2.06%), 06/01/2033 (3) | | | 590 | | | | 539 | |
6.40% (SOFR + 2.42%), 03/06/2035 (3) | | | 2,495 | | | | 2,530 | |
Liberty Mutual Group, Inc. | | | | | | | | |
3.95%, 10/15/2050 (1) | | | 769 | | | | 559 | |
4.57%, 02/01/2029 (1) | | | 2,301 | | | | 2,243 | |
5.50%, 06/15/2052 (1) | | | 5,750 | | | | 5,340 | |
Liberty Mutual Insurance Co. | | | | | | | | |
7.70%, 10/15/2097 (1) | | | 100 | | | | 110 | |
8.50%, 05/15/2025 (1) | | | 700 | | | | 714 | |
Lincoln National Corp. | | | | | | | | |
7.00%, 06/15/2040 | | | 1,715 | | | | 1,855 | |
Lloyds Banking Group Plc | | | | | | | | |
1.63% (1 Year CMT Index + 0.85%), 05/11/2027 (3) | | | 2,280 | | | | 2,118 | |
3.51% (1 Year CMT Index + 1.60%), 03/18/2026 (3) | | | 1,075 | | | | 1,057 | |
3.57% (3 Month LIBOR USD + 1.21%), 11/07/2028 (3) | | | 1,000 | | | | 941 | |
3.75%, 01/11/2027 | | | 2,000 | | | | 1,925 | |
4.38%, 03/22/2028 | | | 949 | | | | 919 | |
4.58%, 12/10/2025 | | | 550 | | | | 540 | |
5.46% (1 Year CMT Index + 1.38%), 01/05/2028 (3) | | | 10,625 | | | | 10,602 | |
5.68% (1 Year CMT Index + 1.75%), 01/05/2035 (3) | | | 2,575 | | | | 2,565 | |
LSEGA Financing Plc | | | | | | | | |
2.00%, 04/06/2028 (1) | | | 4,565 | | | | 4,091 | |
M&T Bank Corp. | | | | | | | | |
4.00%, 07/15/2024 | | | 4,350 | | | | 4,345 | |
Macquarie Bank Ltd. | | | | | | | | |
3.05% (5 Year CMT Index + 1.70%), 03/03/2036 (1)(3) | | | 2,090 | | | | 1,735 | |
Macquarie Group Ltd. | | | | | | | | |
2.87% (SOFR + 1.53%), 01/14/2033 (1)(3) | | | 4,000 | | | | 3,306 | |
5.03% (3 Month LIBOR USD + 1.75%), 01/15/2030 (1)(3) | | | 4,445 | | | | 4,373 | |
Markel Group, Inc. | | | | | | | | |
4.15%, 09/17/2050 | | | 655 | | | | 503 | |
Massachusetts Mutual Life Insurance Co. | | | | | | | | |
3.73%, 10/15/2070 (1) | | | 2,690 | | | | 1,817 | |
4.90%, 04/01/2077 (1) | | | 5,000 | | | | 4,153 | |
MBIA Insurance Corp. | | | | | | | | |
16.85% (3 Month Term SOFR + 11.52%), 01/15/2033 (1)(3) | | | 86 | | | | 4 | |
MetLife, Inc. | | | | | | | | |
4.88%, 11/13/2043 | | | 3,000 | | | | 2,733 | |
Metropolitan Life Global Funding I | | | | | | | | |
3.00%, 09/19/2027 (1) | | | 1,180 | | | | 1,105 | |
5.15%, 03/28/2033 (1) | | | 2,000 | | | | 1,975 | |
Mid-America Apartments LP | | | | | | | | |
1.70%, 02/15/2031 | | | 1,330 | | | | 1,067 | |
Mitsubishi HC Finance America LLC | | | | | | | | |
5.81%, 09/12/2028 (1) | | | 1,795 | | | | 1,823 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | | |
2.05%, 07/17/2030 | | $ | 2,940 | | | $ | 2,456 | |
3.75%, 07/18/2039 | | | 1,615 | | | | 1,349 | |
Mizuho Financial Group, Inc. | | | | | | | | |
2.17% (1 Year CMT Index + 0.87%), 05/22/2032 (3) | | | 8,000 | | | | 6,474 | |
2.26% (1 Year CMT Index + 0.90%), 07/09/2032 (3) | | | 1,000 | | | | 813 | |
2.87% (3 Month Term SOFR + 1.57%), 09/13/2030 (3) | | | 1,620 | | | | 1,432 | |
5.78% (1 Year CMT Index + 1.65%), 07/06/2029 (3) | | | 3,830 | | | | 3,881 | |
Morgan Stanley | | | | | | | | |
1.79% (SOFR + 1.03%), 02/13/2032 (3) | | | 2,440 | | | | 1,958 | |
1.93% (SOFR + 1.02%), 04/28/2032 (3) | | | 13,945 | | | | 11,204 | |
2.24% (SOFR + 1.18%), 07/21/2032 (3) | | | 3,555 | | | | 2,904 | |
2.48% (SOFR + 1.00%), 01/21/2028 (3) | | | 526 | | | | 490 | |
3.22% (SOFR + 1.49%), 04/22/2042 (3) | | | 5,000 | | | | 3,743 | |
3.59%, 07/22/2028 (5) | | | 5,882 | | | | 5,593 | |
3.77% (3 Month Term SOFR + 1.40%), 01/24/2029 (3) | | | 4,371 | | | | 4,161 | |
3.88%, 01/27/2026 | | | 1,725 | | | | 1,686 | |
3.95%, 04/23/2027 | | | 14,190 | | | | 13,704 | |
4.43% (3 Month Term SOFR + 1.89%), 01/23/2030 (3) | | | 2,304 | | | | 2,229 | |
5.00%, 11/24/2025 | | | 3,000 | | | | 2,979 | |
5.16% (SOFR + 1.59%), 04/20/2029 (3) | | | 4,465 | | | | 4,451 | |
5.17% (SOFR + 1.45%), 01/16/2030 (3) | | | 1,350 | | | | 1,347 | |
5.45% (SOFR + 1.63%), 07/20/2029 (3) | | | 7,990 | | | | 8,039 | |
5.47% (SOFR + 1.73%), 01/18/2035 (3) | | | 1,846 | | | | 1,841 | |
5.83% (SOFR + 1.58%), 04/19/2035 (3) | | | 18,929 | | | | 19,405 | |
6.30% (SOFR + 2.24%), 10/18/2028 (3) | | | 5,350 | | | | 5,520 | |
Morgan Stanley Bank N.A. | | | | | | | | |
5.50% (SOFR + 0.87%), 05/26/2028 (3) | | | 7,038 | | | | 7,086 | |
Mutual of Omaha Companies Global Funding | | | | | | | | |
5.35%, 04/09/2027 (1) | | | 8,000 | | | | 7,998 | |
Nasdaq, Inc. | | | | | | | | |
5.55%, 02/15/2034 | | | 1,120 | | | | 1,122 | |
National Australia Bank Ltd. | | | | | | | | |
2.33%, 08/21/2030 (1) | | | 6,000 | | | | 4,963 | |
3.35% (5 Year CMT Index + 1.70%), 01/12/2037 (1)(3) | | | 2,600 | | | | 2,198 | |
Nationwide Building Society | | | | | | | | |
1.50%, 10/13/2026 (1) | | | 2,800 | | | | 2,574 | |
4.00%, 09/14/2026 (1) | | | 9,650 | | | | 9,273 | |
Nationwide Mutual Insurance Co. | | | | | | | | |
9.38%, 08/15/2039 (1) | | | 7,150 | | | | 9,051 | |
NatWest Group Plc | | | | | | | | |
1.64% (1 Year CMT Index + 0.90%), 06/14/2027 (3) | | | 8,225 | | | | 7,613 | |
4.45% (3 Month LIBOR USD + 1.87%), 05/08/2030 (3) | | | 985 | | | | 941 | |
4.80%, 04/05/2026 | | | 3,017 | | | | 2,980 | |
4.89% (3 Month LIBOR USD + 1.75%), 05/18/2029 (3) | | | 6,005 | | | | 5,870 | |
5.08% (3 Month LIBOR USD + 1.91%), 01/27/2030 (3) | | | 9,010 | | | | 8,851 | |
5.78% (1 Year CMT Index + 1.50%), 03/01/2035 (3) | | | 2,865 | | | | 2,874 | |
7.47% (1 Year CMT Index + 2.85%), 11/10/2026 (3) | | | 2,165 | | | | 2,212 | |
NatWest Markets Plc | | | | | | | | |
1.60%, 09/29/2026 (1) | | | 2,390 | | | | 2,195 | |
5.41%, 05/17/2029 (1) | | | 4,475 | | | | 4,489 | |
5.42%, 05/17/2027 (1) | | | 3,500 | | | | 3,498 | |
New York Life Insurance Co. | | | | | | | | |
4.45%, 05/15/2069 (1) | | | 4,225 | | | | 3,399 | |
NNN REIT, Inc. | | | | | | | | |
3.50%, 10/15/2027 | | | 400 | | | | 379 | |
3.60%, 12/15/2026 | | | 700 | | | | 672 | |
5.60%, 10/15/2033 | | | 950 | | | | 945 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
Nomura Holdings, Inc. | | | | | | | | |
1.65%, 07/14/2026 | | $ | 5,000 | | | $ | 4,622 | |
1.85%, 07/16/2025 | | | 5,000 | | | | 4,804 | |
2.61%, 07/14/2031 | | | 2,025 | | | | 1,667 | |
2.65%, 01/16/2025 | | | 2,597 | | | | 2,552 | |
2.68%, 07/16/2030 | | | 1,550 | | | | 1,319 | |
2.71%, 01/22/2029 | | | 11,000 | | | | 9,790 | |
6.07%, 07/12/2028 | | | 4,200 | | | | 4,297 | |
Nordea Bank Abp | | | | | | | | |
5.38%, 09/22/2027 (1) | | | 2,035 | | | | 2,045 | |
Northern Trust Corp. | | | | | | | | |
3.38% (3 Month LIBOR USD + 1.13%), 05/08/2032 (3) | | | 411 | | | | 388 | |
Northwestern Mutual Global Funding | | | | | | | | |
1.70%, 06/01/2028 (1) | | | 1,995 | | | | 1,759 | |
Nuveen LLC | | | | | | | | |
5.85%, 04/15/2034 (1) | | | 3,380 | | | | 3,393 | |
Ontario Teachers’ Cadillac Fairview Properties Trust | | | | | | | | |
3.88%, 03/20/2027 (1) | | | 1,044 | | | | 1,009 | |
Pacific Life Insurance Co. | | | | | | | | |
4.30% (3 Month LIBOR USD + 2.80%), 10/24/2067 (1)(3) | | | 743 | | | | 580 | |
PNC Bank N.A. | | | | | | | | |
4.20%, 11/01/2025 | | | 322 | | | | 316 | |
PNC Financial Services Group, Inc. | | | | | | | | |
5.07% (SOFR + 1.93%), 01/24/2034 (3) | | | 3,433 | | | | 3,318 | |
5.58% (SOFR + 1.84%), 06/12/2029 (3) | | | 8,670 | | | | 8,765 | |
5.68% (SOFR + 1.90%), 01/22/2035 (3) | | | 1,565 | | | | 1,573 | |
6.88% (SOFR + 2.28%), 10/20/2034 (3) | | | 2,345 | | | | 2,556 | |
Principal Life Global Funding II | | | | | | | | |
3.00%, 04/18/2026 (1) | | | 2,000 | | | | 1,919 | |
5.10%, 01/25/2029 (1) | | | 7,000 | | | | 6,959 | |
Private Export Funding Corp. | | | | | | | | |
3.25%, 06/15/2025 | | | 1,280 | | | | 1,255 | |
Prologis LP | | | | | | | | |
2.25%, 04/15/2030 | | | 305 | | | | 262 | |
2.88%, 11/15/2029 | | | 800 | | | | 720 | |
Protective Life Corp. | | | | | | | | |
4.30%, 09/30/2028 (1) | | | 4,500 | | | | 4,331 | |
Protective Life Global Funding | | | | | | | | |
5.47%, 12/08/2028 (1) | | | 5,725 | | | | 5,788 | |
Prudential Financial, Inc. | | | | | | | | |
3.91%, 12/07/2047 | | | 1,231 | | | | 946 | |
6.63%, 06/21/2040 | | | 5,995 | | | | 6,590 | |
Prudential Insurance Co. of America | | | | | | | | |
8.30%, 07/01/2025 (1) | | | 1,691 | | | | 1,727 | |
Public Storage Operating Co. | | | | | | | | |
1.95%, 11/09/2028 | | | 1,668 | | | | 1,470 | |
2.25%, 11/09/2031 | | | 1,401 | | | | 1,157 | |
Realty Income Corp. | | | | | | | | |
1.80%, 03/15/2033 | | | 1,320 | | | | 992 | |
Regency Centers LP | | | | | | | | |
2.95%, 09/15/2029 | | | 2,200 | | | | 1,975 | |
Reinsurance Group of America, Inc. | | | | | | | | |
5.75%, 09/15/2034 | | | 2,931 | | | | 2,920 | |
RGA Global Funding | | | | | | | | |
5.45%, 05/24/2029 (1) | | | 2,862 | | | | 2,869 | |
Sabra Health Care LP | | | | | | | | |
3.20%, 12/01/2031 | | | 2,195 | | | | 1,825 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
Safehold GL Holdings LLC | | | | | | | | |
2.80%, 06/15/2031 | | $ | 7,000 | | | $ | 5,853 | |
2.85%, 01/15/2032 | | | 4,308 | | | | 3,539 | |
Sammons Financial Group, Inc. | | | | | | | | |
3.35%, 04/16/2031 (1) | | | 7,000 | | | | 5,810 | |
4.75%, 04/08/2032 (1) | | | 5,000 | | | | 4,447 | |
Santander Holdings USA, Inc. | | | | | | | | |
6.17% (SOFR + 2.50%), 01/09/2030 (3) | | | 3,515 | | | | 3,542 | |
6.34% (SOFR + 2.14%), 05/31/2035 (3) | | | 1,510 | | | | 1,506 | |
Santander UK Group Holdings Plc | | | | | | | | |
1.67% (SOFR + 0.99%), 06/14/2027 (3) | | | 2,290 | | | | 2,117 | |
6.53% (SOFR + 2.60%), 01/10/2029 (3) | | | 9,500 | | | | 9,759 | |
6.83% (SOFR + 2.75%), 11/21/2026 (3) | | | 3,588 | | | | 3,636 | |
Scentre Group Trust 2 | | | | | | | | |
4.75% (5 Year CMT Index + 4.38%), 09/24/2080 (1)(3) | | | 898 | | | | 866 | |
SITE Centers Corp. | | | | | | | | |
4.70%, 06/01/2027 | | | 368 | | | | 365 | |
Societe Generale SA | | | | | | | | |
1.49% (1 Year CMT Index + 1.10%), 12/14/2026 (1)(3) | | | 19,302 | | | | 18,045 | |
1.79% (1 Year CMT Index + 1.00%), 06/09/2027 (1)(3) | | | 5,930 | | | | 5,470 | |
2.80% (1 Year CMT Index + 1.30%), 01/19/2028 (1)(3) | | | 5,955 | | | | 5,495 | |
2.89% (1 Year CMT Index + 1.30%), 06/09/2032 (1)(3) | | | 8,975 | | | | 7,322 | |
3.00%, 01/22/2030 (1) | | | 562 | | | | 484 | |
3.63%, 03/01/2041 (1) | | | 6,000 | | | | 4,081 | |
4.25%, 04/14/2025 (1) | | | 2,880 | | | | 2,831 | |
5.63% (1 Year CMT Index + 1.75%), 01/19/2030 (1)(3) | | | 7,898 | | | | 7,790 | |
6.22% (1 Year CMT Index + 3.20%), 06/15/2033 (1)(3) | | | 4,500 | | | | 4,431 | |
Standard Chartered Plc | | | | | | | | |
1.46% (1 Year CMT Index + 1.00%), 01/14/2027 (1)(3) | | | 10,474 | | | | 9,810 | |
2.61% (1 Year CMT Index + 1.18%), 01/12/2028 (1)(3) | | | 5,000 | | | | 4,631 | |
2.82% (3 Month LIBOR USD + 1.21%), 01/30/2026 (1)(3) | | | 1,360 | | | | 1,336 | |
5.69% (1 Year CMT Index + 1.05%), 05/14/2028 (1)(3) | | | 7,044 | | | | 7,045 | |
5.91% (1 Year CMT Index + 1.45%), 05/14/2035 (1)(3) | | | 7,340 | | | | 7,275 | |
6.10% (1 Year CMT Index + 2.10%), 01/11/2035 (1)(3) | | | 1,459 | | | | 1,480 | |
6.19% (1 Year CMT Index + 1.85%), 07/06/2027 (1)(3) | | | 1,985 | | | | 2,004 | |
6.30% (1 Year CMT Index + 2.58%), 07/06/2034 (1)(3) | | | 2,000 | | | | 2,062 | |
State Street Corp. | | | | | | | | |
2.20%, 03/03/2031 | | | 2,110 | | | | 1,772 | |
Sumitomo Life Insurance Co. | | | | | | | | |
4.00% (3 Month LIBOR USD + 2.99%), 09/14/2077 (1)(3) | | | 1,000 | | | | 942 | |
Sumitomo Mitsui Financial Group, Inc. | | | | | | | | |
2.13%, 07/08/2030 | | | 2,650 | | | | 2,215 | |
3.04%, 07/16/2029 | | | 5,005 | | | | 4,514 | |
5.71%, 01/13/2030 | | | 2,790 | | | | 2,845 | |
Swedbank AB | | | | | | | | |
5.34%, 09/20/2027 (1) | | | 5,125 | | | | 5,106 | |
Synchrony Bank | | | | | | | | |
5.63%, 08/23/2027 | | | 1,950 | | | | 1,932 | |
Synchrony Financial | | | | | | | | |
3.95%, 12/01/2027 | | | 1,500 | | | | 1,401 | |
4.50%, 07/23/2025 | | | 4,000 | | | | 3,933 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
4.27%, 05/15/2047 (1) | | | 3,360 | | | | 2,673 | |
4.90%, 09/15/2044 (1) | | | 200 | | | | 177 | |
6.85%, 12/16/2039 (1) | | | 218 | | | | 243 | |
Toronto-Dominion Bank | | | | | | | | |
4.46%, 06/08/2032 | | | 5,000 | | | | 4,712 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
Travelers Companies, Inc. | | | | | | | | |
5.45%, 05/25/2053 | | $ | 1,700 | | | $ | 1,701 | |
Trinity Acquisition Plc | | | | | | | | |
4.40%, 03/15/2026 | | | 2,300 | | | | 2,256 | |
6.13%, 08/15/2043 | | | 5,000 | | | | 4,890 | |
Truist Financial Corp. | | | | | | | | |
4.80% (5 Year CMT Index + 3.00%), 12/31/2099 (3) | | | 3,460 | | | | 3,400 | |
5.12% (SOFR + 1.85%), 01/26/2034 (3) | | | 1,770 | | | | 1,695 | |
5.44% (SOFR + 1.62%), 01/24/2030 (3) | | | 15,051 | | | | 15,013 | |
5.71% (SOFR + 1.92%), 01/24/2035 (3) | | | 1,931 | | | | 1,923 | |
5.87% (SOFR + 2.36%), 06/08/2034 (3) | | | 1,470 | | | | 1,481 | |
6.05% (SOFR + 2.05%), 06/08/2027 (3) | | | 1,935 | | | | 1,949 | |
7.16% (SOFR + 2.45%), 10/30/2029 (3) | | | 6,405 | | | | 6,801 | |
Trustage Financial Group, Inc. | | | | | | | | |
4.63%, 04/15/2032 (1) | | | 5,000 | | | | 4,388 | |
UBS AG/Stamford CT | | | | | | | | |
4.75%, 08/09/2024 | | | 6,895 | | | | 6,886 | |
7.50%, 02/15/2028 | | | 315 | | | | 337 | |
UBS Group AG | | | | | | | | |
1.36% (1 Year CMT Index + 1.08%), 01/30/2027 (1)(3) | | | 4,700 | | | | 4,389 | |
2.10% (1 Year CMT Index + 1.00%), 02/11/2032 (1)(3) | | | 3,610 | | | | 2,901 | |
2.19% (SOFR + 2.04%), 06/05/2026 (1)(3) | | | 2,790 | | | | 2,696 | |
3.87% (3 Month LIBOR USD + 1.41%), 01/12/2029 (1)(3) | | | 4,375 | | | | 4,130 | |
4.25%, 03/23/2028 (1) | | | 3,000 | | | | 2,871 | |
4.28%, 01/09/2028 (1) | | | 2,480 | | | | 2,378 | |
4.55%, 04/17/2026 | | | 1,500 | | | | 1,474 | |
5.43% (1 Year CMT Index + 1.52%), 02/08/2030 (1)(3) | | | 2,276 | | | | 2,271 | |
5.62% (1 Year SOFR Swap Rate + 1.34%), 09/13/2030 (1)(3) | | | 1,070 | | | | 1,075 | |
5.70% (1 Year CMT Index + 1.77%), 02/08/2035 (1)(3) | | | 2,365 | | | | 2,363 | |
5.71% (1 Year CMT Index + 1.55%), 01/12/2027 (1)(3) | | | 5,000 | | | | 5,003 | |
6.54% (SOFR + 3.92%), 08/12/2033 (1)(3) | | | 6,321 | | | | 6,633 | |
6.94% (SOFR + 1.58%), 05/12/2026 (1)(3) | | | 5,330 | | | | 5,374 | |
UDR, Inc. | | | | | | | | |
1.90%, 03/15/2033 | | | 2,025 | | | | 1,529 | |
2.10%, 08/01/2032 | | | 1,430 | | | | 1,119 | |
2.95%, 09/01/2026 | | | 276 | | | | 262 | |
3.00%, 08/15/2031 | | | 415 | | | | 359 | |
3.20%, 01/15/2030 | | | 1,565 | | | | 1,414 | |
UniCredit SpA | | | | | | | | |
1.98% (1 Year CMT Index + 1.20%), 06/03/2027 (1)(3) | | | 1,135 | | | | 1,058 | |
2.57% (1 Year CMT Index + 2.30%), 09/22/2026 (1)(3) | | | 2,330 | | | | 2,235 | |
US Bancorp | | | | | | | | |
5.38% (SOFR + 1.56%), 01/23/2030 (3) | | | 4,532 | | | | 4,544 | |
5.68% (SOFR + 1.86%), 01/23/2035 (3) | | | 6,074 | | | | 6,097 | |
Ventas Realty LP | | | | | | | | |
3.25%, 10/15/2026 | | | 323 | | | | 307 | |
3.50%, 02/01/2025 | | | 251 | | | | 247 | |
3.85%, 04/01/2027 | | | 677 | | | | 651 | |
4.13%, 01/15/2026 | | | 126 | | | | 123 | |
Wells Fargo & Co. | | | | | | | | |
2.39% (SOFR + 2.10%), 06/02/2028 (3) | | | 2,875 | | | | 2,648 | |
2.57% (3 Month Term SOFR + 1.26%), 02/11/2031 (3) | | | 12,110 | | | | 10,481 | |
3.00%, 04/22/2026 | | | 2,125 | | | | 2,037 | |
4.10%, 06/03/2026 | | | 3,580 | | | | 3,487 | |
5.20% (SOFR + 1.50%), 01/23/2030 (3) | | | 2,660 | | | | 2,649 | |
5.50% (SOFR + 1.78%), 01/23/2035 (3) | | | 3,780 | | | | 3,767 | |
5.56% (SOFR + 1.99%), 07/25/2034 (3) | | | 6,661 | | | | 6,656 | |
5.57% (SOFR + 1.74%), 07/25/2029 (3) | | | 41,220 | | | | 41,595 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 11.63% – (continued) | | | | | | | | |
5.71% (SOFR + 1.07%), 04/22/2028 (3) | | $ | 17,344 | | | $ | 17,495 | |
6.30% (SOFR + 1.79%), 10/23/2029 (3) | | | 6,445 | | | | 6,688 | |
6.49% (SOFR + 2.06%), 10/23/2034 (3) | | | 14,995 | | | | 15,987 | |
Welltower OP LLC | | | | | | | | |
3.10%, 01/15/2030 | | | 1,085 | | | | 972 | |
6.50%, 03/15/2041 | | | 700 | | | | 755 | |
Westpac Banking Corp. | | | | | | | | |
5.05%, 04/16/2029 | | | 5,241 | | | | 5,253 | |
Weyerhaeuser Co. | | | | | | | | |
7.38%, 03/15/2032 | | | 142 | | | | 159 | |
Willis North America, Inc. | | | | | | | | |
5.05%, 09/15/2048 | | | 7,500 | | | | 6,505 | |
WP Carey, Inc. | | | | | | | | |
2.40%, 02/01/2031 | | | 1,800 | | | | 1,493 | |
2.45%, 02/01/2032 | | | 1,360 | | | | 1,103 | |
4.25%, 10/01/2026 | | | 3,404 | | | | 3,316 | |
WR Berkley Corp. | | | | | | | | |
4.75%, 08/01/2044 | | | 3,445 | | | | 3,048 | |
XL Group Ltd. | | | | | | | | |
5.25%, 12/15/2043 | | | 2,700 | | | | 2,490 | |
| | | | | | | | |
Total Financials | | | | 1,983,212 | |
| | | | | | | | |
| Government – 0.03% | | | | | | | | |
Corp. Andina de Fomento | | | | | | | | |
5.00%, 01/24/2029 | | | 5,160 | | | | 5,145 | |
| | | | | | | | |
Total Government | | | | 5,145 | |
| | | | | | | | |
| Industrials – 1.70% | | | | | | | | |
Airbus SE | | | | | | | | |
3.95%, 04/10/2047 (1) | | | 150 | | | | 122 | |
Allegion U.S. Holding Co., Inc. | | | | | | | | |
3.20%, 10/01/2024 | | | 2,000 | | | | 1,986 | |
BAE Systems Plc | | | | | | | | |
1.90%, 02/15/2031 (1) | | | 6,886 | | | | 5,594 | |
3.00%, 09/15/2050 (1) | | | 754 | | | | 487 | |
5.00%, 03/26/2027 (1) | | | 6,679 | | | | 6,630 | |
5.13%, 03/26/2029 (1) | | | 1,408 | | | | 1,402 | |
5.80%, 10/11/2041 (1) | | | 400 | | | | 404 | |
Berry Global, Inc. | | | | | | | | |
1.57%, 01/15/2026 | | | 17,410 | | | | 16,356 | |
5.80%, 06/15/2031 (1) | | | 4,600 | | | | 4,593 | |
Boeing Co. | | | | | | | | |
2.20%, 02/04/2026 | | | 19,535 | | | | 18,359 | |
2.75%, 02/01/2026 | | | 1,415 | | | | 1,345 | |
3.10%, 05/01/2026 | | | 1,529 | | | | 1,451 | |
3.25%, 03/01/2028 | | | 2,061 | | | | 1,879 | |
3.30%, 03/01/2035 | | | 1,410 | | | | 1,053 | |
3.60%, 05/01/2034 | | | 3,332 | | | | 2,681 | |
3.63%, 02/01/2031 | | | 4,745 | | | | 4,153 | |
3.65%, 03/01/2047 | | | 5,200 | | | | 3,380 | |
3.90%, 05/01/2049 | | | 1,230 | | | | 823 | |
3.95%, 08/01/2059 | | | 4,825 | | | | 3,074 | |
4.88%, 05/01/2025 | | | 1,165 | | | | 1,153 | |
5.04%, 05/01/2027 | | | 1,185 | | | | 1,159 | |
5.15%, 05/01/2030 | | | 4,225 | | | | 4,057 | |
5.71%, 05/01/2040 | | | 1,555 | | | | 1,434 | |
5.81%, 05/01/2050 | | | 2,072 | | | | 1,867 | |
6.30%, 05/01/2029 (1) | | | 3,406 | | | | 3,454 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Industrials – 1.70% – (continued) | | | | | | | | |
6.39%, 05/01/2031 (1) | | $ | 1,430 | | | $ | 1,456 | |
6.53%, 05/01/2034 (1) | | | 2,360 | | | | 2,416 | |
6.86%, 05/01/2054 (1) | | | 4,146 | | | | 4,255 | |
7.01%, 05/01/2064 (1) | | | 859 | | | | 880 | |
Burlington Northern Santa Fe LLC | | | | | | | | |
3.30%, 09/15/2051 | | | 530 | | | | 369 | |
3.55%, 02/15/2050 | | | 517 | | | | 380 | |
4.38%, 09/01/2042 | | | 462 | | | | 402 | |
4.45%, 01/15/2053 | | | 1,800 | | | | 1,530 | |
5.15%, 09/01/2043 | | | 389 | | | | 373 | |
5.20%, 04/15/2054 | | | 4,096 | | | | 3,924 | |
5.40%, 06/01/2041 | | | 542 | | | | 535 | |
5.50%, 03/15/2055 | | | 4,735 | | | | 4,744 | |
5.75%, 05/01/2040 | | | 373 | | | | 383 | |
6.15%, 05/01/2037 | | | 320 | | | | 345 | |
7.29%, 06/01/2036 | | | 134 | | | | 158 | |
Cellnex Finance Co. SA | | | | | | | | |
3.88%, 07/07/2041 (1) | | | 3,000 | | | | 2,369 | |
CH Robinson Worldwide, Inc. | | | | | | | | |
4.20%, 04/15/2028 | | | 6,000 | | | | 5,800 | |
CRH America Finance, Inc. | | | | | | | | |
3.40%, 05/09/2027 (1) | | | 200 | | | | 191 | |
CRH America, Inc. | | | | | | | | |
3.88%, 05/18/2025 (1) | | | 354 | | | | 348 | |
5.13%, 05/18/2045 (1) | | | 230 | | | | 209 | |
CSX Corp. | | | | | | | | |
3.35%, 09/15/2049 | | | 305 | | | | 215 | |
4.10%, 03/15/2044 | | | 175 | | | | 144 | |
4.65%, 03/01/2068 | | | 2,000 | | | | 1,675 | |
4.75%, 11/15/2048 | | | 1,280 | | | | 1,142 | |
5.50%, 04/15/2041 | | | 402 | | | | 400 | |
Eaton Corp. | | | | | | | | |
4.15%, 03/15/2033 | | | 143 | | | | 134 | |
5.80%, 03/15/2037 | | | 500 | | | | 515 | |
FedEx Corp. | | | | | | | | |
4.95%, 10/17/2048 | | | 3,000 | | | | 2,648 | |
Flex Ltd. | | | | | | | | |
3.75%, 02/01/2026 | | | 14,000 | | | | 13,586 | |
Graphic Packaging International LLC | | | | | | | | |
1.51%, 04/15/2026 (1) | | | 11,485 | | | | 10,640 | |
GTP Acquisition Partners I LLC | | | | | | | | |
3.48%, 06/16/2025 (1) | | | 1,824 | | | | 1,786 | |
Honeywell International, Inc. | | | | | | | | |
5.25%, 03/01/2054 | | | 2,740 | | | | 2,659 | |
John Deere Capital Corp. | | | | | | | | |
4.90%, 06/11/2027 | | | 4,349 | | | | 4,339 | |
Johnson Controls International Plc | | | | | | | | |
4.95%, 07/02/2064 (2) | | | 928 | | | | 796 | |
Keysight Technologies, Inc. | | | | | | | | |
4.60%, 04/06/2027 | | | 13,000 | | | | 12,768 | |
L3Harris Technologies, Inc. | | | | | | | | |
3.83%, 04/27/2025 | | | 820 | | | | 808 | |
4.85%, 04/27/2035 | | | 1,000 | | | | 949 | |
5.25%, 06/01/2031 | | | 2,580 | | | | 2,571 | |
5.40%, 07/31/2033 | | | 2,619 | | | | 2,611 | |
Lennox International, Inc. | | | | | | | | |
1.70%, 08/01/2027 | | | 2,000 | | | | 1,799 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Industrials – 1.70% – (continued) | | | | | | | | |
Martin Marietta Materials, Inc. | | | | | | | | |
4.25%, 07/02/2024 | | $ | 1,705 | | | $ | 1,705 | |
6.25%, 05/01/2037 | | | 107 | | | | 110 | |
Masco Corp. | | | | | | | | |
2.00%, 10/01/2030 | | | 760 | | | | 626 | |
6.50%, 08/15/2032 | | | 1,240 | | | | 1,319 | |
Mexico City Airport Trust | | | | | | | | |
3.88%, 04/30/2028 (1) | | | 3,645 | | | | 3,429 | |
4.25%, 10/31/2026 (1) | | | 1,720 | | | | 1,659 | |
5.50%, 07/31/2047 (1) | | | 3,660 | | | | 3,030 | |
Norfolk Southern Corp. | | | | | | | | |
3.95%, 10/01/2042 | | | 332 | | | | 266 | |
4.05%, 08/15/2052 | | | 1,100 | | | | 849 | |
4.80%, 08/15/2043 | | | 1,273 | | | | 1,108 | |
5.95%, 03/15/2064 | | | 2,765 | | | | 2,815 | |
7.80%, 05/15/2027 | | | 1,705 | | | | 1,828 | |
Northrop Grumman Corp. | | | | | | | | |
3.85%, 04/15/2045 | | | 195 | | | | 152 | |
nVent Finance Sarl | | | | | | | | |
4.55%, 04/15/2028 | | | 3,625 | | | | 3,520 | |
Owens Corning | | | | | | | | |
5.50%, 06/15/2027 | | | 4,463 | | | | 4,502 | |
5.95%, 06/15/2054 | | | 1,436 | | | | 1,447 | |
Parker-Hannifin Corp. | | | | | | | | |
4.45%, 11/21/2044 | | | 333 | | | | 284 | |
Penske Truck Leasing Co. Lp / PTL Finance Corp. | | | | | | | | |
1.20%, 11/15/2025 (1) | | | 7,300 | | | | 6,876 | |
3.95%, 03/10/2025 (1) | | | 7,000 | | | | 6,914 | |
6.20%, 06/15/2030 (1) | | | 2,925 | | | | 3,044 | |
Precision Castparts Corp. | | | | | | | | |
4.20%, 06/15/2035 | | | 75 | | | | 71 | |
4.38%, 06/15/2045 | | | 415 | | | | 363 | |
RTX Corp. | | | | | | | | |
2.82%, 09/01/2051 | | | 2,550 | | | | 1,553 | |
3.75%, 11/01/2046 | | | 1,130 | | | | 846 | |
4.15%, 05/15/2045 | | | 1,683 | | | | 1,360 | |
4.35%, 04/15/2047 | | | 970 | | | | 800 | |
4.50%, 06/01/2042 | | | 1,823 | | | | 1,579 | |
5.15%, 02/27/2033 | | | 2,076 | | | | 2,054 | |
Siemens Financieringsmaatschappij NV | | | | | | | | |
4.40%, 05/27/2045 (1) | | | 513 | | | | 450 | |
SMBC Aviation Capital Finance DAC | | | | | | | | |
1.90%, 10/15/2026 (1) | | | 1,400 | | | | 1,289 | |
5.55%, 04/03/2034 (1) | | | 10,000 | | | | 9,781 | |
Teledyne Technologies, Inc. | | | | | | | | |
2.75%, 04/01/2031 | | | 12,950 | | | | 11,085 | |
Textron, Inc. | | | | | | | | |
3.65%, 03/15/2027 | | | 4,975 | | | | 4,767 | |
Union Pacific Corp. | | | | | | | | |
4.10%, 09/15/2067 | | | 200 | | | | 151 | |
United Parcel Service, Inc. | | | | | | | | |
5.15%, 05/22/2034 | | | 5,670 | | | | 5,654 | |
5.50%, 05/22/2054 | | | 3,773 | | | | 3,741 | |
Vontier Corp. | | | | | | | | |
2.40%, 04/01/2028 | | | 10,822 | | | | 9,593 | |
Vulcan Materials Co. | | | | | | | | |
4.70%, 03/01/2048 | | | 2,054 | | | | 1,783 | |
Westinghouse Air Brake Technologies Corp. | | | | | | | | |
3.45%, 11/15/2026 | | | 5,000 | | | | 4,778 | |
WestRock MWV LLC | | | | | | | | |
8.20%, 01/15/2030 | | | 537 | | | | 613 | |
| | | | | | | | |
Total Industrials | | | | 289,942 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Technology – 0.96% | | | | | | | | |
Analog Devices, Inc. | | | | | | | | |
2.95%, 10/01/2051 | | $ | 2,122 | | | $ | 1,389 | |
5.30%, 04/01/2054 | | | 3,530 | | | | 3,446 | |
Atlassian Corp. | | | | | | | | |
5.25%, 05/15/2029 | | | 4,587 | | | | 4,587 | |
Broadcom, Inc. | | | | | | | | |
2.45%, 02/15/2031 (1) | | | 4,393 | | | | 3,699 | |
3.14%, 11/15/2035 (1) | | | 12,942 | | | | 10,364 | |
3.19%, 11/15/2036 (1) | | | 17,915 | | | | 14,177 | |
4.75%, 04/15/2029 | | | 6,850 | | | | 6,756 | |
CDW LLC / CDW Finance Corp. | | | | | | | | |
2.67%, 12/01/2026 | | | 14,070 | | | | 13,144 | |
CGI, Inc. | | | | | | | | |
1.45%, 09/14/2026 | | | 2,182 | | | | 1,998 | |
2.30%, 09/14/2031 | | | 3,919 | | | | 3,120 | |
Dell International LLC / EMC Corp. | | | | | | | | |
6.02%, 06/15/2026 | | | 2,627 | | | | 2,654 | |
Fiserv, Inc. | | | | | | | | |
3.20%, 07/01/2026 | | | 890 | | | | 854 | |
4.40%, 07/01/2049 | | | 2,850 | | | | 2,313 | |
5.63%, 08/21/2033 | | | 1,000 | | | | 1,008 | |
Genpact Luxembourg Sarl | | | | | | | | |
3.38%, 12/01/2024 | | | 7,000 | | | | 6,912 | |
IBM International Capital Pte Ltd. | | | | | | | | |
5.25%, 02/05/2044 | | | 7,097 | | | | 6,729 | |
Intel Corp. | | | | | | | | |
5.70%, 02/10/2053 | | | 4,475 | | | | 4,398 | |
KLA Corp. | | | | | | | | |
3.30%, 03/01/2050 | | | 1,800 | | | | 1,267 | |
Leidos, Inc. | | | | | | | | |
2.30%, 02/15/2031 | | | 1,075 | | | | 886 | |
3.63%, 05/15/2025 | | | 3,500 | | | | 3,438 | |
5.75%, 03/15/2033 | | | 1,000 | | | | 1,009 | |
NXP BV / NXP Funding LLC / NXP USA, Inc. | | | | | | | | |
2.50%, 05/11/2031 | | | 9,542 | | | | 7,996 | |
2.65%, 02/15/2032 | | | 4,875 | | | | 4,052 | |
2.70%, 05/01/2025 | | | 1,447 | | | | 1,413 | |
3.25%, 05/11/2041 | | | 3,600 | | | | 2,626 | |
3.25%, 11/30/2051 | | | 1,505 | | | | 989 | |
4.30%, 06/18/2029 | | | 7,077 | | | | 6,791 | |
Oracle Corp. | | | | | | | | |
3.60%, 04/01/2040 | | | 2,500 | | | | 1,922 | |
3.60%, 04/01/2050 | | | 2,773 | | | | 1,941 | |
3.80%, 11/15/2037 | | | 600 | | | | 494 | |
3.85%, 07/15/2036 | | | 1,065 | | | | 898 | |
3.90%, 05/15/2035 | | | 936 | | | | 811 | |
4.30%, 07/08/2034 | | | 221 | | | | 201 | |
4.38%, 05/15/2055 | | | 400 | | | | 312 | |
4.90%, 02/06/2033 | | | 2,930 | | | | 2,842 | |
5.55%, 02/06/2053 | | | 4,080 | | | | 3,860 | |
6.90%, 11/09/2052 | | | 9,000 | | | | 10,074 | |
QUALCOMM, Inc. | | | | | | | | |
4.50%, 05/20/2052 | | | 1,615 | | | | 1,394 | |
Roper Technologies, Inc. | | | | | | | | |
1.40%, 09/15/2027 | | | 3,050 | | | | 2,716 | |
2.00%, 06/30/2030 | | | 1,150 | | | | 961 | |
SK Hynix, Inc. | | | | | | | | |
1.50%, 01/19/2026 (1) | | | 2,000 | | | | 1,878 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Technology – 0.96% – (continued) | | | | | | | | |
Texas Instruments, Inc. | | | | | | | | |
5.05%, 05/18/2063 | | $ | 2,516 | | | $ | 2,338 | |
VMware LLC | | | | | | | | |
1.40%, 08/15/2026 | | | 8,282 | | | | 7,626 | |
1.80%, 08/15/2028 | | | 1,928 | | | | 1,689 | |
4.65%, 05/15/2027 | | | 1,370 | | | | 1,348 | |
Workday, Inc. | | | | | | | | |
3.50%, 04/01/2027 | | | 3,141 | | | | 3,005 | |
| | | | | | | | |
Total Technology | | | | 164,325 | |
| | | | | | | | |
| Utilities – 3.44% | | | | | | | | |
Abu Dhabi National Energy Co. PJSC | | | | | | | | |
2.00%, 04/29/2028 (1) | | | 2,015 | | | | 1,802 | |
AEP Texas, Inc. | | | | | | | | |
3.80%, 10/01/2047 | | | 3,715 | | | | 2,665 | |
AEP Transmission Co. LLC | | | | | | | | |
3.15%, 09/15/2049 | | | 580 | | | | 381 | |
3.75%, 12/01/2047 | | | 2,600 | | | | 1,931 | |
4.00%, 12/01/2046 | | | 2,020 | | | | 1,603 | |
4.25%, 09/15/2048 | | | 4,790 | | | | 3,836 | |
Alabama Power Co. | | | | | | | | |
2.80%, 04/01/2025 | | | 2,025 | | | | 1,983 | |
3.45%, 10/01/2049 | | | 1,640 | | | | 1,169 | |
3.75%, 03/01/2045 | | | 182 | | | | 140 | |
4.10%, 01/15/2042 | | | 233 | | | | 189 | |
4.15%, 08/15/2044 | | | 205 | | | | 169 | |
6.13%, 05/15/2038 | | | 219 | | | | 231 | |
Alfa Desarrollo SpA | | | | | | | | |
4.55%, 09/27/2051 (1) | | | 2,458 | | | | 1,846 | |
Ameren Corp. | | | | | | | | |
2.50%, 09/15/2024 | | | 2,153 | | | | 2,137 | |
5.70%, 12/01/2026 | | | 5,761 | | | | 5,807 | |
American Electric Power Co., Inc. | | | | | | | | |
5.70%, 08/15/2025 | | | 4,291 | | | | 4,294 | |
American Water Capital Corp. | | | | | | | | |
3.45%, 06/01/2029 | | | 590 | | | | 549 | |
4.00%, 12/01/2046 | | | 2,350 | | | | 1,845 | |
5.45%, 03/01/2054 | | | 5,200 | | | | 5,014 | |
6.59%, 10/15/2037 | | | 386 | | | | 429 | |
APA Infrastructure Ltd. | | | | | | | | |
4.20%, 03/23/2025 (1) | | | 2,100 | | | | 2,076 | |
Arizona Public Service Co. | | | | | | | | |
3.75%, 05/15/2046 | | | 2,290 | | | | 1,691 | |
5.05%, 09/01/2041 | | | 349 | | | | 318 | |
5.70%, 08/15/2034 | | | 5,446 | | | | 5,438 | |
Atmos Energy Corp. | | | | | | | | |
4.13%, 10/15/2044 | | | 1,860 | | | | 1,536 | |
4.15%, 01/15/2043 | | | 830 | | | | 696 | |
Ausgrid Finance Pty Ltd. | | | | | | | | |
4.35%, 08/01/2028 (1) | | | 10,275 | | | | 9,865 | |
Baltimore Gas & Electric Co. | | | | | | | | |
2.90%, 06/15/2050 | | | 950 | | | | 596 | |
3.20%, 09/15/2049 | | | 1,105 | | | | 735 | |
3.50%, 08/15/2046 | | | 375 | | | | 270 | |
5.65%, 06/01/2054 | | | 1,930 | | | | 1,907 | |
Berkshire Hathaway Energy Co. | | | | | | | | |
2.85%, 05/15/2051 | | | 7,650 | | | | 4,662 | |
6.13%, 04/01/2036 | | | 366 | | | | 383 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 3.44% – (continued) | | | | | | | | |
Boston Gas Co. | | | | | | | | |
4.49%, 02/15/2042 (1) | | $ | 253 | | | $ | 207 | |
Brooklyn Union Gas Co. | | | | | | | | |
3.87%, 03/04/2029 (1) | | | 1,125 | | | | 1,052 | |
4.27%, 03/15/2048 (1) | | | 1,100 | | | | 829 | |
4.50%, 03/10/2046 (1) | | | 2,000 | | | | 1,576 | |
CenterPoint Energy Houston Electric LLC | | | | | | | | |
3.95%, 03/01/2048 | | | 151 | | | | 118 | |
CenterPoint Energy, Inc. | | | | | | | | |
5.40%, 06/01/2029 | | | 7,672 | | | | 7,700 | |
Cleveland Electric Illuminating Co. | | | | | | | | |
3.50%, 04/01/2028 (1) | | | 1,333 | | | | 1,249 | |
CMS Energy Corp. | | | | | | | | |
2.95%, 02/15/2027 | | | 348 | | | | 326 | |
3.00%, 05/15/2026 | | | 110 | | | | 105 | |
Comision Federal de Electricidad | | | | | | | | |
4.69%, 05/15/2029 (1) | | | 3,900 | | | | 3,652 | |
Commonwealth Edison Co. | | | | | | | | |
3.65%, 06/15/2046 | | | 364 | | | | 271 | |
3.75%, 08/15/2047 | | | 1,000 | | | | 753 | |
4.00%, 03/01/2048 | | | 4,615 | | | | 3,585 | |
Consolidated Edison Co. of New York, Inc. | | | | | | | | |
3.85%, 06/15/2046 | | | 2,940 | | | | 2,254 | |
3.88%, 06/15/2047 | | | 1,800 | | | | 1,392 | |
4.30%, 12/01/2056 | | | 3,050 | | | | 2,402 | |
4.50%, 05/15/2058 | | | 538 | | | | 439 | |
5.70%, 06/15/2040 | | | 318 | | | | 317 | |
Constellation Energy Generation LLC | | | | | | | | |
5.60%, 06/15/2042 | | | 11,343 | | | | 10,933 | |
5.75%, 10/01/2041 | | | 4,727 | | | | 4,631 | |
5.75%, 03/15/2054 | | | 839 | | | | 813 | |
5.80%, 03/01/2033 | | | 2,817 | | | | 2,874 | |
6.25%, 10/01/2039 | | | 300 | | | | 310 | |
Consumers Energy Co. | | | | | | | | |
3.25%, 08/15/2046 | | | 190 | | | | 138 | |
4.35%, 08/31/2064 | | | 191 | | | | 147 | |
Delmarva Power & Light Co. | | | | | | | | |
4.00%, 06/01/2042 | | | 170 | | | | 134 | |
Dominion Energy, Inc. | | | | | | | | |
2.85%, 08/15/2026 | | | 304 | | | | 289 | |
4.90%, 08/01/2041 | | | 212 | | | | 187 | |
5.25%, 08/01/2033 | | | 1,161 | | | | 1,133 | |
7.00%, 06/15/2038 | | | 124 | | | | 135 | |
DTE Electric Securitization Funding II LLC | | | | | | | | |
6.09%, 09/01/2037 | | | 2,300 | | | | 2,471 | |
DTE Energy Co. | | | | | | | | |
2.53%, 10/01/2024 (2) | | | 3,878 | | | | 3,842 | |
Duke Energy Carolinas LLC | | | | | | | | |
4.25%, 12/15/2041 | | | 141 | | | | 118 | |
4.95%, 01/15/2033 | | | 7,935 | | | | 7,799 | |
Duke Energy Corp. | | | | | | | | |
2.65%, 09/01/2026 | | | 7,970 | | | | 7,534 | |
3.75%, 09/01/2046 | | | 13,800 | | | | 10,043 | |
3.95%, 08/15/2047 | | | 1,740 | | | | 1,301 | |
6.10%, 09/15/2053 | | | 2,730 | | | | 2,771 | |
Duke Energy Florida LLC | | | | | | | | |
6.20%, 11/15/2053 | | | 6,359 | | | | 6,736 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 3.44% – (continued) | | | | | | | | |
Duke Energy Indiana LLC | | | | | | | | |
3.75%, 05/15/2046 | | $ | 600 | | | $ | 455 | |
Duke Energy Ohio, Inc. | | | | | | | | |
5.25%, 04/01/2033 | | | 2,515 | | | | 2,493 | |
Duke Energy Progress LLC | | | | | | | | |
2.90%, 08/15/2051 | | | 1,645 | | | | 1,020 | |
3.70%, 10/15/2046 | | | 506 | | | | 375 | |
4.10%, 05/15/2042 | | | 217 | | | | 178 | |
4.10%, 03/15/2043 | | | 181 | | | | 147 | |
4.15%, 12/01/2044 | | | 129 | | | | 104 | |
4.20%, 08/15/2045 | | | 325 | | | | 262 | |
4.38%, 03/30/2044 | | | 132 | | | | 110 | |
Duquesne Light Holdings, Inc. | | | | | | | | |
2.53%, 10/01/2030 (1) | | | 2,500 | | | | 2,103 | |
3.62%, 08/01/2027 (1) | | | 6,675 | | | | 6,276 | |
Edison International | | | | | | | | |
6.95%, 11/15/2029 | | | 1,703 | | | | 1,811 | |
Electricite de France SA | | | | | | | | |
4.75%, 10/13/2035 (1) | | | 5,000 | | | | 4,564 | |
5.95%, 04/22/2034 (1) | | | 9,195 | | | | 9,247 | |
Emera U.S. Finance LP | | | | | | | | |
3.55%, 06/15/2026 | | | 1,260 | | | | 1,208 | |
4.75%, 06/15/2046 | | | 900 | | | | 741 | |
Enel Finance International NV | | | | | | | | |
2.25%, 07/12/2031 (1) | | | 1,371 | | | | 1,118 | |
2.65%, 09/10/2024 (1) | | | 1,440 | | | | 1,430 | |
3.50%, 04/06/2028 (1) | | | 4,378 | | | | 4,096 | |
3.63%, 05/25/2027 (1) | | | 1,920 | | | | 1,834 | |
4.75%, 05/25/2047 (1) | | | 7,050 | | | | 5,896 | |
5.13%, 06/26/2029 (1) | | | 5,780 | | | | 5,690 | |
6.00%, 10/07/2039 (1) | | | 307 | | | | 302 | |
6.80%, 09/15/2037 (1) | | | 2,425 | | | | 2,584 | |
7.75%, 10/14/2052 (1) | | | 1,649 | | | | 1,937 | |
Engie SA | | | | | | | | |
5.25%, 04/10/2029 (1) | | | 2,514 | | | | 2,506 | |
Entergy Arkansas LLC | | | | | | | | |
2.65%, 06/15/2051 | | | 960 | | | | 558 | |
Entergy Louisiana LLC | | | | | | | | |
2.90%, 03/15/2051 | | | 1,570 | | | | 951 | |
3.05%, 06/01/2031 | | | 440 | | | | 384 | |
3.12%, 09/01/2027 | | | 370 | | | | 349 | |
4.00%, 03/15/2033 | | | 2,610 | | | | 2,350 | |
Entergy Mississippi LLC | | | | | | | | |
5.85%, 06/01/2054 | | | 1,200 | | | | 1,194 | |
Entergy Texas, Inc. | | | | | | | | |
4.50%, 03/30/2039 | | | 11,000 | | | | 9,732 | |
Evergy Kansas Central, Inc. | | | | | | | | |
4.13%, 03/01/2042 | | | 4,175 | | | | 3,440 | |
Evergy Metro, Inc. | | | | | | | | |
4.20%, 03/15/2048 | | | 500 | | | | 398 | |
Evergy Missouri West Storm Funding I LLC | | | | | | | | |
5.10%, 12/01/2038 | | | 3,730 | | | | 3,711 | |
Evergy, Inc. | | | | | | | | |
2.90%, 09/15/2029 | | | 2,190 | | | | 1,956 | |
Eversource Energy | | | | | | | | |
4.75%, 05/15/2026 | | | 3,264 | | | | 3,221 | |
5.95%, 02/01/2029 | | | 8,954 | | | | 9,150 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 3.44% – (continued) | | | | | | | | |
Exelon Corp. | | | | | | | | |
4.95%, 06/15/2035 | | $ | 1,500 | | | $ | 1,396 | |
Fells Point Funding Trust | | | | | | | | |
3.05%, 01/31/2027 (1) | | | 9,320 | | | | 8,774 | |
FirstEnergy Corp. | | | | | | | | |
3.40%, 03/01/2050 | | | 3,692 | | | | 2,470 | |
FirstEnergy Pennsylvania Electric Co. | | | | | | | | |
3.25%, 03/15/2028 (1) | | | 2,386 | | | | 2,233 | |
5.20%, 04/01/2028 (1) | | | 1,885 | | | | 1,883 | |
FirstEnergy Transmission LLC | | | | | | | | |
4.35%, 01/15/2025 (1) | | | 14,584 | | | | 14,447 | |
5.45%, 07/15/2044 (1) | | | 3,348 | | | | 3,137 | |
Florida Power & Light Co. | | | | | | | | |
5.40%, 09/01/2035 | | | 700 | | | | 702 | |
5.60%, 06/15/2054 | | | 1,536 | | | | 1,552 | |
Fortis, Inc. | | | | | | | | |
3.06%, 10/04/2026 | | | 2,291 | | | | 2,174 | |
Georgia Power Co. | | | | | | | | |
4.30%, 03/15/2042 | | | 6,011 | | | | 5,100 | |
4.95%, 05/17/2033 | | | 6,261 | | | | 6,105 | |
5.25%, 03/15/2034 | | | 3,916 | | | | 3,904 | |
Indiana Michigan Power Co. | | | | | | | | |
3.25%, 05/01/2051 | | | 1,570 | | | | 1,034 | |
ITC Holdings Corp. | | | | | | | | |
2.95%, 05/14/2030 (1) | | | 890 | | | | 784 | |
5.65%, 05/09/2034 (1) | | | 6,420 | | | | 6,421 | |
Jersey Central Power & Light Co. | | | | | | | | |
4.30%, 01/15/2026 (1) | | | 740 | | | | 727 | |
6.15%, 06/01/2037 | | | 400 | | | | 414 | |
KeySpan Gas East Corp. | | | | | | | | |
2.74%, 08/15/2026 (1) | | | 538 | | | | 507 | |
Massachusetts Electric Co. | | | | | | | | |
4.00%, 08/15/2046 (1) | | | 624 | | | | 474 | |
MidAmerican Energy Co. | | | | | | | | |
5.85%, 09/15/2054 | | | 4,949 | | | | 5,068 | |
Mid-Atlantic Interstate Transmission LLC | | | | | | | | |
4.10%, 05/15/2028 (1) | | | 9,900 | | | | 9,508 | |
Monongahela Power Co. | | | | | | | | |
5.40%, 12/15/2043 (1) | | | 1,650 | | | | 1,538 | |
National Rural Utilities Cooperative Finance Corp. | | | | | | | | |
5.10%, 05/06/2027 | | | 5,006 | | | | 5,005 | |
8.00%, 03/01/2032 | | | 791 | | | | 911 | |
Nevada Power Co. | | | | | | | | |
5.38%, 09/15/2040 | | | 261 | | | | 249 | |
5.45%, 05/15/2041 | | | 386 | | | | 375 | |
New England Power Co. | | | | | | | | |
3.80%, 12/05/2047 (1) | | | 5,108 | | | | 3,801 | |
New York State Electric & Gas Corp. | | | | | | | | |
3.25%, 12/01/2026 (1) | | | 804 | | | | 758 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
1.90%, 06/15/2028 | | | 4,627 | | | | 4,091 | |
4.45%, 06/20/2025 | | | 8,222 | | | | 8,136 | |
5.55%, 03/15/2054 | | | 5,000 | | | | 4,782 | |
5.75%, 09/01/2025 | | | 17,852 | | | | 17,890 | |
6.05%, 03/01/2025 | | | 6,922 | | | | 6,935 | |
Niagara Mohawk Power Corp. | | | | | | | | |
1.96%, 06/27/2030 (1) | | | 2,150 | | | | 1,788 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 3.44% – (continued) | | | | | | | | |
NiSource, Inc. | | | | | | | | |
1.70%, 02/15/2031 | | $ | 1,640 | | | $ | 1,304 | |
2.95%, 09/01/2029 | | | 1,520 | | | | 1,366 | |
5.20%, 07/01/2029 | | | 6,637 | | | | 6,611 | |
5.80%, 02/01/2042 | | | 774 | | | | 753 | |
Northern States Power Co. | | | | | | | | |
3.60%, 09/15/2047 | | | 2,395 | | | | 1,746 | |
4.13%, 05/15/2044 | | | 1,480 | | | | 1,207 | |
NRG Energy, Inc. | | | | | | | | |
2.00%, 12/02/2025 (1) | | | 2,685 | | | | 2,541 | |
2.45%, 12/02/2027 (1) | | | 6,215 | | | | 5,609 | |
4.45%, 06/15/2029 (1) | | | 1,155 | | | | 1,091 | |
Oglethorpe Power Corp. | | | | | | | | |
6.20%, 12/01/2053 | | | 2,008 | | | | 2,059 | |
Ohio Power Co. | | | | | | | | |
2.90%, 10/01/2051 | | | 1,390 | | | | 849 | |
4.15%, 04/01/2048 | | | 1,190 | | | | 917 | |
Oncor Electric Delivery Co. LLC | | | | | | | | |
3.10%, 09/15/2049 | | | 1,895 | | | | 1,260 | |
5.75%, 03/15/2029 | | | 124 | | | | 128 | |
Pacific Gas & Electric Co. | | | | | | | | |
2.95%, 03/01/2026 | | | 990 | | | | 948 | |
3.15%, 01/01/2026 | | | 14,217 | | | | 13,692 | |
3.45%, 07/01/2025 | | | 1,570 | | | | 1,532 | |
3.75%, 08/15/2042 | | | 376 | | | | 270 | |
3.95%, 12/01/2047 | | | 779 | | | | 558 | |
4.30%, 03/15/2045 | | | 638 | | | | 490 | |
4.45%, 04/15/2042 | | | 1,905 | | | | 1,510 | |
4.50%, 07/01/2040 | | | 8,359 | | | | 6,884 | |
4.95%, 07/01/2050 | | | 4,255 | | | | 3,516 | |
5.80%, 05/15/2034 | | | 4,992 | | | | 4,960 | |
5.90%, 06/15/2032 | | | 2,099 | | | | 2,101 | |
6.10%, 01/15/2029 | | | 975 | | | | 998 | |
6.40%, 06/15/2033 | | | 3,717 | | | | 3,839 | |
PacifiCorp | | | | | | | | |
5.80%, 01/15/2055 | | | 335 | | | | 324 | |
PECO Energy Co. | | | | | | | | |
2.80%, 06/15/2050 | | | 860 | | | | 538 | |
3.70%, 09/15/2047 | | | 2,120 | | | | 1,605 | |
3.90%, 03/01/2048 | | | 5,235 | | | | 4,069 | |
4.15%, 10/01/2044 | | | 353 | | | | 289 | |
Pepco Holdings LLC | | | | | | | | |
7.45%, 08/15/2032 | | | 222 | | | | 240 | |
PG&E Wildfire Recovery Funding LLC | | | | | | | | |
4.26%, 06/01/2036 | | | 1,735 | | | | 1,620 | |
5.10%, 06/01/2052 | | | 2,420 | | | | 2,315 | |
5.21%, 12/01/2047 | | | 1,285 | | | | 1,242 | |
Potomac Electric Power Co. | | | | | | | | |
6.50%, 11/15/2037 | | | 136 | | | | 150 | |
PPL Electric Utilities Corp. | | | | | | | | |
3.00%, 10/01/2049 | | | 2,105 | | | | 1,393 | |
4.13%, 06/15/2044 | | | 208 | | | | 172 | |
Public Service Co. of Colorado | | | | | | | | |
3.55%, 06/15/2046 | | | 353 | | | | 244 | |
4.10%, 06/15/2048 | | | 2,515 | | | | 1,924 | |
Public Service Co. of Oklahoma | | | | | | | | |
6.63%, 11/15/2037 | | | 649 | | | | 696 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 3.44% – (continued) | | | | | | | | |
Public Service Electric & Gas Co. | | | | | | | | |
3.60%, 12/01/2047 | | $ | 1,605 | | | $ | 1,194 | |
4.65%, 03/15/2033 | | | 7,255 | | | | 6,993 | |
5.38%, 11/01/2039 | | | 117 | | | | 115 | |
5.45%, 03/01/2054 | | | 3,190 | | | | 3,145 | |
Public Service Enterprise Group, Inc. | | | | | | | | |
1.60%, 08/15/2030 | | | 8,395 | | | | 6,808 | |
Puget Energy, Inc. | | | | | | | | |
2.38%, 06/15/2028 | | | 560 | | | | 500 | |
3.65%, 05/15/2025 | | | 1,200 | | | | 1,176 | |
RWE Finance U.S. LLC | | | | | | | | |
5.88%, 04/16/2034 (1) | | | 3,185 | | | | 3,189 | |
6.25%, 04/16/2054 (1) | | | 3,922 | | | | 3,873 | |
San Diego Gas & Electric Co. | | | | | | | | |
2.95%, 08/15/2051 | | | 2,230 | | | | 1,444 | |
3.95%, 11/15/2041 | | | 310 | | | | 247 | |
5.35%, 05/15/2040 | | | 3,430 | | | | 3,279 | |
SCE Recovery Funding LLC | | | | | | | | |
4.70%, 06/15/2040 | | | 2,259 | | | | 2,194 | |
Sempra | | | | | | | | |
6.00%, 10/15/2039 | | | 752 | | | | 761 | |
Sigeco Securitization I LLC | | | | | | | | |
5.03%, 11/15/2036 | | | 2,488 | | | | 2,461 | |
Southern California Edison Co. | | | | | | | | |
1.20%, 02/01/2026 | | | 2,981 | | | | 2,792 | |
2.95%, 02/01/2051 | | | 6,220 | | | | 3,855 | |
3.65%, 03/01/2028 | | | 1,200 | | | | 1,137 | |
3.90%, 12/01/2041 | | | 392 | | | | 305 | |
4.00%, 04/01/2047 | | | 4,416 | | | | 3,380 | |
4.05%, 03/15/2042 | | | 800 | | | | 641 | |
4.13%, 03/01/2048 | | | 1,880 | | | | 1,460 | |
4.88%, 02/01/2027 | | | 4,702 | | | | 4,667 | |
4.90%, 06/01/2026 | | | 4,586 | | | | 4,549 | |
5.75%, 04/15/2054 | | | 5,100 | | | | 4,991 | |
5.88%, 12/01/2053 | | | 2,647 | | | | 2,641 | |
6.05%, 03/15/2039 | | | 253 | | | | 259 | |
Southern California Gas Co. | | | | | | | | |
2.55%, 02/01/2030 | | | 2,621 | | | | 2,282 | |
Southern Co. | | | | | | | | |
4.48%, 08/01/2024 (2) | | | 9,015 | | | | 9,002 | |
5.70%, 03/15/2034 | | | 3,715 | | | | 3,777 | |
Southern Co. Gas Capital Corp. | | | | | | | | |
3.25%, 06/15/2026 | | | 225 | | | | 216 | |
3.95%, 10/01/2046 | | | 282 | | | | 212 | |
4.40%, 06/01/2043 | | | 160 | | | | 132 | |
5.75%, 09/15/2033 | | | 1,730 | | | | 1,773 | |
5.88%, 03/15/2041 | | | 1,210 | | | | 1,211 | |
Southern Power Co. | | | | | | | | |
5.15%, 09/15/2041 | | | 746 | | | | 691 | |
Southwest Gas Corp. | | | | | | | | |
3.80%, 09/29/2046 | | | 508 | | | | 373 | |
Southwestern Public Service Co. | | | | | | | | |
4.50%, 08/15/2041 | | | 350 | | | | 293 | |
Toledo Edison Co. | | | | | | | | |
2.65%, 05/01/2028 (1) | | | 1,208 | | | | 1,089 | |
6.15%, 05/15/2037 | | | 680 | | | | 714 | |
Union Electric Co. | | | | | | | | |
3.65%, 04/15/2045 | | | 1,370 | | | | 1,030 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 3.44% – (continued) | | | | | | | | |
Virginia Electric & Power Co. | | | | | | | | |
3.50%, 03/15/2027 | | $ | 1,732 | | | $ | 1,662 | |
4.45%, 02/15/2044 | | | 126 | | | | 106 | |
4.65%, 08/15/2043 | | | 1,765 | | | | 1,532 | |
Vistra Operations Co. LLC | | | | | | | | |
3.55%, 07/15/2024 (1) | | | 8,460 | | | | 8,450 | |
6.00%, 04/15/2034 (1) | | | 3,157 | | | | 3,165 | |
WEC Energy Group, Inc. | | | | | | | | |
3.55%, 06/15/2025 | | | 204 | | | | 200 | |
Xcel Energy, Inc. | | | | | | | | |
3.35%, 12/01/2026 | | | 5,105 | | | | 4,871 | |
| | | | | | | | |
Total Utilities | | | | 588,110 | |
| | | | | | | | |
Total Corporate Bonds
(Cost: $5,314,597) | | | | | | | 4,960,543 | |
| | | | | | | | |
Government Related – 23.67% | | | | | | | | |
| Other Government Related – 1.22% | | | | | | | | |
Alabama Economic Settlement Authority | | | | | | | | |
4.26%, 09/15/2032 | | | 610 | | | | 587 | |
American Municipal Power, Inc. | | | | | | | | |
7.50%, 02/15/2050 | | | 1,330 | | | | 1,586 | |
Atlanta Independent School System | | | | | | | | |
5.56%, 03/01/2026 | | | 535 | | | | 537 | |
Bay Area Toll Authority | | | | | | | | |
6.26%, 04/01/2049 | | | 1,650 | | | | 1,782 | |
Bermuda Government International Bond | | | | | | | | |
2.38%, 08/20/2030 (1) | | | 1,765 | | | | 1,482 | |
California Municipal Finance Authority | | | | | | | | |
3.28%, 02/01/2046 | | | 4,000 | | | | 2,803 | |
California Qualified School Bond Joint Powers Authority | | | | | | | | |
7.16%, 03/01/2027 | | | 405 | | | | 417 | |
Cassa Depositi e Prestiti SpA | | | | | | | | |
5.88%, 04/30/2029 (1) | | | 5,000 | | | | 5,075 | |
Chile Government International Bond | | | | | | | | |
2.55%, 01/27/2032 | | | 1,398 | | | | 1,172 | |
City of Houston TX Combined Utility System Revenue | | | | | | | | |
3.83%, 05/15/2028 | | | 1,850 | | | | 1,801 | |
City of Los Angeles Department of Airports | | | | | | | | |
6.58%, 05/15/2039 | | | 1,440 | | | | 1,551 | |
Curators of the University of Missouri | | | | | | | | |
5.96%, 11/01/2039 | | | 3,170 | | | | 3,277 | |
District of Columbia Water & Sewer Authority | | | | | | | | |
4.81%, 10/01/2114 | | | 875 | | | | 785 | |
Export-Import Bank of India | | | | | | | | |
3.88%, 02/01/2028 (1) | | | 3,480 | | | | 3,330 | |
Fannie Mae | | | | | | | | |
0.00%, 03/17/2031 | | | 2,250 | | | | 1,645 | |
0.88%, 08/05/2030 | | | 555 | | | | 450 | |
1.63%, 01/07/2025 | | | 6,247 | | | | 6,130 | |
2.63%, 09/06/2024 | | | 5,221 | | | | 5,193 | |
6.63%, 11/15/2030 | | | 2,550 | | | | 2,850 | |
7.13%, 01/15/2030 | | | 1,500 | | | | 1,698 | |
Federal Farm Credit Banks Funding Corp. | | | | | | | | |
1.42%, 08/19/2032 | | | 3,000 | | | | 2,324 | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
6.25%, 07/15/2032 | | | 3,649 | | | | 4,084 | |
Finnvera OYJ | | | | | | | | |
2.38%, 06/04/2025 (1) | | | 600 | | | | 584 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Other Government Related – 1.22% – (continued) | | | | | | | | |
Idaho Energy Resources Authority | | | | | | | | |
2.86%, 09/01/2046 | | $ | 3,175 | | | $ | 2,232 | |
Israel Government AID Bond | | | | | | | | |
0.00%, 11/01/2024 | | | 1,000 | | | | 980 | |
5.50%, 09/18/2033 | | | 619 | | | | 657 | |
Israel Government International Bond | | | | | | | | |
5.50%, 03/12/2034 | | | 2,379 | | | | 2,258 | |
Japan Finance Organization for Municipalities | | | | | | | | |
1.75%, 09/05/2024 (1) | | | 200 | | | | 199 | |
Korea Gas Corp. | | | | | | | | |
5.00%, 07/08/2029 (1) | | | 5,222 | | | | 5,205 | |
Korea National Oil Corp. | | | | | | | | |
4.75%, 04/03/2026 (1) | | | 1,570 | | | | 1,556 | |
4.88%, 04/03/2028 (1) | | | 1,760 | | | | 1,749 | |
Los Angeles Department of Water & Power | | | | | | | | |
6.60%, 07/01/2050 | | | 2,400 | | | | 2,697 | |
Mexico Government International Bond | | | | | | | | |
2.66%, 05/24/2031 | | | 2,579 | | | | 2,116 | |
3.50%, 02/12/2034 | | | 3,202 | | | | 2,601 | |
3.75%, 01/11/2028 | | | 3,517 | | | | 3,324 | |
3.77%, 05/24/2061 | | | 1,753 | | | | 1,072 | |
4.35%, 01/15/2047 | | | 42 | | | | 31 | |
4.40%, 02/12/2052 | | | 1,340 | | | | 977 | |
4.60%, 01/23/2046 | | | 1,494 | | | | 1,150 | |
4.60%, 02/10/2048 | | | 1,482 | | | | 1,129 | |
4.75%, 03/08/2044 | | | 450 | | | | 360 | |
5.75%, 10/12/2110 | | | 588 | | | | 485 | |
6.00%, 05/07/2036 | | | 4,736 | | | | 4,611 | |
6.34%, 05/04/2053 | | | 2,123 | | | | 2,002 | |
New Jersey Transportation Trust Fund Authority | | | | | | | | |
5.75%, 12/15/2028 | | | 8,640 | | | | 8,683 | |
New Jersey Turnpike Authority | | | | | | | | |
7.10%, 01/01/2041 | | | 5,870 | | | | 6,707 | |
New York State Dormitory Authority | | | | | | | | |
5.60%, 03/15/2040 | | | 260 | | | | 262 | |
New York State Urban Development Corp. | | | | | | | | |
5.84%, 03/15/2040 | | | 2,000 | | | | 2,043 | |
Ohio State University | | | | | | | | |
4.80%, 06/01/2111 | | | 1,102 | | | | 990 | |
Panama Government International Bond | | | | | | | | |
4.50%, 04/16/2050 | | | 935 | | | | 627 | |
8.00%, 03/01/2038 | | | 1,848 | | | | 1,946 | |
Peruvian Government International Bond | | | | | | | | |
2.78%, 01/23/2031 | | | 2,220 | | | | 1,906 | |
5.63%, 11/18/2050 | | | 190 | | | | 184 | |
Port Authority of New York & New Jersey | | | | | | | | |
4.46%, 10/01/2062 | | | 2,065 | | | | 1,793 | |
5.65%, 11/01/2040 | | | 435 | | | | 451 | |
5.65%, 11/01/2040 | | | 1,260 | | | | 1,307 | |
Province of Manitoba Canada | | | | | | | | |
2.13%, 06/22/2026 | | | 400 | | | | 379 | |
Regents of the University of California Medical Center Pooled Revenue | | | | | | | | |
3.71%, 05/15/2120 | | | 3,270 | | | | 2,169 | |
Republic of Poland Government International Bond | | | | | | | | |
5.50%, 03/18/2054 | | | 2,147 | | | | 2,084 | |
Resolution Funding Corp. Principal Strip | | | | | | | | |
0.00%, 04/15/2030 | | | 929 | | | | 710 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Other Government Related – 1.22% – (continued) | | | | | | | | |
Romanian Government International Bond | | | | | | | | |
6.00%, 05/25/2034 (1) | | $ | 6,002 | | | $ | 5,882 | |
Saudi Government International Bond | | | | | | | | |
2.25%, 02/02/2033 (1) | | | 1,533 | | | | 1,224 | |
3.45%, 02/02/2061 (1) | | | 1,185 | | | | 776 | |
St Johns County Industrial Development Authority | | | | | | | | |
2.54%, 10/01/2030 | | | 10,000 | | | | 8,461 | |
State of California | | | | | | | | |
7.30%, 10/01/2039 | | | 3,335 | | | | 3,815 | |
7.50%, 04/01/2034 | | | 5,540 | | | | 6,394 | |
State of Illinois | | | | | | | | |
5.10%, 06/01/2033 | | | 24,508 | | | | 24,049 | |
Tennessee Valley Authority | | | | | | | | |
0.75%, 05/15/2025 | | | 5,562 | | | | 5,351 | |
1.50%, 09/15/2031 | | | 1,230 | | | | 1,001 | |
2.88%, 02/01/2027 | | | 805 | | | | 771 | |
4.25%, 09/15/2065 | | | 1,720 | | | | 1,473 | |
4.63%, 09/15/2060 | | | 1,308 | | | | 1,210 | |
5.50%, 06/15/2038 | | | 57 | | | | 61 | |
5.88%, 04/01/2036 | | | 2,967 | | | | 3,263 | |
7.13%, 05/01/2030 | | | 1,615 | | | | 1,831 | |
Tennessee Valley Authority Generic Strip | | | | | | | | |
0.00%, 07/15/2028 | | | 2,000 | | | | 1,659 | |
0.00%, 03/15/2032 | | | 1,514 | | | | 1,044 | |
Tennessee Valley Authority Principal Strip | | | | | | | | |
0.00%, 11/01/2025 | | | 1,847 | | | | 1,732 | |
0.00%, 06/15/2035 | | | 258 | | | | 148 | |
Texas Private Activity Bond Surface Transportation Corp. | | | | | | | | |
3.92%, 12/31/2049 | | | 1,810 | | | | 1,485 | |
UAE Government International Bond | | | | | | | | |
4.86%, 07/02/2034 (1) | | | 4,702 | | | | 4,689 | |
University of Michigan | | | | | | | | |
4.45%, 04/01/2122 | | | 7,800 | | | | 6,452 | |
University of Pittsburgh-of the Commonwealth System of Higher Education | | | | | | | | |
3.56%, 09/15/2119 | | | 2,045 | | | | 1,343 | |
University of Virginia | | | | | | | | |
2.58%, 11/01/2051 | | | 3,150 | | | | 1,999 | |
4.18%, 09/01/2117 | | | 1,540 | | | | 1,219 | |
West Contra Costa Unified School District | | | | | | | | |
6.25%, 08/01/2030 | | | 215 | | | | 231 | |
| | | | | | | | |
Total Other Government Related | | | | 208,338 | |
| | | | | | | | |
| U.S. Treasury Obligations – 22.45% | | | | | | | | |
U.S. Treasury Inflation Indexed Bonds | | | | | | | | |
1.75%, 01/15/2028 (8) | | | 898 | | | | 884 | |
2.50%, 01/15/2029 (8) | | | 603 | | | | 614 | |
3.63%, 04/15/2028 (8) | | | 2,022 | | | | 2,125 | |
U.S. Treasury Note/Bond | | | | | | | | |
0.63%, 08/15/2030 | | | 2,700 | | | | 2,164 | |
0.75%, 01/31/2028 | | | 73,860 | | | | 64,853 | |
0.88%, 11/15/2030 | | | 20,235 | | | | 16,367 | |
1.00%, 07/31/2028 | | | 32,000 | | | | 27,951 | |
1.13%, 10/31/2026 | | | 75,525 | | | | 69,698 | |
1.13%, 08/31/2028 | | | 21,525 | | | | 18,859 | |
1.13%, 05/15/2040 | | | 1,975 | | | | 1,215 | |
1.13%, 08/15/2040 | | | 9,056 | | | | 5,514 | |
1.25%, 06/30/2028 | | | 90,462 | | | | 80,030 | |
1.25%, 08/15/2031 | | | 15,440 | | | | 12,531 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| U.S. Treasury Obligations – 22.45% – (continued) | | | | | | | | |
1.38%, 11/15/2031 | | $ | 8,874 | | | $ | 7,218 | |
1.38%, 11/15/2040 | | | 78,739 | | | | 49,682 | |
1.38%, 08/15/2050 | | | 41,940 | | | | 21,463 | |
1.50%, 01/31/2027 | | | 822 | | | | 761 | |
1.50%, 02/15/2030 | | | 1,855 | | | | 1,592 | |
1.63%, 05/15/2031 | | | 4,225 | | | | 3,546 | |
1.63%, 11/15/2050 | | | 23,390 | | | | 12,806 | |
1.75%, 12/31/2026 | | | 115 | | | | 107 | |
1.75%, 01/31/2029 | | | 58,475 | | | | 52,139 | |
1.75%, 08/15/2041 | | | 12,092 | | | | 7,990 | |
1.88%, 02/28/2029 | | | 33,900 | | | | 30,356 | |
1.88%, 02/15/2032 | | | 32,500 | | | | 27,282 | |
1.88%, 02/15/2041 | | | 11,542 | | | | 7,898 | |
1.88%, 02/15/2051 | | | 26,577 | | | | 15,521 | |
1.88%, 11/15/2051 | | | 44,455 | | | | 25,805 | |
2.00%, 08/15/2025 | | | 150 | | | | 145 | |
2.00%, 11/15/2026 | | | 14,125 | | | | 13,292 | |
2.00%, 11/15/2041 | | | 17,998 | | | | 12,364 | |
2.00%, 02/15/2050 | | | 24,856 | | | | 15,095 | |
2.00%, 08/15/2051 | | | 25,211 | | | | 15,144 | |
2.25%, 02/15/2027 | | | 1,530 | | | | 1,442 | |
2.25%, 05/15/2041 (9) | | | 110,884 | | | | 80,226 | |
2.25%, 08/15/2046 | | | 39,102 | | | | 26,066 | |
2.25%, 08/15/2049 | | | 10,055 | | | | 6,499 | |
2.25%, 02/15/2052 | | | 30,950 | | | | 19,716 | |
2.38%, 03/31/2029 | | | 83,225 | | | | 76,135 | |
2.38%, 02/15/2042 | | | 111,954 | | | | 81,499 | |
2.38%, 11/15/2049 | | | 26,885 | | | | 17,851 | |
2.38%, 05/15/2051 | | | 53,126 | | | | 34,988 | |
2.50%, 02/15/2045 | | | 104,850 | | | | 74,792 | |
2.75%, 07/31/2027 | | | 2,257 | | | | 2,143 | |
2.75%, 05/31/2029 | | | 97,980 | | | | 91,022 | |
2.75%, 08/15/2042 | | | 19,600 | | | | 15,075 | |
2.75%, 11/15/2042 | | | 13,300 | | | | 10,193 | |
2.88%, 04/30/2029 | | | 42,000 | | | | 39,278 | |
2.88%, 05/15/2032 | | | 39,595 | | | | 35,674 | |
2.88%, 05/15/2043 | | | 107,560 | | | | 83,527 | |
2.88%, 08/15/2045 | | | 8,405 | | | | 6,384 | |
2.88%, 05/15/2049 | | | 7,305 | | | | 5,396 | |
2.88%, 05/15/2052 | | | 119,856 | | | | 87,846 | |
3.00%, 11/15/2044 | | | 1,585 | | | | 1,238 | |
3.00%, 02/15/2047 | | | 780 | | | | 598 | |
3.00%, 02/15/2048 | | | 870 | | | | 662 | |
3.00%, 02/15/2049 | | | 60,240 | | | | 45,629 | |
3.00%, 08/15/2052 | | | 56,429 | | | | 42,452 | |
3.13%, 08/31/2029 | | | 21,580 | | | | 20,353 | |
3.13%, 02/15/2043 | | | 20,360 | | | | 16,487 | |
3.13%, 05/15/2048 | | | 24,938 | | | | 19,393 | |
3.25%, 06/30/2029 | | | 40,000 | | | | 38,002 | |
3.25%, 05/15/2042 | | | 19,933 | | | | 16,576 | |
3.38%, 05/15/2033 | | | 37,000 | | | | 34,290 | |
3.38%, 08/15/2042 | | | 149,397 | | | | 126,181 | |
3.50%, 01/31/2028 | | | 26,308 | | | | 25,479 | |
3.50%, 04/30/2028 | | | 12,217 | | | | 11,817 | |
3.50%, 02/15/2033 | | | 31,400 | | | | 29,430 | |
3.63%, 03/31/2028 | | | 53,811 | | | | 52,298 | |
3.63%, 05/31/2028 | | | 1,330 | | | | 1,292 | |
3.63%, 03/31/2030 | | | 7,400 | | | | 7,125 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| U.S. Treasury Obligations – 22.45% – (continued) | | | | | | | | |
3.63%, 08/15/2043 | | $ | 22,130 | | | $ | 19,229 | |
3.63%, 02/15/2044 | | | 10,150 | | | | 8,792 | |
3.63%, 02/15/2053 | | | 76,749 | | | | 65,291 | |
3.63%, 05/15/2053 | | | 12,150 | | | | 10,339 | |
3.75%, 12/31/2028 | | | 15,825 | | | | 15,421 | |
3.75%, 11/15/2043 | | | 10,943 | | | | 9,672 | |
3.88%, 11/30/2027 | | | 18,733 | | | | 18,377 | |
3.88%, 12/31/2027 | | | 19,416 | | | | 19,044 | |
3.88%, 12/31/2029 | | | 151,080 | | | | 147,491 | |
3.88%, 08/15/2040 | | | 25,825 | | | | 23,950 | |
3.88%, 02/15/2043 | | | 22,284 | | | | 20,143 | |
3.88%, 05/15/2043 | | | 101,796 | | | | 91,846 | |
4.00%, 02/29/2028 | | | 19,331 | | | | 19,037 | |
4.00%, 06/30/2028 | | | 17,458 | | | | 17,193 | |
4.00%, 01/31/2029 | | | 39,035 | | | | 38,434 | |
4.00%, 01/31/2031 | | | 127,950 | | | | 125,375 | |
4.00%, 02/15/2034 | | | 8,646 | | | | 8,392 | |
4.00%, 11/15/2042 | | | 7,741 | | | | 7,134 | |
4.13%, 02/15/2027 | | | 151,100 | | | | 149,364 | |
4.13%, 09/30/2027 | | | 10,566 | | | | 10,446 | |
4.13%, 10/31/2027 | | | 13,431 | | | | 13,280 | |
4.13%, 07/31/2028 | | | 19,246 | | | | 19,042 | |
4.13%, 03/31/2029 | | | 19,602 | | | | 19,402 | |
4.13%, 08/31/2030 | | | 92,425 | | | | 91,248 | |
4.13%, 08/15/2053 | | | 8,982 | | | | 8,364 | |
4.25%, 12/31/2025 | | | 1,260 | | | | 1,248 | |
4.25%, 02/28/2029 | | | 39,039 | | | | 38,864 | |
4.25%, 06/30/2029 | | | 27,605 | | | | 27,491 | |
4.25%, 05/15/2039 | | | 9,000 | | | | 8,795 | |
4.25%, 02/15/2054 | | | 59,780 | | | | 56,922 | |
4.38%, 08/15/2026 | | | 116,925 | | | | 116,157 | |
4.38%, 08/31/2028 | | | 19,910 | | | | 19,887 | |
4.38%, 11/30/2028 | | | 16,913 | | | | 16,910 | |
4.38%, 05/15/2034 | | | 36,580 | | | | 36,591 | |
4.38%, 11/15/2039 | | | 25,454 | | | | 25,167 | |
4.38%, 05/15/2041 | | | 1,500 | | | | 1,471 | |
4.38%, 08/15/2043 | | | 12,140 | | | | 11,718 | |
4.50%, 07/15/2026 | | | 4,475 | | | | 4,456 | |
4.50%, 04/15/2027 | | | 77,725 | | | | 77,610 | |
4.50%, 05/15/2027 | | | 9,919 | | | | 9,906 | |
4.50%, 05/31/2029 | | | 47,471 | | | | 47,794 | |
4.50%, 11/15/2033 | | | 21,300 | | | | 21,496 | |
4.50%, 02/15/2044 | | | 17,022 | | | | 16,698 | |
4.63%, 06/15/2027 | | | 89,907 | | | | 90,167 | |
4.63%, 09/30/2028 | | | 24,557 | | | | 24,765 | |
4.63%, 04/30/2029 | | | 33,563 | | | | 33,948 | |
4.63%, 05/31/2031 | | | 28,175 | | | | 28,633 | |
4.63%, 05/15/2044 | | | 32,026 | | | | 31,966 | |
4.75%, 11/15/2043 | | | 12,732 | | | | 12,901 | |
4.75%, 11/15/2053 | | | 15,951 | | | | 16,489 | |
4.88%, 05/31/2026 | | | 23,414 | | | | 23,462 | |
4.88%, 10/31/2028 | | | 13,897 | | | | 14,156 | |
U.S. Treasury Strip Coupon | | | | | | | | |
0.00%, 02/15/2025 | | | 799 | | | | 775 | |
0.00%, 08/15/2027 | | | 4,314 | | | | 3,753 | |
0.00%, 11/15/2027 | | | 4,607 | | | | 3,968 | |
0.00%, 02/15/2031 | | | 12,590 | | | | 9,417 | |
0.00%, 02/15/2032 | | | 46,250 | | | | 33,078 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| U.S. Treasury Obligations – 22.45% – (continued) | | | | | | | | |
0.00%, 11/15/2034 | | $ | 2,487 | | | $ | 1,565 | |
0.00%, 02/15/2035 | | | 1,824 | | | | 1,134 | |
0.00%, 05/15/2035 | | | 1,920 | | | | 1,179 | |
0.00%, 08/15/2035 | | | 175 | | | | 106 | |
0.00%, 05/15/2036 | | | 121 | | | | 71 | |
0.00%, 11/15/2040 | | | 20,090 | | | | 9,233 | |
0.00%, 02/15/2041 | | | 62,895 | | | | 28,559 | |
0.00%, 08/15/2041 | | | 1,425 | | | | 629 | |
0.00%, 05/15/2043 | | | 33,405 | | | | 13,442 | |
0.00%, 11/15/2043 | | | 45,100 | | | | 17,720 | |
0.00%, 02/15/2046 (9) | | | 20,000 | | | | 7,086 | |
0.00%, 08/15/2048 | | | 3,095 | | | | 985 | |
| | | | | | | | |
Total U.S. Treasury Obligations | | | | 3,832,739 | |
| | | | | | | | |
Total Government Related
(Cost: $4,454,621) | | | | | | | 4,041,077 | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% | | | | | | | | |
20 Times Square Trust 2018-20TS | | | | | | | | |
3.20%, 05/15/2035, Series 2018-20TS, Class D (1)(5) | | | 5,204 | | | | 4,361 | |
ACRE Commercial Mortgage 2021-FL4 Ltd. | | | | | | | | |
6.55% (1 Month Term SOFR + 1.21%, 1.10% Floor), 12/18/2037, Series 2021-FL4, Class AS (1)(3) | | | 3,990 | | | | 3,972 | |
Alternative Loan Trust 2004-2CB | | | | | | | | |
5.75%, 03/25/2034, Series 2004-2CB, Class 1A9 | | | 222 | | | | 221 | |
Alternative Loan Trust 2005-1CB | | | | | | | | |
1.64% (1 Month Term SOFR + 6.99%, 7.10% Cap), 03/25/2035, Series 2005-1CB, Class 1A6 (3)(4) | | | 70 | | | | 4 | |
Alternative Loan Trust 2005-20CB | | | | | | | | |
0.00% (1 Month Term SOFR + 4.64%, 4.75% Cap), 07/25/2035, Series 2005-20CB, Class 3A8 (3)(4) | | | 277 | | | | 7 | |
Alternative Loan Trust 2005-22T1 | | | | | | | | |
0.00% (1 Month Term SOFR + 4.96%, 5.07% Cap), 06/25/2035, Series 2005-22T1, Class A2 (3)(4) | | | 382 | | | | 19 | |
Alternative Loan Trust 2005-28CB | | | | | | | | |
5.50%, 08/25/2035, Series 2005-28CB, Class 1A4 | | | 106 | | | | 89 | |
6.00%, 08/25/2035, Series 2005-28CB, Class 3A5 | | | 5 | | | | 2 | |
Alternative Loan Trust 2005-37T1 | | | | | | | | |
0.00% (1 Month Term SOFR + 4.94%, 5.05% Cap), 09/25/2035, Series 2005-37T1, Class A2 (3)(4) | | | 1,288 | | | | 51 | |
Alternative Loan Trust 2005-54CB | | | | | | | | |
0.00% (1 Month Term SOFR + 4.74%, 4.85% Cap), 11/25/2035, Series 2005-54CB, Class 1A2 (3)(4) | | | 342 | | | | 13 | |
5.50%, 11/25/2035, Series 2005-54CB, Class 1A7 | | | 1 | | | | 1 | |
5.50%, 11/25/2035, Series 2005-54CB, Class 1A11 | | | 87 | | | | 65 | |
Alternative Loan Trust 2005-64CB | | | | | | | | |
5.50%, 12/25/2035, Series 2005-64CB, Class 1A9 | | | 40 | | | | 34 | |
Alternative Loan Trust 2006-28CB | | | | | | | | |
6.00%, 10/25/2036, Series 2006-28CB, Class A17 | | | 47 | | | | 23 | |
Alternative Loan Trust 2006-43CB | | | | | | | | |
6.00%, 07/25/2034, Series 2006-43CB, Class 2A1 | | | 1 | | | | 1 | |
American General Mortgage Loan Trust 2006-1 | | | | | | | | |
5.75%, 12/25/2035, Series 2006-1, Class A5 (1)(5)(10) | | | 0 | | | | 0 | |
ASG Resecuritization Trust 2011-1 | | | | | | | | |
6.00%, 09/28/2036, Series 2011-1, Class 2A35 (1)(5) | | | 27 | | | | 8 | |
Assurant Commercial Mortgage Trust 2016-1 | | | | | | | | |
3.17%, 05/15/2049, Series 2016-1A, Class AS (1) | | | 3,857 | | | | 3,795 | |
BAMLL Commercial Mortgage Securities Trust 2014-520M | | | | | | | | |
4.35%, 08/15/2046, Series 2014-520M, Class C (1)(5) | | | 1,200 | | | | 731 | |
Banc of America Alternative Loan Trust 2004-6 | | | | | | | | |
0.00%, 07/25/2049, Series 2004-6, Class 15PO (10) | | | 1 | | | | 0 | |
Banc of America Funding 2004-1 Trust | | | | | | | | |
0.00%, 03/25/2034, Series 2004-1, Class PO | | | 10 | | | | 7 | |
Banc of America Funding 2004-2 Trust | | | | | | | | |
5.75%, 09/20/2034, Series 2004-2, Class 1CB1 | | | 482 | | | | 441 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Banc of America Funding 2005-6 Trust | | | | | | | | |
5.50%, 10/25/2035, Series 2005-6, Class 2A7 | | $ | 16 | | | $ | 14 | |
Banc of America Funding 2005-7 Trust | | | | | | | | |
0.00%, 11/25/2035, Series 2005-7, Class 30PO | | | 8 | | | | 8 | |
Banc of America Funding 2005-8 Trust | | | | | | | | |
0.00%, 01/25/2036, Series 2005-8, Class 30PO | | | 3 | | | | 2 | |
Banc of America Funding 2006-1 Trust | | | | | | | | |
0.00%, 01/25/2036, Series 2006-1, Class XPO | | | 3 | | | | 2 | |
Banc of America Mortgage 2003-C Trust | | | | | | | | |
6.75%, 04/25/2033, Series 2003-C, Class 3A1 (5) | | | 2 | | | | 1 | |
BANK 2017-BNK4 | | | | | | | | |
3.63%, 05/15/2050, Series 2017-BNK4, Class A4 | | | 6,790 | | | | 6,438 | |
BANK 2017-BNK8 | | | | | | | | |
3.49%, 11/15/2050, Series 2017-BNK8, Class A4 | | | 12,745 | | | | 11,727 | |
BANK 2017-BNK9 | | | | | | | | |
3.54%, 11/15/2054, Series 2017-BNK9, Class A4 | | | 6,100 | | | | 5,730 | |
BANK 2018-BNK10 | | | | | | | | |
3.69%, 02/15/2061, Series 2018-BN10, Class A5 | | | 4,000 | | | | 3,774 | |
BANK 2019-BNK21 | | | | | | | | |
2.85%, 10/17/2052, Series 2019-BN21, Class A5 | | | 10,450 | | | | 9,159 | |
BANK 2020-BNK29 | | | | | | | | |
2.00%, 11/15/2053, Series 2020-BN29, Class A4 | | | 14,564 | | | | 11,663 | |
BANK 2021-BNK37 | | | | | | | | |
2.37%, 11/15/2064, Series 2021-BN37, Class A4 | | | 22,400 | | | | 18,458 | |
BANK5 2024-5YR5 | | | | | | | | |
5.70%, 02/15/2029, Series 2024-5YR5, Class A3 | | | 2,197 | | | | 2,220 | |
BANK5 Trust 2024-5YR6 | | | | | | | | |
6.23%, 05/15/2057, Series 2024-5YR6, Class A3 | | | 2,809 | | | | 2,903 | |
BBCMS Mortgage Trust 2017-C1 | | | | | | | | |
3.67%, 02/15/2050, Series 2017-C1, Class A4 | | | 1,625 | | | | 1,545 | |
BBCMS Mortgage Trust 2018-C2 | | | | | | | | |
4.05%, 12/15/2051, Series 2018-C2, Class A4 | | | 20,000 | | | | 19,027 | |
4.31%, 12/15/2051, Series 2018-C2, Class A5 | | | 5,475 | | | | 5,253 | |
BBCMS Mortgage Trust 2021-C12 | | | | | | | | |
2.42%, 11/15/2054, Series 2021-C12, Class A4 | | | 25,600 | | | | 21,428 | |
BBCMS Mortgage Trust 2022-C15 | | | | | | | | |
3.68%, 04/15/2055, Series 2022-C15, Class ASB (5) | | | 8,700 | | | | 8,149 | |
BBCMS Mortgage Trust 2022-C16 | | | | | | | | |
4.60%, 06/15/2055, Series 2022-C16, Class A5 (5) | | | 8,750 | | | | 8,363 | |
BBCMS Mortgage Trust 2023-C21 | | | | | | | | |
6.51%, 09/15/2056, Series 2023-C21, Class A2 (5) | | | 10,800 | | | | 11,150 | |
BB-UBS Trust 2012-SHOW | | | | | | | | |
3.43%, 11/05/2036, Series 2012-SHOW, Class A (1) | | | 4,602 | | | | 4,494 | |
Bear Stearns ARM Trust 2003-2 | | | | | | | | |
6.28%, 01/25/2033, Series 2003-2, Class A5 (1)(5) | | | 45 | | | | 43 | |
Bear Stearns ARM Trust 2003-7 | | | | | | | | |
7.05%, 10/25/2033, Series 2003-7, Class 3A (5) | | | 1 | | | | 1 | |
Bear Stearns ARM Trust 2004-2 | | | | | | | | |
4.57%, 05/25/2034, Series 2004-2, Class 14A (5) | | | 20 | | | | 19 | |
Bear Stearns ARM Trust 2006-1 | | | | | | | | |
7.66% (1 Year CMT Index + 2.25%, 2.25% Floor, 9.90% Cap), 02/25/2036, Series 2006-1, Class A1 (3) | | | 47 | | | | 43 | |
Bear Stearns Asset Backed Securities I Trust 2004-AC2 | | | | | | | | |
5.00%, 05/25/2034, Series 2004-AC2, Class 2A | | | 13 | | | | 10 | |
Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 | | | | | | | | |
1.17%, 01/12/2045, Series 2007-T26, Class X1 (1)(5)(10) | | | 41 | | | | 0 | |
Benchmark 2018-B3 Mortgage Trust | | | | | | | | |
3.76%, 04/10/2051, Series 2018-B3, Class A4 | | | 17,400 | | | | 16,590 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Benchmark 2018-B6 Mortgage Trust | | | | | | | | |
4.26%, 10/10/2051, Series 2018-B6, Class A4 | | $ | 8,862 | | | $ | 8,365 | |
Benchmark 2019-B15 Mortgage Trust | | | | | | | | |
2.67%, 12/15/2072, Series 2019-B15, Class A4 | | | 30,000 | | | | 25,962 | |
2.93%, 12/15/2072, Series 2019-B15, Class A5 | | | 477 | | | | 416 | |
Benchmark 2020-B19 Mortgage Trust | | | | | | | | |
1.55%, 09/15/2053, Series 2020-B19, Class A4 | | | 21,500 | | | | 17,779 | |
1.85%, 09/15/2053, Series 2020-B19, Class A5 | | | 6,452 | | | | 5,205 | |
Benchmark 2020-B21 Mortgage Trust | | | | | | | | |
1.98%, 12/17/2053, Series 2020-B21, Class A5 | | | 3,736 | | | | 3,046 | |
Benchmark 2021-B24 Mortgage Trust | | | | | | | | |
2.01%, 03/15/2054, Series 2021-B24, Class A3 | | | 10,000 | | | | 8,793 | |
2.26%, 03/15/2054, Series 2021-B24, Class A4 | | | 20,000 | | | | 16,628 | |
Benchmark 2021-B25 Mortgage Trust | | | | | | | | |
2.58%, 04/15/2054, Series 2021-B25, Class A5 | | | 1,545 | | | | 1,258 | |
Benchmark 2021-B27 Mortgage Trust | | | | | | | | |
2.10%, 07/15/2054, Series 2021-B27, Class A4 | | | 22,500 | | | | 18,391 | |
Benchmark 2022-B32 Mortgage Trust | | | | | | | | |
3.04%, 01/15/2055, Series 2022-B32, Class A3 | | | 23,000 | | | | 20,447 | |
Benchmark 2023-V3 Mortgage Trust | | | | | | | | |
5.90%, 07/15/2056, Series 2023-V3, Class A2 | | | 3,100 | | | | 3,138 | |
Benchmark 2024-V7 Mortgage Trust | | | | | | | | |
6.23%, 05/15/2056, Series 2024-V7, Class A3 (5) | | | 5,481 | | | | 5,660 | |
BMO 2024-C8 Mortgage Trust | | | | | | | | |
5.60%, 03/15/2057, Series 2024-C8, Class A5 (5) | | | 2,095 | | | | 2,137 | |
BMO 2024-C9 Mortgage Trust | | | | | | | | |
5.76%, 07/15/2057, Series 2024-C9, Class A5 | | | 4,530 | | | | 4,666 | |
BRAVO Residential Funding Trust 2023-RPL1 | | | | | | | | |
5.00%, 05/25/2063, Series 2023-RPL1, Class A1 (1)(5) | | | 3,994 | | | | 3,942 | |
Cascade Funding Mortgage Trust 2021-FRR1 | | | | | | | | |
2.04%, 02/28/2025, Series 2021-FRR1, Class BK45 (1)(5) | | | 4,450 | | | | 4,233 | |
CD 2006-CD3 Mortgage Trust | | | | | | | | |
0.18%, 10/15/2048, Series 2006-CD3, Class XS (1)(5) | | | 76 | | | | 1 | |
CD 2019-CD8 Mortgage Trust | | | | | | | | |
2.66%, 08/15/2057, Series 2019-CD8, Class A3 | | | 20,000 | | | | 17,720 | |
CFCRE Commercial Mortgage Trust 2017-C8 | | | | | | | | |
3.30%, 06/15/2050, Series 2017-C8, Class A3 | | | 20,214 | | | | 19,073 | |
Chase Home Lending Mortgage Trust 2023-RPL1 | | | | | | | | |
3.50%, 06/25/2062, Series 2023-RPL1, Class A1 (1)(5) | | | 6,380 | | | | 5,732 | |
Chase Home Lending Mortgage Trust Series 2024-RPL1 | | | | | | | | |
3.25%, 03/25/2064, Series 2024-RPL1, Class A1A (1)(5) | | | 9,829 | | | | 8,567 | |
Chase Home Lending Mortgage Trust Series 2024-RPL2 | | | | | | | | |
3.25%, 08/25/2064, Series 2024-RPL2, Class A1A (1)(5) | | | 24,103 | | | | 20,946 | |
Chase Home Lending Mortgage Trust Series 2024-RPL3 | | | | | | | | |
3.25%, 09/25/2064, Series 2024-RPL3, Class A1A (1)(5) | | | 1,712 | | | | 1,496 | |
Chase Mortgage Finance Trust Series 2007-A1 | | | | | | | | |
6.18%, 02/25/2037, Series 2007-A1, Class 1A3 (5) | | | 9 | | | | 9 | |
6.21%, 02/25/2037, Series 2007-A1, Class 9A1 (5) | | | 11 | | | | 11 | |
6.62%, 02/25/2037, Series 2007-A1, Class 2A1 (5) | | | 18 | | | | 17 | |
7.16%, 02/25/2037, Series 2007-A1, Class 7A1 (5) | | | 1 1 | | | | | |
Chase Mortgage Finance Trust Series 2007-A2 | | | | | | | | |
5.78%, 06/25/2035, Series 2007-A2, Class 2A1 (5) | | | 15 | | | | 15 | |
7.15%, 06/25/2035, Series 2007-A2, Class 1A1 (5) | | | 6 | | | | 6 | |
CHL Mortgage Pass-Through Trust 2002-18 | | | | | | | | |
0.00%, 11/25/2032, Series 2002-18, Class PO | | | 4 | | | | 3 | |
CHL Mortgage Pass-Through Trust 2004-3 | | | | | | | | |
5.50%, 04/25/2034, Series 2004-3, Class A26 | | | 11 | | | | 11 | |
5.75%, 04/25/2034, Series 2004-3, Class A4 | | | 8 | | | | 7 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
CHL Mortgage Pass-Through Trust 2004-5 | | | | | | | | |
5.50%, 06/25/2034, Series 2004-5, Class 1A4 | | $ | 47 | | | $ | 46 | |
CHL Mortgage Pass-Through Trust 2004-7 | | | | | | | | |
5.59%, 06/25/2034, Series 2004-7, Class 2A1 (5) | | | 4 | | | | 3 | |
CHL Mortgage Pass-Through Trust 2004-8 | | | | | | | | |
4.50%, 06/25/2049, Series 2004-8, Class 2A1 | | | 1 | | | | 1 | |
CHL Mortgage Pass-Through Trust 2004-HYB1 | | | | | | | | |
5.43%, 05/20/2034, Series 2004-HYB1, Class 2A (5) | | | 6 | | | | 5 | |
CHL Mortgage Pass-Through Trust 2004-HYB3 | | | | | | | | |
4.79%, 06/20/2034, Series 2004-HYB3, Class 2A (5) | | | 25 | | | | 23 | |
CHL Mortgage Pass-Through Trust 2004-HYB6 | | | | | | | | |
5.31%, 11/20/2034, Series 2004-HYB6, Class A3 (5) | | | 19 | | | | 18 | |
CHL Mortgage Pass-Through Trust 2005-14 | | | | | | | | |
5.50%, 07/25/2035, Series 2005-14, Class A2 | | | 8 | | | | 3 | |
CHL Mortgage Pass-Through Trust 2005-16 | | | | | | | | |
5.50%, 09/25/2035, Series 2005-16, Class A23 | | | 5 | | | | 3 | |
CHL Mortgage Pass-Through Trust 2005-22 | | | | | | | | |
4.69%, 11/25/2035, Series 2005-22, Class 2A1 (5) | | | 86 | | | | 68 | |
CIM TRUST 2022-R3 | | | | | | | | |
4.50%, 03/25/2062, Series 2022-R3, Class A1 (1)(5) | | | 2,383 | | | | 2,291 | |
CIM Trust 2023-R2 | | | | | | | | |
5.50%, 08/25/2064, Series 2023-R2, Class A1 (1)(5) | | | 9,351 | | | | 9,357 | |
Citicorp Mortgage Securities Trust Series 2006-4 | | | | | | | | |
6.00%, 08/25/2036, Series 2006-4, Class 1A2 | | | 19 | | | | 16 | |
Citigroup Commercial Mortgage Trust 2015-GC29 | | | | | | | | |
2.94%, 04/10/2048, Series 2015-GC29, Class A3 | | | 9,387 | | | | 9,225 | |
Citigroup Commercial Mortgage Trust 2015-GC33 | | | | | | | | |
3.78%, 09/10/2058, Series 2015-GC33, Class A4 | | | 717 | | | | 694 | |
Citigroup Commercial Mortgage Trust 2016-C1 | | | | | | | | |
2.94%, 05/10/2049, Series 2016-C1, Class A3 | | | 10,039 | | | | 9,604 | |
Citigroup Commercial Mortgage Trust 2016-P6 | | | | | | | | |
3.72%, 12/10/2049, Series 2016-P6, Class A5 (5) | | | 2,783 | | | | 2,618 | |
Citigroup Commercial Mortgage Trust 2017-P7 | | | | | | | | |
3.44%, 04/14/2050, Series 2017-P7, Class A3 | | | 14,254 | | | | 13,544 | |
Citigroup Commercial Mortgage Trust 2017-P8 | | | | | | | | |
3.20%, 09/15/2050, Series 2017-P8, Class A3 | | | 21,000 | | | | 19,794 | |
Citigroup Commercial Mortgage Trust 2018-B2 | | | | | | | | |
3.74%, 03/10/2051, Series 2018-B2, Class A3 | | | 22,000 | | | | 20,799 | |
4.01%, 03/10/2051, Series 2018-B2, Class A4 | | | 3,370 | | | | 3,197 | |
Citigroup Commercial Mortgage Trust 2019-C7 | | | | | | | | |
2.86%, 12/15/2072, Series 2019-C7, Class A3 | | | 2,550 | | | | 2,272 | |
Citigroup Global Markets Mortgage Securities VII, Inc. | | | | | | | | |
0.00%, 06/25/2033, Series 2003-UP2, Class PO1 (10) | | | 0 | | | | 0 | |
6.24%, 09/25/2033, Series 2003-HYB1, Class A (5) | | | 13 | | | | 13 | |
Citigroup Mortgage Loan Trust 2009-10 | | | | | | | | |
5.67%, 09/25/2033, Series 2009-10, Class 1A1 (1)(5) | | | 35 | | | | 35 | |
Citigroup Mortgage Loan Trust 2015-A | | | | | | | | |
4.50%, 06/25/2058, Series 2015-A, Class B2 (1)(5) | | | 169 | | | | 160 | |
Citigroup Mortgage Loan Trust, Inc. | | | | | | | | |
0.00%, 09/25/2033, Series 2003-1, Class PO3 | | | 1 | | | | 1 | |
0.00%, 10/25/2033, Series 2003-1, Class PO2 (10) | | | 0 | | | | 0 | |
3.55%, 02/25/2035, Series 2005-1, Class 2A1A (5) | | | 17 | | | | 14 | |
4.73%, 08/25/2035, Series 2005-5, Class 1A2 (5) | | | 40 | | | | 31 | |
5.25%, 10/25/2033, Series 2003-1, Class 2A5 | | | 5 | | | | 4 | |
5.50%, 05/25/2035, Series 2005-2, Class 2A11 | | | 41 | | | | 40 | |
5.50%, 11/25/2035, Series 2005-9, Class 2A2 | | | 1 | | | | 1 | |
7.00%, 09/25/2033, Series 2003-UP3, Class A3 | | | 2 | | | | 2 | |
7.53%, 08/25/2034, Series 2004-UST1, Class A6 (5) | | | 5 | | | | 4 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
COMM 2013-300P Mortgage Trust | | | | | | | | |
4.35%, 08/10/2030, Series 2013-300P, Class A1 (1) | | $ | 516 | | | $ | 486 | |
COMM 2014-CCRE20 Mortgage Trust | | | | | | | | |
3.33%, 11/10/2047, Series 2014-CR20, Class A3 | | | 5,503 | | | | 5,480 | |
COMM 2015-CCRE24 Mortgage Trust | | | | | | | | |
3.43%, 08/10/2048, Series 2015-CR24, Class A4 | | | 4,531 | | | | 4,452 | |
3.70%, 08/10/2048, Series 2015-CR24, Class A5 | | | 771 | | | | 753 | |
COMM 2015-CCRE25 Mortgage Trust | | | | | | | | |
3.51%, 08/10/2048, Series 2015-CR25, Class A3 | | | 8,260 | | | | 8,093 | |
3.76%, 08/10/2048, Series 2015-CR25, Class A4 | | | 2,437 | | | | 2,379 | |
COMM 2018-HOME Mortgage Trust | | | | | | | | |
3.94%, 04/10/2033, Series 2018-HOME, Class A (1)(5) | | | 10,975 | | | | 10,004 | |
COMM 2020-CBM Mortgage Trust | | | | | | | | |
3.40%, 02/10/2037, Series 2020-CBM, Class C (1) | | | 6,090 | | | | 5,878 | |
Connecticut Avenue Securities Trust 2021-R03 | | | | | | | | |
6.19% (30-day Average SOFR + 0.85%), 12/25/2041, Series 2021-R03, Class 1M1 (1)(3) | | | 3,161 | | | | 3,160 | |
Connecticut Avenue Securities Trust 2022-R01 | | | | | | | | |
7.24% (30-day Average SOFR + 1.90%), 12/25/2041, Series 2022-R01, Class 1M2 (1)(3) | | | 7,380 | | | | 7,468 | |
Connecticut Avenue Securities Trust 2023-R05 | | | | | | | | |
7.24% (30-day Average SOFR + 1.90%, 1.90% Floor), 06/25/2043, Series 2023-R05, Class 1M1 (1)(3) | | | 4,564 | | | | 4,621 | |
Connecticut Avenue Securities Trust 2023-R06 | | | | | | | | |
7.04% (30-day Average SOFR + 1.70%), 07/25/2043, Series 2023-R06, Class 1M1 (1)(3) | | | 2,271 | | | | 2,292 | |
Connecticut Avenue Securities Trust 2023-R08 | | | | | | | | |
6.84% (30-day Average SOFR + 1.50%), 10/25/2043, Series 2023-R08, Class 1M1 (1)(3) | | | 3,814 | | | | 3,838 | |
Connecticut Avenue Securities Trust 2024-R01 | | | | | | | | |
6.39% (30-day Average SOFR + 1.05%, 1.05% Floor), 01/25/2044, Series 2024-R01, Class 1M1 (1)(3) | | | 1,246 | | | | 1,247 | |
Credit Suisse Commercial Mortgage Trust Series 2007-C2 | | | | | | | | |
0.03%, 01/15/2049, Series 2007-C2, Class AX (1)(5)(10) | | | 1,716 | | | | 0 | |
Credit Suisse First Boston Mortgage Securities Corp. | | | | | | | | |
0.00%, 10/25/2033, Series 2003-23, Class 1P | | | 22 | | | | 16 | |
5.25%, 09/25/2033, Series 2003-21, Class 1A4 | | | 19 | | | | 18 | |
6.63%, 02/25/2033, Series 2003-1, Class DB1 (5) | | | 40 | | | | 39 | |
6.73%, 06/25/2033, Series 2003-AR15, Class 3A1 (5) | | | 5 | | | | 5 | |
CSAIL 2015-C4 Commercial Mortgage Trust | | | | | | | | |
3.54%, 11/15/2048, Series 2015-C4, Class A3 | | | 7,014 | | | | 6,844 | |
CSAIL 2016-C7 Commercial Mortgage Trust | | | | | | | | |
3.50%, 11/15/2049, Series 2016-C7, Class A5 | | | 1,882 | | | | 1,774 | |
CSAIL 2017-C8 Commercial Mortgage Trust | | | | | | | | |
3.13%, 06/15/2050, Series 2017-C8, Class A3 | | | 14,022 | | | | 13,046 | |
CSAIL 2021-C20 Commercial Mortgage Trust | | | | | | | | |
2.49%, 03/15/2054, Series 2021-C20, Class A2 | | | 20,902 | | | | 18,008 | |
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 | | | | | | | | |
5.50%, 09/25/2034, Series 2004-4, Class 2A4 | | | 17 | | | | 16 | |
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8 | | | | | | | | |
5.50%, 12/25/2034, Series 2004-8, Class 1A4 | | | 48 | | | | 46 | |
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 | | | | | | | | |
0.00%, 11/25/2035, Series 2005-10, Class AP | | | 4 | | | | 3 | |
CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9 | | | | | | | | |
0.00%, 10/25/2035, Series 2005-9, Class AP | | | 4 | | | | 3 | |
5.50%, 10/25/2035, Series 2005-9, Class DX | | | 86 | | | | 9 | |
CSMC 2014-USA OA LLC | | | | | | | | |
4.37%, 09/15/2037, Series 2014-USA, Class D (1) | | | 3,000 | | | | 2,280 | |
CSMC 2018-RPL9 Trust | | | | | | | | |
3.85%, 09/25/2057, Series 2018-RPL9, Class A (1)(5) | | | 3,371 | | | | 3,173 | |
CSMC 2020-RPL3 Trust | | | | | | | | |
4.08%, 03/25/2060, Series 2020-RPL3, Class A1 (1)(5) | | | 1,922 | | | | 1,914 | |
CSMC 2020-RPL6 Trust | | | | | | | | |
3.43%, 03/25/2059, Series 2020-RPL6, Class A1 (1)(5) | | | 3,169 | | | | 3,155 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
CSMC 2022-RPL4 Trust | | | | | | | | |
3.90%, 04/25/2062, Series 2022-RPL4, Class A1 (1)(5) | | $ | 3,678 | | | $ | 3,433 | |
CSMCM 2018-RPL4 Trust | | | | | | | | |
0.00%, 05/25/2058, Series 2018-RPL4 (1)(5) | | | 1,561 | | | | 1,391 | |
CSMCM 2018-RPL9 Trust | | | | | | | | |
3.82%, 09/25/2057, Series 2018-RPL9, Class CERT (1)(5) | | | 1,731 | | | | 1,452 | |
DBJPM 16-C1 Mortgage Trust | | | | | | | | |
3.02%, 05/10/2049, Series 2016-C1, Class A3A | | | 13,217 | | | | 12,653 | |
DBJPM 2016-C3 Mortgage Trust | | | | | | | | |
2.89%, 08/10/2049, Series 2016-C3, Class A5 | | | 3,064 | | | | 2,898 | |
DBJPM 20-C9 Mortgage Trust | | | | | | | | |
1.64%, 08/15/2053, Series 2020-C9, Class A4 | | | 20,600 | | | | 17,150 | |
Fannie Mae | | | | | | | | |
2.00%, 07/01/2039 (11) | | | 315 | | | | 277 | |
2.00%, 07/01/2054 (11) | | | 18,910 | | | | 14,787 | |
2.50%, 07/01/2039 (11) | | | 245 | | | | 221 | |
2.50%, 07/01/2043 (11) | | | 9,960 | | | | 8,132 | |
3.00%, 07/01/2039 (11) | | | 865 | | | | 800 | |
3.00%, 07/01/2054 (11) | | | 10,400 | | | | 8,846 | |
3.50%, 07/01/2054 (11) | | | 2,325 | | | | 2,058 | |
4.00%, 07/01/2054 (11) | | | 925 | | | | 846 | |
4.50%, 07/01/2042 (11) | | | 15,700 | | | | 14,800 | |
5.00%, 07/01/2039 (11) | | | 2,945 | | | | 2,919 | |
5.00%, 07/01/2054 (11) | | | 6,705 | | | | 6,480 | |
5.50%, 07/01/2054 (11) | | | 44,390 | | | | 43,779 | |
6.00%, 07/01/2054 (11) | | | 10,155 | | | | 10,183 | |
6.50%, 07/01/2054 (11) | | | 18,155 | | | | 18,477 | |
7.00%, 07/01/2054 (11) | | | 9,135 | | | | 9,395 | |
Fannie Mae Grantor Trust 1999-T2 | | | | | | | | |
7.50%, 01/19/2039, Series 1999-T2, Class A1 (5) | | | 29 | | | | 29 | |
Fannie Mae Grantor Trust 2001-T3 | | | | | | | | |
7.50%, 11/25/2040, Series 2001-T3, Class A1 | | | 50 | | | | 50 | |
Fannie Mae Grantor Trust 2002-T16 | | | | | | | | |
7.00%, 07/25/2042, Series 2002-T16, Class A2 | | | 65 | | | | 67 | |
Fannie Mae Grantor Trust 2004-T1 | | | | | | | | |
6.50%, 01/25/2044, Series 2004-T1, Class 1A2 | | | 10 | | | | 10 | |
Fannie Mae Grantor Trust 2004-T2 | | | | | | | | |
4.71%, 07/25/2043, Series 2004-T2, Class 2A (5) | | | 38 | | | | 38 | |
7.50%, 11/25/2043, Series 2004-T2, Class 1A4 | | | 88 | | | | 89 | |
Fannie Mae Grantor Trust 2004-T3 | | | | | | | | |
6.50%, 02/25/2044, Series 2004-T3, Class 1A2 | | | 169 | | | | 170 | |
7.00%, 02/25/2044, Series 2004-T3, Class 1A3 | | | 70 | | | | 72 | |
9.34%, 01/25/2044, Series 2004-T3, Class PT1 (5) | | | 12 | | | | 13 | |
Fannie Mae Grantor Trust 2017-T1 | | | | | | | | |
2.90%, 06/25/2027, Series 2017-T1, Class A | | | 6,483 | | | | 6,111 | |
Fannie Mae Interest Strip | | | | | | | | |
0.00%, 01/25/2033, Series 329, Class 1 | | | 3 | | | | 3 | |
5.00%, 12/25/2033, Series 345, Class 6 (5) | | | 4 | | | | 1 | |
5.50%, 05/25/2036, Series 365, Class 8 | | | 17 | | | | 3 | |
5.50%, 08/25/2036, Series 374, Class 5 | | | 11 | | | | 2 | |
5.50%, 04/25/2037, Series 393, Class 6 (10) | | | 5 | | | | 0 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 08/25/2042, Series 412, Class F2 (3) | | | 214 | | | | 210 | |
6.00% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 08/25/2042, Series 411, Class F1 (3) | | | 686 | | | | 654 | |
6.00%, 01/25/2038, Series 383, Class 33 | | | 12 | | | | 2 | |
Fannie Mae Pool | | | | | | | | |
1.40%, 11/01/2032 | | | 8,500 | | | | 6,559 | |
1.50%, 01/01/2031 | | | 10,000 | | | | 8,177 | |
1.50%, 02/01/2036 | | | 9,879 | | | | 8,506 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
1.50%, 08/01/2036 | | $ | 5,602 | | | $ | 4,799 | |
1.50%, 09/01/2036 | | | 901 | | | | 771 | |
1.50%, 11/01/2036 | | | 2,948 | | | | 2,522 | |
1.50%, 05/01/2037 | | | 4,691 | | | | 4,009 | |
1.50%, 11/01/2040 | | | 5,552 | | | | 4,495 | |
1.50%, 03/01/2041 | | | 1,032 | | | | 835 | |
1.50%, 02/01/2042 | | | 1,303 | | | | 1,050 | |
1.50%, 10/01/2050 | | | 1,821 | | | | 1,366 | |
1.50%, 11/01/2050 | | | 10,920 | | | | 8,189 | |
1.50%, 12/01/2050 | | | 19,870 | | | | 14,904 | |
1.50%, 01/01/2051 | | | 1,444 | | | | 1,080 | |
1.50%, 02/01/2051 | | | 18,687 | | | | 13,974 | |
1.50%, 07/01/2051 | | | 6,536 | | | | 4,883 | |
1.50%, 11/01/2051 | | | 6,625 | | | | 4,971 | |
1.56%, 01/01/2031 | | | 2,275 | | | | 1,868 | |
1.73%, 11/01/2031 | | | 8,735 | | | | 7,202 | |
1.75%, 03/01/2032 (5) | | | 14,983 | | | | 12,220 | |
1.80%, 10/01/2033 | | | 7,500 | | | | 5,921 | |
2.00%, 03/01/2031 | | | 4,316 | | | | 4,004 | |
2.00%, 08/01/2031 | | | 922 | | | | 850 | |
2.00%, 01/01/2032 | | | 8,925 | | | | 8,225 | |
2.00%, 09/01/2035 | | | 414 | | | | 367 | |
2.00%, 04/01/2036 | | | 793 | | | | 700 | |
2.00%, 05/01/2036 | | | 6,064 | | | | 5,349 | |
2.00%, 05/01/2036 | | | 6,746 | | | | 5,964 | |
2.00%, 06/01/2036 | | | 7,044 | | | | 6,257 | |
2.00%, 08/01/2036 | | | 2,667 | | | | 2,351 | |
2.00%, 02/01/2037 | | | 9,980 | | | | 8,819 | |
2.00%, 03/01/2037 | | | 197 | | | | 174 | |
2.00%, 03/01/2037 | | | 3,143 | | | | 2,787 | |
2.00%, 06/01/2040 | | | 2,498 | | | | 2,110 | |
2.00%, 07/01/2040 | | | 2,355 | | | | 1,986 | |
2.00%, 09/01/2040 | | | 1,350 | | | | 1,136 | |
2.00%, 01/01/2041 | | | 1,240 | | | | 1,042 | |
2.00%, 02/01/2041 | | | 6,549 | | | | 5,510 | |
2.00%, 05/01/2041 | | | 21,281 | | | | 17,800 | |
2.00%, 06/01/2041 | | | 6,735 | | | | 5,690 | |
2.00%, 10/01/2041 | | | 900 | | | | 753 | |
2.00%, 02/01/2042 | | | 15,254 | | | | 12,756 | |
2.00%, 04/01/2042 | | | 5,418 | | | | 4,506 | |
2.00%, 05/01/2050 | | | 13,788 | | | | 10,891 | |
2.00%, 06/01/2050 | | | 25,987 | | | | 20,546 | |
2.00%, 09/01/2050 | | | 19,866 | | | | 15,690 | |
2.00%, 10/01/2050 | | | 39,445 | | | | 31,138 | |
2.00%, 11/01/2050 | | | 1,322 | | | | 1,055 | |
2.00%, 11/01/2050 | | | 13,302 | | | | 10,502 | |
2.00%, 12/01/2050 | | | 8,817 | | | | 6,959 | |
2.00%, 01/01/2051 | | | 9,122 | | | | 7,189 | |
2.00%, 01/01/2051 | | | 21,825 | | | | 17,269 | |
2.00%, 02/01/2051 | | | 474 | | | | 372 | |
2.00%, 02/01/2051 | | | 8,118 | | | | 6,396 | |
2.00%, 03/01/2051 | | | 4,316 | | | | 3,402 | |
2.00%, 03/01/2051 | | | 36,352 | | | | 28,554 | |
2.00%, 04/01/2051 | | | 8,438 | | | | 6,632 | |
2.00%, 04/01/2051 | | | 12,359 | | | | 9,745 | |
2.00%, 05/01/2051 | | | 304 | | | | 233 | |
2.00%, 07/01/2051 | | | 9,221 | | | | 7,274 | |
2.00%, 07/01/2051 | | | 14,173 | | | | 11,188 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
2.00%, 08/01/2051 | | $ | 1,997 | | | $ | 1,578 | |
2.00%, 08/01/2051 | | | 4,567 | | | | 3,593 | |
2.00%, 08/01/2051 | | | 10,932 | | | | 8,672 | |
2.00%, 09/01/2051 | | | 11,418 | | | | 8,964 | |
2.00%, 10/01/2051 | | | 61 | | | | 48 | |
2.00%, 10/01/2051 | | | 564 | | | | 447 | |
2.00%, 10/01/2051 | | | 9,159 | | | | 7,315 | |
2.00%, 12/01/2051 | | | 11,016 | | | | 8,770 | |
2.00%, 12/01/2051 | | | 12,214 | | | | 9,744 | |
2.00%, 01/01/2052 | | | 12,831 | | | | 10,071 | |
2.00%, 02/01/2052 | | | 5,212 | | | | 4,090 | |
2.00%, 02/01/2052 | | | 5,217 | | | | 4,094 | |
2.00%, 02/01/2052 | | | 8,559 | | | | 6,891 | |
2.00%, 03/01/2052 | | | 17,268 | | | | 13,633 | |
2.00%, 04/01/2052 | | | 1,396 | | | | 1,102 | |
2.05%, 06/01/2035 | | | 2,450 | | | | 1,884 | |
2.08%, 10/01/2033 | | | 9,583 | | | | 7,809 | |
2.16%, 01/01/2034 | | | 6,070 | | | | 4,828 | |
2.22%, 02/01/2032 | | | 5,100 | | | | 4,241 | |
2.50%, 04/01/2030 | | | 609 | | | | 573 | |
2.50%, 05/01/2030 | | | 783 | | | | 737 | |
2.50%, 11/01/2031 | | | 1,171 | | | | 1,094 | |
2.50%, 07/01/2032 | | | 2,444 | | | | 2,270 | |
2.50%, 08/01/2032 | | | 2,660 | | | | 2,477 | |
2.50%, 09/01/2032 | | | 2,586 | | | | 2,409 | |
2.50%, 12/01/2034 | | | 6,311 | | | | 5,759 | |
2.50%, 07/01/2035 | | | 9,362 | | | | 8,721 | |
2.50%, 08/01/2035 | | | 1,643 | | | | 1,495 | |
2.50%, 08/01/2035 | | | 3,179 | | | | 2,901 | |
2.50%, 09/01/2035 | | | 4,313 | | | | 3,926 | |
2.50%, 10/01/2035 | | | 118 | | | | 108 | |
2.50%, 01/01/2036 | | | 11,262 | | | | 10,250 | |
2.50%, 07/01/2036 | | | 4,342 | | | | 3,961 | |
2.50%, 12/01/2036 | | | 1,097 | | | | 985 | |
2.50%, 04/01/2042 | | | 5,254 | | | | 4,532 | |
2.50%, 01/01/2043 | | | 1,125 | | | | 952 | |
2.50%, 02/01/2043 | | | 505 | | | | 427 | |
2.50%, 10/01/2043 | | | 1,034 | | | | 875 | |
2.50%, 05/01/2046 | | | 455 | | | | 384 | |
2.50%, 07/01/2046 | | | 1,147 | | | | 968 | |
2.50%, 08/01/2046 | | | 431 | | | | 364 | |
2.50%, 10/01/2046 | | | 347 | | | | 293 | |
2.50%, 03/01/2050 | | | 615 | | | | 508 | |
2.50%, 05/01/2050 | | | 9,086 | | | | 7,554 | |
2.50%, 06/01/2050 | | | 1,591 | | | | 1,302 | |
2.50%, 06/01/2050 | | | 5,263 | | | | 4,385 | |
2.50%, 06/01/2050 | | | 13,159 | | | | 10,905 | |
2.50%, 07/01/2050 | | | 5,024 | | | | 4,111 | |
2.50%, 07/01/2050 | | | 10,821 | | | | 9,005 | |
2.50%, 08/01/2050 | | | 2,496 | | | | 2,042 | |
2.50%, 08/01/2050 | | | 4,448 | | | | 3,663 | |
2.50%, 09/01/2050 | | | 2,633 | | | | 2,191 | |
2.50%, 09/01/2050 | | | 6,393 | | | | 5,136 | |
2.50%, 09/01/2050 | | | 7,214 | | | | 5,925 | |
2.50%, 09/01/2050 | | | 11,181 | | | | 9,315 | |
2.50%, 10/01/2050 | | | 6,780 | | | | 5,672 | |
2.50%, 10/01/2050 (9) | | | 36,957 | | | | 30,443 | |
2.50%, 12/01/2050 | | | 10,540 | | | | 8,680 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
2.50%, 02/01/2051 | | $ | 1,225 | | | $ | 1,025 | |
2.50%, 02/01/2051 | | | 3,626 | | | | 3,003 | |
2.50%, 02/01/2051 | | | 4,377 | | | | 3,586 | |
2.50%, 03/01/2051 | | | 2,484 | | | | 2,029 | |
2.50%, 03/01/2051 | | | 10,159 | | | | 8,364 | |
2.50%, 04/01/2051 | | | 2,776 | | | | 2,268 | |
2.50%, 04/01/2051 | | | 23,039 | | | | 18,956 | |
2.50%, 05/01/2051 | | | 2,757 | | | | 2,253 | |
2.50%, 05/01/2051 | | | 5,818 | | | | 4,902 | |
2.50%, 05/01/2051 | | | 9,692 | | | | 7,967 | |
2.50%, 06/01/2051 | | | 9,968 | | | | 8,190 | |
2.50%, 07/01/2051 | | | 2,185 | | | | 1,785 | |
2.50%, 08/01/2051 | | | 963 | | | | 797 | |
2.50%, 08/01/2051 | | | 8,854 | | | | 7,270 | |
2.50%, 08/01/2051 | | | 9,093 | | | | 7,543 | |
2.50%, 09/01/2051 | | | 588 | | | | 469 | |
2.50%, 09/01/2051 | | | 745 | | | | 623 | |
2.50%, 09/01/2051 | | | 6,557 | | | | 5,425 | |
2.50%, 09/01/2051 | | | 11,583 | | | | 9,576 | |
2.50%, 10/01/2051 | | | 2,437 | | | | 1,991 | |
2.50%, 10/01/2051 | | | 10,613 | | | | 8,704 | |
2.50%, 10/01/2051 | | | 15,003 | | | | 12,338 | |
2.50%, 11/01/2051 | | | 1,252 | | | | 1,035 | |
2.50%, 11/01/2051 | | | 9,332 | | | | 7,770 | |
2.50%, 11/01/2051 | | | 15,472 | | | | 12,786 | |
2.50%, 12/01/2051 | | | 1,220 | | | | 1,011 | |
2.50%, 12/01/2051 | | | 6,429 | | | | 5,286 | |
2.50%, 12/01/2051 | | | 11,577 | | | | 9,630 | |
2.50%, 12/01/2051 | | | 12,236 | | | | 10,112 | |
2.50%, 12/01/2051 | | | 12,528 | | | | 10,335 | |
2.50%, 01/01/2052 | | | 9,589 | | | | 7,874 | |
2.50%, 01/01/2052 | | | 11,822 | | | | 9,688 | |
2.50%, 02/01/2052 | | | 848 | | | | 695 | |
2.50%, 02/01/2052 | | | 10,760 | | | | 8,815 | |
2.50%, 02/01/2052 | | | 14,203 | | | | 11,735 | |
2.50%, 03/01/2052 | | | 1,967 | | | | 1,615 | |
2.50%, 03/01/2052 | | | 9,766 | | | | 7,985 | |
2.50%, 05/01/2052 | | | 16,710 | | | | 13,728 | |
2.50%, 05/01/2052 | | | 19,074 | | | | 15,819 | |
2.50%, 05/01/2052 | | | 30,527 | | | | 25,303 | |
2.50%, 09/01/2052 | | | 1,061 | | | | 871 | |
2.50%, 09/01/2052 | | | 19,313 | | | | 15,823 | |
2.50%, 07/01/2061 | | | 9,681 | | | | 7,765 | |
2.50%, 09/01/2061 | | | 5,658 | | | | 4,538 | |
2.50%, 03/01/2062 | | | 9,012 | | | | 7,083 | |
2.52%, 11/01/2029 | | | 13,795 | | | | 12,430 | |
2.58%, 09/01/2028 | | | 3,649 | | | | 3,349 | |
2.59%, 09/01/2028 | | | 7,330 | | | | 6,730 | |
2.62%, 10/01/2028 | | | 8,564 | | | | 7,847 | |
2.67%, 12/01/2035 | | | 15,510 | | | | 12,515 | |
2.68%, 05/01/2025 | | | 1,645 | | | | 1,603 | |
2.83%, 05/01/2027 | | | 7,696 | | | | 7,277 | |
2.90%, 10/01/2029 | | | 3,167 | | | | 2,911 | |
3.00%, 06/01/2027 | | | 1,896 | | | | 1,800 | |
3.00%, 08/01/2028 | | | 275 | | | | 265 | |
3.00%, 09/01/2028 | | | 507 | | | | 488 | |
3.00%, 12/01/2028 | | | 172 | | | | 165 | |
3.00%, 05/01/2030 | | | 473 | | | | 452 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.00%, 08/01/2034 | | $ | 1,600 | | | $ | 1,489 | |
3.00%, 09/01/2034 | | | 5,757 | | | | 5,463 | |
3.00%, 10/01/2034 | | | 1,805 | | | | 1,687 | |
3.00%, 10/01/2035 | | | 298 | | | | 276 | |
3.00%, 05/01/2036 | | | 546 | | | | 510 | |
3.00%, 08/01/2036 | | | 442 | | | | 408 | |
3.00%, 03/01/2037 | | | 3,542 | | | | 3,286 | |
3.00%, 05/01/2038 | | | 6,148 | | | | 5,674 | |
3.00%, 05/01/2042 | | | 178 | | | | 158 | |
3.00%, 10/01/2042 | | | 1,589 | | | | 1,404 | |
3.00%, 11/01/2042 | | | 1,124 | | | | 991 | |
3.00%, 12/01/2042 | | | 43 | | | | 38 | |
3.00%, 12/01/2042 | | | 357 | | | | 314 | |
3.00%, 12/01/2042 | | | 574 | | | | 507 | |
3.00%, 01/01/2043 | | | 371 | | | | 327 | |
3.00%, 01/01/2043 | | | 565 | | | | 499 | |
3.00%, 01/01/2043 | | | 654 | | | | 577 | |
3.00%, 01/01/2043 | | | 653 | | | | 579 | |
3.00%, 02/01/2043 | | | 310 | | | | 274 | |
3.00%, 04/01/2043 | | | 444 | | | | 392 | |
3.00%, 04/01/2043 | | | 568 | | | | 501 | |
3.00%, 04/01/2043 | | | 1,039 | | | | 917 | |
3.00%, 05/01/2043 | | | 17 | | | | 15 | |
3.00%, 05/01/2043 | | | 109 | | | | 97 | |
3.00%, 05/01/2043 | | | 686 | | | | 605 | |
3.00%, 05/01/2043 | | | 3,656 | | | | 3,224 | |
3.00%, 06/01/2043 | | | 26 | | | | 23 | |
3.00%, 06/01/2043 | | | 183 | | | | 162 | |
3.00%, 06/01/2043 | | | 216 | | | | 190 | |
3.00%, 06/01/2043 | | | 1,255 | | | | 1,107 | |
3.00%, 06/01/2043 | | | 2,063 | | | | 1,820 | |
3.00%, 07/01/2043 | | | 25 | | | | 22 | |
3.00%, 07/01/2043 | | | 62 | | | | 55 | |
3.00%, 07/01/2043 | | | 214 | | | | 189 | |
3.00%, 07/01/2043 | | | 692 | | | | 610 | |
3.00%, 07/01/2043 | | | 3,210 | | | | 2,831 | |
3.00%, 08/01/2043 | | | 774 | | | | 683 | |
3.00%, 08/01/2043 | | | 2,054 | | | | 1,812 | |
3.00%, 10/01/2043 | | | 44 | | | | 39 | |
3.00%, 10/01/2043 | | | 5,804 | | | | 5,170 | |
3.00%, 02/01/2044 | | | 2,584 | | | | 2,281 | |
3.00%, 03/01/2044 | | | 292 | | | | 258 | |
3.00%, 04/01/2045 | | | 3,390 | | | | 2,977 | |
3.00%, 05/01/2046 | | | 2,496 | | | | 2,183 | |
3.00%, 09/01/2046 | | | 394 | | | | 345 | |
3.00%, 11/01/2046 | | | 866 | | | | 757 | |
3.00%, 11/01/2046 | | | 2,691 | | | | 2,374 | |
3.00%, 11/01/2046 | | | 3,025 | | | | 2,634 | |
3.00%, 01/01/2047 | | | 1,812 | | | | 1,584 | |
3.00%, 02/01/2047 | | | 400 | | | | 353 | |
3.00%, 03/01/2047 | | | 313 | | | | 271 | |
3.00%, 07/01/2049 | | | 705 | | | | 610 | |
3.00%, 07/01/2049 | | | 1,923 | | | | 1,662 | |
3.00%, 08/01/2049 | | | 10,831 | | | | 9,420 | |
3.00%, 11/01/2049 | | | 928 | | | | 801 | |
3.00%, 11/01/2049 | | | 4,783 | | | | 4,130 | |
3.00%, 12/01/2049 | | | 193 | | | | 167 | |
3.00%, 12/01/2049 | | | 654 | | | | 565 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.00%, 12/01/2049 | | $ | 3,372 | | | $ | 2,911 | |
3.00%, 02/01/2050 | | | 3,932 | | | | 3,395 | |
3.00%, 02/01/2050 | | | 5,242 | | | | 4,469 | |
3.00%, 02/01/2050 | | | 14,300 | | | | 12,397 | |
3.00%, 03/01/2050 | | | 1,198 | | | | 1,033 | |
3.00%, 03/01/2050 | | | 2,055 | | | | 1,775 | |
3.00%, 05/01/2050 | | | 324 | | | | 281 | |
3.00%, 05/01/2050 | | | 1,555 | | | | 1,344 | |
3.00%, 06/01/2050 | | | 531 | | | | 458 | |
3.00%, 06/01/2050 | | | 1,907 | | | | 1,644 | |
3.00%, 07/01/2050 | | | 793 | | | | 688 | |
3.00%, 08/01/2050 | | | 2,038 | | | | 1,747 | |
3.00%, 08/01/2050 | | | 4,278 | | | | 3,684 | |
3.00%, 09/01/2050 | | | 1,691 | | | | 1,466 | |
3.00%, 09/01/2050 | | | 4,889 | | | | 4,206 | |
3.00%, 11/01/2050 | | | 354 | | | | 306 | |
3.00%, 02/01/2051 | | | 1,316 | | | | 1,144 | |
3.00%, 02/01/2051 | | | 5,210 | | | | 4,466 | |
3.00%, 04/01/2051 | | | 5,528 | | | | 4,733 | |
3.00%, 05/01/2051 | | | 3,571 | | | | 3,040 | |
3.00%, 06/01/2051 | | | 3,368 | | | | 2,869 | |
3.00%, 07/01/2051 | | | 1,214 | | | | 1,042 | |
3.00%, 07/01/2051 | | | 6,325 | | | | 5,408 | |
3.00%, 10/01/2051 | | | 2,002 | | | | 1,706 | |
3.00%, 11/01/2051 | | | 2,803 | | | | 2,392 | |
3.00%, 11/01/2051 | | | 3,093 | | | | 2,693 | |
3.00%, 12/01/2051 | | | 18,687 | | | | 16,133 | |
3.00%, 01/01/2052 | | | 8,819 | | | | 7,518 | |
3.00%, 02/01/2052 | | | 4,656 | | | | 3,991 | |
3.00%, 02/01/2052 | | | 9,024 | | | | 7,787 | |
3.00%, 03/01/2052 | | | 6,612 | | | | 5,692 | |
3.00%, 03/01/2052 | | | 10,770 | | | | 9,233 | |
3.00%, 04/01/2052 | | | 8,167 | | | | 7,086 | |
3.00%, 07/01/2060 | | | 7,430 | | | | 6,173 | |
3.00%, 12/01/2061 | | | 10,092 | | | | 8,382 | |
3.02%, 07/01/2029 | | | 7,955 | | | | 7,365 | |
3.07%, 02/01/2025 | | | 4,995 | | | | 4,909 | |
3.08%, 12/01/2024 | | | 1,684 | | | | 1,661 | |
3.08%, 01/01/2028 | | | 8,000 | | | | 7,638 | |
3.09%, 09/01/2029 | | | 7,484 | | | | 6,910 | |
3.10%, 01/01/2028 | | | 6,349 | | | | 5,995 | |
3.12%, 11/01/2026 | | | 880 | | | | 844 | |
3.12%, 06/01/2035 | | | 3,400 | | | | 2,932 | |
3.13%, 03/01/2027 | | | 6,474 | | | | 6,185 | |
3.14%, 12/01/2026 | | | 1,613 | | | | 1,547 | |
3.19%, 01/01/2033 | | | 3,313 | | | | 3,083 | |
3.19%, 03/01/2036 | | | 2,040 | | | | 1,870 | |
3.22%, 09/01/2032 | | | 6,000 | | | | 5,294 | |
3.25%, 09/01/2026 | | | 1,339 | | | | 1,291 | |
3.25%, 02/01/2027 | | | 5,142 | | | | 4,930 | |
3.34%, 02/01/2027 | | | 1,500 | | | | 1,439 | |
3.39%, 07/01/2034 | | | 8,500 | | | | 7,537 | |
3.45%, 04/01/2035 | | | 1,671 | | | | 1,505 | |
3.50%, 12/01/2029 | | | 818 | | | | 787 | |
3.50%, 05/01/2030 | | | 159 | | | | 152 | |
3.50%, 12/01/2030 | | | 529 | | | | 511 | |
3.50%, 07/01/2032 | | | 41 | | | | 39 | |
3.50%, 11/01/2032 | | | 294 | | | | 281 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.50%, 12/01/2032 | | $ | 112 | | | $ | 107 | |
3.50%, 02/01/2033 | | | 146 | | | | 141 | |
3.50%, 02/01/2033 | | | 175 | | | | 166 | |
3.50%, 03/01/2033 | | | 959 | | | | 918 | |
3.50%, 04/01/2033 | | | 654 | | | | 627 | |
3.50%, 06/01/2033 | | | 76 | | | | 72 | |
3.50%, 10/01/2033 | | | 3,380 | | | | 3,213 | |
3.50%, 06/01/2040 | | | 693 | | | | 638 | |
3.50%, 12/01/2040 | | | 32 | | | | 29 | |
3.50%, 02/01/2041 | | | 2,819 | | | | 2,592 | |
3.50%, 11/01/2041 | | | 112 | | | | 103 | |
3.50%, 12/01/2041 | | | 96 | | | | 88 | |
3.50%, 12/01/2041 | | | 157 | | | | 144 | |
3.50%, 12/01/2041 | | | 183 | | | | 168 | |
3.50%, 02/01/2042 | | | 108 | | | | 99 | |
3.50%, 02/01/2042 | | | 146 | | | | 134 | |
3.50%, 04/01/2042 | | | 84 | | | | 77 | |
3.50%, 05/01/2042 | | | 2,278 | | | | 2,088 | |
3.50%, 06/01/2042 | | | 556 | | | | 509 | |
3.50%, 07/01/2042 | | | 451 | | | | 414 | |
3.50%, 07/01/2042 | | | 1,433 | | | | 1,307 | |
3.50%, 07/01/2042 | | | 7,764 | | | | 7,133 | |
3.50%, 08/01/2042 | | | 296 | | | | 270 | |
3.50%, 09/01/2042 | | | 237 | | | | 215 | |
3.50%, 09/01/2042 | | | 255 | | | | 233 | |
3.50%, 09/01/2042 | | | 293 | | | | 268 | |
3.50%, 09/01/2042 | | | 1,821 | | | | 1,660 | |
3.50%, 10/01/2042 | | | 117 | | | | 107 | |
3.50%, 10/01/2042 | | | 146 | | | | 133 | |
3.50%, 10/01/2042 | | | 257 | | | | 234 | |
3.50%, 10/01/2042 | | | 415 | | | | 379 | |
3.50%, 11/01/2042 | | | 1,122 | | | | 1,022 | |
3.50%, 11/01/2042 | | | 2,809 | | | | 2,557 | |
3.50%, 01/01/2043 | | | 265 | | | | 242 | |
3.50%, 01/01/2043 | | | 311 | | | | 283 | |
3.50%, 02/01/2043 | | | 17 | | | | 16 | |
3.50%, 02/01/2043 | | | 29 | | | | 26 | |
3.50%, 03/01/2043 | | | 202 | | | | 185 | |
3.50%, 03/01/2043 | | | 592 | | | | 539 | |
3.50%, 03/01/2043 | | | 1,399 | | | | 1,273 | |
3.50%, 04/01/2043 | | | 592 | | | | 539 | |
3.50%, 04/01/2043 | | | 1,542 | | | | 1,401 | |
3.50%, 05/01/2043 | | | 24 | | | | 22 | |
3.50%, 05/01/2043 | | | 174 | | | | 159 | |
3.50%, 05/01/2043 | | | 641 | | | | 587 | |
3.50%, 05/01/2043 | | | 662 | | | | 606 | |
3.50%, 07/01/2043 | | | 3,732 | | | | 3,389 | |
3.50%, 08/01/2043 | | | 12,036 | | | | 11,073 | |
3.50%, 04/01/2045 | | | 4,531 | | | | 4,107 | |
3.50%, 06/01/2045 | | | 606 | | | | 549 | |
3.50%, 06/01/2045 | | | 2,708 | | | | 2,455 | |
3.50%, 11/01/2045 | | | 1,101 | | | | 996 | |
3.50%, 12/01/2045 | | | 191 | | | | 173 | |
3.50%, 01/01/2046 | | | 3,262 | | | | 2,955 | |
3.50%, 04/01/2046 | | | 481 | | | | 438 | |
3.50%, 08/01/2046 | | | 1,617 | | | | 1,464 | |
3.50%, 09/01/2046 | | | 1,494 | | | | 1,367 | |
3.50%, 12/01/2046 | | | 1,453 | | | | 1,315 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.50%, 12/01/2046 | | $ | 3,040 | | | $ | 2,779 | |
3.50%, 02/01/2047 | | | 2,134 | | | | 1,935 | |
3.50%, 06/01/2047 | | | 233 | | | | 211 | |
3.50%, 11/01/2047 | | | 2,330 | | | | 2,108 | |
3.50%, 12/01/2047 | | | 1,647 | | | | 1,489 | |
3.50%, 01/01/2048 | | | 1,928 | | | | 1,735 | |
3.50%, 04/01/2048 | | | 10,093 | | | | 9,094 | |
3.50%, 08/01/2048 | | | 5,683 | | | | 5,127 | |
3.50%, 08/01/2048 | | | 10,062 | | | | 9,167 | |
3.50%, 10/01/2048 | | | 2,030 | | | | 1,834 | |
3.50%, 03/01/2050 | | | 8,181 | | | | 7,273 | |
3.50%, 02/01/2052 | | | 8,428 | | | | 7,499 | |
3.50%, 03/01/2052 | | | 1,278 | | | | 1,143 | |
3.50%, 05/01/2052 | | | 5,253 | | | | 4,678 | |
3.50%, 06/01/2052 | | | 9,375 | | | | 8,360 | |
3.50%, 08/01/2052 | | | 8,873 | | | | 7,976 | |
3.50%, 01/01/2058 | | | 6,794 | | | | 6,127 | |
3.50%, 03/01/2060 | | | 5,921 | | | | 5,197 | |
3.50%, 02/01/2062 | | | 3,011 | | | | 2,597 | |
3.50%, 03/01/2062 | | | 9,147 | | | | 7,960 | |
3.50%, 12/01/2062 | | | 8,090 | | | | 7,100 | |
3.53%, 04/01/2033 | | | 12,230 | | | | 11,104 | |
3.54%, 06/01/2032 | | | 15,495 | | | | 14,227 | |
3.54%, 11/01/2032 | | | 10,031 | | | | 9,161 | |
3.55%, 02/01/2030 | | | 1,500 | | | | 1,415 | |
3.57%, 06/01/2028 | | | 8,238 | | | | 7,834 | |
3.64%, 01/01/2025 | | | 494 | | | | 488 | |
3.66%, 03/01/2027 | | | 2,167 | | | | 2,096 | |
3.77%, 12/01/2025 | | | 1,627 | | | | 1,591 | |
3.80%, 09/01/2032 | | | 9,609 | | | | 8,958 | |
3.81%, 12/01/2028 | | | 7,000 | | | | 6,728 | |
3.90%, 02/01/2033 | | | 12,350 | | | | 11,529 | |
4.00%, 06/01/2033 | | | 268 | | | | 261 | |
4.00%, 12/01/2033 | | | 21 | | | | 20 | |
4.00%, 05/01/2037 | | | 2,989 | | | | 2,872 | |
4.00%, 10/01/2037 | | | 591 | | | | 567 | |
4.00%, 11/01/2037 | | | 9,169 | | | | 8,817 | |
4.00%, 07/01/2040 | | | 1,629 | | | | 1,538 | |
4.00%, 08/01/2040 | | | 51 | | | | 48 | |
4.00%, 09/01/2040 | | | 410 | | | | 387 | |
4.00%, 12/01/2040 | | | 81 | | | | 76 | |
4.00%, 12/01/2040 | | | 350 | | | | 330 | |
4.00%, 01/01/2041 | | | 76 | | | | 71 | |
4.00%, 01/01/2041 | | | 170 | | | | 161 | |
4.00%, 01/01/2041 | | | 319 | | | | 301 | |
4.00%, 01/01/2041 | | | 350 | | | | 331 | |
4.00%, 01/01/2041 | | | 425 | | | | 401 | |
4.00%, 01/01/2041 | | | 580 | | | | 548 | |
4.00%, 01/01/2041 | | | 581 | | | | 548 | |
4.00%, 02/01/2041 | | | 20 | | | | 19 | |
4.00%, 02/01/2041 | | | 651 | | | | 615 | |
4.00%, 03/01/2041 | | | 2,454 | | | | 2,316 | |
4.00%, 09/01/2041 | | | 70 | | | | 66 | |
4.00%, 10/01/2041 | | | 337 | | | | 317 | |
4.00%, 10/01/2041 | | | 407 | | | | 384 | |
4.00%, 12/01/2041 | | | 522 | | | | 492 | |
4.00%, 12/01/2041 | | | 628 | | | | 593 | |
4.00%, 01/01/2042 | | | 957 | | | | 902 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
4.00%, 03/01/2042 | | $ | 23 | | | $ | 21 | |
4.00%, 07/01/2042 | | | 149 | | | | 140 | |
4.00%, 07/01/2042 | | | 182 | | | | 171 | |
4.00%, 07/01/2042 | | | 185 | | | | 173 | |
4.00%, 07/01/2042 | | | 214 | | | | 201 | |
4.00%, 08/01/2042 | | | 2,044 | | | | 1,930 | |
4.00%, 12/01/2042 | | | 150 | | | | 141 | |
4.00%, 04/01/2043 | | | 3,049 | | | | 2,886 | |
4.00%, 07/01/2043 | | | 348 | | | | 326 | |
4.00%, 11/01/2043 | | | 931 | | | | 873 | |
4.00%, 12/01/2043 | | | 44 | | | | 41 | |
4.00%, 12/01/2043 | | | 579 | | | | 542 | |
4.00%, 07/01/2044 | | | 824 | | | | 772 | |
4.00%, 09/01/2044 | | | 339 | | | | 318 | |
4.00%, 12/01/2044 | | | 9,136 | | | | 8,574 | |
4.00%, 01/01/2045 | | | 2,307 | | | | 2,160 | |
4.00%, 07/01/2045 | | | 2,421 | | | | 2,267 | |
4.00%, 10/01/2045 | | | 242 | | | | 227 | |
4.00%, 12/01/2045 | | | 340 | | | | 318 | |
4.00%, 12/01/2045 | | | 1,283 | | | | 1,201 | |
4.00%, 01/01/2046 | | | 813 | | | | 761 | |
4.00%, 08/01/2046 | | | 1,184 | | | | 1,108 | |
4.00%, 03/01/2047 | | | 2,409 | | | | 2,256 | |
4.00%, 03/01/2047 | | | 2,441 | | | | 2,272 | |
4.00%, 06/01/2047 | | | 1,276 | | | | 1,192 | |
4.00%, 08/01/2047 | | | 2,573 | | | | 2,412 | |
4.00%, 11/01/2047 | | | 2,165 | | | | 2,016 | |
4.00%, 11/01/2047 | | | 7,020 | | | | 6,575 | |
4.00%, 01/01/2048 | | | 2,354 | | | | 2,177 | |
4.00%, 01/01/2048 | | | 3,840 | | | | 3,582 | |
4.00%, 03/01/2048 | | | 837 | | | | 777 | |
4.00%, 03/01/2048 | | | 4,974 | | | | 4,659 | |
4.00%, 06/01/2048 | | | 5,131 | | | | 4,760 | |
4.00%, 09/01/2048 | | | 281 | | | | 261 | |
4.00%, 10/01/2048 | | | 236 | | | | 220 | |
4.00%, 03/01/2049 | | | 2,973 | | | | 2,762 | |
4.00%, 05/01/2049 | | | 8,426 | | | | 7,950 | |
4.00%, 07/01/2049 | | | 407 | | | | 375 | |
4.00%, 07/01/2049 | | | 1,813 | | | | 1,690 | |
4.00%, 10/01/2049 | | | 2,370 | | | | 2,221 | |
4.00%, 01/01/2050 | | | 3,143 | | | | 2,914 | |
4.00%, 05/01/2050 | | | 2,344 | | | | 2,170 | |
4.00%, 07/01/2050 | | | 2,158 | | | | 1,995 | |
4.00%, 04/01/2052 | | | 5,587 | | | | 5,120 | |
4.00%, 04/01/2052 | | | 10,461 | | | | 9,589 | |
4.00%, 06/01/2052 | | | 4,862 | | | | 4,518 | |
4.00%, 06/01/2052 | | | 11,778 | | | | 10,794 | |
4.00%, 07/01/2052 | | | 11,272 | | | | 10,334 | |
4.00%, 07/01/2052 | | | 12,287 | | | | 11,367 | |
4.00%, 09/01/2052 | | | 18,331 | | | | 16,793 | |
4.00%, 12/01/2052 | | | 3,298 | | | | 3,052 | |
4.00%, 12/01/2052 | | | 20,212 | | | | 18,503 | |
4.00%, 09/01/2063 | | | 5,876 | | | | 5,406 | |
4.09%, 07/01/2030 | | | 11,800 | | | | 11,371 | |
4.18%, 11/01/2030 | | | 3,449 | | | | 3,336 | |
4.19%, 04/01/2033 | | | 1,565 | | | | 1,497 | |
4.19%, 04/01/2033 | | | 8,000 | | | | 7,652 | |
4.32%, 03/01/2030 | | | 12,400 | | | | 12,127 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
4.32%, 06/01/2033 | | $ | 4,991 | | | $ | 4,806 | |
4.37%, 03/01/2033 | | | 3,147 | | | | 3,058 | |
4.48%, 12/01/2026 (5) | | | 505 | | | | 499 | |
4.49% (ECOFC + 1.25%, 2.18% Floor, 12.66% Cap), 09/01/2027 (3) | | | 1 | | | | 1 | |
4.50%, 08/01/2029 | | | 38 | | | | 37 | |
4.50%, 09/01/2029 | | | 42 | | | | 42 | |
4.50%, 01/01/2030 | | | 76 | | | | 75 | |
4.50%, 10/01/2033 | | | 1,435 | | | | 1,389 | |
4.50%, 11/01/2033 | | | 4 | | | | 4 | |
4.50%, 09/01/2034 | | | 8 | | | | 7 | |
4.50%, 04/01/2039 | | | 2,455 | | | | 2,405 | |
4.50%, 11/01/2039 | | | 7 | | | | 7 | |
4.50%, 08/01/2040 | | | 1,135 | | | | 1,103 | |
4.50%, 08/01/2040 | | | 1,145 | | | | 1,113 | |
4.50%, 12/01/2040 | | | 483 | | | | 470 | |
4.50%, 12/01/2040 | | | 1,691 | | | | 1,642 | |
4.50%, 03/01/2041 | | | 449 | | | | 437 | |
4.50%, 04/01/2041 | | | 253 | | | | 246 | |
4.50%, 05/01/2041 | | | 401 | | | | 390 | |
4.50%, 05/01/2041 | | | 2,696 | | | | 2,619 | |
4.50%, 07/01/2041 | | | 105 | | | | 102 | |
4.50%, 08/01/2041 | | | 801 | | | | 778 | |
4.50%, 01/01/2042 | | | 892 | | | | 867 | |
4.50%, 11/01/2042 | | | 2,381 | | | | 2,312 | |
4.50%, 02/01/2046 | | | 2,807 | | | | 2,727 | |
4.50%, 08/01/2047 | | | 291 | | | | 280 | |
4.50%, 05/01/2048 | | | 118 | | | | 113 | |
4.50%, 07/01/2048 | | | 1,569 | | | | 1,501 | |
4.50%, 07/01/2049 | | | 2,523 | | | | 2,416 | |
4.50%, 03/01/2050 | | | 8,050 | | | | 7,713 | |
4.50%, 10/01/2052 | | | 7,971 | | | | 7,545 | |
4.50%, 01/01/2053 | | | 2,308 | | | | 2,177 | |
4.50%, 06/01/2062 | | | 7,656 | | | | 7,218 | |
4.52%, 10/01/2033 | | | 5,005 | | | | 4,893 | |
4.55%, 09/01/2033 | | | 11,709 | | | | 11,534 | |
4.58% (ECOFC + 1.25%, 3.59% Floor, 13.18% Cap), 03/01/2029 (3)(10) | | | 0 | | | | 0 | |
4.59%, 04/01/2033 | | | 12,165 | | | | 11,916 | |
4.77%, 08/01/2026 | | | 554 | | | | 550 | |
4.97%, 12/01/2030 | | | 8,196 | | | | 8,252 | |
4.97%, 12/01/2032 | | | 6,241 | | | | 6,279 | |
4.98%, 11/01/2032 | | | 7,522 | | | | 7,603 | |
5.00%, 08/01/2024 (10) | | | 0 | | | | 0 | |
5.00%, 05/01/2028 | | | 4 | | | | 4 | |
5.00%, 04/01/2031 | | | 23 | | | | 23 | |
5.00%, 12/01/2032 (10) | | | 0 | | | | 0 | |
5.00%, 06/01/2033 | | | 4 | | | | 4 | |
5.00%, 07/01/2033 | | | 6 | | | | 6 | |
5.00%, 07/01/2033 | | | 6 | | | | 6 | |
5.00%, 11/01/2033 | | | 2 | | | | 2 | |
5.00%, 11/01/2033 | | | 15 | | | | 15 | |
5.00%, 11/01/2033 | | | 1,113 | | | | 1,098 | |
5.00%, 04/01/2034 | | | 36 | | | | 36 | |
5.00%, 05/01/2034 | | | 15 | | | | 14 | |
5.00%, 12/01/2034 | | | 11 | | | | 11 | |
5.00%, 01/01/2035 | | | 7 | | | | 6 | |
5.00%, 02/01/2035 | | | 193 | | | | 190 | |
5.00%, 02/01/2035 | | | 1,003 | | | | 990 | |
5.00%, 06/01/2035 | | | 177 | | | | 175 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
5.00%, 07/01/2035 | | $ | 4 | | | $ | 4 | |
5.00%, 07/01/2035 | | | 848 | | | | 837 | |
5.00%, 07/01/2035 | | | 989 | | | | 976 | |
5.00%, 09/01/2035 | | | 23 | | | | 23 | |
5.00%, 10/01/2035 | | | 88 | | | | 87 | |
5.00%, 11/01/2035 | | | 205 | | | | 202 | |
5.00%, 01/01/2036 | | | 17 | | | | 17 | |
5.00%, 02/01/2036 | | | 13 | | | | 13 | |
5.00%, 07/01/2037 | | | 251 | | | | 247 | |
5.00%, 01/01/2039 | | | 804 | | | | 791 | |
5.00%, 09/01/2039 | | | 47 | | | | 47 | |
5.00%, 04/01/2040 | | | 97 | | | | 95 | |
5.00%, 08/01/2040 | | | 91 | | | | 90 | |
5.00%, 05/01/2041 | | | 47 | | | | 46 | |
5.00%, 05/01/2042 | | | 739 | | | | 731 | |
5.00%, 09/01/2043 | | | 360 | | | | 355 | |
5.00%, 01/01/2048 | | | 400 | | | | 394 | |
5.00%, 05/01/2048 | | | 927 | | | | 915 | |
5.00%, 01/01/2049 | | | 3,330 | | | | 3,284 | |
5.00%, 06/01/2052 | | | 7,243 | | | | 7,020 | |
5.00%, 07/01/2052 | | | 452 | | | | 437 | |
5.00%, 08/01/2052 | | | 9,132 | | | | 8,848 | |
5.00%, 08/01/2052 | | | 9,792 | | | | 9,476 | |
5.00%, 10/01/2052 | | | 21,540 | | | | 20,855 | |
5.00%, 02/01/2053 | | | 7,219 | | | | 6,984 | |
5.00%, 03/01/2053 | | | 14,430 | | | | 13,959 | |
5.00%, 06/01/2053 | | | 15,452 | | | | 14,938 | |
5.00%, 03/01/2062 | | | 4,520 | | | | 4,404 | |
5.42% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.17%, 1.17% Floor, 10.97% Cap), 11/01/2037 (3) | | | 30 | | | | 30 | |
5.43%, 10/01/2032 | | | 2,237 | | | | 2,315 | |
5.46% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.20%, 1.20% Floor, 10.19% Cap), 08/01/2034 (3) | | | 11 | | | | 11 | |
5.50%, 07/01/2025 (10) | | | 0 | | | | 0 | |
5.50%, 11/01/2032 | | | 26 | | | | 26 | |
5.50%, 02/01/2033 | | | 1 | | | | 1 | |
5.50%, 03/01/2033 | | | 27 | | | | 27 | |
5.50%, 04/01/2033 | | | 19 | | | | 19 | |
5.50%, 07/01/2033 | | | 4 | | | | 4 | |
5.50%, 09/01/2033 | | | 68 | | | | 68 | |
5.50%, 11/01/2033 | | | 1 | | | | 1 | |
5.50%, 12/01/2033 | | | 33 | | | | 33 | |
5.50%, 01/01/2034 | | | 4 | | | | 4 | |
5.50%, 03/01/2034 | | | 4 | | | | 4 | |
5.50%, 09/01/2034 | | | 7 | | | | 7 | |
5.50%, 10/01/2034 | | | 10 | | | | 10 | |
5.50%, 02/01/2035 | | | 22 | | | | 22 | |
5.50%, 12/01/2035 | | | 8 | | | | 8 | |
5.50%, 04/01/2036 | | | 24 | | | | 24 | |
5.50%, 05/01/2036 | | | 21 | | | | 21 | |
5.50%, 05/01/2036 | | | 32 | | | | 32 | |
5.50%, 11/01/2036 | | | 8 | | | | 8 | |
5.50%, 03/01/2037 | | | 157 | | | | 157 | |
5.50%, 04/01/2037 | | | 52 | | | | 52 | |
5.50%, 05/01/2037 | | | 52 | | | | 52 | |
5.50%, 01/01/2038 | | | 39 | | | | 39 | |
5.50%, 05/01/2038 | | | 9 | | | | 9 | |
5.50%, 06/01/2038 | | | 1 | | | | 1 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
5.50%, 06/01/2038 | | $ | 46 | | | $ | 46 | |
5.50%, 06/01/2038 | | | 340 | | | | 342 | |
5.50%, 09/01/2038 | | | 291 | | | | 292 | |
5.50%, 06/01/2039 | | | 13 | | | | 13 | |
5.50%, 09/01/2039 | | | 18 | | | | 18 | |
5.50%, 12/01/2039 | | | 26 | | | | 26 | |
5.50%, 01/01/2040 | | | 213 | | | | 214 | |
5.50%, 11/01/2052 | | | 6,770 | | | | 6,698 | |
5.50%, 02/01/2053 | | | 7,255 | | | | 7,161 | |
5.50%, 03/01/2053 | | | 8,000 | | | | 7,914 | |
5.50%, 03/01/2053 | | | 29,100 | | | | 28,729 | |
5.50%, 04/01/2053 | | | 1,978 | | | | 1,952 | |
5.72% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.47%, 1.47% Floor, 9.92% Cap),
10/01/2034 (3) | | | 4 | | | | 4 | |
5.73% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.48%, 1.48% Floor, 10.35% Cap), 11/01/2033 (3) | | | 21 | | | | 21 | |
5.74% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.41%, 1.41% Floor, 9.28% Cap), 09/01/2033 (3) | | | 20 | | | | 20 | |
5.82% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.57%, 1.57% Floor, 11.27% Cap), 09/01/2036 (3) | | | 5 | | | | 5 | |
5.86% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.95% Cap),
08/01/2034 (3) | | | 5 | | | | 5 | |
5.90% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.65%, 1.65% Floor, 10.98% Cap), 09/01/2034 (3) | | | 1 | | | | 1 | |
5.90% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.53%, 1.53% Floor, 10.11% Cap), 01/01/2035 (3) | | | 3 | | | | 4 | |
5.92% (30-day Average SOFR + 0.59%, 0.48% Floor, 98.56% Cap), 09/01/2024 (3) | | | 3,135 | | | | 3,121 | |
5.93% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.19% Cap),
01/01/2034 (3) | | | 1 | | | | 1 | |
5.98% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.73%, 1.73% Floor, 11.22% Cap), 09/01/2036 (3) | | | 17 | | | | 18 | |
5.99% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.74%, 1.74% Floor, 10.89% Cap), 09/01/2035 (3) | | | 3 | | | | 3 | |
5.99% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.74%, 1.74% Floor, 9.99% Cap),
11/01/2034 (3) | | | 2 | | | | 2 | |
6.00%, 07/01/2026 | | | 4 | | | | 4 | |
6.00%, 07/01/2027 | | | 6 | | | | 6 | |
6.00%, 11/01/2027 | | | 4 | | | | 4 | |
6.00%, 12/01/2027 | | | 11 | | | | 11 | |
6.00%, 01/01/2028 | | | 20 | | | | 20 | |
6.00%, 10/01/2028 | | | 13 | | | | 13 | |
6.00%, 12/01/2028 | | | 1 | | | | 1 | |
6.00%, 01/01/2029 | | | 1 | | | | 1 | |
6.00%, 09/01/2029 | | | 9 | | | | 9 | |
6.00%, 12/01/2032 | | | 7 | | | | 7 | |
6.00%, 12/01/2032 | | | 49 | | | | 51 | |
6.00%, 03/01/2033 (10) | | | 0 | | | | 0 | |
6.00%, 03/01/2033 | | | 1 | | | | 1 | |
6.00%, 03/01/2033 | | | 2 | | | | 2 | |
6.00%, 03/01/2033 | | | 3 | | | | 3 | |
6.00%, 05/01/2033 | | | 7 | | | | 7 | |
6.00%, 08/01/2033 | | | 2 | | | | 2 | |
6.00%, 09/01/2033 | | | 5 | | | | 5 | |
6.00%, 09/01/2033 | | | 6 | | | | 6 | |
6.00%, 11/01/2034 | | | 2 | | | | 2 | |
6.00%, 04/01/2035 | | | 34 | | | | 35 | |
6.00%, 02/01/2036 | | | 1 | | | | 1 | |
6.00%, 09/01/2036 | | | 113 | | | | 116 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.00%, 11/01/2036 | | $ | 14 | | | $ | 14 | |
6.00%, 03/01/2037 | | | 21 | | | | 21 | |
6.00%, 09/01/2037 | | | 33 | | | | 33 | |
6.00%, 04/01/2038 | | | 9 | | | | 9 | |
6.00%, 05/01/2038 | | | 85 | | | | 87 | |
6.00%, 11/01/2038 | | | 29 | | | | 30 | |
6.00%, 12/01/2039 | | | 443 | | | | 453 | |
6.00%, 10/01/2040 | | | 572 | | | | 585 | |
6.00%, 07/01/2041 | | | 1,526 | | | | 1,561 | |
6.00%, 11/01/2048 | | | 20 | | | | 20 | |
6.00%, 02/01/2053 | | | 7,182 | | | | 7,210 | |
6.00%, 07/01/2053 | | | 5,898 | | | | 6,039 | |
6.00%, 09/01/2053 | | | 12,396 | | | | 12,434 | |
6.00%, 10/01/2053 | | | 3,308 | | | | 3,348 | |
6.00%, 10/01/2053 | | | 5,327 | | | | 5,380 | |
6.00%, 01/01/2054 | | | 1,819 | | | | 1,828 | |
6.01% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.76%, 1.76% Floor, 11.26% Cap), 09/01/2037 (3) | | | 3 | | | | 3 | |
6.02% (1 Year CMT Index + 2.02%, 2.06% Floor, 10.64% Cap), 11/01/2037 (3) | | | 17 | | | | 17 | |
6.02% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.77%, 1.77% Floor, 11.22% Cap), 07/01/2036 (3) | | | 13 | | | | 13 | |
6.02% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.77%, 1.77% Floor, 10.84% Cap), 08/01/2036 (3) | | | 33 | | | | 33 | |
6.02% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.72%, 1.72% Floor, 10.64% Cap), 01/01/2037 (3) | | | 8 | | | | 8 | |
6.03% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.78%, 1.78% Floor, 10.37% Cap), 07/01/2037 (3) | | | 15 | | | | 15 | |
6.04% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.79%, 1.79% Floor, 10.77% Cap), 12/01/2036 (3) | | | 23 | | | | 23 | |
6.06% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.81%, 1.81% Floor, 9.13% Cap), 09/01/2033 (3) | | | 4 | | | | 4 | |
6.07% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.82%, 1.82% Floor, 11.20% Cap), 09/01/2036 (3) | | | 11 | | | | 11 | |
6.09% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.84%, 1.84% Floor, 11.00% Cap), 06/01/2036 (3) | | | 27 | | | | 27 | |
6.10% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.60%, 1.60% Floor, 10.35% Cap), 09/01/2036 (3) | | | 18 | | | | 19 | |
6.12% (1 Year CMT Index + 2.00%, 2.00% Floor, 8.97% Cap), 11/01/2034 (3) | | | 2 | | | | 2 | |
6.13% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.88%, 1.88% Floor, 11.50% Cap), 08/01/2036 (3) | | | 10 | | | | 10 | |
6.16% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.91%, 1.91% Floor, 12.16% Cap), 09/01/2037 (3) | | | 4 | | | | 4 | |
6.17% (1 Year CMT Index + 2.05%, 2.05% Floor, 9.42% Cap), 07/01/2034 (3)(10) | | | 0 | | | | 0 | |
6.18% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.93%, 1.93% Floor, 11.27% Cap), 10/01/2036 (3) | | | 13 | | | | 13 | |
6.20% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.95%, 1.95% Floor, 12.32% Cap), 11/01/2036 (3)(10) | | | 0 | | | | 0 | |
6.25% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.03%, 2.03% Floor, 11.11% Cap), 02/01/2037 (3) | | | 9 | | | | 9 | |
6.27% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.80%, 1.80% Floor, 11.35% Cap), 07/01/2037 (3) | | | 20 | | | | 20 | |
6.29% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.79%, 1.79% Floor, 10.41% Cap), 01/01/2038 (3) | | | 2 | | | | 2 | |
6.32% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.51% Cap), 12/01/2037 (3) | | | 36 | | | | 37 | |
6.32% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.62%, 1.62% Floor, 10.80% Cap), 04/01/2037 (3) | | | 7 | | | | 7 | |
6.33% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.08%, 2.08% Floor, 10.76% Cap), 10/01/2036 (3) | | | 17 | | | | 17 | |
6.33% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.08%, 2.08% Floor, 10.83% Cap), 10/01/2036 (3) | | | 37 | | | | 38 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.35% (1 Year CMT Index + 2.32%, 2.32% Floor, 11.07% Cap), 09/01/2037 (3) | | $ | 7 | | | $ | 7 | |
6.36% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.73% Cap), 03/01/2035 (3) | | | 6 | | | | 6 | |
6.43% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.30% Cap), 08/01/2033 (3) | | | 11 | | | | 11 | |
6.44% (1 Year CMT Index + 2.12%, 2.12% Floor, 12.33% Cap), 07/01/2035 (3)(10) | | | 0 | | | | 0 | |
6.45% (1 Year CMT Index + 2.38%, 2.38% Floor, 10.22% Cap), 10/01/2034 (3) | | | 10 | | | | 10 | |
6.46% (1 Year CMT Index + 2.47%, 2.47% Floor, 10.35% Cap), 10/01/2035 (3) | | | 24 | | | | 24 | |
6.50%, 04/01/2025 (10) | | | 0 | | | | 0 | |
6.50%, 08/01/2026 | | | 7 | | | | 7 | |
6.50%, 03/01/2029 | | | 4 | | | | 4 | |
6.50%, 11/01/2029 | | | 105 | | | | 107 | |
6.50%, 08/01/2031 | | | 6 | | | | 6 | |
6.50%, 02/01/2032 | | | 18 | | | | 18 | |
6.50%, 01/01/2036 | | | 75 | | | | 77 | |
6.50%, 07/01/2036 | | | 3 | | | | 3 | |
6.50%, 08/01/2036 | | | 57 | | | | 59 | |
6.50%, 10/01/2036 | | | 14 | | | | 14 | |
6.50%, 01/01/2037 | | | 29 | | | | 29 | |
6.50%, 08/01/2037 | | | 11 | | | | 11 | |
6.50%, 08/01/2037 | | | 18 | | | | 18 | |
6.50%, 10/01/2037 | | | 25 | | | | 26 | |
6.50%, 10/01/2038 | | | 30 | | | | 31 | |
6.50%, 10/01/2038 | | | 116 | | | | 118 | |
6.52% (1 Year CMT Index + 2.22%, 2.22% Floor, 9.64% Cap), 01/01/2036 (3) | | | 9 | | | | 9 | |
6.62% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.37%, 2.37% Floor, 11.22% Cap), 08/01/2037 (3) | | | 31 | | | | 31 | |
6.80% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.17%, 1.17% Floor, 12.80% Cap), 09/01/2036 (3) | | | 35 | | | | 35 | |
6.87% (1 Year CMT Index + 2.27%, 2.27% Floor, 9.75% Cap), 04/01/2035 (3) | | | 10 | | | | 10 | |
6.97% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.50%, 2.50% Floor, 11.17% Cap), 03/01/2036 (3) | | | 69 | | | | 71 | |
7.00%, 09/01/2027 (10) | | | 0 | | | | 0 | |
7.00%, 01/01/2029 (10) | | | 0 | | | | 0 | |
7.00%, 02/01/2033 | | | 1 | | | | 1 | |
7.00%, 06/01/2033 | | | 27 | | | | 28 | |
7.00%, 02/01/2036 | | | 6 | | | | 6 | |
7.00%, 03/01/2036 | | | 1 | | | | 1 | |
7.00%, 03/01/2037 | | | 3 | | | | 3 | |
7.00%, 04/01/2037 | | | 2 | | | | 2 | |
7.00%, 09/01/2037 | | | 20 | | | | 21 | |
7.00%, 09/01/2038 | | | 29 | | | | 30 | |
7.00%, 10/01/2038 | | | 31 | | | | 32 | |
7.00%, 11/01/2038 | | | 24 | | | | 26 | |
7.00%, 12/01/2038 | | | 80 | | | | 83 | |
7.00%, 01/01/2039 | | | 109 | | | | 113 | |
7.00% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.86%, 1.86% Floor, 10.33% Cap), 06/01/2036 (3) | | | 7 | | | | 8 | |
7.04% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.29%, 1.29% Floor, 9.96% Cap), 05/01/2035 (3) | | | 4 | | | | 4 | |
7.07% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.31%, 1.32% Floor, 12.18% Cap), 07/01/2037 (3) | | | 16 | | | | 16 | |
7.08% (12 Month U.S. Treasury Average + 1.91%, 1.91% Floor, 8.50% Cap), 01/01/2036 (3) | | | 33 | | | | 34 | |
7.11% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.60%, 1.60% Floor, 10.85% Cap), 05/01/2035 (3) | | | 3 | | | | 3 | |
7.12% (1 Year CMT Index + 2.12%, 2.12% Floor, 10.24% Cap), 08/01/2036 (3) | | | 2 | | | | 2 | |
7.13% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.76%, 1.76% Floor, 11.19% Cap), 05/01/2036 (3) | | | 1 | | | | 1 | |
7.18% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.51%, 1.51% Floor, 12.78% Cap), 02/01/2037 (3) | | | 19 | | | | 19 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
7.20% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.51%, 1.51% Floor, 10.89% Cap), 01/01/2035 (3) | | $ | 47 | | | $ | 47 | |
7.20% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.55%, 1.55% Floor, 10.97% Cap), 02/01/2035 (3) | | | 2 | | | | 2 | |
7.25% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.43%, 1.43% Floor, 12.56% Cap), 01/01/2037 (3) | | | 15 | | | | 15 | |
7.25% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.50%, 2.50% Floor, 10.63% Cap), 02/01/2036 (3) | | | 3 | | | | 3 | |
7.30% (1 Year CMT Index + 2.30%, 2.30% Floor, 9.19% Cap), 06/01/2034 (3) | | | 15 | | | | 15 | |
7.50%, 10/01/2024 (10) | | | 0 | | | | 0 | |
7.50%, 01/01/2035 | | | 10 | | | | 11 | |
7.50%, 03/01/2035 | | | 13 | | | | 13 | |
7.50%, 05/01/2037 | | | 8 | | | | 8 | |
7.50%, 10/01/2037 | | | 58 | | | | 60 | |
7.50%, 11/01/2037 | | | 18 | | | | 19 | |
7.50%, 11/01/2038 | | | 14 | | | | 15 | |
7.50%, 04/01/2039 | | | 72 | | | | 76 | |
8.00%, 03/01/2027 | | | 2 | | | | 2 | |
8.00%, 06/01/2027 | | | 2 | | | | 2 | |
8.00%, 06/01/2028 (10) | | | 0 | | | | 0 | |
8.00%, 11/01/2028 | | | 6 | | | | 6 | |
8.00%, 11/01/2037 | | | 8 | | | | 8 | |
8.00%, 01/01/2038 | | | 1 | | | | 1 | |
8.50%, 07/01/2024 (10) | | | 0 | | | | 0 | |
8.50%, 05/01/2025 (10) | | | 0 | | | | 0 | |
Fannie Mae REMIC Trust 2003-W1 | | | | | | | | |
4.76%, 12/25/2042, Series 2003-W1, Class 1A1 (5) | | | 53 | | | | 52 | |
5.27%, 12/25/2042, Series 2003-W1, Class 2A (5) | | | 15 | | | | 15 | |
Fannie Mae REMIC Trust 2003-W4 | | | | | | | | |
5.35%, 10/25/2042, Series 2003-W4, Class 2A (5) | | | 7 | | | | 7 | |
Fannie Mae REMIC Trust 2004-W10 | | | | | | | | |
5.75%, 08/25/2034, Series 2004-W10, Class A6 | | | 193 | | | | 195 | |
Fannie Mae REMIC Trust 2004-W11 | | | | | | | | |
6.00%, 05/25/2044, Series 2004-W11, Class 1A1 | | | 44 | | | | 45 | |
Fannie Mae REMIC Trust 2005-W1 | | | | | | | | |
6.50%, 10/25/2044, Series 2005-W1, Class 1A2 | | | 75 | | | | 76 | |
Fannie Mae REMIC Trust 2006-W3 | | | | | | | | |
6.00%, 09/25/2046, Series 2006-W3, Class 2A | | | 43 | | | | 44 | |
Fannie Mae REMIC Trust 2007-W1 | | | | | | | | |
6.25%, 08/25/2047, Series 2007-W10, Class 2A (5) | | | 5 | | | | 5 | |
Fannie Mae REMIC Trust 2007-W3 | | | | | | | | |
6.75%, 04/25/2037, Series 2007-W3, Class 1A3 | | | 13 | | | | 13 | |
Fannie Mae REMIC Trust 2007-W5 | | | | | | | | |
0.00%, 06/25/2037, Series 2007-W5, Class PO | | | 11 | | | | 8 | |
Fannie Mae REMIC Trust 2007-W7 | | | | | | | | |
6.48% (1 Month LIBOR USD + 39.18%, 39.18% Cap), 07/25/2037, Series 2007-W7, Class 1A4 (3)(4) | | | 7 | | | | 9 | |
Fannie Mae REMIC Trust 2009-W1 | | | | | | | | |
6.00%, 12/25/2049, Series 2009-W1, Class A | | | 141 | | | | 144 | |
Fannie Mae REMICS | | | | | | | | |
0.00%, 01/25/2032, Series 2001-81, Class LO (10) | | | 0 | | | | 0 | |
0.00%, 04/25/2032, Series 2002-21, Class LO (10) | | | 1 | | | | 0 | |
0.00%, 12/25/2032, Series 2004-59, Class BG | | | 4 | | | | 3 | |
0.00%, 05/25/2033, Series 2003-35, Class EA | | | 3 | | | | 2 | |
0.00%, 08/25/2033, Series 2003-132, Class OA (10) | | | 0 | | | | 0 | |
0.00%, 12/25/2033, Series 2006-44, Class P | | | 35 | | | | 30 | |
0.00%, 03/25/2034, Series 2004-46, Class EP | | | 14 | | | | 13 | |
0.00% (30-day Average SOFR + 24.93%, 25.50% Cap), 06/25/2035, Series 2005-59, Class SU (3)(4) | | | 12 | | | | 11 | |
0.00%, 09/25/2035, Series 2005-90, Class PO | | | 1 | | | | 1 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
0.00%, 10/25/2035, Series 2010-39, Class OT | | $ | 9 | | | $ | 7 | |
0.00%, 03/25/2036, Series 2006-16, Class OA | | | 6 | | | | 5 | |
0.00%, 03/25/2036, Series 2006-8, Class WQ | | | 75 | | | | 60 | |
0.00%, 04/25/2036, Series 2006-23, Class KO | | | 6 | | | | 5 | |
0.00%, 04/25/2036, Series 2006-27, Class OH | | | 11 | | | | 9 | |
0.00%, 04/25/2036, Series 2006-22, Class AO | | | 22 | | | | 19 | |
0.00%, 06/25/2036, Series 2006-43, Class PO | | | 6 | | | | 5 | |
0.00%, 06/25/2036, Series 2006-44, Class GO | | | 13 | | | | 11 | |
0.00%, 06/25/2036, Series 2006-43, Class DO | | | 20 | | | | 17 | |
0.00%, 06/25/2036, Series 2006-50, Class JO | | | 43 | | | | 35 | |
0.00%, 06/25/2036, Series 2006-50, Class PS | | | 53 | | | | 46 | |
0.00%, 07/25/2036, Series 2006-58, Class AP | | | 4 | | | | 3 | |
0.00%, 07/25/2036, Series 2006-58, Class PO | | | 8 | | | | 6 | |
0.00%, 07/25/2036, Series 2006-65, Class QO | | | 14 | | | | 12 | |
0.00%, 08/25/2036, Series 2006-72, Class TO | | | 4 | | | | 4 | |
0.00%, 08/25/2036, Series 2006-79, Class DO | | | 11 | | | | 9 | |
0.00%, 08/25/2036, Series 2006-79, Class OP | | | 15 | | | | 12 | |
0.00%, 08/25/2036, Series 2006-72, Class GO | | | 24 | | | | 21 | |
0.00%, 09/25/2036, Series 2008-42, Class AO | | | 6 | | | | 5 | |
0.00%, 09/25/2036, Series 2006-90, Class AO | | | 9 | | | | 8 | |
0.00%, 09/25/2036, Series 2006-86, Class OB | | | 14 | | | | 12 | |
0.00%, 11/25/2036, Series 2006-109, Class PO | | | 5 | | | | 4 | |
0.00%, 11/25/2036, Series 2006-111, Class EO | | | 12 | | | | 10 | |
0.00%, 11/25/2036, Series 2006-110, Class PO | | | 21 | | | | 18 | |
0.00%, 12/25/2036, Series 2006-119, Class PO | | | 7 | | | | 6 | |
0.00%, 12/25/2036, Series 2006-115, Class OK | | | 12 | | | | 10 | |
0.00%, 01/25/2037, Series 2006-128, Class PO | | | 13 | | | | 11 | |
0.00%, 01/25/2037, Series 2009-70, Class CO | | | 38 | | | | 31 | |
0.00%, 03/25/2037, Series 2007-14, Class OP | | | 11 | | | | 10 | |
0.00%, 04/25/2037, Series 2007-28, Class EO | | | 31 | | | | 26 | |
0.00%, 05/25/2037, Series 2007-42, Class AO | | | 2 | | | | 1 | |
0.00%, 07/25/2037, Series 2007-67, Class PO | | | 24 | | | | 21 | |
0.00%, 10/25/2037, Series 2009-86, Class OT | | | 220 | | | | 180 | |
0.00%, 05/25/2038, Series 2008-44, Class PO | | | 1 | | | | 1 | |
0.00%, 01/25/2040, Series 2009-113, Class AO | | | 18 | | | | 15 | |
0.00% (30-day Average SOFR + 17.29%, 17.67% Cap), 04/25/2040, Series 2010-35, Class SJ (3)(4) | | | 50 | | | | 47 | |
0.00%, 06/25/2040, Series 2010-63, Class AP | | | 29 | | | | 25 | |
0.00% (30-day Average SOFR + 4.33%, 4.44% Cap), 11/25/2040, Series 2010-125, Class SA (3)(4) | | | 140 | | | | 4 | |
0.00%, 09/25/2043, Series 2013-92, Class PO | | | 473 | | | | 352 | |
0.00%, 10/25/2043, Series 2013-101, Class DO | | | 376 | | | | 278 | |
0.00%, 12/25/2043, Series 2013-128, Class PO | | | 828 | | | | 618 | |
0.15% (30-day Average SOFR + 13.46%, 13.75% Cap), 07/25/2033, Series 2003-64, Class SX (3)(4) | | | 9 | | | | 8 | |
0.21% (30-day Average SOFR + 7.31%, 7.47% Cap), 08/25/2033, Series 2003-71, Class DS (3)(4) | | | 43 | | | | 39 | |
0.33% (30-day Average SOFR + 5.67%, 5.78% Cap), 06/25/2037, Series 2007-92, Class YS (3)(4) | | | 15 | | | | 1 | |
0.36% (30-day Average SOFR + 9.96%, 10.17% Cap), 08/25/2033, Series 2003-74, Class SH (3)(4) | | | 6 | | | | 6 | |
0.40% (30-day Average SOFR + 5.74%, 5.85% Cap), 09/25/2038, Series 2008-81, Class SB (3)(4) | | | 70 | | | | 3 | |
0.40% (30-day Average SOFR + 5.74%, 5.85% Cap), 09/25/2038, Series 2008-80, Class SA (3)(4) | | | 59 | | | | 4 | |
0.45% (30-day Average SOFR + 5.79%, 5.90% Cap), 10/25/2039, Series 2009-84, Class WS (3)(4) | | | 19 | | | | 1 | |
0.46% (30-day Average SOFR + 5.80%, 5.91% Cap), 02/25/2038, Series 2008-1, Class BI (3)(4) | | | 68 | | | | 5 | |
0.55% (30-day Average SOFR + 5.89%, 6.00% Cap), 02/25/2038, Series 2008-4, Class SD (3)(4) | | | 191 | | | | 13 | |
0.56%, 04/25/2041, Series 2011-30, Class LS (5) | | | 192 | | | | 9 | |
0.60% (30-day Average SOFR + 5.94%, 6.05% Cap), 04/25/2050, Series 2020-24, Class SP (3)(4) | | | 4,156 | | | | 433 | |
0.61% (30-day Average SOFR + 5.95%, 5.95% Cap), 08/25/2052, Series 2022-51, Class PS (3)(4) | | | 9,899 | | | | 819 | |
0.63% (30-day Average SOFR + 5.97%, 6.08% Cap), 03/25/2037, Series 2007-22, Class SC (3)(4)(10) | | | 2 | | | | 0 | |
0.65% (30-day Average SOFR + 5.99%, 6.10% Cap), 04/25/2037, Series 2007-35, Class SI (3)(4) | | | 29 | | | | 1 | |
0.65% (30-day Average SOFR + 5.99%, 6.10% Cap), 06/25/2037, Series 2007-54, Class WI (3)(4) | | | 17 | | | | 1 | |
0.65% (30-day Average SOFR + 5.99%, 6.10% Cap), 06/25/2037, Series 2007-53, Class SH (3)(4) | | | 62 | | | | 4 | |
0.65% (30-day Average SOFR + 5.99%, 6.10% Cap), 11/25/2049, Series 2010-103, Class SB (3)(4) | | | 38 | | | | 3 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
0.73% (30-day Average SOFR + 6.07%, 6.18% Cap), 12/25/2039, Series 2009-99, Class SC (3)(4) | | $ | 23 | | | $ | 1 | |
0.75% (30-day Average SOFR + 6.09%, 6.20% Cap), 03/25/2038, Series 2008-16, Class IS (3)(4) | | | 22 | | | | 1 | |
0.78% (30-day Average SOFR + 6.12%, 6.23% Cap), 03/25/2038, Series 2008-10, Class XI (3)(4) | | | 27 | | | | 2 | |
0.80% (30-day Average SOFR + 6.14%, 6.25% Cap), 01/25/2040, Series 2009-112, Class ST (3)(4) | | | 54 | | | | 4 | |
0.91% (30-day Average SOFR + 6.25%, 6.36% Cap), 12/25/2037, Series 2007-108, Class SA (3)(4)(10) | | | 3 | | | | 0 | |
0.95% (30-day Average SOFR + 6.29%, 6.40% Cap), 07/25/2037, Series 2007-72, Class EK (3)(4) | | | 166 | | | | 14 | |
0.95% (30-day Average SOFR + 6.29%, 6.40% Cap), 12/25/2037, Series 2007-109, Class AI (3)(4) | | | 78 | | | | 5 | |
0.95% (30-day Average SOFR + 6.29%, 6.40% Cap), 05/25/2040, Series 2010-42, Class S (3)(4) | | | 23 | | | | 2 | |
0.97% (30-day Average SOFR + 6.31%, 6.42% Cap), 04/25/2040, Series 2010-35, Class SB (3)(4) | | | 39 | | | | 2 | |
0.99% (30-day Average SOFR + 6.33%, 6.44% Cap), 03/25/2037, Series 2007-14, Class ES (3)(4) | | | 88 | | | | 7 | |
1.00% (30-day Average SOFR + 6.34%, 6.45% Cap), 10/25/2037, Series 2007-100, Class SM (3)(4) | | | 60 | | | | 5 | |
1.00% (30-day Average SOFR + 6.34%, 6.45% Cap), 12/25/2037, Series 2007-112, Class SA (3)(4) | | | 88 | | | | 9 | |
1.01% (30-day Average SOFR + 6.35%, 6.46% Cap), 10/25/2037, Series 2007-91, Class ES (3)(4) | | | 93 | | | | 8 | |
1.05% (30-day Average SOFR + 6.39%, 6.50% Cap), 08/25/2036, Series 2007-7, Class SG (3)(4) | | | 93 | | | | 10 | |
1.07% (30-day Average SOFR + 6.41%, 6.52% Cap), 07/25/2036, Series 2006-58, Class IG (3)(4) | | | 15 | | | | 1 | |
1.08% (30-day Average SOFR + 6.42%, 6.53% Cap), 01/25/2041, Series 2010-147, Class SA (3)(4) | | | 283 | | | | 35 | |
1.09% (30-day Average SOFR + 6.43%, 6.54% Cap), 09/25/2037, Series 2007-88, Class VI (3)(4) | | | 87 | | | | 7 | |
1.10% (30-day Average SOFR + 6.44%, 6.55% Cap), 02/25/2039, Series 2009-6, Class GS (3)(4) | | | 43 | | | | 4 | |
1.13% (30-day Average SOFR + 6.47%, 6.58% Cap), 06/25/2036, Series 2006-53, Class US (3)(4) | | | 52 | | | | 4 | |
1.17% (30-day Average SOFR + 6.51%, 6.62% Cap), 07/25/2037, Series 2007-65, Class KI (3)(4) | | | 55 | | | | 5 | |
1.20% (30-day Average SOFR + 6.54%, 6.65% Cap), 12/25/2036, Series 2006-117, Class GS (3)(4) | | | 53 | | | | 3 | |
1.20% (30-day Average SOFR + 6.54%, 6.65% Cap), 03/25/2039, Series 2009-17, Class QS (3)(4) | | | 14 | | | | 1 | |
1.25% (30-day Average SOFR + 6.59%, 6.70% Cap), 03/25/2036, Series 2006-8, Class WN (3)(4) | | | 277 | | | | 24 | |
1.26% (30-day Average SOFR + 6.60%, 6.71% Cap), 07/25/2035, Series 2005-56, Class S (3)(4) | | | 24 | | | | 2 | |
1.40% (30-day Average SOFR + 6.74%, 6.85% Cap), 04/25/2038, Series 2008-32, Class SA (3)(4) | | | 13 | | | | 1 | |
1.45% (30-day Average SOFR + 6.79%, 6.90% Cap), 04/25/2038, Series 2008-27, Class SN (3)(4) | | | 27 | | | | 3 | |
1.49%, 01/25/2038, Series 2007-116, Class HI (5) | | | 129 | | | | 6 | |
1.51% (30-day Average SOFR + 16.19%, 16.50% Cap), 05/25/2034, Series 2004-46, Class SK (3)(4) | | | 3 | | | | 3 | |
1.54% (30-day Average SOFR + 6.88%, 6.99% Cap), 03/25/2038, Series 2008-20, Class SA (3)(4) | | | 31 | | | | 3 | |
1.60% (30-day Average SOFR + 7.99%, 1.60% Cap), 03/25/2032, Series 2002-13, Class SJ (3)(4)(10) | | | 12 | | | | 0 | |
1.70% (30-day Average SOFR + 7.04%, 7.15% Cap), 07/25/2037, Series 2007-60, Class AX (3)(4) | | | 248 | | | | 30 | |
1.75% (30-day Average SOFR + 7.09%, 7.20% Cap), 07/25/2038, Series 2008-53, Class CI (3)(4) | | | 17 | | | | 2 | |
1.76% (30-day Average SOFR + 12.43%, 12.66% Cap), 03/25/2040, Series 2010-49, Class SC (3)(4) | | | 81 | | | | 73 | |
1.80% (30-day Average SOFR + 17.81%, 18.15% Cap), 08/25/2033, Series 2005-56, Class TP (3)(4) | | | 3 | | | | 3 | |
2.00%, 06/25/2041, Series 2021-31, Class AB | | | 2,969 | | | | 2,614 | |
2.00%, 12/25/2043, Series 2020-35, Class MA | | | 1,483 | | | | 1,356 | |
2.00%, 06/25/2046, Series 2020-51, Class BA | | | 3,833 | | | | 3,285 | |
2.15% (30-day Average SOFR + 7.49%, 7.60% Cap), 07/25/2028, Series 2008-55, Class S (3)(4) | | | 44 | | | | 2 | |
2.15% (30-day Average SOFR + 7.49%, 7.60% Cap), 11/25/2033, Series 2003-116, Class SB (3)(4) | | | 38 | | | | 3 | |
2.20% (30-day Average SOFR + 23.54%, 24.00% Cap), 05/25/2034, Series 2004-46, Class QB (3)(4) | | | 8 | | | | 8 | |
2.37%, 06/25/2038, Series 2008-46, Class HI (5) | | | 24 | | | | 1 | |
2.40% (30-day Average SOFR + 23.74%, 24.20% Cap), 09/25/2035, Series 2005-75, Class SV (3)(4) | | | 2 | | | | 2 | |
2.50%, 11/25/2042, Series 2012-128, Class MP | | | 1,039 | | | | 912 | |
2.53% (30-day Average SOFR + 15.86%, 16.15% Cap), 09/25/2037, Series 2007-85, Class SL (3)(4) | | | 5 | | | | 5 | |
2.88% (30-day Average SOFR + 16.21%, 16.50% Cap), 07/25/2037, Series 2007-62, Class SE (3)(4) | | | 12 | | | | 12 | |
3.00%, 12/25/2028, Series 2013-118, Class YL | | | 1,232 | | | | 1,192 | |
3.00%, 10/25/2033, Series 2013-100, Class WB | | | 630 | | | | 594 | |
3.00%, 02/25/2043, Series 2013-81, Class TA | | | 299 | | | | 287 | |
3.00%, 01/25/2046, Series 2016-38, Class NA | | | 904 | | | | 818 | |
3.00%, 02/25/2047, Series 2017-51, Class CP | | | 931 | | | | 840 | |
3.08% (30-day Average SOFR + 16.41%, 16.70% Cap), 08/25/2035, Series 2005-73, Class PS (3)(4) | | | 12 | | | | 12 | |
3.10% (30-day Average SOFR + 13.77%, 14.00% Cap), 03/25/2038, Series 2008-18, Class SP (3)(4) | | | 13 | | | | 12 | |
3.25% (30-day Average SOFR + 16.59%, 16.88% Cap), 08/25/2035, Series 2005-72, Class SB (3)(4) | | | 7 | | | | 7 | |
3.25% (30-day Average SOFR + 16.59%, 16.88% Cap), 10/25/2035, Series 2005-90, Class ES (3)(4) | | | 12 | | | | 12 | |
3.34% (30-day Average SOFR + 14.01%, 14.24% Cap), 07/25/2034, Series 2004-51, Class SY (3)(4) | | | 5 | | | | 5 | |
3.35% (30-day Average SOFR + 11.35%, 11.52% Cap), 01/25/2034, Series 2003-130, Class SX (3)(4) | | | 1 | | | | 1 | |
3.38% (30-day Average SOFR + 16.71%, 17.00% Cap), 05/25/2035, Series 2005-42, Class PS (3)(4) | | | 1 | | | | 1 | |
3.42% (30-day Average SOFR + 12.31%, 12.50% Cap), 09/25/2033, Series 2003-91, Class SD (3)(4) | | | 5 | | | | 5 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.50%, 04/25/2031, Series 2011-31, Class DB | | $ | 277 | | | $ | 267 | |
3.50%, 09/25/2033, Series 2013-90, Class DL | | | 1,356 | | | | 1,296 | |
3.50%, 03/25/2042, Series 2013-136, Class QB | | | 523 | | | | 480 | |
3.50%, 02/25/2043, Series 2013-4, Class AJ | | | 121 | | | | 111 | |
3.50%, 11/25/2057, Series 2019-7, Class CA | | | 2,824 | | | | 2,644 | |
3.65% (30-day Average SOFR + 8.99%, 9.10% Cap), 07/25/2030, Series 2000-20, Class SA (3)(4)(10) | | | 0 | | | | 0 | |
3.75% (30-day Average SOFR + 17.09%, 17.38% Cap), 07/25/2035, Series 2005-66, Class SG (3)(4) | | | 12 | | | | 12 | |
4.00%, 04/25/2033, Series 2003-22, Class UD | | | 77 | | | | 74 | |
4.00%, 05/25/2033, Series 2003-42, Class GB | | | 6 | | | | 6 | |
4.00%, 04/25/2041, Series 2014-21, Class KW | | | 682 | | | | 674 | |
4.03% (30-day Average SOFR + 23.60%, 24.02% Cap), 08/25/2037, Series 2007-79, Class SB (3)(4) | | | 19 | | | | 22 | |
4.22% (30-day Average SOFR + 23.78%, 24.20% Cap), 06/25/2036, Series 2006-46, Class SW (3)(4) | | | 2 | | | | 2 | |
4.35% (30-day Average SOFR + 20.36%, 20.70% Cap), 04/25/2038, Series 2008-28, Class QS (3)(4) | | | 11 | | | | 12 | |
4.40% (30-day Average SOFR + 25.74%, 26.20% Cap), 10/25/2036, Series 2006-95, Class SG (3)(4) | | | 8 | | | | 9 | |
4.49% (30-day Average SOFR + 14.27%, 14.48% Cap), 12/25/2032, Series 2002-77, Class S (3)(4) | | | 3 | | | | 3 | |
4.50%, 10/25/2036, Series 2009-19, Class PW | | | 66 | | | | 65 | |
4.50%, 02/25/2039, Series 2009-4, Class BD | | | 1 | | | | 1 | |
4.50%, 04/25/2042, Series 2014-11, Class VB | | | 1,500 | | | | 1,453 | |
4.50% (30-day Average SOFR + 22.28%, 22.67% Cap), 04/25/2037, Series 2007-29, Class SG (3)(4) | | | 18 | | | | 19 | |
4.54% (30-day Average SOFR + 19.21%, 19.53% Cap), 04/25/2034, Series 2004-25, Class SA (3)(4) | | | 12 | | | | 13 | |
4.54% (30-day Average SOFR + 19.21%, 19.53% Cap), 05/25/2034, Series 2004-36, Class SA (3)(4) | | | 33 | | | | 35 | |
4.54% (30-day Average SOFR + 0.36%, 0.25% Floor), 06/27/2036, Series 2007-101, Class A2 (3) | | | 178 | | | | 178 | |
4.58% (30-day Average SOFR + 24.15%, 24.57% Cap), 11/25/2035, Series 2005-106, Class US (3)(4) | | | 41 | | | | 43 | |
4.58% (30-day Average SOFR + 24.15%, 24.57% Cap), 03/25/2036, Series 2006-11, Class PS (3)(4) | | | 8 | | | | 9 | |
4.60% (30-day Average SOFR + 15.27%, 15.50% Cap), 11/25/2031, Series 2004-74, Class SW (3)(4) | | | 6 | | | | 6 | |
4.76% (30-day Average SOFR + 26.10%, 26.56% Cap), 12/25/2036, Series 2006-115, Class ES (3)(4) | | | 1 | | | | 1 | |
4.77% (30-day Average SOFR + 24.33%, 24.75% Cap), 05/25/2035, Series 2005-74, Class CP (3)(4) | | | 2 | | | | 2 | |
4.77% (30-day Average SOFR + 17.20%, 17.47% Cap), 12/25/2031, Series 2001-72, Class SX (3)(4)(10) | | | 0 | | | | 0 | |
5.00%, 11/25/2024, Series 2004-81, Class JG (10) | | | 0 | | | | 0 | |
5.00%, 03/25/2029, Series 2009-11, Class NB | | | 10 | | | | 10 | |
5.00%, 11/25/2032, Series 2002-71, Class AP | | | 3 | | | | 3 | |
5.00%, 03/25/2033, Series 2003-14, Class TI (10) | | | 4 | | | | 0 | |
5.00%, 03/25/2037, Series 2009-63, Class P | | | 1 | | | | 1 | |
5.00%, 07/25/2038, Series 2008-56, Class AC | | | 14 | | | | 14 | |
5.00%, 07/25/2038, Series 2008-60, Class JC | | | 20 | | | | 20 | |
5.00%, 07/25/2039, Series 2009-52, Class PI | | | 31 | | | | 5 | |
5.00%, 08/25/2039, Series 2009-59, Class HB | | | 125 | | | | 124 | |
5.00%, 09/25/2039, Series 2009-65, Class MT | | | 32 | | | | 32 | |
5.00%, 06/25/2040, Series 2010-64, Class DM | | | 142 | | | | 141 | |
5.00%, 07/25/2040, Series 2010-80, Class AZ | | | 2,347 | | | | 2,199 | |
5.00%, 09/25/2040, Series 2010-102, Class PN | | | 99 | | | | 98 | |
5.03% (30-day Average SOFR + 19.71%, 20.02% Cap), 05/25/2035, Series 2005-74, Class CS (3)(4) | | | 7 | | | | 7 | |
5.14% (30-day Average SOFR + 19.82%, 20.13% Cap), 05/25/2035, Series 2005-74, Class SK (3)(4) | | | 5 | | | | 5 | |
5.43% (30-day Average SOFR + 24.10%, 24.50% Cap), 09/25/2031, Series 2001-60, Class QS (3)(4) | | | 7 | | | | 7 | |
5.50% (30-day Average SOFR + 0.17%, 0.06% Floor), 12/25/2036, Series 2006-118, Class A1 (3) | | | 24 | | | | 23 | |
5.50% (30-day Average SOFR + 0.17%, 0.06% Floor), 12/25/2036, Series 2006-118, Class A2 (3) | | | 107 | | | | 105 | |
5.50%, 08/25/2025, Series 2005-67, Class EY | | | 7 | | | | 7 | |
5.50%, 01/25/2026, Series 2005-121, Class DX | | | 2 | | | | 2 | |
5.50%, 04/18/2029, Series 1999-18, Class Z | | | 1 | | | | 1 | |
5.50%, 12/25/2032, Series 2002-78, Class Z | | | 44 | | | | 45 | |
5.50%, 08/25/2033, Series 2003-72, Class IE | | | 86 | | | | 12 | |
5.50%, 08/25/2033, Series 2003-73, Class HC | | | 35 | | | | 36 | |
5.50%, 10/25/2033, Series 2003-105, Class AZ | | | 274 | | | | 278 | |
5.50%, 04/25/2034, Series 2004-17, Class H | | | 88 | | | | 90 | |
5.50%, 07/25/2034, Series 2004-50, Class VZ | | | 162 | | | | 165 | |
5.50%, 08/25/2035, Series 2005-68, Class PG | | | 31 | | | | 31 | |
5.50%, 08/25/2035, Series 2005-73, Class ZB | | | 303 | | | | 309 | |
5.50%, 12/25/2035, Series 2005-110, Class GL | | | 194 | | | | 198 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
5.50%, 03/25/2036, Series 2006-16, Class HZ | | $ | 17 | | | $ | 17 | |
5.50%, 03/25/2036, Series 2006-12, Class BZ | | | 79 | | | | 80 | |
5.50%, 03/25/2036, Series 2006-8, Class JZ | | | 95 | | | | 97 | |
5.50%, 01/25/2037, Series 2006-128, Class BP | | | 3 | | | | 3 | |
5.50%, 07/25/2037, Series 2007-70, Class Z | | | 61 | | | | 62 | |
5.50%, 08/25/2037, Series 2007-76, Class AZ | | | 17 | | | | 17 | |
5.50%, 07/25/2038, Series 2011-47, Class ZA | | | 70 | | | | 70 | |
5.50%, 10/25/2039, Series 2009-86, Class IP | | | 77 | | | | 14 | |
5.50%, 06/25/2040, Series 2010-58, Class MB | | | 302 | | | | 304 | |
5.50%, 07/25/2040, Series 2010-71, Class HJ | | | 115 | | | | 117 | |
5.50%, 10/25/2040, Series 2010-111, Class AM | | | 383 | | | | 391 | |
5.50%, 07/25/2051, Series 2011-58, Class WA (5) | | | 18 | | | | 18 | |
5.63% (30-day Average SOFR + 29.63%, 30.15% Cap), 05/25/2036, Series 2006-33, Class LS (3)(4) | | | 7 | | | | 8 | |
5.70% (30-day Average SOFR + 0.36%, 0.25% Floor, 7.00% Cap), 04/25/2036, Series 2006-23, Class FK (3) | | | 46 | | | | 45 | |
5.70% (30-day Average SOFR + 0.36%, 0.25% Floor, 6.50% Cap), 02/25/2037, Series 2007-10, Class FD (3) | | | 18 | | | | 18 | |
5.74% (30-day Average SOFR + 0.40%, 0.29% Floor, 7.50% Cap), 07/25/2036, Series 2006-56, Class FC (3) | | | 110 | | | | 110 | |
5.75% (30-day Average SOFR + 0.41%, 0.30% Floor, 6.75% Cap), 05/25/2037, Series 2007-43, Class FL (3) | | | 18 | | | | 17 | |
5.75%, 06/25/2033, Series 2003-47, Class PE | | | 27 | | | | 28 | |
5.75%, 07/25/2035, Series 2005-66, Class ZH | | | 799 | | | | 814 | |
5.75%, 10/25/2035, Series 2005-84, Class XM | | | 21 | | | | 22 | |
5.80% (30-day Average SOFR + 0.46%, 0.35% Floor, 6.75% Cap), 04/25/2035, Series 2005-25, Class PF (3) | | | 40 | | | | 39 | |
5.80% (30-day Average SOFR + 0.46%, 0.35% Floor, 7.50% Cap), 08/25/2036, Series 2006-79, Class DF (3) | | | 45 | | | | 44 | |
5.82% (30-day Average SOFR + 0.48%, 0.37% Floor, 7.50% Cap), 07/25/2037, Series 2007-64, Class FB (3) | | | 29 | | | | 29 | |
5.83%, 02/25/2051, Series 2011-2, Class WA (5) | | | 31 | | | | 31 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.50% Cap), 03/25/2034, Series 2004-28, Class PF (3) | | | 13 | | | | 13 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.50% Cap), 05/25/2034, Series 2004-36, Class FA (3) | | | 77 | | | | 76 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 06/25/2036, Series 2006-46, Class FW (3) | | | 13 | | | | 13 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 06/25/2037, Series 2007-54, Class FA (3) | | | 87 | | | | 86 | |
5.90% (30-day Average SOFR + 0.56%, 6.50% Cap), 06/25/2037, Series 2007-98, Class FB (3) | | | 10 | | | | 10 | |
5.90% (30-day Average SOFR + 0.56%, 0.45% Floor, 6.50% Cap), 09/25/2042, Series 2012-99, Class FA (3) | | | 131 | | | | 129 | |
5.91% (30-day Average SOFR + 0.57%, 0.46% Floor, 7.00% Cap), 07/25/2036, Series 2006-58, Class FL (3) | | | 12 | | | | 12 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 03/25/2037, Series 2007-77, Class FG (3) | | | 25 | | | | 24 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 07/25/2037, Series 2007-97, Class FC (3) | | | 15 | | | | 15 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 07/25/2041, Series 2011-149, Class EF (3) | | | 14 | | | | 14 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 11/25/2041, Series 2011-149, Class MF (3) | | | 58 | | | | 58 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 09/25/2042, Series 2012-101, Class FC (3) | | | 61 | | | | 60 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 09/25/2042, Series 2012-97, Class FB (3) | | | 408 | | | | 402 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 10/25/2042, Series 2012-108, Class F (3) | | | 163 | | | | 160 | |
6.00% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 08/25/2041, Series 2011-75, Class FA (3) | | | 27 | | | | 27 | |
6.00%, 07/18/2028, Series 1998-36, Class ZB | | | 2 | | | | 2 | |
6.00%, 12/25/2028, Series 1998-66, Class C (10) | | | 0 | | | | 0 | |
6.00%, 07/25/2031, Series 2001-33, Class ID | | | 11 | | | | 1 | |
6.00%, 11/25/2031, Series 2001-60, Class PX | | | 18 | | | | 18 | |
6.00%, 04/25/2032, Series 2002-15, Class ZA | | | 48 | | | | 49 | |
6.00%, 11/25/2032, Series 2011-39, Class ZA | | | 144 | | | | 147 | |
6.00%, 05/25/2033, Series 2003-39, Class IO (5)(10) | | | 3 | | | | 0 | |
6.00%, 05/25/2033, Series 2003-34, Class AX | | | 13 | | | | 13 | |
6.00%, 05/25/2033, Series 2003-34, Class GE | | | 32 | | | | 33 | |
6.00%, 05/25/2033, Series 2003-34, Class ED | | | 56 | | | | 57 | |
6.00%, 12/25/2035, Series 2005-109, Class PC | | | 3 | | | | 3 | |
6.00%, 07/25/2036, Series 2006-71, Class ZL | | | 159 | | | | 164 | |
6.00%, 03/25/2037, Series 2007-18, Class MZ | | | 113 | | | | 116 | |
6.00%, 05/25/2037, Series 2007-42, Class B | | | 51 | | | | 52 | |
6.00%, 08/25/2037, Series 2007-78, Class CB | | | 6 | | | | 6 | |
6.00%, 08/25/2037, Series 2007-78, Class PE | | | 12 | | | | 12 | |
6.00%, 08/25/2037, Series 2007-76, Class ZG | | | 17 | | | | 17 | |
6.00%, 08/25/2037, Series 2007-81, Class GE | | | 25 | | | | 25 | |
6.00%, 08/25/2039, Series 2009-60, Class HT | | | 152 | | | | 158 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.00% (30-day Average SOFR + 32.68%, 33.25% Cap), 10/25/2026, Series 2006-94, Class GK (3)(4) | | $ | 2 | | | $ | 2 | |
6.00%, 09/25/2039, Series 2009-69, Class WA (5) | | | 43 | | | | 43 | |
6.02%, 10/25/2037, Series 2007-106, Class A7 (5) | | | 19 | | | | 20 | |
6.05% (30-day Average SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 04/25/2040, Series 2010-40, Class FJ (3) | | | 8 | | | | 8 | |
6.05% (30-day Average SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 05/25/2040, Series 2010-43, Class FD (3) | | | 23 | | | | 22 | |
6.14%, 03/25/2040, Series 2010-16, Class WB (5) | | | 88 | | | | 88 | |
6.20% (30-day Average SOFR + 0.86%, 0.75% Floor, 8.00% Cap), 01/25/2034, Series 2004-87, Class F (3) | | | 46 | | | | 47 | |
6.20% (30-day Average SOFR + 0.86%, 6.50% Cap), 03/25/2037, Series 2007-16, Class FC (3) | | | 16 | | | | 16 | |
6.25% (30-day Average SOFR + 0.91%, 0.80% Floor, 8.00% Cap), 11/25/2032, Series 2004-61, Class FH (3) | | | 95 | | | | 96 | |
6.26%, 02/25/2040, Series 2010-1, Class WA (5) | | | 19 | | | | 19 | |
6.30% (30-day Average SOFR + 38.31%, 39.00% Cap), 02/25/2037, Series 2007-1, Class SD (3)(4) | | | 8 | | | | 13 | |
6.33%, 12/25/2039, Series 2009-99, Class WA (5) | | | 101 | | | | 101 | |
6.35% (30-day Average SOFR + 1.01%, 0.90% Floor, 6.75% Cap), 03/25/2038, Series 2008-18, Class FA (3) | | | 16 | | | | 16 | |
6.35%, 04/25/2029, Series 1999-17, Class C | | | 1 | | | | 1 | |
6.44%, 03/25/2040, Series 2010-16, Class WA (5) | | | 74 | | | | 74 | |
6.50%, 04/25/2027, Series 1997-32, Class PG | | | 1 | | | | 1 | |
6.50%, 07/18/2027, Series 1997-42, Class ZC (10) | | | 0 | | | | 0 | |
6.50%, 09/25/2031, Series 2001-49, Class Z | | | 3 | | | | 3 | |
6.50%, 10/25/2031, Series 2001-52, Class KB | | | 2 | | | | 2 | |
6.50%, 04/25/2032, Series 2002-21, Class PE | | | 8 | | | | 8 | |
6.50%, 05/25/2032, Series 2002-28, Class PK | | | 16 | | | | 16 | |
6.50%, 06/25/2032, Series 2002-37, Class Z | | | 7 | | | | 8 | |
6.50%, 07/25/2032, Series 2006-130, Class GI | | | 24 | | | | 2 | |
6.50%, 08/25/2032, Series 2002-48, Class GH | | | 20 | | | | 20 | |
6.50%, 02/25/2033, Series 2003-9, Class NZ | | | 8 | | | | 8 | |
6.50%, 05/25/2033, Series 2003-33, Class IA | | | 30 | | | | 5 | |
6.50%, 07/25/2036, Series 2006-63, Class ZH | | | 77 | | | | 81 | |
6.50%, 07/25/2036, Series 2011-19, Class ZY | | | 103 | | | | 107 | |
6.50%, 08/25/2036, Series 2006-78, Class BZ | | | 9 | | | | 10 | |
6.50%, 08/25/2036, Series 2006-77, Class PC | | | 29 | | | | 29 | |
6.50%, 09/25/2036, Series 2006-85, Class MZ | | | 3 | | | | 3 | |
6.50%, 06/25/2037, Series 2007-92, Class YA | | | 9 | | | | 9 | |
6.50%, 12/25/2037, Series 2007-112, Class MJ | | | 67 | | | | 69 | |
6.50%, 06/25/2042, Series 2002-90, Class A1 | | | 31 | | | | 31 | |
6.60% (30-day Average SOFR + 22.61%, 22.95% Cap), 10/25/2031, Series 2003-52, Class SX (3)(4) | | | 4 | | | | 5 | |
6.87%, 12/25/2039, Series 2009-103, Class MB (5) | | | 60 | | | | 60 | |
7.00%, 11/25/2026, Series 1996-48, Class Z | | | 1 | | | | 1 | |
7.00%, 12/18/2027, Series 1997-81, Class PI (10) | | | 1 | | | | 0 | |
7.00%, 03/25/2031, Series 2001-7, Class PF | | | 1 | | | | 1 | |
7.00%, 07/25/2031, Series 2001-30, Class PM | | | 5 | | | | 5 | |
7.00%, 08/25/2031, Series 2001-36, Class DE | | | 11 | | | | 11 | |
7.00%, 09/25/2031, Series 2001-44, Class PU | | | 2 | | | | 2 | |
7.00%, 09/25/2031, Series 2001-44, Class PD | | | 2 | | | | 2 | |
7.00%, 09/25/2031, Series 2001-44, Class MY | | | 14 | | | | 15 | |
7.00%, 11/25/2031, Series 2001-61, Class Z | | | 21 | | | | 21 | |
7.00%, 05/25/2033, Series 2007-97, Class KI | | | 59 | | | | 5 | |
7.00%, 07/25/2039, Series 2009-47, Class MT | | | 1 | | | | 1 | |
7.00%, 11/25/2041, Series 2011-118, Class LB | | | 322 | | | | 335 | |
7.00%, 11/25/2041, Series 2011-118, Class NT | | | 334 | | | | 347 | |
7.00%, 11/25/2041, Series 2011-118, Class MT | | | 405 | | | | 419 | |
7.00% (30-day Average SOFR + 28.34%, 28.80% Cap), 07/25/2036, Series 2006-60, Class AK (3)(4) | | | 8 | | | | 8 | |
7.20% (30-day Average SOFR + 39.21%, 39.90% Cap), 07/25/2036, Series 2006-62, Class PS (3)(4) | | | 5 | | | | 7 | |
7.48% (30-day Average SOFR + 24.82%, 25.19% Cap), 02/25/2032, Series 2002-1, Class SA (3)(4) | | | 2 | | | | 2 | |
7.50%, 04/18/2027, Series 1997-27, Class J | | | 1 | | | | 1 | |
7.50%, 04/20/2027, Series 1997-29, Class J | | | 1 | | | | 1 | |
7.50%, 05/20/2027, Series 1997-39, Class PD | | | 4 | | | | 4 | |
7.50%, 12/18/2029, Series 1999-62, Class PB | | | 2 | | | | 2 | |
7.50%, 02/25/2030, Series 2000-2, Class ZE | | | 9 | | | | 10 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
8.50%, 01/25/2025, Series 1995-2, Class Z (10) | | $ | 0 | | | $ | 0 | |
8.50%, 01/25/2031, Series 2000-52, Class IO (10) | | | 1 | | | | 0 | |
8.50% (30-day Average SOFR + 50.19%, 8.50% Cap), 11/25/2032, Series 2004-61, Class SK (3)(4) | | | 6 | | | | 6 | |
8.80%, 01/25/2025, Series G95-1, Class C(10) | | | 0 | | | | 0 | |
10.00% (30-day Average SOFR + 53.24%, 10.00% Cap), 03/25/2032, Series 2002-13, Class ST (3)(4)(10) | | | 0 | | | | 0 | |
Fannie Mae Trust 2003-W2 | | | | | | | | |
5.90%, 07/25/2042, Series 2003-W2, Class 2A9 | | | 29 | | | | 29 | |
6.50%, 07/25/2042, Series 2003-W2, Class 1A1 | | | 49 | | | | 50 | |
Fannie Mae Trust 2003-W6 | | | | | | | | |
5.20%, 09/25/2042, Series 2003-W6, Class 2A4 | | | 173 | | | | 167 | |
6.50%, 09/25/2042, Series 2003-W6, Class 3A | | | 60 | | | | 60 | |
Fannie Mae Trust 2003-W8 | | | | | | | | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 8.00% Cap), 05/25/2042, Series 2003-W8, Class 3F1 (3) | | | 14 | | | | 14 | |
7.00%, 10/25/2042, Series 2003-W8, Class 2A | | | 65 | | | | 65 | |
Fannie Mae Trust 2004-W1 | | | | | | | | |
7.00%, 12/25/2033, Series 2004-W1, Class 2A2 | | | 107 | | | | 110 | |
Fannie Mae Trust 2004-W15 | | | | | | | | |
5.70% (30-day Average SOFR + 0.36%, 0.25% Floor), 08/25/2044, Series 2004-W15, Class 2AF (3) | | | 51 | | | | 50 | |
Fannie Mae Trust 2004-W2 | | | | | | | | |
7.00%, 02/25/2044, Series 2004-W2, Class 2A2 | | | 17 | | | | 17 | |
Fannie Mae Trust 2004-W8 | | | | | | | | |
7.50%, 06/25/2044, Series 2004-W8, Class 3A | | | 15 | | | | 15 | |
Fannie Mae Trust 2005-W3 | | | | | | | | |
5.67% (30-day Average SOFR + 0.33%, 0.22% Floor, 9.50% Cap), 03/25/2045, Series 2005-W3, Class 2AF (3) | | | 407 | | | | 403 | |
Fannie Mae Trust 2005-W4 | | | | | | | | |
6.00%, 08/25/2045, Series 2005-W4, Class 1A1 | | | 22 | | | | 22 | |
Fannie Mae Trust 2006-W2 | | | | | | | | |
4.39%, 11/25/2045, Series 2006-W2, Class 2A (5) | | | 59 | | | | 59 | |
5.67% (30-day Average SOFR + 0.33%, 0.22% Floor, 9.50% Cap), 02/25/2046, Series 2006-W2, Class 1AF1 (3) | | | 181 | | | | 178 | |
Fannie Mae Whole Loan | | | | | | | | |
5.71% (30-day Average SOFR + 0.37%, 0.26% Floor, 9.50% Cap), 11/25/2046, Series 2007-W1, Class 1AF1 (3) | | | 417 | | | | 413 | |
Fannie Mae-Aces | | | | | | | | |
0.75%, 09/25/2028, Series 2020-M39, Class 1A1 | | | 8,054 | | | | 7,379 | |
1.00%, 11/25/2033, Series 2021-M3, Class 1A1 | | | 754 | | | | 736 | |
1.20%, 10/25/2030, Series 2020-M50, Class A2 | | | 937 | | | | 847 | |
1.59%, 11/25/2028, Series 2020-M38, Class 2A1 | | | 1,722 | | | | 1,532 | |
1.76%, 11/25/2031, Series 2022-M3, Class A2 (5) | | | 13,600 | | | | 11,049 | |
1.93%, 10/25/2030, Series 2020-M50, Class X1 (5) | | | 14,189 | | | | 784 | |
2.03%, 11/25/2033, Series 2021-M3, Class X1 (5) | | | 25,843 | | | | 1,912 | |
2.06%, 07/25/2030, Series 2020-M39, Class X1 (5) | | | 99,490 | | | | 6,715 | |
2.10%, 11/25/2028, Series 2020-M38, Class X2 (5) | | | 11,352 | | | | 637 | |
2.53%, 09/25/2024, Series 2015-M1, Class A2 | | | 663 | | | | 658 | |
2.55%, 12/25/2026, Series 2017-M3, Class A2 (5) | | | 1,108 | | | | 1,044 | |
2.59%, 12/25/2024, Series 2015-M7, Class A2 | | | 943 | | | | 930 | |
2.64%, 12/25/2026, Series 2017-M4, Class A2 (5) | | | 6,239 | | | | 5,895 | |
2.90%, 01/25/2025, Series 2015-M8, Class A2 (5) | | | 1,581 | | | | 1,558 | |
2.96%, 02/25/2027, Series 2017-M7, Class A2 (5) | | | 2,895 | | | | 2,753 | |
2.98%, 08/25/2029, Series 2017-M11, Class A2 | | | 2,098 | | | | 1,936 | |
3.02%, 08/25/2024, Series 2014-M13, Class A2 (5) | | | 429 | | | | 427 | |
3.06%, 05/25/2027, Series 2017-M8, Class A2 (5) | | | 3,939 | | | | 3,750 | |
3.09%, 04/25/2027, Series 2015-M10, Class A2 (5) | | | 4,316 | | | | 4,131 | |
3.09%, 04/25/2029, Series 2017-M5, Class A2 (5) | | | 2,600 | | | | 2,418 | |
3.16%, 06/25/2027, Series 2017-M12, Class A2 (5) | | | 3,509 | | | | 3,339 | |
3.17%, 03/25/2028, Series 2018-M4, Class A2 (5) | | | 2,797 | | | | 2,639 | |
3.17%, 02/25/2030, Series 2018-M3, Class A2 (5) | | | 2,290 | | | | 2,108 | |
3.41%, 06/25/2028, Series 2018-M8, Class A2 (5) | | | 4,659 | | | | 4,417 | |
3.47%, 07/25/2028, Series 2018-M10, Class A2 (5) | | | 6,949 | | | | 6,610 | |
3.66%, 09/25/2028, Series 2019-M1, Class A2 (5) | | | 6,142 | | | | 5,863 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.76%, 08/25/2030, Series 2018-M12, Class A2 (5) | | $ | 5,611 | | | $ | 5,285 | |
4.62%, 03/25/2033, Series 2023-M8, Class A2 (5) | | | 7,835 | | | | 7,629 | |
First Horizon Alternative Mortgage Securities Trust 2005-FA8 | | | | | | | | |
5.50%, 11/25/2035, Series 2005-FA8, Class 1A19 | | | 50 | | | | 24 | |
First Horizon Alternative Mortgage Securities Trust 2006-FA6 | | | | | | | | |
5.75%, 11/25/2024, Series 2006-FA6, Class 3A1 (10) | | | 0 | | | | 0 | |
First Horizon Alternative Mortgage Securities Trust 2007-FA4 | | | | | | | | |
0.19% (1 Month Term SOFR + 5.54%, 5.65% Cap), 08/25/2037, Series 2007-FA4, Class 1A2 (3)(4) | | | 532 | | | | 37 | |
Freddie Mac Gold Pool | | | | | | | | |
2.00%, 01/01/2032 | | | 1,897 | | | | 1,747 | |
2.50%, 06/01/2028 | | | 189 | | | | 180 | |
2.50%, 03/01/2030 | | | 396 | | | | 374 | |
2.50%, 07/01/2030 | | | 1,045 | | | | 985 | |
2.50%, 07/01/2031 | | | 984 | | | | 922 | |
2.50%, 08/01/2031 | | | 590 | | | | 545 | |
2.50%, 11/01/2046 | | | 1,154 | | | | 976 | |
3.00%, 07/01/2028 | | | 315 | | | | 304 | |
3.00%, 08/01/2028 | | | 189 | | | | 183 | |
3.00%, 09/01/2028 | | | 726 | | | | 699 | |
3.00%, 10/01/2028 | | | 284 | | | | 273 | |
3.00%, 05/01/2029 | | | 315 | | | | 300 | |
3.00%, 09/01/2031 | | | 344 | | | | 326 | |
3.00%, 02/01/2032 | | | 2,139 | | | | 2,027 | |
3.00%, 07/01/2035 | | | 2,883 | | | | 2,668 | |
3.00%, 09/01/2036 | | | 1,158 | | | | 1,069 | |
3.00%, 08/01/2042 | | | 617 | | | | 546 | |
3.00%, 10/01/2042 | | | 1,629 | | | | 1,439 | |
3.00%, 11/01/2042 | | | 2,806 | | | | 2,483 | |
3.00%, 02/01/2043 | | | 142 | | | | 126 | |
3.00%, 03/01/2043 | | | 978 | | | | 859 | |
3.00%, 03/01/2043 | | | 1,967 | | | | 1,737 | |
3.00%, 04/01/2043 | | | 35 | | | | 31 | |
3.00%, 04/01/2043 | | | 5,645 | | | | 4,985 | |
3.00%, 06/01/2043 | | | 18 | | | | 16 | |
3.00%, 07/01/2043 | | | 10 | | | | 9 | |
3.00%, 07/01/2043 | | | 116 | | | | 102 | |
3.00%, 08/01/2043 | | | 233 | | | | 206 | |
3.00%, 08/01/2043 | | | 2,604 | | | | 2,299 | |
3.00%, 10/01/2043 | | | 5,378 | | | | 4,749 | |
3.00%, 05/01/2045 | | | 423 | | | | 373 | |
3.00%, 05/01/2045 | | | 1,101 | | | | 971 | |
3.00%, 06/01/2045 | | | 236 | | | | 208 | |
3.00%, 10/01/2045 | | | 1,794 | | | | 1,584 | |
3.00%, 10/01/2046 | | | 3,104 | | | | 2,715 | |
3.00%, 10/01/2046 | | | 9,168 | | | | 8,032 | |
3.00%, 01/01/2047 | | | 758 | | | | 663 | |
3.00%, 02/01/2047 | | | 4,248 | | | | 3,717 | |
3.00%, 03/01/2047 | | | 548 | | | | 478 | |
3.00%, 05/01/2047 | | | 6,546 | | | | 5,729 | |
3.50%, 01/01/2032 | | | 164 | | | | 157 | |
3.50%, 03/01/2032 | | | 63 | | | | 61 | |
3.50%, 02/01/2033 | | | 91 | | | | 86 | |
3.50%, 05/01/2033 | | | 70 | | | | 66 | |
3.50%, 05/01/2033 | | | 276 | | | | 263 | |
3.50%, 01/01/2034 | | | 2,300 | | | | 2,201 | |
3.50%, 04/01/2037 | | | 2,914 | | | | 2,755 | |
3.50%, 11/01/2037 | | | 795 | | | | 747 | |
3.50%, 05/01/2042 | | | 308 | | | | 282 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.50%, 06/01/2042 | | $ | 136 | | | $ | 125 | |
3.50%, 06/01/2042 | | | 878 | | | | 796 | |
3.50%, 08/01/2042 | | | 184 | | | | 168 | |
3.50%, 09/01/2042 | | | 1,311 | | | | 1,202 | |
3.50%, 09/01/2042 | | | 1,782 | | | | 1,627 | |
3.50%, 10/01/2042 | | | 906 | | | | 827 | |
3.50%, 10/01/2042 | | | 4,619 | | | | 4,225 | |
3.50%, 11/01/2042 | | | 72 | | | | 66 | |
3.50%, 11/01/2042 | | | 400 | | | | 365 | |
3.50%, 11/01/2042 | | | 1,095 | | | | 999 | |
3.50%, 12/01/2042 | | | 1,094 | | | | 1,002 | |
3.50%, 01/01/2043 | | | 2,818 | | | | 2,566 | |
3.50%, 03/01/2043 | | | 236 | | | | 215 | |
3.50%, 05/01/2043 | | | 99 | | | | 90 | |
3.50%, 06/01/2043 | | | 272 | | | | 250 | |
3.50%, 06/01/2043 | | | 545 | | | | 496 | |
3.50%, 07/01/2043 | | | 195 | | | | 178 | |
3.50%, 10/01/2043 | | | 69 | | | | 62 | |
3.50%, 05/01/2044 | | | 6,533 | | | | 5,951 | |
3.50%, 01/01/2045 | | | 5,397 | | | | 4,923 | |
3.50%, 06/01/2045 | | | 456 | | | | 414 | |
3.50%, 12/01/2045 | | | 1,314 | | | | 1,192 | |
3.50%, 01/01/2046 | | | 3,101 | | | | 2,814 | |
3.50%, 05/01/2046 | | | 834 | | | | 756 | |
3.50%, 07/01/2046 | | | 1,445 | | | | 1,309 | |
3.50%, 08/01/2046 | | | 2,934 | | | | 2,661 | |
3.50%, 12/01/2046 | | | 2,753 | | | | 2,495 | |
3.50%, 01/01/2047 | | | 1,041 | | | | 946 | |
3.50%, 10/01/2047 | | | 2,447 | | | | 2,218 | |
3.50%, 03/01/2048 | | | 1,842 | | | | 1,675 | |
4.00%, 09/01/2040 | | | 215 | | | | 203 | |
4.00%, 11/01/2040 | | | 12 | | | | 11 | |
4.00%, 11/01/2040 | | | 552 | | | | 522 | |
4.00%, 12/01/2040 | | | 150 | | | | 142 | |
4.00%, 12/01/2040 | | | 342 | | | | 321 | |
4.00%, 12/01/2040 | | | 343 | | | | 324 | |
4.00%, 12/01/2040 | | | 397 | | | | 375 | |
4.00%, 12/01/2040 | | | 424 | | | | 401 | |
4.00%, 01/01/2041 | | | 344 | | | | 323 | |
4.00%, 10/01/2041 | | | 1,378 | | | | 1,301 | |
4.00%, 11/01/2041 | | | 4 | | | | 4 | |
4.00%, 01/01/2042 | | | 55 | | | | 52 | |
4.00%, 05/01/2042 | | | 5 | | | | 5 | |
4.00%, 06/01/2042 | | | 674 | | | | 633 | |
4.00%, 10/01/2042 | | | 18 | | | | 16 | |
4.00%, 01/01/2043 | | | 100 | | | | 94 | |
4.00%, 09/01/2043 | | | 2,438 | | | | 2,304 | |
4.00%, 11/01/2043 | | | 25 | | | | 23 | |
4.00%, 11/01/2043 | | | 48 | | | | 45 | |
4.00%, 12/01/2043 | | | 77 | | | | 72 | |
4.00%, 12/01/2043 | | | 152 | | | | 143 | |
4.00%, 12/01/2043 | | | 461 | | | | 433 | |
4.00%, 01/01/2044 | | | 48 | | | | 46 | |
4.00%, 01/01/2044 | | | 151 | | | | 142 | |
4.00%, 03/01/2044 | | | 778 | | | | 730 | |
4.00%, 10/01/2044 | | | 2,399 | | | | 2,250 | |
4.00%, 01/01/2045 | | | 119 | | | | 112 | |
4.00%, 10/01/2045 | | | 156 | | | | 147 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
4.00%, 10/01/2045 | | $ | 2,246 | | | $ | 2,091 | |
4.00%, 11/01/2045 | | | 3,347 | | | | 3,138 | |
4.00%, 01/01/2046 | | | 1,573 | | | | 1,476 | |
4.00%, 05/01/2046 | | | 82 | | | | 77 | |
4.00%, 06/01/2046 | | | 3,444 | | | | 3,229 | |
4.00%, 08/01/2046 | | | 848 | | | | 793 | |
4.00%, 01/01/2047 | | | 4,996 | | | | 4,685 | |
4.00%, 06/01/2047 | | | 1,212 | | | | 1,135 | |
4.50%, 11/01/2035 | | | 4 | | | | 4 | |
4.50%, 07/01/2039 | | | 55 | | | | 53 | |
4.50%, 10/01/2039 | | | 501 | | | | 487 | |
4.50%, 11/01/2039 | | | 569 | | | | 553 | |
4.50%, 11/01/2039 | | | 796 | | | | 775 | |
4.50%, 05/01/2040 | | | 290 | | | | 282 | |
4.50%, 08/01/2040 | | | 118 | | | | 115 | |
4.50%, 09/01/2040 | | | 97 | | | | 95 | |
4.50%, 09/01/2040 | | | 380 | | | | 370 | |
4.50%, 03/01/2041 | | | 76 | | | | 74 | |
4.50%, 05/01/2041 | | | 665 | | | | 647 | |
4.50%, 08/01/2041 | | | 180 | | | | 175 | |
4.50%, 12/01/2043 | | | 2,287 | | | | 2,224 | |
4.50%, 03/01/2044 | | | 178 | | | | 172 | |
4.50%, 05/01/2044 | | | 255 | | | | 247 | |
4.50%, 07/01/2044 | | | 21 | | | | 20 | |
4.50%, 07/01/2044 | | | 90 | | | | 87 | |
4.50%, 09/01/2044 | | | 606 | | | | 587 | |
4.50%, 09/01/2046 | | | 1,066 | | | | 1,030 | |
4.50%, 10/01/2046 | | | 892 | | | | 861 | |
4.50%, 11/01/2046 | | | 4,349 | | | | 4,230 | |
4.50%, 07/01/2047 | | | 423 | | | | 407 | |
4.50%, 07/01/2047 | | | 431 | | | | 415 | |
4.50%, 11/01/2047 | | | 291 | | | | 280 | |
5.00%, 01/01/2034 | | | 9 | | | | 9 | |
5.00%, 06/01/2034 | | | 22 | | | | 22 | |
5.00%, 09/01/2034 | | | 35 | | | | 34 | |
5.00%, 03/01/2035 | | | 10 | | | | 10 | |
5.00%, 08/01/2035 | | | 397 | | | | 390 | |
5.00%, 03/01/2036 | | | 939 | | | | 928 | |
5.00%, 07/01/2036 | | | 1 | | | | 1 | |
5.00%, 11/01/2036 | | | 25 | | | | 24 | |
5.00%, 03/01/2037 | | | 62 | | | | 62 | |
5.00%, 06/01/2037 | | | 66 | | | | 66 | |
5.00%, 08/01/2037 | | | 72 | | | | 71 | |
5.00%, 02/01/2038 | | | 99 | | | | 98 | |
5.00%, 03/01/2038 | | | 22 | | | | 22 | |
5.00%, 03/01/2038 | | | 85 | | | | 84 | |
5.00%, 03/01/2038 | | | 108 | | | | 107 | |
5.00%, 03/01/2038 | | | 113 | | | | 112 | |
5.00%, 04/01/2038 | | | 52 | | | | 52 | |
5.00%, 09/01/2038 | | | 12 | | | | 12 | |
5.00%, 09/01/2038 | | | 69 | | | | 68 | |
5.00%, 11/01/2038 | | | 1 | | | | 1 | |
5.00%, 11/01/2038 | | | 23 | | | | 23 | |
5.00%, 12/01/2038 (10) | | | 0 | | | | 0 | |
5.00%, 12/01/2038 | | | 81 | | | | 80 | |
5.00%, 02/01/2039 | | | 163 | | | | 161 | |
5.00%, 05/01/2039 | | | 4 | | | | 4 | |
5.00%, 10/01/2039 | | | 184 | | | | 182 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
5.00%, 01/01/2040 | | $ | 45 | | | $ | 44 | |
5.00%, 03/01/2040 | | | 81 | | | | 80 | |
5.00%, 03/01/2040 | | | 756 | | | | 749 | |
5.00%, 08/01/2040 | | | 113 | | | | 112 | |
5.00%, 04/01/2041 | | | 422 | | | | 418 | |
5.00%, 06/01/2041 | | | 186 | | | | 184 | |
5.00%, 12/01/2047 | | | 1,136 | | | | 1,110 | |
5.00%, 02/01/2048 | | | 561 | | | | 554 | |
5.50%, 01/01/2033 | | | 15 | | | | 15 | |
5.50%, 10/01/2033 | | | 14 | | | | 15 | |
5.50%, 07/01/2035 | | | 31 | | | | 31 | |
5.50%, 01/01/2036 | | | 7 | | | | 7 | |
5.50%, 12/01/2036 | | | 14 | | | | 14 | |
5.50%, 05/01/2038 | | | 20 | | | | 21 | |
5.50%, 08/01/2038 | | | 27 | | | | 27 | |
5.50%, 01/01/2039 | | | 1,018 | | | | 1,023 | |
5.50%, 03/01/2040 | | | 9 | | | | 9 | |
5.50%, 05/01/2040 | | | 704 | | | | 707 | |
5.50%, 08/01/2040 | | | 282 | | | | 283 | |
6.00%, 10/01/2029 | | | 3 | | | | 3 | |
6.00%, 12/01/2033 | | | 8 | | | | 8 | |
6.00%, 01/01/2034 | | | 12 | | | | 12 | |
6.00%, 11/01/2036 | | | 5 | | | | 5 | |
6.00%, 12/01/2036 | | | 3 | | | | 3 | |
6.00%, 12/01/2036 | | | 7 | | | | 7 | |
6.50%, 01/01/2028 | | | 6 | | | | 6 | |
6.50%, 06/01/2029 | | | 3 | | | | 4 | |
6.50%, 08/01/2029 | | | 40 | | | | 42 | |
6.50%, 11/01/2034 | | | 3 | | | | 3 | |
6.50%, 01/01/2035 | | | 34 | | | | 34 | |
6.50%, 12/01/2035 | | | 5 | | | | 5 | |
6.50%, 12/01/2035 | | | 24 | | | | 25 | |
6.50%, 11/01/2036 | | | 7 | | | | 7 | |
6.50%, 11/01/2036 | | | 60 | | | | 60 | |
6.50%, 11/01/2036 | | | 77 | | | | 78 | |
6.50%, 12/01/2036 | | | 52 | | | | 53 | |
6.50%, 12/01/2036 | | | 105 | | | | 107 | |
6.50%, 01/01/2037 | | | 2 | | | | 2 | |
6.50%, 02/01/2037 | | | 1 | | | | 1 | |
6.50%, 06/01/2037 | | | 3 | | | | 3 | |
6.50%, 11/01/2037 | | | 19 | | | | 20 | |
6.50%, 03/01/2038 | | | 22 | | | | 23 | |
7.00%, 04/01/2026 (10) | | | 0 | | | | 0 | |
7.00%, 12/01/2028 | | | 6 | | | | 6 | |
7.00%, 07/01/2029 | | | 1 | | | | 1 | |
7.00%, 01/01/2031 | | | 10 | | | | 10 | |
7.00%, 07/01/2032 | | | 2 | | | | 2 | |
7.00%, 08/01/2032 | | | 3 | | | | 3 | |
7.00%, 02/01/2037 | | | 3 | | | | 3 | |
7.50%, 08/01/2025 (10) | | | 0 | | | | 0 | |
7.50%, 01/01/2032 | | | 23 | | | | 24 | |
7.50%, 12/01/2036 | | | 69 | | | | 71 | |
7.50%, 01/01/2038 | | | 9 | | | | 9 | |
7.50%, 01/01/2038 | | | 35 | | | | 36 | |
7.50%, 09/01/2038 | | | 14 | | | | 14 | |
8.00%, 11/01/2024 (10) | | | 0 | | | | 0 | |
8.50%, 07/01/2028 (10) | | | 0 | | | | 0 | |
10.00%, 10/01/2030 | | | 1 | | | | 1 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Freddie Mac Multifamily Structured Pass-Through Certificates | | | | | | | | |
1.31%, 10/25/2030, Series K120, Class XAM (5) | | $ | 31,375 | | | $ | 2,007 | |
1.44%, 01/25/2030, Series K106, Class X1 (5) | | | 127,154 | | | | 7,703 | |
1.46%, 03/25/2026, Series K055, Class X1 (5) | | | 24,665 | | | | 487 | |
1.68%, 05/25/2030, Series K111, Class X1 (5) | | | 27,934 | | | | 2,062 | |
1.89%, 01/25/2032, Series K138, Class AM | | | 4,300 | | | | 3,501 | |
2.13%, 11/25/2031, Series K136, Class A2 | | | 14,260 | | | | 11,936 | |
2.40%, 03/25/2032, Series K142, Class A2 | | | 13,700 | | | | 11,618 | |
2.81%, 09/25/2024, Series KJ14, Class A2 | | | 1,136 | | | | 1,129 | |
2.92%, 06/25/2032, Series K146, Class A2 | | | 9,700 | | | | 8,512 | |
3.08%, 01/25/2031, Series K152, Class A2 | | | 4,126 | | | | 3,742 | |
3.19%, 09/25/2027, Series K069, Class A2 (5) | | | 11,650 | | | | 11,069 | |
3.24%, 04/25/2027, Series K065, Class A2 | | | 3,316 | | | | 3,170 | |
3.30%, 11/25/2027, Series K070, Class A2 (5) | | | 3,008 | | | | 2,863 | |
3.34%, 04/25/2028, Series W5FX, Class AFX (5) | | | 3,315 | | | | 3,113 | |
3.51%, 03/25/2029, Series K091, Class A2 | | | 2,422 | | | | 2,293 | |
3.71%, 09/25/2032, Series K-150, Class A2 (5) | | | 11,105 | | | | 10,282 | |
3.90%, 10/25/2033, Series K158, Class A3 (5) | | | 6,500 | | | | 6,053 | |
4.28%, 07/25/2030, Series K752, Class A2 | | | 8,425 | | | | 8,198 | |
4.61%, 02/25/2033, Series KJ44, Class A2 | | | 7,500 | | | | 7,295 | |
5.03%, 10/25/2031, Series KJ48, Class A2 | | | 8,000 | | | | 8,028 | |
Freddie Mac Non Gold Pool | | | | | | | | |
5.83% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.58%, 1.58% Floor, 11.71% Cap), 12/01/2036 (3) | | | 42 | | | | 43 | |
5.85% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.60%, 1.60% Floor, 11.32% Cap), 10/01/2036 (3) | | | 11 | | | | 11 | |
5.88% (1 Year CMT Index + 2.13%, 2.13% Floor, 12.13% Cap), 07/01/2026 (3) | | | 1 | | | | 1 | |
5.89% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.64%, 1.64% Floor, 11.05% Cap), 11/01/2036 (3) | | | 22 | | | | 22 | |
5.92% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 11.29% Cap), 08/01/2035 (3) | | | 5 | | | | 5 | |
5.92% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 11.97% Cap), 12/01/2036 (3) | | | 90 | | | | 93 | |
5.94% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.69%, 1.69% Floor, 11.32% Cap), 12/01/2036 (3) | | | 3 | | | | 3 | |
5.95% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.70%, 1.70% Floor, 11.61% Cap), 11/01/2036 (3) | | | 11 | | | | 11 | |
5.98% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 11.06% Cap), 11/01/2036 (3) | | | 10 | | | | 10 | |
6.00% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.75%, 1.75% Floor, 11.75% Cap), 11/01/2037 (3) | | | 4 | | | | 4 | |
6.00% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.75%, 1.75% Floor, 11.27% Cap), 09/01/2036 (3) | | | 12 | | | | 12 | |
6.01% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.66%, 1.66% Floor, 10.09% Cap), 02/01/2036 (3) | | | 5 | | | | 5 | |
6.03% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.77% Cap), 07/01/2036 (3) | | | 7 | | | | 7 | |
6.07% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.70%, 1.70% Floor, 11.06% Cap), 02/01/2037 (3) | | | 7 | | | | 7 | |
6.12% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.87%, 1.87% Floor, 11.99% Cap), 07/01/2037 (3) | | | 2 | | | | 2 | |
6.16% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.76%, 1.76% Floor, 10.57% Cap), 01/01/2037 (3) | | | 9 | | | | 9 | |
6.17% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.93%, 1.93% Floor, 11.25% Cap), 12/01/2036 (3) | | | 23 | | | | 23 | |
6.29% (1 Year CMT Index + 2.25%, 2.25% Floor, 11.39% Cap), 11/01/2036 (3) | | | 26 | | | | 27 | |
6.30% (1 Year CMT Index + 2.11%, 2.11% Floor, 12.31% Cap), 01/01/2027 (3) | | | 1 | | | | 1 | |
6.32% (1 Year CMT Index + 2.24%, 2.24% Floor, 9.63% Cap), 11/01/2036 (3) | | | 10 | | | | 10 | |
6.33% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.90%, 1.90% Floor, 11.34% Cap), 02/01/2037 (3) | | | 13 | | | | 13 | |
6.36% (1 Year CMT Index + 2.23%, 2.23% Floor, 9.36% Cap), 12/01/2033 (3) | | | 9 | | | | 9 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.36% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.05% Cap), 02/01/2036 (3) | | $ | 17 | | | $ | 17 | |
6.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 9.91% Cap), 01/01/2035 (3) | | | 14 | | | | 15 | |
6.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.10% Cap), 01/01/2035 (3) | | | 48 | | | | 49 | |
6.38% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.13%, 2.13% Floor, 10.93% Cap), 12/01/2036 (3) | | | 1 | | | | 1 | |
6.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.34% Cap), 07/01/2036 (3) | | | 13 | | | | 14 | |
6.38% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.88%, 1.88% Floor, 11.16% Cap), 09/01/2036 (3) | | | 46 | | | | 47 | |
6.42% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.84%, 1.84% Floor, 9.08% Cap), 07/01/2040 (3) | | | 13 | | | | 13 | |
6.44% (1 Year CMT Index + 2.37%, 2.37% Floor, 10.28% Cap), 09/01/2032 (3) | | | 1 | | | | 1 | |
6.45% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.20%, 2.20% Floor, 10.83% Cap), 10/01/2036 (3) | | | 12 | | | | 12 | |
6.48% (1 Year CMT Index + 2.36%, 2.36% Floor, 10.88% Cap), 10/01/2036 (3) | | | 11 | | | | 11 | |
6.49% (1 Year CMT Index + 2.25%, 2.25% Floor, 11.72% Cap), 04/01/2030 (3)(10) | | | 0 | | | | 0 | |
6.54% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.04%, 2.04% Floor, 11.00% Cap), 03/01/2036 (3) | | | 24 | | | | 24 | |
6.56% (1 Year CMT Index + 2.37%, 2.37% Floor, 10.74% Cap), 09/01/2034 (3) | | | 29 | | | | 30 | |
6.58% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.01%, 2.01% Floor, 11.03% Cap), 04/01/2038 (3) | | | 15 | | | | 15 | |
6.61% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.46% Cap), 05/01/2033 (3) | | | 32 | | | | 32 | |
6.61% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.07%, 2.07% Floor, 11.10% Cap), 05/01/2037 (3) | | | 21 | | | | 22 | |
6.67% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.98%, 1.98% Floor, 10.63% Cap), 04/01/2037 (3) | | | 23 | | | | 23 | |
6.78% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.75%, 1.75% Floor, 9.14% Cap), 04/01/2034 (3) | | | 5 | | | | 5 | |
6.80% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.50%, 2.50% Floor, 12.12% Cap), 03/01/2037 (3) | | | 2 | | | | 2 | |
6.91% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.12%, 2.12% Floor, 11.06% Cap), 05/01/2037 (3) | | | 2 | | | | 2 | |
7.04% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.91%, 1.91% Floor, 10.67% Cap), 05/01/2038 (3) | | | 2 | | | | 2 | |
7.13% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.58% Cap), 05/01/2036 (3) | | | 9 | | | | 10 | |
7.15% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.66% Cap), 05/01/2036 (3) | | | 32 | | | | 33 | |
7.20% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.57%, 1.57% Floor, 11.81% Cap), 05/01/2037 (3) | | | 35 | | | | 36 | |
7.20% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.47%, 2.47% Floor, 11.23% Cap), 03/01/2036 (3) | | | 4 | | | | 4 | |
7.23% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.99%, 1.99% Floor, 10.91% Cap), 06/01/2036 (3) | | | 47 | | | | 48 | |
7.26% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 1.95%, 1.95% Floor, 11.01% Cap), 06/01/2036 (3) | | | 52 | | | | 54 | |
7.29% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 10.42% Cap), 01/01/2037 (3) | | | 5 | | | | 5 | |
7.33% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.70%, 1.70% Floor, 12.45% Cap), 10/01/2036 (3) | | | 12 | | | | 12 | |
7.41% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.77%, 1.77% Floor, 13.05% Cap), 10/01/2036 (3) | | | 45 | | | | 45 | |
7.44% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.82%, 1.82% Floor, 12.96% Cap), 08/01/2036 (3) | | | 14 | | | | 14 | |
7.48% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.86%, 1.86% Floor, 12.44% Cap), 10/01/2036 (3) | | | 13 | | | | 14 | |
7.49% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.84%, 1.84% Floor, 12.23% Cap), 03/01/2037 (3) | | | 27 | | | | 28 | |
7.52% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.33%, 2.33% Floor, 10.90% Cap), 05/01/2036 (3) | | | 5 | | | | 5 | |
7.56% (1 Year Refinitiv USD IBOR Consumer Cash Fallback + 2.18%, 2.18% Floor, 11.08% Cap), 05/01/2037 (3) | | | 17 | | | | 17 | |
7.59% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 1.83%, 1.83% Floor, 12.42% Cap), 07/01/2036 (3) | | | 17 | | | | 17 | |
7.64% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.01%, 2.01% Floor, 12.43% Cap), 05/01/2037 (3) | | | 6 | | | | 6 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
7.64% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.01%, 2.01% Floor, 12.19% Cap), 05/01/2037 (3) | | $ | 23 | | | $ | 23 | |
7.79% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.11%, 2.11% Floor, 12.44% Cap), 02/01/2037 (3) | | | 23 | | | | 24 | |
8.02% (6 Month Refinitiv USD IBOR Consumer Cash Fallback + 2.14%, 2.14% Floor, 12.14% Cap), 12/01/2035 (3) | | | 4 | | | | 4 | |
Freddie Mac Pool | | | | | | | | |
1.50%, 06/01/2037 | | | 2,622 | | | | 2,242 | |
1.50%, 12/01/2040 | | | 10,945 | | | | 8,862 | |
1.50%, 11/01/2050 | | | 7,134 | | | | 5,334 | |
1.50%, 03/01/2051 | | | 1,088 | | | | 817 | |
1.80%, 11/01/2028 | | | 14,000 | | | | 12,339 | |
2.00%, 08/01/2035 | | | 4,483 | | | | 3,970 | |
2.00%, 06/01/2036 | | | 1,123 | | | | 993 | |
2.00%, 06/01/2036 | | | 1,731 | | | | 1,530 | |
2.00%, 12/01/2036 | | | 11,176 | | | | 9,832 | |
2.00%, 01/01/2037 | | | 162 | | | | 143 | |
2.00%, 01/01/2037 | | | 10,038 | | | | 8,924 | |
2.00%, 06/01/2040 | | | 1,308 | | | | 1,103 | |
2.00%, 03/01/2041 | | | 15,115 | | | | 12,766 | |
2.00%, 04/01/2041 | | | 7,381 | | | | 6,239 | |
2.00%, 12/01/2041 | | | 8,739 | | | | 7,313 | |
2.00%, 12/01/2041 | | | 16,360 | | | | 13,683 | |
2.00%, 03/01/2042 | | | 11,276 | | | | 9,420 | |
2.00%, 09/01/2050 | | | 28,506 | | | | 22,502 | |
2.00%, 11/01/2050 | | | 7,540 | | | | 5,933 | |
2.00%, 12/01/2050 | | | 1,468 | | | | 1,156 | |
2.00%, 01/01/2051 | | | 1,511 | | | | 1,218 | |
2.00%, 01/01/2051 | | | 1,833 | | | | 1,446 | |
2.00%, 02/01/2051 | | | 7,938 | | | | 6,233 | |
2.00%, 03/01/2051 | | | 10,334 | | | | 8,157 | |
2.00%, 05/01/2051 | | | 6,897 | | | | 5,432 | |
2.00%, 05/01/2051 | | | 7,608 | | | | 6,059 | |
2.00%, 05/01/2051 | | | 10,259 | | | | 8,075 | |
2.00%, 06/01/2051 | | | 5,854 | | | | 4,600 | |
2.00%, 07/01/2051 | | | 1,050 | | | | 826 | |
2.00%, 08/01/2051 | | | 10 | | | | 8 | |
2.00%, 08/01/2051 | | | 692 | | | | 542 | |
2.00%, 08/01/2051 | | | 13,828 | | | | 10,863 | |
2.00%, 11/01/2051 | | | 9,489 | | | | 7,454 | |
2.00%, 12/01/2051 | | | 5,000 | | | | 3,965 | |
2.00%, 02/01/2052 | | | 6,665 | | | | 5,098 | |
2.00%, 02/01/2052 | | | 15,575 | | | | 12,343 | |
2.00%, 03/01/2052 | | | 11,027 | | | | 8,678 | |
2.50%, 07/01/2035 | | | 337 | | | | 307 | |
2.50%, 12/01/2035 | | | 774 | | | | 706 | |
2.50%, 02/01/2042 | | | 9,582 | | | | 8,280 | |
2.50%, 07/01/2050 | | | 1,141 | | | | 916 | |
2.50%, 07/01/2050 | | | 13,311 | | | | 10,979 | |
2.50%, 07/01/2050 | | | 20,791 | | | | 17,010 | |
2.50%, 10/01/2050 | | | 5,838 | | | | 4,847 | |
2.50%, 11/01/2050 | | | 1,952 | | | | 1,608 | |
2.50%, 12/01/2050 | | | 2,211 | | | | 1,820 | |
2.50%, 02/01/2051 | | | 11,121 | | | | 9,259 | |
2.50%, 02/01/2051 | | | 11,444 | | | | 9,569 | |
2.50%, 02/01/2051 | | | 11,751 | | | | 9,804 | |
2.50%, 03/01/2051 | | | 572 | | | | 477 | |
2.50%, 04/01/2051 | | | 36,190 | | | | 29,780 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
2.50%, 05/01/2051 | | $ | 6,131 | | | $ | 5,017 | |
2.50%, 05/01/2051 | | | 8,047 | | | | 6,631 | |
2.50%, 06/01/2051 | | | 2 | | | | 2 | |
2.50%, 06/01/2051 | | | 1,282 | | | | 1,047 | |
2.50%, 07/01/2051 | | | 5,824 | | | | 4,828 | |
2.50%, 08/01/2051 | | | 6,464 | | | | 5,317 | |
2.50%, 09/01/2051 | | | 3,725 | | | | 3,075 | |
2.50%, 11/01/2051 | | | 455 | | | | 373 | |
2.50%, 11/01/2051 | | | 9,988 | | | | 8,314 | |
2.50%, 11/01/2051 | | | 11,887 | | | | 9,904 | |
2.50%, 11/01/2051 | | | 15,977 | | | | 13,204 | |
2.50%, 12/01/2051 | | | 1,108 | | | | 908 | |
2.50%, 02/01/2052 | | | 2,856 | | | | 2,360 | |
2.50%, 02/01/2052 | | | 3,676 | | | | 3,011 | |
2.50%, 02/01/2052 | | | 6,563 | | | | 5,396 | |
2.50%, 04/01/2052 | | | 5,646 | | | | 4,691 | |
3.00%, 04/01/2032 | | | 7,229 | | | | 6,839 | |
3.00%, 05/01/2037 | | | 1,175 | | | | 1,094 | |
3.00%, 01/01/2046 | | | 6,883 | | | | 6,071 | |
3.00%, 06/01/2048 | | | 10,538 | | | | 8,999 | |
3.00%, 08/01/2048 | | | 2,120 | | | | 1,844 | |
3.00%, 02/01/2049 | | | 8,951 | | | | 7,850 | |
3.00%, 10/01/2049 | | | 1,261 | | | | 1,089 | |
3.00%, 11/01/2049 | | | 928 | | | | 801 | |
3.00%, 12/01/2049 | | | 431 | | | | 373 | |
3.00%, 01/01/2050 | | | 872 | | | | 754 | |
3.00%, 01/01/2050 | | | 1,341 | | | | 1,158 | |
3.00%, 01/01/2050 | | | 1,852 | | | | 1,599 | |
3.00%, 02/01/2050 | | | 199 | | | | 172 | |
3.00%, 02/01/2050 | | | 6,662 | | | | 5,758 | |
3.00%, 02/01/2050 | | | 9,305 | | | | 8,033 | |
3.00%, 04/01/2050 | | | 1,498 | | | | 1,295 | |
3.00%, 06/01/2050 | | | 566 | | | | 488 | |
3.00%, 06/01/2050 | | | 6,853 | | | | 5,942 | |
3.00%, 07/01/2050 | | | 4,460 | | | | 3,854 | |
3.00%, 09/01/2050 | | | 44 | | | | 38 | |
3.00%, 09/01/2050 | | | 995 | | | | 860 | |
3.00%, 03/01/2051 | | | 1,701 | | | | 1,470 | |
3.00%, 04/01/2051 | | | 11,463 | | | | 9,843 | |
3.00%, 06/01/2051 | | | 2,695 | | | | 2,294 | |
3.00%, 01/01/2052 | | | 4,324 | | | | 3,709 | |
3.00%, 02/01/2052 | | | 911 | | | | 784 | |
3.00%, 02/01/2052 | | | 9,597 | | | | 8,165 | |
3.00%, 02/01/2052 | | | 21,410 | | | | 18,236 | |
3.50%, 08/01/2035 | | | 3,101 | | | | 2,952 | |
3.50%, 02/01/2042 | | | 738 | | | | 678 | |
3.50%, 08/01/2044 | | | 1,857 | | | | 1,683 | |
3.50%, 04/01/2047 | | | 13,794 | | | | 12,485 | |
3.50%, 10/01/2047 | | | 171 | | | | 155 | |
3.50%, 03/01/2048 | | | 1,503 | | | | 1,358 | |
3.50%, 03/01/2048 | | | 3,524 | | | | 3,200 | |
3.50%, 10/01/2049 | | | 1,099 | | | | 985 | |
3.50%, 01/01/2051 | | | 10,250 | | | | 9,256 | |
3.50%, 04/01/2052 | | | 10,011 | | | | 8,877 | |
3.50%, 04/01/2052 | | | 28,843 | | | | 25,781 | |
3.50%, 05/01/2052 | | | 4,420 | | | | 3,936 | |
3.50%, 05/01/2052 | | | 27,002 | | | | 23,914 | |
3.70%, 06/01/2034 | | | 11,150 | | | | 10,214 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.75%, 08/01/2032 | | $ | 15,000 | | | $ | 13,912 | |
4.00%, 09/01/2037 | | | 690 | | | | 664 | |
4.00%, 02/01/2046 | | | 3,532 | | | | 3,333 | |
4.00%, 08/01/2048 | | | 107 | | | | 99 | |
4.00%, 01/01/2049 | | | 2,623 | | | | 2,438 | |
4.00%, 07/01/2049 | | | 8,431 | | | | 7,896 | |
4.00%, 05/01/2050 | | | 354 | | | | 327 | |
4.00%, 02/01/2051 | | | 3,229 | | | | 2,977 | |
4.00%, 06/01/2052 | | | 12,213 | | | | 11,195 | |
4.00%, 09/01/2052 | | | 341 | | | | 312 | |
4.00%, 10/01/2052 | | | 11,734 | | | | 10,756 | |
4.50%, 06/01/2048 | | | 2,405 | | | | 2,310 | |
4.50%, 12/01/2048 | | | 2,850 | | | | 2,723 | |
4.50%, 09/01/2050 | | | 4,143 | | | | 3,955 | |
4.50%, 05/01/2052 | | | 851 | | | | 804 | |
4.50%, 07/01/2052 | | | 930 | | | | 878 | |
4.50%, 08/01/2052 | | | 25,312 | | | | 23,866 | |
4.50%, 05/01/2054 | | | 3,170 | | | | 2,996 | |
5.00%, 07/01/2052 | | | 4,159 | | | | 4,027 | |
5.00%, 06/01/2054 | | | 3,020 | | | | 2,936 | |
5.00%, 06/01/2054 | | | 3,188 | | | | 3,098 | |
5.50%, 11/01/2052 | | | 10,468 | | | | 10,362 | |
5.50%, 06/01/2053 | | | 7,301 | | | | 7,213 | |
5.50%, 06/01/2053 | | | 12,508 | | | | 12,352 | |
6.00%, 12/01/2052 | | | 4,378 | | | | 4,407 | |
6.00%, 06/01/2053 | | | 7,653 | | | | 7,698 | |
6.00%, 10/01/2053 | | | 5,681 | | | | 5,736 | |
6.00%, 12/01/2053 | | | 2,525 | | | | 2,553 | |
6.00%, 02/01/2054 | | | 3,624 | | | | 3,641 | |
6.50%, 09/01/2053 | | | 6,032 | | | | 6,186 | |
6.50%, 10/01/2053 | | | 4,093 | | | | 4,182 | |
Freddie Mac Reference REMIC | | | | | | | | |
6.00%, 04/15/2036, Series R006, Class ZA | | | 120 | | | | 124 | |
6.00%, 05/15/2036, Series R007, Class ZA | | | 155 | | | | 160 | |
Freddie Mac REMICS | | | | | | | | |
0.00%, 09/15/2032, Series 3393, Class JO | | | 380 | | | | 329 | |
0.00%, 12/15/2032, Series 2835, Class QO | | | 7 | | | | 6 | |
0.00%, 07/15/2034, Series 3611, Class PO | | | 42 | | | | 36 | |
0.00%, 02/15/2035, Series 2990, Class GO | | | 14 | | | | 11 | |
0.00%, 04/15/2035, Series 3077, Class TO | | | 3 | | | | 3 | |
0.00%, 08/15/2035, Series 3014, Class OD | | | 3 | | | | 3 | |
0.00%, 09/15/2035, Series 3029, Class SO | | | 11 | | | | 10 | |
0.00%, 02/15/2036, Series 3117, Class OG | | | 6 | | | | 5 | |
0.00%, 02/15/2036, Series 3117, Class OK | | | 9 | | | | 8 | |
0.00%, 02/15/2036, Series 3117, Class EO | | | 10 | | | | 9 | |
0.00%, 02/15/2036, Series 3117, Class AO | | | 18 | | | | 16 | |
0.00%, 03/15/2036, Series 3134, Class PO | | | 3 | | | | 2 | |
0.00%, 03/15/2036, Series 3122, Class OP | | | 10 | | | | 9 | |
0.00%, 03/15/2036, Series 3122, Class OH | | | 11 | | | | 10 | |
0.00%, 04/15/2036, Series 3138, Class PO | | | 14 | | | | 12 | |
0.00%, 04/15/2036, Series 3147, Class PO | | | 21 | | | | 19 | |
0.00%, 04/15/2036, Series 3607, Class AO | | | 27 | | | | 22 | |
0.00%, 04/15/2036, Series 3607, Class BO | | | 49 | | | | 41 | |
0.00%, 05/15/2036, Series 3233, Class OP | | | 4 | | | | 3 | |
0.00%, 05/15/2036, Series 3149, Class SO | | | 9 | | | | 7 | |
0.00%, 05/15/2036, Series 3151, Class PO | | | 17 | | | | 14 | |
0.00%, 05/15/2036, Series 3153, Class EO | | | 20 | | | | 17 | |
0.00%, 06/15/2036, Series 3171, Class MO | | | 26 | | | | 23 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
0.00%, 07/15/2036, Series 3179, Class OA | | $ | 9 | | | $ | 8 | |
0.00%, 08/15/2036, Series 3200, Class PO | | | 16 | | | | 13 | |
0.00%, 09/15/2036, Series 3218, Class AO | | | 7 | | | | 6 | |
0.00%, 09/15/2036, Series 3213, Class OA | | | 8 | | | | 7 | |
0.00%, 10/15/2036, Series 3225, Class EO | | | 17 | | | | 13 | |
0.00%, 12/15/2036, Series 3256, Class PO | | | 9 | | | | 7 | |
0.00%, 01/15/2037, Series 3261, Class OA | | | 9 | | | | 7 | |
0.00%, 02/15/2037, Series 3274, Class JO | | | 3 | | | | 2 | |
0.00%, 02/15/2037, Series 3510, Class OD | | | 22 | | | | 18 | |
0.00%, 03/15/2037, Series 3286, Class PO | | | 1 | | | | 1 | |
0.00%, 04/15/2037, Series 3373, Class TO | | | 10 | | | | 8 | |
0.00%, 05/15/2037, Series 3318, Class AO (10) | | | 0 | | | | 0 | |
0.00%, 05/15/2037, Series 3316, Class PO | | | 17 | | | | 14 | |
0.00%, 05/15/2037, Series 3607, Class PO | | | 95 | | | | 76 | |
0.00%, 06/15/2037, Series 3326, Class JO | | | 2 | | | | 1 | |
0.00%, 06/15/2037, Series 3331, Class PO | | | 9 | | | | 8 | |
0.00%, 07/15/2037, Series 3607, Class OP | | | 142 | | | | 116 | |
0.00%, 09/15/2037, Series 3365, Class PO | | | 14 | | | | 12 | |
0.00%, 10/15/2039, Series 3607, Class TO | | | 47 | | | | 38 | |
0.00%, 01/15/2040, Series 3621, Class BO | | | 41 | | | | 34 | |
0.00% (30-day Average SOFR + 17.12%, 17.50% Cap), 02/15/2040, Series 3632, Class BS (3)(4) | | | 116 | | | | 109 | |
0.00%, 10/15/2049, Series 3582, Class PO | | | 204 | | | | 176 | |
0.00% (30-day Average SOFR + 3.55%, 3.55% Cap), 10/25/2050, Series 5021, Class SB (3)(4) | | | 13,335 | | | | 364 | |
0.00% (30-day Average SOFR + 3.50%, 3.50% Cap), 05/25/2052, Series 5222, Class SA (3)(4) | | | 1,940 | | | | 28 | |
0.30%, 01/15/2040, Series 3802, Class LS (5) | | | 217 | | | | 14 | |
0.40% (30-day Average SOFR + 5.74%, 5.85% Cap), 08/15/2038, Series 3481, Class SJ (3)(4) | | | 79 | | | | 6 | |
0.55% (30-day Average SOFR + 5.89%, 6.00% Cap), 01/15/2038, Series 3404, Class SC (3)(4) | | | 127 | | | | 9 | |
0.55% (30-day Average SOFR + 5.89%, 6.00% Cap), 02/15/2039, Series 3511, Class SA (3)(4) | | | 35 | | | | 2 | |
0.55% (30-day Average SOFR + 5.89%, 6.00% Cap), 10/15/2040, Series 3740, Class SB (3)(4) | | | 98 | | | | 6 | |
0.55% (30-day Average SOFR + 5.89%, 6.00% Cap), 10/15/2040, Series 3740, Class SC (3)(4) | | | 99 | | | | 8 | |
0.65% (30-day Average SOFR + 5.99%, 6.10% Cap), 05/15/2039, Series 3531, Class SM (3)(4)(10) | | | 5 | | | | 0 | |
0.69% (30-day Average SOFR + 6.03%, 6.14% Cap), 01/15/2037, Series 3260, Class CS (3)(4) | | | 15 | | | | 1 | |
0.75% (30-day Average SOFR + 6.09%, 6.20% Cap), 06/15/2038, Series 3455, Class SE (3)(4) | | | 63 | | | | 6 | |
0.80% (30-day Average SOFR + 6.14%, 6.25% Cap), 12/15/2039, Series 3608, Class SC (3)(4) | | | 29 | | | | 2 | |
0.85% (30-day Average SOFR + 6.19%, 6.30% Cap), 05/15/2039, Series 3531, Class SA (3)(4) | | | 51 | | | | 1 | |
0.97% (30-day Average SOFR + 6.31%, 6.42% Cap), 11/15/2037, Series 3387, Class SA (3)(4) | | | 120 | | | | 8 | |
1.00% (30-day Average SOFR + 6.34%, 6.45% Cap), 03/15/2037, Series 3290, Class SB (3)(4) | | | 32 | | | | 2 | |
1.00% (30-day Average SOFR + 6.34%, 6.45% Cap), 11/15/2037, Series 3383, Class SA (3)(4) | | | 64 | | | | 6 | |
1.15% (30-day Average SOFR + 6.49%, 6.60% Cap), 07/15/2037, Series 3344, Class SL (3)(4) | | | 17 | | | | 1 | |
1.20% (30-day Average SOFR + 6.54%, 6.65% Cap), 08/15/2036, Series 3202, Class HI (3)(4) | | | 204 | | | | 16 | |
1.25% (30-day Average SOFR + 6.59%, 6.70% Cap), 10/15/2036, Series 3232, Class ST (3)(4) | | | 27 | | | | 2 | |
1.35% (30-day Average SOFR + 6.69%, 6.80% Cap), 04/15/2038, Series 3424, Class PI (3)(4) | | | 62 | | | | 6 | |
1.65% (30-day Average SOFR + 6.99%, 7.10% Cap), 07/15/2036, Series 3194, Class SA (3)(4)(10) | | | 5 | | | | 0 | |
1.84% (30-day Average SOFR + 19.62%, 20.00% Cap), 11/15/2035, Series 3064, Class SG (3)(4) | | | 13 | | | | 13 | |
2.00%, 12/25/2051, Series 5190, Class EC | | | 7,260 | | | | 6,258 | |
2.00%, 02/25/2052, Series 5197, Class EA | | | 7,452 | | | | 6,454 | |
2.39% (30-day Average SOFR + 13.06%, 13.29% Cap), 07/15/2033, Series 2692, Class SC (3)(4) | | | 11 | | | | 11 | |
2.50% (30-day Average SOFR + 7.84%, 7.95% Cap), 03/15/2032, Series 2444, Class ES (3)(4) | | | 9 | | | | 1 | |
2.55% (30-day Average SOFR + 7.89%, 8.00% Cap), 02/15/2032, Series 2475, Class S (3)(4) | | | 24 | | | | 2 | |
2.55% (30-day Average SOFR + 7.89%, 8.00% Cap), 03/15/2032, Series 2450, Class SW (3)(4) | | | 6 | | | | 1 | |
2.97% (30-day Average SOFR + 16.73%, 17.03% Cap), 06/15/2035, Series 2990, Class WP (3)(4)(10) | | | 0 | | | | 0 | |
3.00%, 08/15/2033, Series 4238, Class WY | | | 204 | | | | 192 | |
3.00%, 06/15/2043, Series 4217, Class KY | | | 206 | | | | 177 | |
3.00%, 12/15/2047, Series 4740, Class P | | | 959 | | | | 838 | |
3.00%, 10/25/2050, Series 5019, Class IP | | | 1,885 | | | | 314 | |
3.11% (30-day Average SOFR + 7.91%, 8.01% Cap), 10/15/2033, Series 2733, Class SB (3)(4) | | | 199 | | | | 186 | |
3.20% (30-day Average SOFR + 8.54%, 8.65% Cap), 02/15/2032, Series 2410, Class QX (3)(4)(10) | | | 4 | | | | 0 | |
3.26% (30-day Average SOFR + 16.59%, 16.88% Cap), 08/15/2025, Series 3022, Class SX (3)(4)(10) | | | 0 | | | | 0 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.48% (30-day Average SOFR + 69.23%, 9.00% Cap), 03/15/2037, Series 3443, Class SY (3)(4) | | $ | 8 | | | $ | 9 | |
3.50%, 01/15/2026, Series 3793, Class AB | | | 134 | | | | 132 | |
3.50%, 09/25/2044, Series 5230, Class DM | | | 13,970 | | | | 13,129 | |
3.50%, 12/15/2047, Series 4746, Class ZN | | | 5,398 | | | | 4,862 | |
3.50%, 01/25/2051, Series 5228, Class BH | | | 4,959 | | | | 4,662 | |
3.50%, 10/15/2053, Series 4821, Class MA | | | 1,806 | | | | 1,722 | |
3.83% (30-day Average SOFR + 17.16%, 17.45% Cap), 02/15/2038, Series 3422, Class SE (3)(4) | | | 6 | | | | 6 | |
3.86% (30-day Average SOFR + 33.20%, 33.83% Cap), 04/15/2025, Series 2967, Class S (3)(4)(10) | | | 0 | | | | 0 | |
4.00%, 12/15/2024, Series 3614, Class QB | | | 4 | | | | 4 | |
4.00%, 11/15/2041, Series 3957, Class B | | | 118 | | | | 112 | |
4.00%, 12/15/2041, Series 3966, Class NA | | | 109 | | | | 104 | |
4.00%, 11/25/2051, Series 5249, Class AB | | | 7,295 | | | | 6,979 | |
4.06% (30-day Average SOFR + 27.52%, 28.03% Cap), 10/15/2025, Series 3051, Class DP (3)(4) | | | 1 | | | | 1 | |
4.08% (30-day Average SOFR + 6.74%, 4.00% Floor, 6.80% Cap), 07/15/2033, Series 2642, Class SL (3)(4)(10) | | | 0 | | | | 0 | |
4.19% (30-day Average SOFR + 27.66%, 28.16% Cap), 02/15/2035, Series 2929, Class MS (3)(4) | | | 16 | | | | 14 | |
4.50%, 06/15/2025, Series 3684, Class CY | | | 16 | | | | 16 | |
4.50%, 12/15/2039, Series 3610, Class CA | | | 1,213 | | | | 1,188 | |
4.50%, 09/15/2043, Series 4247, Class AY | | | 1,000 | | | | 928 | |
4.52% (30-day Average SOFR + 16.25%, 16.50% Cap), 11/15/2033, Series 2780, Class SY (3)(4) | | | 4 | | | | 4 | |
4.59% (30-day Average SOFR + 24.15%, 24.57% Cap), 01/15/2036, Series 3102, Class HS (3)(4) | | | 2 | | | | 2 | |
4.68% (30-day Average SOFR + 19.35%, 19.66% Cap), 06/15/2036, Series 3523, Class SD (3)(4) | | | 9 | | | | 9 | |
4.77% (30-day Average SOFR + 14.55%, 14.76% Cap), 09/15/2033, Series 2671, Class S (3)(4) | | | 7 | | | | 7 | |
4.86% (30-day Average SOFR + 14.64%, 14.85% Cap), 06/15/2033, Series 2631, Class SA (3)(4) | | | 27 | | | | 28 | |
5.00%, 12/15/2024, Series 2903, Class Z (10) | | | 0 | | | | 0 | |
5.00%, 04/15/2030, Series 3654, Class DC | | | 371 | | | | 370 | |
5.00%, 07/15/2033, Series 2653, Class PZ | | | 119 | | | | 118 | |
5.00%, 01/15/2034, Series 3920, Class LP | | | 98 | | | | 98 | |
5.00%, 12/15/2040, Series 3770, Class ZB | | | 574 | | | | 565 | |
5.00%, 05/15/2041, Series 3860, Class PZ | | | 1,130 | | | | 1,112 | |
5.20% (30-day Average SOFR + 15.87%, 16.10% Cap), 02/15/2032, Series 2412, Class SP (3)(4) | | | 12 | | | | 13 | |
5.34% (30-day Average SOFR + 19.20%, 19.50% Cap), 02/15/2032, Series 2410, Class QS (3)(4) | | | 13 | | | | 14 | |
5.50%, 02/15/2034, Series 2744, Class PE (10) | | | 0 | | | | 0 | |
5.50%, 08/15/2036, Series 3645, Class KZ | | | 22 | | | | 23 | |
5.50%, 08/15/2036, Series 3200, Class AY | | | 63 | | | | 64 | |
5.50%, 03/15/2038, Series 3423, Class PB | | | 180 | | | | 184 | |
5.50%, 05/15/2038, Series 3453, Class B | | | 9 | | | | 9 | |
5.50%, 01/15/2039, Series 3501, Class CB | | | 69 | | | | 70 | |
5.50% (30-day Average SOFR + 26.80%, 5.50% Cap), 05/15/2041, Series 3852, Class QN (3)(4) | | | 69 | | | | 65 | |
5.50% (30-day Average SOFR + 27.08%, 5.50% Cap), 05/15/2041, Series 3852, Class TP (3)(4) | | | 182 | | | | 181 | |
5.53% (30-day Average SOFR + 18.33%, 18.60% Cap), 12/15/2032, Series 2571, Class SY (3)(4) | | | 9 | | | | 9 | |
5.65%, 10/15/2038, Series 3895, Class WA (5) | | | 31 | | | | 31 | |
5.72%, 02/15/2039, Series 3546, Class A (5) | | | 23 | | | | 23 | |
5.75% (30-day Average SOFR + 0.41%, 0.30% Floor, 6.50% Cap), 06/15/2035, Series 2988, Class AF (3) | | | 34 | | | | 34 | |
5.84% (30-day Average SOFR + 0.51%, 0.40% Floor), 07/15/2037, Series 4048, Class FJ (3) | | | 216 | | | | 212 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 6.50% Cap), 05/15/2035, Series 2981, Class FA (3) | | | 19 | | | | 19 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 10/15/2041, Series 4048, Class FB (3) | | | 168 | | | | 167 | |
5.85% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 09/15/2042, Series 4106, Class DF (3) | | | 244 | | | | 240 | |
5.89% (30-day Average SOFR + 0.55%, 0.44% Floor, 6.50% Cap), 02/15/2037, Series 3275, Class FL (3) | | | 14 | | | | 14 | |
5.90% (30-day Average SOFR + 0.56%, 0.45% Floor, 7.00% Cap), 08/15/2042, Series 4091, Class TF (3) | | | 811 | | | | 801 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 03/15/2042, Series 4012, Class FN (3) | | | 328 | | | | 325 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 07/15/2042, Series 4077, Class FB (3) | | | 140 | | | | 137 | |
6.00% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 12/15/2040, Series 3996, Class XF (3) | | | 170 | | | | 169 | |
6.00% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 03/15/2041, Series 4013, Class QF (3) | | | 171 | | | | 170 | |
6.00%, 05/15/2027, Series 1981, Class Z | | | 2 | | | | 2 | |
6.00%, 07/15/2028, Series 2070, Class C | | | 3 | | | | 3 | |
6.00%, 09/15/2028, Series 2086, Class GB | | | 1 | | | | 1 | |
6.00%, 11/15/2028, Series 2095, Class PE | | | 7 | | | | 7 | |
6.00%, 12/15/2028, Series 2106, Class ZD | | | 16 | | | | 15 | |
6.00%, 01/15/2029, Series 2110, Class PG | | | 18 | | | | 18 | |
6.00%, 02/15/2029, Series 2125, Class JZ | | | 5 | | | | 5 | |
6.00%, 09/15/2032, Series 2500, Class MC | | | 16 | | | | 16 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.00%, 12/15/2032, Series 2544, Class HC | | $ | 14 | | | $ | 14 | |
6.00%, 12/15/2032, Series 2543, Class YX | | | 29 | | | | 30 | |
6.00%, 01/15/2033, Series 2552, Class ME | | | 21 | | | | 21 | |
6.00%, 02/15/2033, Series 2567, Class QD | | | 18 | | | | 19 | |
6.00%, 02/15/2033, Series 2575, Class ME | | | 83 | | | | 84 | |
6.00%, 03/15/2033, Series 2596, Class QG | | | 12 | | | | 12 | |
6.00%, 05/15/2034, Series 2802, Class OH | | | 20 | | | | 20 | |
6.00%, 04/15/2035, Series 2968, Class EH | | | 431 | | | | 438 | |
6.00%, 01/15/2036, Series 3101, Class UZ | | | 50 | | | | 52 | |
6.00%, 03/15/2036, Series 3122, Class ZB | | | 3 | | | | 3 | |
6.00%, 04/15/2036, Series 3219, Class DI | | | 26 | | | | 5 | |
6.00%, 04/15/2036, Series 3137, Class XP | | | 35 | | | | 36 | |
6.00%, 04/15/2036, Series 3819, Class ZQ | | | 260 | | | | 268 | |
6.00%, 06/15/2036, Series 3164, Class MG | | | 6 | | | | 6 | |
6.00%, 02/15/2037, Series 3274, Class B | | | 22 | | | | 23 | |
6.00%, 04/15/2037, Series 3302, Class UT | | | 25 | | | | 26 | |
6.00%, 05/15/2037, Series 3315, Class HZ | | | 19 | | | | 19 | |
6.00%, 06/15/2038, Series 3461, Class LZ | | | 6 | | | | 6 | |
6.00%, 06/15/2038, Series 3461, Class Z | | | 144 | | | | 148 | |
6.05% (30-day Average SOFR + 0.71%, 0.60% Floor, 8.50% Cap), 01/15/2029, Series 2388, Class FB (3) | | | 3 | | | | 3 | |
6.05% (30-day Average SOFR + 0.71%, 0.60% Floor, 9.50% Cap), 12/15/2033, Series 2722, Class PF (3) | | | 70 | | | | 70 | |
6.05% (30-day Average SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 09/15/2037, Series 3371, Class FA (3) | | | 7 | | | | 7 | |
6.13% (30-day Average SOFR + 0.79%, 0.68% Floor, 7.00% Cap), 11/15/2037, Series 3386, Class KF (3) | | | 232 | | | | 232 | |
6.15% (30-day Average SOFR + 0.81%, 0.70% Floor, 9.00% Cap), 02/15/2027, Series 1935, Class FL (3)(10) | | | 0 | | | | 0 | |
6.20% (30-day Average SOFR + 0.86%, 0.75% Floor, 8.50% Cap), 12/15/2032, Series 2571, Class FY (3) | | | 15 | | | | 15 | |
6.25% (30-day Average SOFR + 0.91%, 0.80% Floor, 7.50% Cap), 08/15/2035, Series 3085, Class WF (3) | | | 20 | | | | 20 | |
6.25%, 08/15/2028, Series 2075, Class PM | | | 9 | | | | 9 | |
6.25%, 02/15/2029, Series 2126, Class CB | | | 15 | | | | 15 | |
6.35% (30-day Average SOFR + 1.01%, 0.90% Floor, 9.00% Cap), 02/15/2032, Series 2418, Class FO (3) | | | 9 | | | | 9 | |
6.50%, 03/15/2026, Series 1829, Class ZB (10) | | | 0 | | | | 0 | |
6.50%, 07/15/2026, Series 1863, Class Z (10) | | | 0 | | | | 0 | |
6.50%, 01/15/2027, Series 1927, Class ZA | | | 1 | | | | 1 | |
6.50%, 12/15/2027, Series 2019, Class Z | | | 2 | | | | 2 | |
6.50%, 06/15/2028, Series 2063, Class PG | | | 4 | | | | 4 | |
6.50%, 08/15/2028, Series 2075, Class PH | | | 8 | | | | 8 | |
6.50%, 05/15/2031, Series 2313, Class LA | | | 1 | | | | 1 | |
6.50%, 08/15/2031, Series 2351, Class PZ | | | 5 | | | | 5 | |
6.50%, 08/15/2031, Series 2345, Class NE | | | 6 | | | | 6 | |
6.50%, 08/15/2031, Series 2344, Class ZJ | | | 8 | | | | 8 | |
6.50%, 08/15/2031, Series 2344, Class ZD | | | 56 | | | | 58 | |
6.50%, 10/15/2031, Series 2367, Class ME | | | 6 | | | | 7 | |
6.50%, 01/15/2032, Series 2399, Class OH | | | 7 | | | | 7 | |
6.50%, 01/15/2032, Series 2399, Class TH | | | 8 | | | | 8 | |
6.50%, 02/15/2032, Series 2410, Class NG | | | 10 | | | | 10 | |
6.50%, 02/15/2032, Series 2420, Class XK | | | 13 | | | | 13 | |
6.50%, 03/15/2032, Series 2430, Class WF | | | 15 | | | | 15 | |
6.50%, 03/15/2032, Series 2423, Class TB | | | 16 | | | | 16 | |
6.50%, 04/15/2032, Series 2441, Class GF | | | 4 | | | | 4 | |
6.50%, 04/15/2032, Series 2435, Class CJ | | | 21 | | | | 21 | |
6.50%, 04/15/2032, Series 2434, Class ZA | | | 24 | | | | 24 | |
6.50%, 05/15/2032, Series 2455, Class GK | | | 12 | | | | 12 | |
6.50%, 06/15/2032, Series 2466, Class DH | | | 4 | | | | 4 | |
6.50%, 06/15/2032, Series 2458, Class ZM | | | 7 | | | | 7 | |
6.50%, 06/15/2032, Series 2466, Class PH | | | 14 | | | | 15 | |
6.50%, 07/15/2032, Series 2474, Class NR | | | 13 | | | | 13 | |
6.50%, 07/15/2032, Series 2484, Class LZ | | | 17 | | | | 17 | |
6.50%, 03/15/2033, Series 2586, Class WI | | | 7 | | | | 1 | |
6.50%, 07/15/2036, Series 3195, Class PD | | | 22 | | | | 23 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.50%, 07/15/2036, Series 3181, Class AZ | | $ | 29 | | | $ | 30 | |
6.65% (30-day Average SOFR + 1.31%, 1.20% Floor, 7.00% Cap), 07/15/2039, Series 3549, Class FA (3) | | | 6 | | | | 6 | |
6.98% (30-day Average SOFR + 30.05%, 30.55% Cap), 03/15/2029, Series 2132, Class SB (3)(4) | | | 1 | | | | 1 | |
7.00%, 03/15/2028, Series 2038, Class PN (10) | | | 2 | | | | 0 | |
7.00%, 06/15/2028, Series 2064, Class TE (10) | | | 0 | | | | 0 | |
7.00%, 10/15/2028, Series 2089, Class PJ (10) | | | 3 | | | | 0 | |
7.00%, 04/15/2029, Series 2141, Class IO (10) | | | 0 | | | | 0 | |
7.00%, 06/15/2029, Series 2169, Class TB | | | 17 | | | | 17 | |
7.00%, 07/15/2029, Series 2172, Class QC | | | 11 | | | | 11 | |
7.00%, 08/15/2029, Series 2176, Class OJ | | | 5 | | | | 5 | |
7.00%, 01/15/2030, Series 2208, Class PG | | | 10 | | | | 10 | |
7.00%, 10/15/2030, Series 2259, Class ZM | | | 8 | | | | 8 | |
7.00%, 03/15/2031, Series 2296, Class PD | | | 6 | | | | 6 | |
7.00%, 06/15/2031, Series 2325, Class PM | | | 3 | | | | 3 | |
7.00%, 07/15/2031, Series 2332, Class ZH | | | 10 | | | | 10 | |
7.00%, 03/15/2032, Series 2423, Class MC | | | 8 | | | | 9 | |
7.00%, 03/15/2032, Series 2423, Class MT | | | 10 | | | | 11 | |
7.00%, 04/15/2032, Series 2436, Class MC | | | 4 | | | | 4 | |
7.00%, 04/15/2032, Series 2434, Class TC | | | 18 | | | | 19 | |
7.00%, 05/15/2032, Series 2450, Class GZ | | | 12 | | | | 12 | |
7.00%, 12/15/2036, Series 3704, Class CT | | | 484 | | | | 504 | |
7.25%, 07/15/2027, Series 1970, Class PG (10) | | | 0 | | | | 0 | |
7.25%, 09/15/2030, Series 2256, Class MC | | | 4 | | | | 5 | |
7.25%, 12/15/2030, Series 2271, Class PC | | | 7 | | | | 8 | |
7.50%, 08/15/2024, Series 1745, Class D (10) | | | 0 | | | | 0 | |
7.50%, 09/15/2026, Series 1890, Class H (10) | | | 0 | | | | 0 | |
7.50%, 01/15/2027, Series 1963, Class Z | | | 1 | | | | 1 | |
7.50%, 01/15/2027, Series 1927, Class PH | | | 3 | | | | 3 | |
7.50%, 09/15/2027, Series 1987, Class PE | | | 2 | | | | 2 | |
7.50%, 03/15/2028, Series 2040, Class PE | | | 6 | | | | 6 | |
7.50%, 05/15/2028, Series 2054, Class PV | | | 2 | | | | 2 | |
7.50%, 06/15/2029, Series 2163, Class PC (10) | | | 1 | | | | 0 | |
7.50%, 11/15/2029, Series 2196, Class TL (10) | | | 0 | | | | 0 | |
7.50%, 05/15/2030, Series 2234, Class PZ | | | 3 | | | | 3 | |
7.50%, 08/15/2030, Series 2247, Class Z | | | 3 | | | | 3 | |
7.50%, 10/15/2030, Series 2262, Class Z | | | 1 | | | | 1 | |
7.50%, 11/15/2036, Series 3704, Class DT | | | 213 | | | | 224 | |
7.50%, 12/15/2036, Series 3704, Class ET | | | 179 | | | | 193 | |
7.54%, 11/15/2046, Series 3688, Class GT (5) | | | 227 | | | | 239 | |
7.67% (30-day Average SOFR + 2.33%, 8.32% Cap), 07/15/2034, Series 3305, Class MG (3) | | | 16 | | | | 17 | |
8.00%, 09/15/2026, Series 1899, Class ZE | | | 1 | | | | 1 | |
8.00%, 11/15/2029, Series 2201, Class C | | | 3 | | | | 3 | |
8.00%, 01/15/2030, Series 2209, Class TC | | | 2 | | | | 3 | |
8.00%, 01/15/2030, Series 2210, Class Z | | | 11 | | | | 11 | |
8.00%, 03/15/2030, Series 2224, Class CB | | | 2 | | | | 2 | |
8.00%, 04/15/2030, Series 2230, Class Z | | | 3 | | | | 3 | |
8.50%, 06/15/2031, Series 2359, Class ZB | | | 9 | | | | 9 | |
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4 | | | | | | | | |
3.50%, 06/25/2057, Series 2017-4, Class MT | | | 2,290 | | | | 2,044 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1 | | | | | | | | |
3.50%, 05/25/2057, Series 2018-1, Class M60C | | | 8,719 | | | | 7,848 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2 | | | | | | | | |
3.50%, 11/25/2057, Series 2018-2, Class MT | | | 5,308 | | | | 4,668 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 | | | | | | | | |
3.50%, 03/25/2058, Series 2018-4, Class MZ | | | 9,752 | | | | 6,963 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 | | | | | | | | |
3.50%, 07/25/2058, Series 2019-1, Class MT | | | 6,121 | | | | 5,371 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.50%, 10/25/2058, Series 2019-3, Class MB | | $ | 3,880 | | | $ | 3,054 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4 | | | | | | | | |
4.00%, 02/25/2059, Series 2019-4, Class M55D | | | 4,011 | | | | 3,660 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1 | | | | | | | | |
3.00%, 08/25/2059, Series 2020-1, Class M55G | | | 4,906 | | | | 4,301 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3 | | | | | | | | |
2.00%, 05/25/2060, Series 2020-3, Class MT | | | 4,560 | | | | 3,610 | |
3.00%, 05/25/2060, Series 2020-3, Class M5TW | | | 5,218 | | | | 4,513 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1 | | | | | | | | |
3.25%, 11/25/2061, Series 2022-1, Class MTU | | | 8,459 | | | | 7,287 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2023-1 | | | | | | | | |
3.00%, 10/25/2062, Series 2023-1, Class MT | | | 8,394 | | | | 6,923 | |
Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1 | | | | | | | | |
3.00%, 11/25/2063, Series 2024-1, Class MT | | | 4,612 | | | | 3,745 | |
Freddie Mac STACR REMIC Trust 2021-DNA5 | | | | | | | | |
6.99% (30-day Average SOFR + 1.65%), 01/25/2034, Series 2021-DNA5, Class M2 (1)(3) | | | 629 | | | | 633 | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | |
6.19% (30-day Average SOFR + 0.85%), 09/25/2041, Series 2021-HQA3, Class M1 (1)(3) | | | 17,445 | | | | 17,405 | |
Freddie Mac STACR REMIC Trust 2022-DNA1 | | | | | | | | |
6.34% (30-day Average SOFR + 1.00%), 01/25/2042, Series 2022-DNA1, Class M1A (1)(3) | | | 4,764 | | | | 4,763 | |
Freddie Mac STACR REMIC Trust 2022-DNA2 | | | | | | | | |
6.64% (30-day Average SOFR + 1.30%), 02/25/2042, Series 2022-DNA2, Class M1A (1)(3) | | | 2,443 | | | | 2,455 | |
Freddie Mac STACR REMIC Trust 2022-DNA6 | | | | | | | | |
7.49% (30-day Average SOFR + 2.15%), 09/25/2042, Series 2022-DNA6, Class M1A (1)(3) | | | 1,504 | | | | 1,524 | |
Freddie Mac STACR REMIC Trust 2022-DNA7 | | | | | | | | |
7.84% (30-day Average SOFR + 2.50%), 03/25/2052, Series 2022-DNA7, Class M1A (1)(3) | | | 3,673 | | | | 3,737 | |
Freddie Mac STACR REMIC Trust 2024-DNA1 | | | | | | | | |
6.69% (30-day Average SOFR + 1.35%), 02/25/2044, Series 2024-DNA1, Class M1 (1)(3) | | | 5,173 | | | | 5,193 | |
Freddie Mac STACR REMIC Trust 2024-DNA2 | | | | | | | | |
6.54% (30-day Average SOFR + 1.20%), 05/25/2044, Series 2024-DNA2, Class M1 (1)(3) | | | 1,203 | | | | 1,205 | |
Freddie Mac Strips | | | | | | | | |
0.00%, 04/01/2028, Series 197, Class PO | | | 13 | | | | 12 | |
0.00%, 09/15/2043, Series 310, Class PO | | | 344 | | | | 256 | |
0.00%, 10/25/2053, Series 406, Class PO | | | 9,171 | | | | 7,265 | |
2.25% (30-day Average SOFR + 7.59%, 7.70% Cap), 08/15/2036, Series 239, Class S30 (3)(4) | | | 142 | | | | 16 | |
3.00%, 08/15/2042, Series 267, Class 30 | | | 511 | | | | 458 | |
3.00%, 01/15/2043, Series 299, Class 300 | | | 107 | | | | 96 | |
3.50%, 07/15/2042, Series 262, Class 35 | | | 1,917 | | | | 1,768 | |
5.00%, 09/15/2035, Series 233, Class 12 | | | 39 | | | | 6 | |
5.00%, 09/15/2035, Series 233, Class 11 | | | 46 | | | | 8 | |
5.00%, 09/15/2035, Series 233, Class 13 | | | 73 | | | | 12 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 08/15/2042, Series 270, Class F1 (3) | | | 369 | | | | 363 | |
6.00% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 07/15/2042, Series 264, Class F1 (3) | | | 654 | | | | 645 | |
6.00% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 08/15/2042, Series 272, Class F2 (3) | | | 350 | | | | 345 | |
Freddie Mac Structured Pass-Through Certificates | | | | | | | | |
0.00%, 07/25/2043, Series T-57, Class 1AP | | | 11 | | | | 9 | |
0.00%, 09/25/2043, Series T-58, Class APO | | | 12 | | | | 9 | |
0.00%, 10/25/2043, Series T-59, Class 1AP | | | 14 | | | | 7 | |
2.17%, 10/25/2037, Series T-76, Class 2A (5) | | | 562 | | | | 544 | |
4.34%, 07/25/2032, Series T-41, Class 3A (5) | | | 34 | | | | 31 | |
4.42%, 07/25/2033, Series T-48, Class 1A (5) | | | 98 | | | | 92 | |
5.23%, 05/25/2043, Series T-56, Class A5 | | | 344 | | | | 329 | |
6.35% (12 Month U.S. Treasury Average + 1.20%, 1.20% Floor), 10/25/2044, Series T-62, Class 1A1 (3) | | | 210 | | | | 190 | |
6.50%, 02/25/2043, Series T-54, Class 2A | | | 164 | | | | 165 | |
7.00%, 02/25/2043, Series T-54, Class 3A | | | 53 | | | | 55 | |
7.00%, 10/25/2043, Series T-59, Class 1A2 | | | 167 | | | | 171 | |
7.50%, 02/25/2042, Series T-42, Class A5 | | | 138 | | | | 138 | |
7.50%, 08/25/2042, Series T-51, Class 2A (5) | | | 30 | | | | 31 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
7.50%, 07/25/2043, Series T-57, Class 1A3 | | $ | 32 | | | $ | 34 | |
7.50%, 09/25/2043, Series T-58, Class 4A | | | 177 | | | | 179 | |
FREMF 2014-K40 Mortgage Trust | | | | | | | | |
4.18%, 11/25/2047, Series 2014-K40, Class C (1)(5) | | | 2,273 | | | | 2,255 | |
FREMF 2014-K41 Mortgage Trust | | | | | | | | |
3.96%, 11/25/2047, Series 2014-K41, Class C (1)(5) | | | 6,000 | | | | 5,929 | |
FREMF 2015-K44 Mortgage Trust | | | | | | | | |
3.84%, 01/25/2048, Series 2015-K44, Class B (1)(5) | | | 3,510 | | | | 3,458 | |
FREMF 2015-K45 Mortgage Trust | | | | | | | | |
3.72%, 04/25/2048, Series 2015-K45, Class B (1)(5) | | | 2,135 | | | | 2,102 | |
FREMF 2015-K49 Mortgage Trust | | | | | | | | |
3.85%, 10/25/2048, Series 2015-K49, Class C (1)(5) | | | 4,000 | | | | 3,883 | |
FREMF 2015-K51 Mortgage Trust | | | | | | | | |
4.09%, 10/25/2048, Series 2015-K51, Class C (1)(5) | | | 1,500 | | | | 1,454 | |
FREMF 2016-K52 Mortgage Trust | | | | | | | | |
4.07%, 01/25/2049, Series 2016-K52, Class B (1)(5) | | | 4,750 | | | | 4,621 | |
FREMF 2016-K59 Mortgage Trust | | | | | | | | |
3.70%, 11/25/2049, Series 2016-K59, Class B (1)(5) | | | 2,450 | | | | 2,344 | |
FREMF 2017-KGS1 Mortgage Trust | | | | | | | | |
7.94% (30-day Average SOFR + 2.61%, 2.50% Floor), 10/25/2027, Series 2017-KGL1, Class BFL (1)(3) | | | 4,424 | | | | 4,270 | |
FREMF 2019-K92 Mortgage Trust | | | | | | | | |
4.34%, 05/25/2052, Series 2019-K92, Class B (1)(5) | | | 6,595 | | | | 6,226 | |
Ginnie Mae | | | | | | | | |
0.00%, 06/16/2033, Series 2003-52, Class AP | | | 13 | | | | 11 | |
0.00%, 06/20/2034, Series 2004-46, Class PO | | | 26 | | | | 24 | |
0.00%, 08/20/2035, Series 2010-14, Class CO | | | 59 | | | | 52 | |
0.00%, 10/20/2035, Series 2005-82, Class PO | | | 14 | | | | 12 | |
0.00%, 11/20/2035, Series 2010-14, Class BO | | | 21 | | | | 17 | |
0.00%, 03/20/2036, Series 2006-16, Class OP | | | 18 | | | | 15 | |
0.00%, 05/20/2036, Series 2006-22, Class AO | | | 25 | | | | 23 | |
0.00%, 07/20/2036, Series 2006-34, Class PO | | | 3 | | | | 3 | |
0.00%, 03/20/2037, Series 2007-57, Class PO | | | 5 | | | | 5 | |
0.00%, 04/16/2037, Series 2007-17, Class JO | | | 35 | | | | 30 | |
0.00%, 05/20/2037, Series 2007-28, Class BO | | | 5 | | | | 4 | |
0.00%, 06/16/2037, Series 2007-36, Class HO | | | 9 | | | | 8 | |
0.00%, 06/16/2037, Series 2007-35, Class PO | | | 92 | | | | 81 | |
0.00%, 11/16/2037, Series 2009-79, Class OK | | | 92 | | | | 78 | |
0.00%, 01/20/2038, Series 2008-1, Class PO | | | 4 | | | | 3 | |
0.00%, 12/20/2040, Series 2010-157, Class OP | | | 195 | | | | 162 | |
0.00% (1 Month Term SOFR + 3.75%, 3.86% Cap), 09/20/2048, Series 2018-121, Class KS (3)(4) | | | 4,764 | | | | 87 | |
0.00% (1 Month Term SOFR + 3.73%, 3.84% Cap), 10/20/2048, Series 2018-148, Class DS (3)(4) | | | 6,113 | | | | 119 | |
0.00% (1 Month Term SOFR + 3.69%, 3.80% Cap), 11/20/2048, Series 2018-151, Class SL (3)(4) | | | 3,635 | | | | 82 | |
0.00% (1 Month Term SOFR + 3.19%, 2.00% Cap), 11/20/2048, Series 2018-155, Class PS (3)(4) | | | 11,065 | | | | 132 | |
0.00% (1 Month Term SOFR + 2.70%, 2.81% Cap), 07/20/2049, Series 2019-92, Class S (3)(4) | | | 18,829 | | | | 196 | |
0.00% (1 Month Term SOFR + 2.97%, 3.08% Cap), 08/20/2049, Series 2019-97, Class MS (3)(4) | | | 11,302 | | | | 140 | |
0.00% (1 Month Term SOFR + 3.24%, 3.35% Cap), 08/20/2049, Series 2019-99, Class SA (3)(4) | | | 9,548 | | | | 148 | |
0.00% (1 Month Term SOFR + 3.25%, 0.02% Cap), 01/20/2050, Series 2021-165, Class ST (3)(4) | | | 2,393 | | | | 1 | |
0.00% (30-day Average SOFR + 3.50%, 3.50% Cap), 03/20/2052, Series 2022-46, Class S (3)(4) | | | 4,038 | | | | 67 | |
0.00% (30-day Average SOFR + 3.50%, 3.50% Cap), 03/20/2052, Series 2022-51, Class SC (3)(4) | | | 18,651 | | | | 365 | |
0.00% (30-day Average SOFR + 3.85%, 3.85% Cap), 04/20/2052, Series 2022-68, Class SP (3)(4) | | | 4,979 | | | | 116 | |
0.00% (30-day Average SOFR + 3.85%, 3.85% Cap), 04/20/2052, Series 2022-66, Class SB (3)(4) | | | 6,131 | | | | 116 | |
0.00% (30-day Average SOFR + 3.75%, 3.75% Cap), 04/20/2052, Series 2022-78, Class SB (3)(4) | | | 10,889 | | | | 218 | |
0.00% (30-day Average SOFR + 3.60%, 3.60% Cap), 04/20/2052, Series 2022-78, Class MS (3)(4) | | | 16,356 | | | | 299 | |
0.00% (30-day Average SOFR + 3.65%, 3.65% Cap), 05/20/2052, Series 2022-93, Class GS (3)(4) | | | 3,852 | | | | 66 | |
0.00% (30-day Average SOFR + 3.95%, 3.95% Cap), 07/20/2052, Series 2022-133, Class SA (3)(4) | | | 8,414 | | | | 142 | |
0.00% (30-day Average SOFR + 3.76%, 3.76% Cap), 07/20/2052, Series 2022-126, Class CS (3)(4) | | | 22,986 | | | | 346 | |
0.00% (30-day Average SOFR + 3.60%, 3.60% Cap), 08/20/2052, Series 2022-148, Class DS (3)(4) | | | 8,617 | | | | 131 | |
0.00%, 05/20/2053, Series 2023-169, Class EO | | | 2,819 | | | | 2,168 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
0.25% (1 Month Term SOFR + 5.59%, 5.70% Cap), 12/20/2038, Series 2008-93, Class AS (3)(4) | | $ | 92 | | | $ | 4 | |
0.45% (1 Month Term SOFR + 5.79%, 5.90% Cap), 09/20/2038, Series 2008-76, Class US (3)(4) | | | 82 | | | | 2 | |
0.50% (1 Month Term SOFR + 5.84%, 5.95% Cap), 02/20/2039, Series 2009-10, Class SA (3)(4) | | | 64 | | | | 3 | |
0.50% (1 Month Term SOFR + 5.84%, 5.95% Cap), 06/20/2039, Series 2009-43, Class SA (3)(4) | | | 63 | | | | 2 | |
0.55% (1 Month Term SOFR + 5.89%, 6.00% Cap), 11/20/2037, Series 2007-73, Class MI (3)(4) | | | 60 | | | | 1 | |
0.55% (1 Month Term SOFR + 5.89%, 6.00% Cap), 02/20/2038, Series 2009-106, Class ST (3)(4) | | | 485 | | | | 17 | |
0.55% (1 Month Term SOFR + 5.89%, 6.00% Cap), 08/20/2038, Series 2008-71, Class SC (3)(4)(10) | | | 23 | | | | 0 | |
0.55% (1 Month Term SOFR + 5.89%, 6.00% Cap), 12/20/2038, Series 2008-96, Class SL (3)(4) | | | 51 | | | | 1 | |
0.59% (1 Month Term SOFR + 5.93%, 6.04% Cap), 02/20/2039, Series 2009-6, Class SH (3)(4)(10) | | | 39 | | | | 0 | |
0.63% (1 Month Term SOFR + 5.97%, 6.08% Cap), 11/20/2034, Series 2004-96, Class SC (3)(4)(10) | | | 93 | | | | 0 | |
0.63% (1 Month Term SOFR + 5.97%, 6.08% Cap), 06/20/2039, Series 2009-42, Class SC (3)(4) | | | 86 | | | | 5 | |
0.64% (1 Month Term SOFR + 5.98%, 6.09% Cap), 09/20/2039, Series 2009-81, Class SB (3)(4) | | | 168 | | | | 11 | |
0.65% (1 Month Term SOFR + 5.99%, 6.10% Cap), 10/20/2034, Series 2004-90, Class SI (3)(4) | | | 149 | | | | 7 | |
0.66% (1 Month Term SOFR + 5.99%, 6.10% Cap), 02/16/2039, Series 2009-6, Class SA (3)(4)(10) | | | 33 | | | | 0 | |
0.66% (1 Month Term SOFR + 5.99%, 6.10% Cap), 07/16/2039, Series 2009-64, Class SN (3)(4) | | | 74 | | | | 3 | |
0.70% (1 Month Term SOFR + 6.04%, 6.15% Cap), 07/20/2038, Series 2008-60, Class CS (3)(4) | | | 68 | | | | 2 | |
0.71% (1 Month Term SOFR + 6.04%, 6.15% Cap), 02/16/2039, Series 2009-11, Class SC (3)(4) | | | 43 | | | | 1 | |
0.75% (1 Month Term SOFR + 6.09%, 6.20% Cap), 03/20/2037, Series 2007-9, Class CI (3)(4) | | | 67 | | | | 3 | |
0.75% (1 Month Term SOFR + 6.09%, 6.20% Cap), 04/20/2037, Series 2007-19, Class SD (3)(4) | | | 32 | | | | 1 | |
0.75% (1 Month Term SOFR + 6.09%, 6.20% Cap), 05/20/2037, Series 2007-26, Class SC (3)(4) | | | 60 | | | | 2 | |
0.75% (1 Month Term SOFR + 6.09%, 6.20% Cap), 05/20/2037, Series 2007-27, Class SD (3)(4) | | | 65 | | | | 2 | |
0.75% (1 Month Term SOFR + 6.09%, 6.20% Cap), 06/20/2038, Series 2008-55, Class SA (3)(4) | | | 20 | | | | 1 | |
0.75% (1 Month Term SOFR + 6.09%, 6.20% Cap), 09/20/2038, Series 2008-81, Class S (3)(4) | | | 171 | | | | 2 | |
0.80% (1 Month Term SOFR + 6.14%, 6.25% Cap), 06/20/2037, Series 2007-36, Class SJ (3)(4) | | | 49 | | | | 1 | |
0.81% (1 Month Term SOFR + 6.14%, 6.25% Cap), 08/16/2039, Series 2009-72, Class SM (3)(4) | | | 93 | | | | 5 | |
0.82% (1 Month Term SOFR + 6.16%, 6.27% Cap), 04/20/2039, Series 2009-22, Class SA (3)(4) | | | 102 | | | | 5 | |
0.85% (1 Month Term SOFR + 6.19%, 6.30% Cap), 09/20/2035, Series 2005-68, Class KI (3)(4) | | | 211 | | | | 16 | |
0.85% (1 Month Term SOFR + 6.19%, 6.30% Cap), 04/20/2038, Series 2008-36, Class SH (3)(4)(10) | | | 79 | | | | 0 | |
0.85% (1 Month Term SOFR + 6.19%, 6.30% Cap), 03/20/2039, Series 2009-31, Class TS (3)(4)(10) | | | 31 | | | | 0 | |
0.96% (1 Month Term SOFR + 6.29%, 6.40% Cap), 05/16/2038, Series 2008-40, Class SA (3)(4) | | | 234 | | | | 13 | |
0.96% (1 Month Term SOFR + 6.29%, 6.40% Cap), 11/16/2039, Series 2009-106, Class AS (3)(4) | | | 140 | | | | 11 | |
1.03% (1 Month Term SOFR + 6.36%, 6.47% Cap), 06/16/2037, Series 2007-36, Class SE (3)(4) | | | 38 | | | | 1 | |
1.05% (1 Month Term SOFR + 6.39%, 6.50% Cap), 11/20/2037, Series 2007-76, Class SB (3)(4) | | | 117 | | | | 2 | |
1.06% (1 Month Term SOFR + 6.40%, 6.51% Cap), 11/20/2037, Series 2007-67, Class SI (3)(4) | | | 63 | | | | 1 | |
1.10% (1 Month Term SOFR + 6.43%, 6.54% Cap), 11/16/2037, Series 2007-74, Class SL (3)(4) | | | 65 | | | | 1 | |
1.10% (1 Month Term SOFR + 6.44%, 6.55% Cap), 09/20/2037, Series 2007-53, Class ES (3)(4) | | | 54 | | | | 2 | |
1.10% (1 Month Term SOFR + 6.44%, 6.55% Cap), 11/20/2037, Series 2007-72, Class US (3)(4) | | | 53 | | | | 1 | |
1.10% (1 Month Term SOFR + 6.44%, 6.55% Cap), 12/20/2037, Series 2007-79, Class SY (3)(4) | | | 78 | | | | 2 | |
1.11% (1 Month Term SOFR + 6.44%, 6.55% Cap), 11/16/2033, Series 2003-97, Class SA (3)(4)(10) | | | 19 | | | | 0 | |
1.11% (1 Month Term SOFR + 6.44%, 6.55% Cap), 12/16/2033, Series 2003-112, Class SA (3)(4)(10) | | | 31 | | | | 0 | |
1.11% (1 Month Term SOFR + 6.44%, 6.55% Cap), 09/16/2034, Series 2004-73, Class JL (3)(4) | | | 108 | | | | 8 | |
1.15% (1 Month Term SOFR + 6.49%, 6.60% Cap), 05/20/2041, Series 2011-75, Class SM (3)(4) | | | 113 | | | | 6 | |
1.19% (1 Month Term SOFR + 6.53%, 6.64% Cap), 07/20/2037, Series 2007-45, Class QA (3)(4) | | | 75 | | | | 4 | |
1.20%, 06/20/2067, Series 2017-H14, Class XI (5) | | | 6,865 | | | | 212 | |
1.23% (1 Month Term SOFR + 6.57%, 6.68% Cap), 07/20/2037, Series 2007-40, Class SN (3)(4) | | | 71 | | | | 2 | |
1.25% (1 Month Term SOFR + 6.59%, 6.70% Cap), 10/20/2036, Series 2006-59, Class SD (3)(4) | | | 34 | | | | 2 | |
1.30% (1 Month Term SOFR + 6.64%, 6.75% Cap), 01/20/2035, Series 2005-3, Class SK (3)(4) | | | 100 | | | | 6 | |
1.30% (1 Month Term SOFR + 6.64%, 6.75% Cap), 07/20/2037, Series 2007-40, Class SD (3)(4) | | | 53 | | | | 2 | |
1.35% (1 Month Term SOFR + 6.69%, 6.80% Cap), 06/20/2035, Series 2008-79, Class CS (3)(4) | | | 51 | | | | 48 | |
1.35% (1 Month Term SOFR + 6.69%, 6.80% Cap), 11/20/2036, Series 2006-65, Class SA (3)(4)(10) | | | 54 | | | | 0 | |
1.37% (1 Month Term SOFR + 6.70%, 6.81% Cap), 04/16/2037, Series 2007-17, Class JI (3)(4) | | | 91 | | | | 7 | |
1.65%, 01/20/2063, Series 2013-H01, Class FA (10) | | | 0 | | | | 0 | |
1.65%, 02/20/2063, Series 2013-H04, Class BA | | | 5 | | | | 4 | |
1.65%, 04/20/2063, Series 2013-H09, Class HA | | | 7 | | | | 7 | |
1.85% (1 Month Term SOFR + 7.19%, 7.30% Cap), 12/20/2038, Series 2008-95, Class DS (3)(4) | | | 148 | | | | 4 | |
2.00%, 07/01/2054 (11) | | | 21,330 | | | | 17,259 | |
2.07% (1 Month Term SOFR + 22.30%, 22.73% Cap), 08/20/2035, Series 2005-65, Class SA (3)(4) | | | 3 | | | | 3 | |
2.15% (1 Month Term SOFR + 7.49%, 7.60% Cap), 09/20/2038, Series 2009-25, Class SE (3)(4) | | | 35 | | | | 1 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
2.24%, 05/20/2067, Series 2017-H11, Class LI (5) | | $ | 6,106 | | | $ | 525 | |
2.26% (1 Month Term SOFR + 7.59%, 7.70% Cap), 04/16/2038, Series 2008-33, Class XS (3)(4) | | | 36 | | | | 2 | |
2.27% (1 Month Term SOFR + 7.59%, 7.70% Cap), 02/20/2033, Series 2003-12, Class SP (3)(4)(10) | | | 9 | | | | 0 | |
2.49% (1 Month Term SOFR + 13.17%, 13.40% Cap), 10/20/2037, Series 2008-7, Class SP (3)(4) | | | 9 | | | | 8 | |
2.50%, 07/01/2054 (11) | | | 3,540 | | | | 2,975 | |
2.69% (1 Month Term SOFR + 28.90%, 29.46% Cap), 09/20/2034, Series 2004-71, Class SB (3)(4) | | | 11 | | | | 11 | |
2.69% (1 Month Term SOFR + 20.45%, 20.83% Cap), 08/16/2035, Series 2005-66, Class SP (3)(4) | | | 6 | | | | 6 | |
2.81% (1 Month Term SOFR + 8.14%, 8.25% Cap), 08/16/2031, Series 2001-35, Class SA (3)(4)(10) | | | 5 | | | | 0 | |
3.00%, 12/20/2041, Series 2011-157, Class UY | | | 1,000 | | | | 862 | |
3.00%, 10/20/2045, Series 2015-144, Class HP | | | 546 | | | | 481 | |
3.00%, 09/20/2047, Series 2017-139, Class BA | | | 728 | | | | 644 | |
3.00%, 07/01/2054 (11) | | | 2,675 | | | | 2,330 | |
3.32% (1 Month Term SOFR + 16.16%, 16.43% Cap), 06/17/2035, Series 2005-68, Class DP (3)(4) | | | 24 | | | | 24 | |
3.50%, 07/20/2046, Series 2018-160, Class PA | | | 654 | | | | 633 | |
3.50%, 09/20/2046, Series 2018-34, Class DL | | | 1,266 | | | | 1,209 | |
3.50%, 08/01/2054 (11) | | | 3,445 | | | | 3,093 | |
3.59% (1 Month Term SOFR + 19.61%, 19.95% Cap), 11/20/2037, Series 2008-7, Class SK (3)(4) | | | 6 | | | | 6 | |
3.72%, 01/20/2042, Series 2012-141, Class WC (5) | | | 140 | | | | 130 | |
3.85% (1 Month Term SOFR + 19.86%, 20.21% Cap), 09/20/2037, Series 2007-53, Class SW (3)(4) | | | 12 | | | | 13 | |
4.00%, 07/01/2054 (11) | | | 2,610 | | | | 2,412 | |
4.02%, 09/16/2042, Series 2012-141, Class WB (5) | | | 92 | | | | 85 | |
4.42% (1 Month Term SOFR + 23.96%, 24.38% Cap), 10/16/2034, Series 2004-89, Class LS (3)(4) | | | 7 | | | | 8 | |
4.43%, 04/20/2043, Series 2013-91, Class WA (5) | | | 125 | | | | 117 | |
4.50%, 07/01/2054 (11) | | | 1,410 | | | | 1,340 | |
4.51%, 11/16/2041, Series 2012-141, Class WA (5) | | | 163 | | | | 159 | |
4.55%, 10/20/2041, Series 2014-188, Class W (5) | | | 230 | | | | 225 | |
4.60% (1 Month Term SOFR + 0.71%, 0.60% Floor, 4.60% Cap), 10/20/2062, Series 2012-H24, Class FE (3) | | | 3 | | | | 3 | |
4.66%, 10/20/2042, Series 2014-41, Class W (5) | | | 467 | | | | 458 | |
4.69%, 09/20/2041, Series 2013-26, Class AK (5) | | | 121 | | | | 119 | |
4.69% (1 Month Term SOFR + 19.35%, 19.66% Cap), 04/16/2034, Series 2004-28, Class S (3)(4) | | | 14 | | | | 15 | |
4.74% (1 Month Term SOFR + 16.47%, 16.72% Cap), 05/18/2034, Series 2005-7, Class JM (3)(4)(10) | | | 0 | | | | 0 | |
4.76%, 03/20/2048, Series 2020-30, Class PT (5) | | | 5,685 | | | | 5,608 | |
4.90%, 11/20/2042, Series 2013-54, Class WA (5) | | | 94 | | | | 93 | |
5.00%, 07/01/2054 (11) | | | 6,850 | | | | 6,670 | |
5.11%, 06/20/2040, Series 2013-75, Class WA (5) | | | 65 | | | | 65 | |
5.14%, 07/20/2060, Series 2010-H17, Class XQ (5) | | | 2 | | | | 2 | |
5.32%, 01/20/2039, Series 2014-6, Class W (5) | | | 285 | | | | 287 | |
5.50%, 04/20/2033, Series 2003-25, Class PZ | | | 77 | | | | 77 | |
5.50%, 03/16/2034, Series 2004-17, Class MZ | | | 1,187 | | | | 1,183 | |
5.50%, 07/20/2035, Series 2005-56, Class IC | | | 10 | | | | 1 | |
5.50%, 09/20/2035, Series 2005-72, Class AZ | | | 45 | | | | 45 | |
5.50%, 02/20/2038, Series 2008-17, Class IO (10) | | | 12 | | | | 0 | |
5.50%, 07/01/2038 (11) | | | 8,155 | | | | 8,091 | |
5.50%, 05/20/2039, Series 2009-33, Class CI | | | 14 | | | | 1 | |
5.50%, 09/20/2039, Series 2009-75, Class MN | | | 306 | | | | 312 | |
5.50%, 10/20/2039, Series 2009-87, Class BE | | | 338 | | | | 343 | |
5.50% (1 Month Term SOFR + 0.56%, 0.45% Floor, 5.50% Cap), 03/20/2060, Series 2012-H24, Class FA (3) | | | 18 | | | | 18 | |
5.50% (1 Month Term SOFR + 0.56%, 0.45% Floor, 5.50% Cap), 05/20/2062, Series 2012-H15, Class FA (3)(10) | | | 0 | | | | 0 | |
5.54%, 01/20/2038, Series 2015-137, Class WA (5) | | | 260 | | | | 261 | |
5.56%, 10/20/2036, Series 2006-57, Class PZ | | | 60 | | | | 60 | |
5.57%, 08/20/2038, Series 2012-59, Class WA (5) | | | 98 | | | | 99 | |
5.59% (1 Month Term SOFR + 0.54%, 0.43% Floor, 5.59% Cap), 04/20/2060, Series 2012-H24, Class FG (3) | | | 2 | | | | 2 | |
5.59% (1 Month Term SOFR + 0.41%, 0.30% Floor, 5.59% Cap), 08/20/2060, Series 2013-H03, Class FA (3)(10) | | | 0 | | | | 0 | |
5.59%, 07/20/2040, Series 2011-137, Class WA (5) | | | 96 | | | | 97 | |
5.67%, 08/20/2034, Series 2010-103, Class WA (5) | | | 28 | | | | 28 | |
5.74% (1 Month Term SOFR + 0.41%, 0.30% Floor), 11/20/2062, Series 2013-H02, Class HF (3)(10) | | | 0 | | | | 0 | |
5.74% (1 Month Term SOFR + 0.41%, 0.30% Floor, 6.50% Cap), 05/16/2037, Series 2007-25, Class FN (3) | | | 29 | | | | 29 | |
5.75%, 07/20/2038, Series 2008-69, Class QD | | | 12 | | | | 12 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
5.76% (1 Month Term SOFR + 0.43%, 0.32% Floor, 10.50% Cap), 01/20/2063, Series 2013-H01, Class JA (3) | | $ | 122 | | | $ | 122 | |
5.78% (1 Month Term SOFR + 0.45%, 0.34% Floor, 11.00% Cap), 12/20/2062, Series 2012-H31, Class FD (3) | | | 574 | | | | 572 | |
5.82%, 10/20/2033, Series 2010-41, Class WA (5) | | | 49 | | | | 49 | |
5.85% (1 Month Term SOFR + 0.52%, 0.41% Floor, 11.00% Cap), 03/20/2063, Series 2013-H07, Class HA (3) | | | 172 | | | | 172 | |
5.85%, 02/20/2037, Series 2011-22, Class WA (5) | | | 20 | | | | 20 | |
5.86% (1 Month Term SOFR + 0.53%, 0.42% Floor, 10.50% Cap), 02/20/2063, Series 2013-H04, Class SA (3) | | | 102 | | | | 101 | |
5.87%, 12/20/2038, Series 2011-163, Class WA (5) | | | 219 | | | | 222 | |
5.87%, 04/20/2037, Series 2010-129, Class AW (5) | | | 34 | | | | 35 | |
5.88% (1 Month Term SOFR + 0.55%, 0.44% Floor, 11.00% Cap), 07/20/2065, Series 2015-H16, Class FL (3) | | | 1,687 | | | | 1,684 | |
5.89% (1 Month Term SOFR + 0.56%, 0.45% Floor, 11.00% Cap), 06/20/2065, Series 2015-H18, Class FA (3) | | | 404 | | | | 403 | |
5.89% (1 Month Term SOFR + 0.56%, 0.45% Floor, 11.00% Cap), 08/20/2067, Series 2017-H19, Class FA (3) | | | 251 | | | | 251 | |
5.91% (1 Month Term SOFR + 0.58%, 0.47% Floor), 08/20/2061, Series 2011-H19, Class FA (3) | | | 80 | | | | 80 | |
5.91% (1 Month Term SOFR + 0.58%, 0.47% Floor, 10.50% Cap), 03/20/2063, Series 2013-H07, Class GA (3) | | | 41 | | | | 41 | |
5.91% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 06/20/2063, Series 2013-H14, Class FD (3) | | | 251 | | | | 251 | |
5.91% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 07/20/2064, Series 2014-H14, Class GF (3) | | | 395 | | | | 394 | |
5.91% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 09/20/2064, Series 2014-H19, Class FE (3) | | | 1,627 | | | | 1,625 | |
5.91% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 08/20/2065, Series 2015-H20, Class FA (3) | | | 291 | | | | 291 | |
5.91% (1 Month Term SOFR + 0.58%, 11.00% Cap), 02/20/2065, Series 2015-H07, Class ES (3) | | | 473 | | | | 472 | |
5.92% (1 Month Term SOFR + 0.59%, 0.48% Floor, 11.00% Cap), 02/20/2065, Series 2015-H05, Class FC (3) | | | 1,863 | | | | 1,854 | |
5.92% (1 Month Term SOFR + 0.59%, 0.48% Floor, 11.00% Cap), 03/20/2065, Series 2015-H08, Class FC (3) | | | 3,166 | | | | 3,162 | |
5.92% (1 Month Term SOFR + 0.59%, 11.00% Cap), 04/20/2065, Series 2015-H10, Class FC (3) | | | 2,758 | | | | 2,754 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor, 10.66% Cap), 03/20/2061, Series 2011-H11, Class FA (3) | | | 455 | | | | 455 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor), 01/20/2063, Series 2013-H01, Class TA (3) | | | 4 | | | | 4 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 06/20/2064, Series 2014-H11, Class VA (3) | | | 1,193 | | | | 1,192 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 07/20/2064, Series 2014-H15, Class FA (3) | | | 977 | | | | 976 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 07/20/2064, Series 2014-H17, Class FC (3) | | | 1,160 | | | | 1,154 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 12/20/2064, Series 2015-H03, Class FA (3) | | | 463 | | | | 463 | |
5.94% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 06/20/2067, Series 2017-H14, Class FV (3) | | | 2,658 | | | | 2,654 | |
5.95% (1 Month Term SOFR + 0.63%, 0.52% Floor, 11.50% Cap), 10/20/2062, Series 2012-H29, Class FA (3) | | | 234 | | | | 234 | |
5.99% (1 Month Term SOFR + 0.66%, 0.55% Floor), 10/20/2061, Series 2012-H26, Class JA (3) | | | 2 | | | | 2 | |
5.99% (1 Month Term SOFR + 0.66%, 0.55% Floor), 04/20/2062, Series 2013-H07, Class MA (3) | | | 1 | | | | 1 | |
5.99% (1 Month Term SOFR + 0.66%, 0.55% Floor), 07/20/2062, Series 2012-H26, Class MA (3) | | | 4 | | | | 4 | |
6.00% (1 Month Term SOFR + 0.67%, 0.56% Floor, 11.00% Cap), 03/20/2067, Series 2017-H09, Class DF (3) | | | 2,716 | | | | 2,714 | |
6.00%, 09/16/2033, Series 2003-75, Class ZX | | | 41 | | | | 41 | |
6.00%, 06/20/2034, Series 2004-49, Class Z | | | 104 | | | | 105 | |
6.00%, 12/20/2035, Series 2005-91, Class PI | | | 21 | | | | 2 | |
6.00%, 06/20/2038, Series 2008-50, Class KB | | | 41 | | | | 42 | |
6.00%, 05/20/2039, Series 2009-33, Class TI | | | 19 | | | | 2 | |
6.00%, 07/01/2054 (11) | | | 8,565 | | | | 8,601 | |
6.02% (1 Month Term SOFR + 0.69%, 0.58% Floor), 09/20/2062, Series 2012-H28, Class FA (3) | | | 5 | | | | 5 | |
6.04% (1 Month Term SOFR + 0.71%, 0.60% Floor, 11.00% Cap), 04/20/2064, Series 2014-H09, Class TA (3) | | | 286 | | | | 286 | |
6.04% (1 Month Term SOFR + 0.71%, 0.60% Floor), 04/20/2064, Series 2014-H10, Class TA (3) | | | 1,674 | | | | 1,674 | |
6.04% (1 Month Term SOFR + 0.71%, 0.60% Floor, 11.00% Cap), 05/20/2064, Series 2014-H07, Class FA (3) | | | 3,004 | | | | 3,005 | |
6.04% (1 Month Term SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 10/20/2064, Series 2014-H20, Class LF (3) | | | 790 | | | | 787 | |
6.09% (1 Month Term SOFR + 0.76%, 0.65% Floor), 05/20/2061, Series 2012-H21, Class DF (3) | | | 8 | | | | 8 | |
6.09% (1 Month Term SOFR + 0.76%, 0.65% Floor, 11.00% Cap), 01/20/2064, Series 2014-H01, Class FD (3) | | | 275 | | | | 275 | |
6.09% (1 Month Term SOFR + 0.76%, 0.65% Floor, 11.00% Cap), 02/20/2064, Series 2014-H04, Class FB (3) | | | 571 | | | | 572 | |
6.09% (1 Month Term SOFR + 0.76%, 0.65% Floor, 11.00% Cap), 03/20/2064, Series 2014-H06, Class HB (3) | | | 479 | | | | 479 | |
6.10%, 11/20/2038, Series 2011-97, Class WA (5) | | | 52 | | | | 53 | |
6.13% (1 Month Term SOFR + 0.80%, 0.69% Floor, 11.00% Cap), 02/20/2064, Series 2014-H05, Class FA (3) | | | 1,792 | | | | 1,794 | |
6.14% (1 Month Term SOFR + 0.81%, 0.70% Floor), 05/20/2061, Series 2012-H21, Class CF (3) | | | 8 | | | | 8 | |
6.14% (1 Month Term SOFR + 0.81%, 0.70% Floor, 11.00% Cap), 04/20/2062, Series 2012-H08, Class FS (3) | | | 374 | | | | 374 | |
6.27% (1 Month Term SOFR + 0.93%, 0.82% Floor, 7.00% Cap), 07/20/2038, Series 2008-58, Class FA (3) | | | 151 | | | | 152 | |
6.50%, 07/20/2032, Series 2002-52, Class GH | | | 27 | | | | 26 | |
6.50%, 01/20/2033, Series 2003-58, Class BE | | | 36 | | | | 36 | |
6.50%, 05/20/2033, Series 2003-46, Class MG | | | 28 | | | | 28 | |
6.50%, 07/20/2036, Series 2006-33, Class Z | | | 111 | | | | 113 | |
6.50%, 08/20/2036, Series 2006-38, Class ZK | | | 139 | | | | 138 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
6.50%, 03/20/2039, Series 2009-14, Class KI | | $ | 22 | | | $ | 2 | |
6.50%, 03/20/2039, Series 2009-14, Class NI | | | 50 | | | | 6 | |
6.72% (1 Month Term SOFR + 1.39%, 1.28% Floor), 02/20/2071, Series 2021-H03, Class LF (3) | | | 11,731 | | | | 11,912 | |
7.00% (1 Month Term SOFR + 43.78%, 7.00% Cap), 09/20/2034, Series 2004-71, Class ST (3)(4) | | | 11 | | | | 11 | |
7.00%, 08/16/2039, Series 2009-104, Class AB | | | 3 | | | | 3 | |
7.00%, 10/16/2040, Series 2010-130, Class CP | | | 165 | | | | 172 | |
Ginnie Mae I Pool | | | | | | | | |
3.00%, 05/15/2043 | | | 211 | | | | 188 | |
3.00%, 07/15/2045 | | | 525 | | | | 461 | |
3.50%, 01/15/2042 | | | 1,697 | | | | 1,566 | |
3.50%, 03/15/2043 | | | 658 | | | | 605 | |
3.50%, 04/15/2043 | | | 1,448 | | | | 1,331 | |
3.50%, 06/15/2043 | | | 681 | | | | 626 | |
3.50%, 07/15/2043 | | | 303 | | | | 279 | |
4.00%, 06/15/2039 | | | 159 | | | | 148 | |
4.00%, 10/15/2040 | | | 87 | | | | 82 | |
4.50%, 04/15/2040 | | | 618 | | | | 600 | |
5.50%, 04/15/2033 | | | 126 | | | | 131 | |
5.50%, 06/15/2033 | | | 1 | | | | 1 | |
5.50%, 12/15/2033 | | | 5 | | | | 5 | |
5.50%, 07/15/2034 | | | 2 | | | | 2 | |
5.50%, 09/15/2034 | | | 2 | | | | 2 | |
6.50%, 03/15/2028 | | | 2 | | | | 2 | |
6.50%, 09/15/2028 | | | 3 | | | | 3 | |
6.50%, 10/15/2028 (10) | | | 0 | | | | 0 | |
6.50%, 01/15/2032 | | | 22 | | | | 22 | |
6.50%, 07/15/2032 | | | 2 | | | | 2 | |
6.50%, 02/15/2033 | | | 5 | | | | 6 | |
6.50%, 04/15/2033 | | | 4 | | | | 5 | |
6.50%, 12/15/2035 | | | 22 | | | | 23 | |
7.00%, 09/15/2031 | | | 25 | | | | 26 | |
7.00%, 02/15/2033 | | | 4 | | | | 4 | |
7.00%, 06/15/2033 | | | 8 | | | | 9 | |
7.00%, 06/15/2035 | | | 54 | | | | 55 | |
7.00%, 04/15/2037 | | | 6 | | | | 5 | |
7.50%, 11/15/2026 (10) | | | 0 | | | | 0 | |
7.50%, 07/15/2027 (10) | | | 0 | | | | 0 | |
7.50%, 09/15/2028 | | | 1 | | | | 1 | |
7.50%, 10/15/2037 | | | 14 | | | | 14 | |
Ginnie Mae II Pool | | | | | | | | |
2.00%, 10/20/2050 | | | 5,084 | | | | 3,988 | |
2.00%, 01/20/2051 | | | 13,474 | | | | 10,914 | |
2.00%, 03/20/2051 | | | 4,118 | | | | 3,334 | |
2.00%, 08/20/2051 | | | 3,177 | | | | 2,571 | |
2.00%, 10/20/2051 | | | 12,067 | | | | 9,767 | |
2.00%, 11/20/2051 | | | 11,623 | | | | 9,408 | |
2.00%, 12/20/2051 | | | 4,985 | | | | 4,035 | |
2.00%, 01/20/2052 | | | 8,620 | | | | 6,980 | |
2.50%, 12/20/2046 | | | 902 | | | | 768 | |
2.50%, 06/20/2050 | | | 1,658 | | | | 1,397 | |
2.50%, 09/20/2050 | | | 51 | | | | 43 | |
2.50%, 09/20/2050 | | | 2,923 | | | | 2,447 | |
2.50%, 09/20/2050 | | | 4,624 | | | | 3,932 | |
2.50%, 10/20/2050 | | | 234 | | | | 197 | |
2.50%, 11/20/2050 | | | 178 | | | | 150 | |
2.50%, 12/20/2050 | | | 3,281 | | | | 2,764 | |
2.50%, 01/20/2051 | | | 2,036 | | | | 1,715 | |
2.50%, 02/20/2051 | | | 12,684 | | | | 10,685 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
2.50%, 03/20/2051 | | $ | 11,871 | | | $ | 9,890 | |
2.50%, 03/20/2051 | | | 14,600 | | | | 12,293 | |
2.50%, 04/20/2051 | | | 11,958 | | | | 10,051 | |
2.50%, 05/20/2051 | | | 8,973 | | | | 7,542 | |
2.50%, 06/20/2051 | | | 13,066 | | | | 10,938 | |
2.50%, 08/20/2051 | | | 55,881 | | | | 46,983 | |
2.50%, 09/20/2051 | | | 6,719 | | | | 5,594 | |
2.50%, 09/20/2051 | | | 13,684 | | | | 11,505 | |
2.50%, 10/20/2051 | | | 6,615 | | | | 5,560 | |
2.50%, 11/20/2051 | | | 15,806 | | | | 13,286 | |
2.50%, 12/20/2051 | | | 21,301 | | | | 17,907 | |
2.50%, 03/20/2052 | | | 10,736 | | | | 8,971 | |
2.50%, 02/20/2053 | | | 3,100 | | | | 2,608 | |
2.93%, 10/20/2070 (5) | | | 6,562 | | | | 5,870 | |
3.00%, 06/20/2042 | | | 124 | | | | 110 | |
3.00%, 08/20/2042 | | | 1,607 | | | | 1,440 | |
3.00%, 11/20/2042 | | | 907 | | | | 806 | |
3.00%, 12/20/2042 | | | 463 | | | | 412 | |
3.00%, 01/20/2043 | | | 460 | | | | 409 | |
3.00%, 04/20/2043 | | | 1,132 | | | | 1,006 | |
3.00%, 09/20/2043 | | | 352 | | | | 313 | |
3.00%, 10/20/2043 | | | 56 | | | | 49 | |
3.00%, 01/20/2044 | | | 311 | | | | 276 | |
3.00%, 07/20/2044 | | | 120 | | | | 107 | |
3.00%, 12/20/2044 | | | 191 | | | | 170 | |
3.00%, 04/20/2045 | | | 1,711 | | | | 1,521 | |
3.00%, 05/20/2045 | | | 304 | | | | 270 | |
3.00%, 07/20/2045 | | | 731 | | | | 649 | |
3.00%, 10/20/2045 | | | 834 | | | | 740 | |
3.00%, 11/20/2045 | | | 203 | | | | 180 | |
3.00%, 02/20/2046 | | | 293 | | | | 259 | |
3.00%, 04/20/2046 | | | 1,725 | | | | 1,526 | |
3.00%, 05/20/2046 | | | 74 | | | | 65 | |
3.00%, 07/20/2046 | | | 1,422 | | | | 1,257 | |
3.00%, 08/20/2046 | | | 10,675 | | | | 9,452 | |
3.00%, 09/20/2046 | | | 490 | | | | 433 | |
3.00%, 01/20/2047 | | | 1,156 | | | | 1,021 | |
3.00%, 02/20/2047 | | | 1,723 | | | | 1,523 | |
3.00%, 03/20/2047 | | | 183 | | | | 161 | |
3.00%, 10/20/2047 | | | 9,315 | | | | 8,219 | |
3.00%, 04/20/2049 | | | 446 | | | | 393 | |
3.00%, 07/20/2049 | | | 1,823 | | | | 1,602 | |
3.00%, 10/20/2049 | | | 4,630 | | | | 4,057 | |
3.00%, 11/20/2049 | | | 4,517 | | | | 3,957 | |
3.00%, 12/20/2049 (9) | | | 6,028 | | | | 5,278 | |
3.00%, 01/20/2050 | | | 5,949 | | | | 5,219 | |
3.00%, 02/20/2050 | | | 105 | | | | 92 | |
3.00%, 09/20/2050 | | | 307 | | | | 268 | |
3.00%, 09/20/2050 | | | 2,406 | | | | 2,096 | |
3.00%, 09/20/2050 | | | 6,667 | | | | 5,808 | |
3.00%, 05/20/2051 | | | 4,518 | | | | 3,941 | |
3.00%, 07/20/2051 | | | 26,580 | | | | 23,200 | |
3.00%, 08/20/2051 | | | 19,406 | | | | 16,934 | |
3.00%, 09/20/2051 | | | 3,045 | | | | 2,655 | |
3.00%, 10/20/2051 | | | 4,874 | | | | 4,250 | |
3.00%, 11/20/2051 | | | 414 | | | | 361 | |
3.00%, 12/20/2051 | | | 1,934 | | | | 1,686 | |
3.00%, 12/20/2051 | | | 4,995 | | | | 4,472 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
3.02%, 12/20/2070 (5) | | $ | 3,437 | | | $ | 3,054 | |
3.04%, 06/20/2070 (5) | | | 4,309 | | | | 3,850 | |
3.07%, 09/20/2070 (5) | | | 3,994 | | | | 3,573 | |
3.10%, 12/20/2071 (5) | | | 9,447 | | | | 8,368 | |
3.48%, 04/20/2072 (5) | | | 3,343 | | | | 3,004 | |
3.50%, 06/20/2042 | | | 8,275 | | | | 7,588 | |
3.50%, 10/20/2042 | | | 1,766 | | | | 1,620 | |
3.50%, 11/20/2042 | | | 612 | | | | 561 | |
3.50%, 05/20/2043 | | | 427 | | | | 392 | |
3.50%, 03/20/2045 | | | 434 | | | | 396 | |
3.50%, 04/20/2045 | | | 3,304 | | | | 3,016 | |
3.50%, 10/20/2045 | | | 2,784 | | | | 2,539 | |
3.50%, 01/20/2046 | | | 1,684 | | | | 1,535 | |
3.50%, 02/20/2046 | | | 4,523 | | | | 4,122 | |
3.50%, 03/20/2046 | | | 1,444 | | | | 1,317 | |
3.50%, 04/20/2046 | | | 10,629 | | | | 9,684 | |
3.50%, 05/20/2046 | | | 3,360 | | | | 3,061 | |
3.50%, 06/20/2046 | | | 1,318 | | | | 1,193 | |
3.50%, 07/20/2046 (9) | | | 3,030 | | | | 2,759 | |
3.50%, 08/20/2046 | | | 450 | | | | 410 | |
3.50%, 09/20/2046 | | | 350 | | | | 319 | |
3.50%, 11/20/2046 | | | 538 | | | | 490 | |
3.50%, 12/20/2046 | | | 2,408 | | | | 2,192 | |
3.50%, 01/20/2047 | | | 15 | | | | 14 | |
3.50%, 02/20/2047 | | | 2,417 | | | | 2,198 | |
3.50%, 03/20/2047 | | | 104 | | | | 95 | |
3.50%, 04/20/2047 | | | 128 | | | | 116 | |
3.50%, 05/20/2047 | | | 2,374 | | | | 2,158 | |
3.50%, 07/20/2047 | | | 1,890 | | | | 1,721 | |
3.50%, 08/20/2047 | | | 100 | | | | 91 | |
3.50%, 11/20/2047 | | | 4,367 | | | | 3,963 | |
3.50%, 12/20/2047 | | | 808 | | | | 733 | |
3.50%, 04/20/2048 | | | 3,017 | | | | 2,738 | |
3.50%, 06/20/2049 | | | 696 | | | | 630 | |
3.50%, 11/20/2049 | | | 2,630 | | | | 2,296 | |
3.50%, 08/20/2050 | | | 6,595 | | | | 5,922 | |
3.50%, 01/20/2051 | | | 7,671 | | | | 6,794 | |
3.50%, 02/20/2051 | | | 1,820 | | | | 1,647 | |
3.50%, 06/20/2051 | | | 1,593 | | | | 1,438 | |
3.50%, 02/20/2052 | | | 1,920 | | | | 1,732 | |
3.50%, 02/20/2052 | | | 3,238 | | | | 2,918 | |
3.50%, 02/20/2052 | | | 4,888 | | | | 4,329 | |
3.50%, 02/20/2052 | | | 6,604 | | | | 5,929 | |
4.00%, 10/20/2040 | | | 729 | | | | 693 | |
4.00%, 06/20/2042 | | | 1,029 | | | | 978 | |
4.00%, 10/20/2042 | | | 2,342 | | | | 2,225 | |
4.00%, 12/20/2042 | | | 1,201 | | | | 1,141 | |
4.00%, 02/20/2043 | | | 506 | | | | 480 | |
4.00%, 10/20/2043 | | | 1,337 | | | | 1,270 | |
4.00%, 11/20/2044 | | | 749 | | | | 708 | |
4.00%, 12/20/2044 | | | 556 | | | | 527 | |
4.00%, 03/20/2045 | | | 151 | | | | 143 | |
4.00%, 05/20/2045 | | | 1,761 | | | | 1,663 | |
4.00%, 07/20/2045 | | | 624 | | | | 587 | |
4.00%, 08/20/2045 | | | 3,896 | | | | 3,683 | |
4.00%, 11/20/2045 | | | 1,275 | | | | 1,201 | |
4.00%, 01/20/2046 | | | 300 | | | | 283 | |
4.00%, 03/20/2046 | | | 324 | | | | 305 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
4.00%, 04/20/2046 | | $ | 848 | | | $ | 799 | |
4.00%, 05/20/2046 | | | 1,428 | | | | 1,344 | |
4.00%, 06/20/2046 | | | 673 | | | | 634 | |
4.00%, 11/20/2046 | | | 602 | | | | 566 | |
4.00%, 02/20/2047 | | | 880 | | | | 825 | |
4.00%, 03/20/2047 | | | 1,767 | | | | 1,659 | |
4.00%, 05/20/2047 | | | 139 | | | | 131 | |
4.00%, 05/20/2047 | | | 147 | | | | 137 | |
4.00%, 06/20/2047 | | | 1,164 | | | | 1,087 | |
4.00%, 07/20/2047 | | | 3,059 | | | | 2,870 | |
4.00%, 09/20/2047 | | | 869 | | | | 815 | |
4.00%, 12/20/2047 | | | 1,166 | | | | 1,092 | |
4.00%, 01/20/2048 | | | 780 | | | | 730 | |
4.00%, 02/20/2048 | | | 120 | | | | 112 | |
4.00%, 06/20/2048 | | | 1,928 | | | | 1,803 | |
4.00%, 01/20/2050 | | | 2,268 | | | | 2,119 | |
4.00%, 12/20/2051 | | | 4,170 | | | | 3,800 | |
4.00%, 12/20/2051 | | | 10,383 | | | | 9,460 | |
4.00%, 04/20/2052 | | | 3,895 | | | | 3,599 | |
4.00%, 06/20/2052 | | | 956 | | | | 884 | |
4.00%, 08/20/2052 | | | 26,061 | | | | 24,083 | |
4.00%, 11/20/2052 | | | 2,767 | | | | 2,557 | |
4.25%, 12/20/2047 | | | 919 | | | | 863 | |
4.50%, 06/20/2040 | | | 253 | | | | 247 | |
4.50%, 01/20/2041 | | | 227 | | | | 222 | |
4.50%, 03/20/2041 | | | 199 | | | | 194 | |
4.50%, 05/20/2041 | | | 99 | | | | 96 | |
4.50%, 06/20/2041 | | | 709 | | | | 692 | |
4.50%, 09/20/2041 | | | 242 | | | | 236 | |
4.50%, 09/20/2043 | | | 542 | | | | 527 | |
4.50%, 10/20/2043 | | | 1,047 | | | | 1,016 | |
4.50%, 12/20/2043 | | | 573 | | | | 556 | |
4.50%, 10/20/2045 | | | 5,948 | | | | 5,772 | |
4.50%, 01/20/2046 | | | 857 | | | | 829 | |
4.50%, 07/20/2046 | | | 387 | | | | 376 | |
4.50%, 09/20/2046 | | | 757 | | | | 724 | |
4.50%, 11/20/2046 | | | 1,161 | | | | 1,127 | |
4.50%, 03/20/2047 | | | 205 | | | | 198 | |
4.50%, 07/20/2047 | | | 1,920 | | | | 1,854 | |
4.50%, 08/20/2047 | | | 508 | | | | 491 | |
4.50%, 09/20/2047 | | | 2,588 | | | | 2,504 | |
4.50%, 01/20/2048 | | | 374 | | | | 360 | |
4.50%, 02/20/2048 | | | 1,655 | | | | 1,597 | |
4.50%, 03/20/2048 | | | 184 | | | | 178 | |
4.50%, 04/20/2048 | | | 155 | | | | 149 | |
4.50%, 04/20/2048 | | | 949 | | | | 911 | |
4.50%, 04/20/2048 | | | 1,006 | | | | 960 | |
4.50%, 04/20/2048 | | | 1,392 | | | | 1,332 | |
4.50%, 05/20/2048 | | | 691 | | | | 658 | |
4.50%, 05/20/2048 | | | 1,812 | | | | 1,718 | |
4.50%, 05/20/2048 | | | 2,309 | | | | 2,209 | |
4.50%, 09/20/2048 | | | 380 | | | | 366 | |
4.50%, 11/20/2049 | | | 4,841 | | | | 4,602 | |
4.50%, 01/20/2053 | | | 11,960 | | | | 11,381 | |
4.50%, 05/20/2053 | | | 2,439 | | | | 2,320 | |
5.00%, 10/20/2037 | | | 148 | | | | 148 | |
5.00%, 07/20/2040 | | | 66 | | | | 66 | |
5.00%, 06/20/2044 | | | 298 | | | | 298 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
5.00%, 07/20/2044 | | $ | 249 | | | $ | 249 | |
5.00%, 08/20/2045 | | | 317 | | | | 317 | |
5.00%, 09/20/2046 | | | 742 | | | | 742 | |
5.00%, 10/20/2047 | | | 101 | | | | 100 | |
5.00%, 11/20/2047 | | | 502 | | | | 497 | |
5.00%, 06/20/2048 | | | 709 | | | | 698 | |
5.00%, 07/20/2048 | | | 224 | | | | 223 | |
5.00%, 07/20/2048 | | | 1,274 | | | | 1,240 | |
5.00%, 02/20/2049 | | | 2,504 | | | | 2,466 | |
5.00%, 07/20/2049 | | | 272 | | | | 273 | |
5.00%, 08/20/2049 | | | 4,985 | | | | 4,976 | |
5.00%, 09/20/2049 | | | 2,645 | | | | 2,581 | |
5.00%, 05/20/2052 | | | 3,402 | | | | 3,261 | |
5.50%, 09/20/2039 | | | 41 | | | | 42 | |
5.50%, 07/20/2053 | | | 1,580 | | | | 1,593 | |
6.00%, 03/20/2028 | | | 1 | | | | 1 | |
6.00%, 11/20/2033 | | | 2 | | | | 2 | |
6.00%, 09/20/2038 | | | 170 | | | | 177 | |
6.00%, 11/20/2038 | | | 1 | | | | 1 | |
6.00%, 08/20/2039 | | | 75 | | | | 77 | |
6.00%, 01/20/2053 | | | 2,563 | | | | 2,575 | |
6.48% (1 Year CMT Index + 1.47%, 1.47% Floor, 6.59% Cap), 11/20/2071 (3) | | | 3,648 | | | | 3,748 | |
6.50%, 07/20/2029 | | | 22 | | | | 22 | |
6.58% (1 Year CMT Index + 1.58%, 1.58% Floor, 6.72% Cap), 11/20/2071 (3) | | | 4,461 | | | | 4,603 | |
6.64% (1 Year CMT Index + 1.65%, 1.65% Floor, 8.70% Cap), 05/20/2072 (3) | | | 10,219 | | | | 10,617 | |
6.64% (1 Year CMT Index + 1.64%, 1.64% Floor, 6.76% Cap), 11/20/2071 (3) | | | 4,159 | | | | 4,306 | |
6.68% (1 Year CMT Index + 1.66%, 1.66% Floor, 8.24% Cap), 04/20/2072 (3) | | | 13,435 | | | | 13,959 | |
6.71% (1 Year CMT Index + 1.70%, 1.70% Floor, 7.85% Cap), 03/20/2072 (3) | | | 10,652 | | | | 11,082 | |
6.72% (1 Year CMT Index + 1.70%, 1.70% Floor, 8.41% Cap), 04/20/2072 (3) | | | 10,114 | | | | 10,521 | |
6.72% (1 Year CMT Index + 1.74%, 1.74% Floor, 8.38% Cap), 04/20/2072 (3) | | | 9,341 | | | | 9,716 | |
6.74% (1 Year CMT Index + 1.74%, 1.74% Floor, 6.84% Cap), 10/20/2071 (3) | | | 10,904 | | | | 11,325 | |
6.75% (1 Year CMT Index + 1.75%, 1.75% Floor, 6.86% Cap), 10/20/2071 (3) | | | 11,088 | | | | 11,514 | |
6.76% (1 Year CMT Index + 1.75%, 1.75% Floor, 6.92% Cap), 11/20/2071 (3) | | | 11,975 | | | | 12,456 | |
6.77% (1 Year CMT Index + 1.76%, 1.76% Floor, 6.90% Cap), 11/20/2071 (3) | | | 10,848 | | | | 11,290 | |
6.78% (1 Year CMT Index + 1.76%, 1.76% Floor, 6.84% Cap), 08/20/2071 (3) | | | 9,926 | | | | 10,315 | |
6.79% (1 Year CMT Index + 1.78%, 1.78% Floor, 7.00% Cap), 12/20/2071 (3) | | | 9,955 | | | | 10,369 | |
6.80% (1 Year CMT Index + 1.79%, 1.79% Floor, 6.86% Cap), 09/20/2071 (3) | | | 10,026 | | | | 10,443 | |
6.81% (1 Year CMT Index + 1.84%, 1.84% Floor, 6.91% Cap), 08/20/2071 (3) | | | 10,106 | | | | 10,535 | |
6.82% (1 Year CMT Index + 1.81%, 1.81% Floor, 8.49% Cap), 04/20/2072 (3) | | | 3,344 | | | | 3,494 | |
6.83% (1 Year CMT Index + 1.83%, 1.83% Floor, 9.67% Cap), 07/20/2072 (3) | | | 10,418 | | | | 10,944 | |
6.97% (1 Year CMT Index + 1.97%, 1.96% Floor, 8.17% Cap), 03/20/2072 (3) | | | 9,673 | | | | 10,146 | |
7.00%, 08/20/2038 | | | 7 | | | | 7 | |
7.50%, 02/20/2028 (10) | | | 0 | | | | 0 | |
7.50%, 09/20/2028 | | | 1 | | | | 1 | |
8.00%, 12/20/2025 (10) | | | 0 | | | | 0 | |
8.00%, 06/20/2026 (10) | | | 0 | | | | 0 | |
8.00%, 08/20/2026 (10) | | | 0 | | | | 0 | |
8.00%, 09/20/2026 (10) | | | 0 | | | | 0 | |
8.00%, 11/20/2026 (10) | | | 0 | | | | 0 | |
8.00%, 10/20/2027 | | | 1 | | | | 1 | |
8.00%, 11/20/2027 (10) | | | 0 | | | | 0 | |
8.00%, 12/20/2027 (10) | | | 0 | | | | 0 | |
8.00%, 09/20/2028 (10) | | | 0 | | | | 0 | |
8.50%, 04/20/2025 (10) | | | 0 | | | | 0 | |
GMACM Mortgage Loan Trust 2005-AR3 | | | | | | | | |
4.39%, 06/19/2035, Series 2005-AR3, Class 3A4 (5) | | | 25 | | | | 23 | |
GS Mortgage Securities Trust | | | | | | | | |
4.26%, 07/10/2051, Series 2018-GS10, Class A3 (5) | | | 28,521 | | | | 27,591 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
GS Mortgage Securities Trust 2014-GC26 | | | | | | | | |
3.36%, 11/10/2047, Series 2014-GC26, Class A4 | | $ | 3,558 | | | $ | 3,545 | |
GS Mortgage Securities Trust 2016-GS4 | | | | | | | | |
3.18%, 11/10/2049, Series 2016-GS4, Class A3 | | | 11,387 | | | | 10,838 | |
GS Mortgage-Backed Securities Trust 2024-RPL2 | | | | | | | | |
3.75%, 07/25/2061, Series 2024-RPL2, Class A1 (1)(5) | | | 2,213 | | | | 2,093 | |
GSMPS Mortgage Loan Trust 2004-4 | | | | | | | | |
5.86% (1 Month Term SOFR + 0.51%, 0.40% Floor), 06/25/2034, Series 2004-4, Class 1AF (1)(3) | | | 31 | | | | 27 | |
GSMPS Mortgage Loan Trust 2005-RP2 | | | | | | | | |
5.81% (1 Month Term SOFR + 0.46%, 0.35% Floor), 03/25/2035, Series 2005-RP2, Class 1AF (1)(3) | | | 53 | | | | 48 | |
GSMPS Mortgage Loan Trust 2005-RP3 | | | | | | | | |
0.00%, 09/25/2035, Series 2005-RP3, Class 1AS (1)(5) | | | 273 | | | | 1 | |
5.81% (1 Month Term SOFR + 0.46%, 0.35% Floor, 9.50% Cap), 09/25/2035, Series 2005-RP3, Class 1AF (1)(3) | | | 371 | | | | 312 | |
GSR Mortgage Loan Trust 2003-3F | | | | | | | | |
5.75%, 04/25/2033, Series 2003-3F, Class 4A3 | | | 5 | | | | 4 | |
GSR Mortgage Loan Trust 2004-13F | | | | | | | | |
6.00%, 11/25/2034, Series 2004-13F, Class 3A3 | | | 10 | | | | 9 | |
GSR Mortgage Loan Trust 2004-6F | | | | | | | | |
5.50%, 05/25/2034, Series 2004-6F, Class 2A4 | | | 20 | | | | 20 | |
6.50%, 05/25/2034, Series 2004-6F, Class 3A4 | | | 17 | | | | 17 | |
GSR Mortgage Loan Trust 2005-5F | | | | | | | | |
5.50% (1 Month Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap), 06/25/2035, Series 2005-5F, Class 8A3 (3) | | | 9 | | | | 8 | |
GSR Mortgage Loan Trust 2005-7F | | | | | | | | |
6.00%, 09/25/2035, Series 2005-7F, Class 3A9 | | | 42 | | | | 40 | |
GSR Mortgage Loan Trust 2005-AR6 | | | | | | | | |
4.97%, 09/25/2035, Series 2005-AR6, Class 3A1 (5) | | | 3 | | | | 2 | |
GSR Mortgage Loan Trust 2006-1F | | | | | | | | |
5.50%, 02/25/2036, Series 2006-1F, Class 1A3 | | | 10 | | | | 20 | |
6.00%, 02/25/2036, Series 2006-1F, Class 2A4 | | | 169 | | | | 74 | |
Home RE 2019-1 Ltd. | | | | | | | | |
7.10% (30-day Average SOFR + 1.76%), 05/25/2029, Series 2019-1, Class M1 (1)(3) | | | 513 | | | | 513 | |
HPA 2022-SFR1 | | | | | | | | |
3.95%, 04/15/2026 (5) | | | 9,833 | | | | 9,538 | |
Impac CMB Trust Series 2004-4 | | | | | | | | |
5.30%, 09/25/2034, Series 2004-4, Class 2A2 (2) | | | 4 | | | | 5 | |
Impac CMB Trust Series 2004-7 | | | | | | | | |
6.20% (1 Month Term SOFR + 0.85%, 11.25% Cap), 11/25/2034, Series 2004-7, Class 1A1 (3) | | | 187 | | | | 182 | |
Impac CMB Trust Series 2005-4 | | | | | | | | |
6.06% (1 Month Term SOFR + 0.41%, 0.30% Floor, 10.25% Cap), 05/25/2035, Series 2005-4, Class 2A1 (3) | | | 42 | | | | 38 | |
Impac Secured Assets CMN Owner Trust | | | | | | | | |
5.50%, 08/25/2033, Series 2003-2, Class A1 | | | 32 | | | | 24 | |
Impac Secured Assets Trust 2006-1 | | | | | | | | |
6.16% (1 Month Term SOFR + 0.81%, 0.70% Floor, 11.50% Cap), 05/25/2036, Series 2006-1, Class 2A1 (3) | | | 45 | | | | 40 | |
Independence Plaza Trust 2018-INDP | | | | | | | | |
3.76%, 07/10/2035, Series 2018-INDP, Class A (1) | | | 5,445 | | | | 5,201 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2005-CIBC11 | | | | | | | | |
0.20%, 08/12/2037, Series 2005-CB11, Class X1 (1)(5)(10) | | | 693 | | | | 0 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12 | | | | | | | | |
0.00%, 02/15/2051, Series 2007-LD12, Class X (5)(10) | | | 154 | | | | 0 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD | | | | | | | | |
6.94% (1 Month Term SOFR + 1.61%, 1.00% Floor), 09/15/2029, Series 2019-BKWD, Class A (1)(3) | | | 4,709 | | | | 4,427 | |
JP Morgan Mortgage Trust 2004-A3 | | | | | | | | |
7.63%, 07/25/2034, Series 2004-A3, Class 4A1 (5) | | | 1 | | | | 1 | |
JP Morgan Mortgage Trust 2004-A4 | | | | | | | | |
7.06%, 09/25/2034, Series 2004-A4, Class 1A1 (5) | | | 6 | | | | 5 | |
JP Morgan Mortgage Trust 2004-S1 | | | | | | | | |
5.00%, 09/25/2034, Series 2004-S1, Class 1A7 | | | 2 | | | | 2 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
JP Morgan Mortgage Trust 2005-A1 | | | | | | | | |
5.51%, 02/25/2035, Series 2005-A1, Class 3A4 (5) | | $ | 23 | | | $ | 22 | |
JP Morgan Mortgage Trust 2006-A2 | | | | | | | | |
6.08%, 11/25/2033, Series 2006-A2, Class 5A3 (5) | | | 44 | | | | 42 | |
6.98%, 08/25/2034, Series 2006-A2, Class 4A1 (5) | | | 140 | | | | 139 | |
JP Morgan Mortgage Trust 2006-A3 | | | | | | | | |
4.84%, 08/25/2034, Series 2006-A3, Class 6A1 (5) | | | 14 | | | | 13 | |
JP Morgan Mortgage Trust 2006-A7 | | | | | | | | |
4.46%, 01/25/2037, Series 2006-A7, Class 2A4R (5) | | | 38 | | | | 28 | |
JP Morgan Mortgage Trust 2007-A1 | | | | | | | | |
5.51%, 07/25/2035, Series 2007-A1, Class 5A1 (5) | | | 16 | | | | 16 | |
5.51%, 07/25/2035, Series 2007-A1, Class 5A2 (5) | | | 248 | | | | 240 | |
JP Morgan Mortgage Trust 2007-A2 | | | | | | | | |
5.36%, 04/25/2037, Series 2007-A2, Class 2A3 (5) | | | 89 | | | | 64 | |
JPMBB Commercial Mortgage Securities Trust 2014-C25 | | | | | | | | |
3.41%, 11/15/2047, Series 2014-C25, Class A4A1 | | | 5,433 | | | | 5,405 | |
JPMCC Commercial Mortgage Securities Trust 2017-JP5 | | | | | | | | |
3.46%, 03/15/2050, Series 2017-JP5, Class A4 | | | 6,324 | | | | 6,010 | |
JPMCC Commercial Mortgage Securities Trust 2017-JP7 | | | | | | | | |
3.19%, 09/15/2050, Series 2017-JP7, Class A4 | | | 20,000 | | | | 18,676 | |
Ladder Capital Commercial Mortgage 2013-GCP Mortgage Trust | | | | | | | | |
3.99%, 02/15/2036, Series 2013-GCP, Class A2 (1) | | | 1,027 | | | | 920 | |
LCCM 2017-LC26 | | | | | | | | |
3.29%, 07/12/2050, Series 2017-LC26, Class A3 (1) | | | 15,067 | | | | 14,259 | |
Legacy Mortgage Asset Trust 2019-PR1 | | | | | | | | |
7.86%, 09/25/2059, Series 2019-PR1, Class A1 (1)(2) | | | 7,525 | | | | 7,523 | |
Legacy Mortgage Asset Trust 2021-GS1 | | | | | | | | |
4.89%, 10/25/2066, Series 2021-GS1, Class A1 (1)(2) | | | 4,434 | | | | 4,358 | |
Legacy Mortgage Asset Trust 2021-GS2 | | | | | | | | |
4.75%, 04/25/2061, Series 2021-GS2, Class A1 (1)(2) | | | 4,334 | | | | 4,254 | |
Legacy Mortgage Asset Trust 2021-GS4 | | | | | | | | |
1.65%, 11/25/2060, Series 2021-GS4, Class A1 (1)(2) | | | 1,886 | | | | 1,837 | |
Lehman Mortgage Trust 2006-2 | | | | | | | | |
5.77%, 04/25/2036, Series 2006-2, Class 1A1 (5) | | | 35 | | | | 22 | |
Lehman Mortgage Trust 2007-6 | | | | | | | | |
6.00%, 07/25/2037, Series 2007-6, Class 1A8 | | | 7 | | | | 6 | |
Lehman Mortgage Trust 2008-2 | | | | | | | | |
6.00%, 03/25/2038, Series 2008-2, Class 1A6 | | | 218 | | | | 65 | |
MASTR Adjustable Rate Mortgages Trust 2004-13 | | | | | | | | |
6.41%, 04/21/2034, Series 2004-13, Class 2A1 (5) | | | 44 | | | | 41 | |
MASTR Adjustable Rate Mortgages Trust 2004-15 | | | | | | | | |
6.45%, 12/25/2034, Series 2004-15, Class 3A1 (5) | | | 7 | | | | 6 | |
MASTR Adjustable Rate Mortgages Trust 2004-3 | | | | | | | | |
4.58%, 04/25/2034, Series 2004-3, Class 4A2 (5) | | | 17 | | | | 15 | |
MASTR Alternative Loan Trust 2003-9 | | | | | | | | |
6.00%, 12/25/2033, Series 2003-9, Class 2A1 | | | 20 | | | | 19 | |
6.00%, 01/25/2034, Series 2003-9, Class 8A1 | | | 8 | | | | 7 | |
MASTR Alternative Loan Trust 2004-3 | | | | | | | | |
6.00%, 04/25/2034, Series 2004-3, Class 3A1 | | | 104 | | | | 102 | |
6.25%, 04/25/2034, Series 2004-3, Class 2A1 | | | 15 | | | | 15 | |
MASTR Alternative Loan Trust 2004-6 | | | | | | | | |
0.00%, 07/25/2034, Series 2004-6, Class 30PO | | | 14 | | | | 10 | |
6.00%, 07/25/2034, Series 2004-6, Class 7A1 | | | 9 | | | | 9 | |
MASTR Alternative Loan Trust 2004-7 | | | | | | | | |
0.00%, 08/25/2034, Series 2004-7, Class 30PO | | | 9 | | | | 6 | |
MASTR Alternative Loan Trust 2005-6 | | | | | | | | |
5.50%, 12/25/2035, Series 2005-6, Class 3A1 | | | 7 | | | | 6 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
MASTR Asset Securitization Trust 2003-12 | | | | | | | | |
0.00%, 12/25/2033, Series 2003-12, Class 30PO | | $ | 1 | | | $ | 1 | |
5.00%, 12/25/2033, Series 2003-12, Class 6A1 | | | 7 | | | | 7 | |
MASTR Asset Securitization Trust 2004-1 | | | | | | | | |
0.00%, 02/25/2034, Series 2004-1, Class 30PO | | | 1 | | | | 1 | |
MASTR Asset Securitization Trust 2004-4 | | | | | | | | |
5.25%, 12/26/2033, Series 2004-4, Class 1A6 | | | 17 | | | | 16 | |
MASTR Reperforming Loan Trust 2005-2 | | | | | | | | |
5.81% (1 Month Term SOFR + 0.46%, 0.35% Floor, 9.50% Cap), 05/25/2035, Series 2005-2, Class 1A1F (1)(3) | | | 592 | | | | 300 | |
MASTR Reperforming Loan Trust 2006-2 | | | | | | | | |
4.12%, 05/25/2036, Series 2006-2, Class 1A1 (1)(5) | | | 61 | | | | 48 | |
MASTR Resecuritization Trust 2005-PO | | | | | | | | |
0.00%, 05/28/2035, Series 2005-PO, Class 3PO (1) | | | 8 | | | | 6 | |
Merrill Lynch Mortgage Backed Securities Trust Series 2007-3 | | | | | | | | |
6.56%, 06/25/2037, Series 2007-3, Class 1A3 (5) | | | 1 | | | | 1 | |
Merrill Lynch Mortgage Investors Trust Series 2003-A5 | | | | | | | | |
6.32%, 08/25/2033, Series 2003-A5, Class 2A6 (5) | | | 10 | | | | 10 | |
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E | | | | | | | | |
6.08% (1 Month Term SOFR + 0.73%, 0.62% Floor, 11.75% Cap), 10/25/2028, Series 2003-E, Class A1 (3) | | | 21 | | | | 20 | |
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-F | | | | | | | | |
6.10% (1 Month Term SOFR + 0.75%, 0.64% Floor, 11.75% Cap), 10/25/2028, Series 2003-F, Class A1 (3) | | | 15 | | | | 14 | |
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-1 | | | | | | | | |
5.38%, 12/25/2034, Series 2004-1, Class 2A1 (5) | | | 23 | | | | 21 | |
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A | | | | | | | | |
5.92% (1 Month Term SOFR + 0.57%, 0.46% Floor, 11.75% Cap), 04/25/2029, Series 2004-A, Class A1 (3) | | | 8 | | | | 8 | |
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C | | | | | | | | |
6.30% (6 Month Term SOFR + 1.03%, 0.60% Floor, 11.75% Cap), 07/25/2029, Series 2004-C, Class A2 (3) | | | 14 | | | | 13 | |
Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A4 | | | | | | | | |
5.50%, 08/25/2034, Series 2004-A4, Class A2 (5) | | | 24 | | | | 22 | |
Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A2 | | | | | | | | |
5.78%, 02/25/2035, Series 2005-A2, Class A1 (5) | | | 47 | | | | 42 | |
MFA 2021-RPL1 Trust | | | | | | | | |
1.13%, 07/25/2060, Series 2021-RPL1, Class A1 (1)(5) | | | 7,716 | | | | 6,806 | |
MHC Commercial Mortgage Trust 2021-MHC | | | | | | | | |
6.79% (1 Month Term SOFR + 1.47%, 1.35% Floor), 04/15/2038, Series 2021-MHC, Class C (1)(3) | | | 9,479 | | | | 9,385 | |
Mill City Mortgage Loan Trust 2021-NMR1 | | | | | | | | |
1.13%, 11/25/2060, Series 2021-NMR1, Class A1 (1)(5) | | | 1,270 | | | | 1,186 | |
Mill City Securities 2021-RS1 Ltd. | | | | | | | | |
2.91%, 04/28/2066, Series 2021-RS1, Class A1 (1)(5) | | | 5,074 | | | | 4,672 | |
MNR ABS ISSUER I LLC | | | | | | | | |
8.95%, 12/15/2038, Series 2023-1 NT, Class A2 | | | 4,733 | | | | 4,784 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 | | | | | | | | |
3.25%, 02/15/2048, Series 2015-C20, Class A4 | | | 3,652 | | | | 3,605 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 | | | | | | | | |
3.45%, 07/15/2050, Series 2015-C23, Class A3 | | | 17,305 | | | | 17,014 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 | | | | | | | | |
3.48%, 05/15/2048, Series 2015-C24, Class A3 | | | 4,106 | | | | 4,026 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 | | | | | | | | |
2.86%, 09/15/2049, Series 2016-C30, Class A5 | | | 7,336 | | | | 6,877 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 | | | | | | | | |
3.72%, 12/15/2049, Series 2016-C32, Class A4 | | | 8,436 | | | | 8,070 | |
Morgan Stanley Capital I Trust 2015-UBS8 | | | | | | | | |
3.81%, 12/15/2048, Series 2015-UBS8, Class A4 | | | 6,675 | | | | 6,457 | |
Morgan Stanley Capital I Trust 2016-UB11 | | | | | | | | |
2.53%, 08/15/2049, Series 2016-UB11, Class A3 | | | 19,530 | | | | 18,492 | |
Morgan Stanley Capital I Trust 2016-UBS12 | | | | | | | | |
3.60%, 12/15/2049, Series 2016-UB12, Class A4 | | | 80 | | | | 75 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Morgan Stanley Capital I Trust 2020-L4 | | | | | | | | |
2.70%, 02/15/2053, Series 2020-L4, Class A3 | | $ | 15,419 | | | $ | 13,413 | |
Morgan Stanley Mortgage Loan Trust 2004-3 | | | | | | | | |
5.65%, 04/25/2034, Series 2004-3, Class 4A (5) | | | 67 | | | | 65 | |
MRCD 2019-MARK Mortgage Trust | | | | | | | | |
2.72%, 12/15/2036, Series 2019-PARK, Class D (1) | | | 6,108 | | | | 4,093 | |
2.72%, 12/15/2036, Series 2019-PARK, Class A (1) | | | 9,990 | | | | 8,642 | |
MRFC Mortgage Pass-Through Trust Series 1999-TBC2 | | | | | | | | |
5.92% (1 Month Term SOFR + 0.59%, 0.24% Floor, 10.00% Cap), 06/15/2030, Series 2000-TBC2, Class A1 (3) | | | 40 | | | | 38 | |
MRFC Mortgage Pass-Through Trust Series 2000-TBC3 | | | | | | | | |
5.88% (1 Month Term SOFR + 0.55%, 0.22% Floor, 10.00% Cap), 12/15/2030, Series 2000-TBC3, Class A1 (3) | | | 9 | | | | 9 | |
NACC Reperforming Loan REMIC Trust 2004-R2 | | | | | | | | |
6.50%, 10/25/2034, Series 2004-R2, Class A1 (1)(5) | | | 28 | | | | 24 | |
New Residential Mortgage Loan Trust 2017-2 | | | | | | | | |
4.00%, 03/25/2057, Series 2017-2A, Class A3 (1)(5) | | | 1,174 | | | | 1,104 | |
New Residential Mortgage Loan Trust 2017-3 | | | | | | | | |
4.00%, 04/25/2057, Series 2017-3A, Class A1 (1)(5) | | | 1,963 | | | | 1,844 | |
New Residential Mortgage Loan Trust 2017-4 | | | | | | | | |
4.00%, 05/25/2057, Series 2017-4A, Class A1 (1)(5) | | | 1,146 | | | | 1,077 | |
New Residential Mortgage Loan Trust 2024-RPL1 | | | | | | | | |
3.80%, 01/25/2064, Series 2024-RPL1, Class A (1)(5) | | | 4,338 | | | | 4,013 | |
NLT 2023-1 Trust | | | | | | | | |
3.20%, 10/25/2062, Series 2023-1, Class A1 (1)(5) | | | 1,540 | | | | 1,361 | |
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A1 | | | | | | | | |
5.50%, 05/25/2033, Series 2003-A1, Class A1 | | | 2 | | | | 2 | |
6.00%, 05/25/2033, Series 2003-A1, Class A2 | | | 5 | | | | 5 | |
7.00%, 04/25/2033, Series 2003-A1, Class A5 | | | 8 | | | | 8 | |
NYMT Loan Trust 2024-CP1 | | | | | | | | |
3.75%, 02/25/2068, Series 2024-CP1, Class A1 (1)(5) | | | 4,744 | | | | 4,366 | |
OBX 2022-NQM2 Trust | | | | | | | | |
2.96%, 01/25/2062, Series 2022-NQM2, Class A1 (1)(5) | | | 7,466 | | | | 6,831 | |
OBX 2022-NQM5 Trust | | | | | | | | |
4.31%, 05/25/2062, Series 2022-NQM5, Class A1 (1)(2) | | | 8,602 | | | | 8,314 | |
OBX 2024-HYB1 Trust | | | | | | | | |
3.56%, 03/25/2053, Series 2024-HYB1, Class A1 (1)(5) | | | 8,505 | | | | 8,244 | |
Prime Mortgage Trust 2004-CL1 | | | | | | | | |
6.00%, 02/25/2034, Series 2004-CL1, Class 1A1 | | | 20 | | | | 19 | |
PRPM 2021-RPL1 LLC | | | | | | | | |
1.32%, 07/25/2051, Series 2021-RPL1, Class A1 (1)(2) | | | 2,499 | | | | 2,239 | |
PRPM 2023-RCF2 LLC | | | | | | | | |
4.00%, 11/25/2053, Series 2023-RCF2, Class A1 (1)(2) | | | 5,931 | | | | 5,702 | |
PRPM 2024-1 LLC | | | | | | | | |
6.96%, 02/25/2029, Series 2024-1, Class A1 (1)(2) | | | 4,490 | | | | 4,507 | |
PRPM 2024-3 | | | | | | | | |
6.99%, 05/25/2029, Series 2024-3, Class A1 (1)(2) | | | 1,611 | | | | 1,611 | |
PRPM 2024-RCF2 LLC | | | | | | | | |
3.75%, 03/25/2054, Series 2024-RCF2, Class A1 (1)(2) | | | 4,383 | | | | 4,183 | |
PRPM 2024-RPL1 LLC | | | | | | | | |
4.20%, 12/25/2064, Series 2024-RPL1, Class A1 (1)(2) | | | 2,304 | | | | 2,213 | |
RALI Series 2002-QS16 Trust | | | | | | | | |
5.21% (1 Month Term SOFR + 16.38%, 16.62% Cap), 10/25/2049, Series 2002-QS16, Class A3 (3)(4)(10) | | | 0 | | | | 0 | |
RALI Series 2003-QS9 Trust | | | | | | | | |
2.09% (1 Month Term SOFR + 7.44%, 7.55% Cap), 05/25/2049, Series 2003-QS9, Class A3 (3)(4) | | | 1 | | | | 1 | |
RALI Series 2005-QA6 Trust | | | | | | | | |
7.11%, 05/25/2035, Series 2005-QA6, Class A32 (5) | | | 73 | | | | 41 | |
RALI Series 2007-QS1 Trust | | | | | | | | |
6.00%, 01/25/2037, Series 2007-QS1, Class 1A1 | | | 8 | | | | 6 | |
RBS Commercial Funding, Inc. 2013-SMV Trust | | | | | | | | |
3.26%, 03/11/2031, Series 2013-SMV, Class A (1) | | | 496 | | | | 466 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Reperforming Loan REMIC Trust 2005-R1 | | | | | | | | |
0.00%, 03/25/2035, Series 2005-R1, Class 2APO (1) | | $ | 3 | | | $ | 2 | |
Residential Asset Securitization Trust 2004-A7 | | | | | | | | |
5.50%, 10/25/2034, Series 2004-A7, Class A6 | | | 1,122 | | | | 1,069 | |
RT FIN 2023 LLC | | | | | | | | |
7.85%, 10/15/2043 (1) | | | 5,930 | | | | 5,990 | |
Sequoia Mortgage Trust 2004-10 | | | | | | | | |
6.07% (1 Month Term SOFR + 0.73%, 0.62% Floor, 11.50% Cap), 11/20/2034, Series 2004-10, Class A1A (3) | | | 16 | | | | 15 | |
Sequoia Mortgage Trust 2004-11 | | | | | | | | |
6.05% (1 Month Term SOFR + 0.71%, 0.60% Floor, 11.50% Cap), 12/20/2034, Series 2004-11, Class A1 (3) | | | 35 | | | | 31 | |
Sequoia Mortgage Trust 2004-12 | | | | | | | | |
6.03% (6 Month LIBOR USD + 0.32%, 0.32% Floor, 11.50% Cap), 01/20/2035, Series 2004-12, Class A3 (3) | | | 36 | | | | 34 | |
Sequoia Mortgage Trust 2004-8 | | | | | | | | |
6.15% (1 Month Term SOFR + 0.81%, 0.70% Floor, 11.50% Cap), 09/20/2034, Series 2004-8, Class A1 (3) | | | 317 | | | | 275 | |
6.41% (6 Month Term SOFR + 1.17%, 0.74% Floor, 11.50% Cap), 09/20/2034, Series 2004-8, Class A2 (3) | | | 46 | | | | 42 | |
SLG Office Trust 2021-OVA | | | | | | | | |
2.59%, 07/15/2041, Series 2021-OVA, Class A (1) | | | 9,955 | | | | 8,121 | |
Starwood Mortgage Residential Trust 2022-1 | | | | | | | | |
2.45%, 12/25/2066, Series 2022-1, Class A1 (1)(5) | | | 13,565 | | | | 11,770 | |
Structured Asset Mortgage Investments II Trust 2004-AR5 | | | | | | | | |
6.11% (1 Month Term SOFR + 0.77%, 0.66% Floor, 11.00% Cap), 10/19/2034, Series 2004-AR5, Class 1A1 (3) | | | 38 | | | | 35 | |
Structured Asset Mortgage Investments II Trust 2005-AR5 | | | | | | | | |
5.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 07/19/2035, Series 2005-AR5, Class A3 (3) | | | 180 | | | | 168 | |
Structured Asset Mortgage Investments Trust 2003-CL1 | | | | | | | | |
5.86% (1 Month Term SOFR + 0.51%, 0.40% Floor, 8.00% Cap), 07/25/2032, Series 2003-CL1, Class 1F1 (3) | | | 65 | | | | 62 | |
Structured Asset Securities Corp. | | | | | | | | |
4.85%, 02/25/2034, Series 2004-4XS, Class 1A5 (2) | | | 95 | | | | 89 | |
5.81% (1 Month Term SOFR + 0.46%, 0.35% Floor), 06/25/2035, Series 2005-RF3, Class 1A (1)(3) | | | 39 | | | | 33 | |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A | | | | | | | | |
5.91%, 11/25/2033, Series 2003-34A, Class 3A3 (5) | | | 7 | | | | 7 | |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-37A | | | | | | | | |
5.87%, 12/25/2033, Series 2003-37A, Class 2A (5) | | | 40 | | | | 38 | |
6.02%, 12/25/2033, Series 2003-37A, Class 8A2 (5) | | | 521 | | | | 499 | |
Thornburg Mortgage Securities Trust 2003-4 | | | | | | | | |
6.10% (1 Month Term SOFR + 0.75%, 0.64% Floor, 11.50% Cap), 09/25/2043, Series 2003-4, Class A1 (3) | | | 192 | | | | 179 | |
Thornburg Mortgage Securities Trust 2003-5 | | | | | | | | |
5.15%, 10/25/2043, Series 2003-5, Class 3A (5) | | | 749 | | | | 705 | |
Thornburg Mortgage Securities Trust 2004-4 | | | | | | | | |
5.66%, 12/25/2044, Series 2004-4, Class 3A (5) | | | 101 | | | | 94 | |
Thornburg Mortgage Securities Trust 2005-1 | | | | | | | | |
5.59%, 04/25/2045, Series 2005-1, Class A3 (5) | | | 219 | | | | 206 | |
Towd Point Mortgage Trust 2017-6 | | | | | | | | |
2.75%, 10/25/2057, Series 2017-6, Class A1 (1)(5) | | | 1,637 | | | | 1,578 | |
Towd Point Mortgage Trust 2018-1 | | | | | | | | |
3.00%, 01/25/2058, Series 2018-1, Class A1 (1)(5) | | | 1,213 | | | | 1,179 | |
Towd Point Mortgage Trust 2019-1 | | | | | | | | |
3.75%, 03/25/2058, Series 2019-1, Class A1 (1)(5) | | | 3,114 | | | | 2,964 | |
Towd Point Mortgage Trust 2019-HY3 | | | | | | | | |
6.46% (1 Month Term SOFR + 1.11%, 1.00% Floor), 10/25/2059, Series 2019-HY3, Class A1A (1)(3) | | | 614 | | | | 624 | |
Towd Point Mortgage Trust 2020-2 | | | | | | | | |
1.64%, 04/25/2060, Series 2020-2, Class A1A (1)(5) | | | 16,413 | | | | 14,553 | |
Towd Point Mortgage Trust 2020-4 | | | | | | | | |
1.75%, 10/25/2060, Series 2020-4, Class A1 (1) | | | 2,031 | | | | 1,798 | |
Towd Point Mortgage Trust 2021-R1 | | | | | | | | |
2.92%, 11/30/2060, Series 2021-R1, Class A1 (1)(5) | | | 13,038 | | | | 11,058 | |
Towd Point Mortgage Trust 2021-SJ1 | | | | | | | | |
2.25%, 07/25/2068, Series 2021-SJ1, Class A1 (1)(5) | | | 5,849 | | | | 5,480 | |
Towd Point Mortgage Trust 2021-SJ2 | | | | | | | | |
2.25%, 12/25/2061, Series 2021-SJ2, Class A1A (1)(5) | | | 8,032 | | | | 7,634 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Towd Point Mortgage Trust 2022-2 | | | | | | | | |
3.75%, 07/01/2062, Series 2022-2, Class A1 (1)(5) | | $ | 14,807 | | | $ | 13,686 | |
Towd Point Mortgage Trust 2022-3 | | | | | | | | |
3.75%, 08/01/2062, Series 2022-3, Class A1 (1)(5) | | | 13,966 | | | | 13,098 | |
Towd Point Mortgage Trust 2023-1 | | | | | | | | |
3.75%, 01/25/2063, Series 2023-1, Class A1 (1) | | | 7,010 | | | | 6,601 | |
Towd Point Mortgage Trust 2024-1 | | | | | | | | |
4.37%, 03/25/2064, Series 2024-1, Class A1 (1)(5) | | | 4,803 | | | | 4,787 | |
UBS Commercial Mortgage Trust 2017-C5 | | | | | | | | |
3.21%, 11/15/2050, Series 2017-C5, Class A4 | | | 21,500 | | | | 20,238 | |
UBS Commercial Mortgage Trust 2018-C9 | | | | | | | | |
3.85%, 03/15/2051, Series 2018-C9, Class A3 | | | 8,450 | | | | 7,978 | |
UBS-BAMLL Trust 2012-WRM | | | | | | | | |
3.66%, 06/10/2030, Series 2012-WRM, Class A (1) | | | 57 | | | | 53 | |
Vendee Mortgage Trust 1996-1 | | | | | | | | |
6.75%, 02/15/2026, Series 1996-1, Class 1Z | | | 18 | | | | 18 | |
Vendee Mortgage Trust 1996-2 | | | | | | | | |
6.75%, 06/15/2026, Series 1996-2, Class 1Z | | | 7 | | | | 7 | |
Vendee Mortgage Trust 1997-1 | | | | | | | | |
7.50%, 02/15/2027, Series 1997-1, Class 2Z | | | 26 | | | | 26 | |
Vendee Mortgage Trust 1998-1 | | | | | | | | |
7.00%, 03/15/2028, Series 1998-1, Class 2E | | | 23 | | | | 23 | |
VM Master Issuer LLC | | | | | | | | |
5.16%, 05/24/2025, Series 2022-1, Class A1 (1)(5) | | | 10,175 | | | | 10,022 | |
Wachovia Bank Commercial Mortgage Trust Series 2006-C24 | | | | | | | | |
0.00%, 03/15/2045, Series 2006-C24, Class XC (1)(5)(10) | | | 257 | | | | 0 | |
WaMu Mortgage Pass-Through Certificates Series 2003-AR11 Trust | | | | | | | | |
5.85%, 10/25/2033, Series 2003-AR11, Class A6 (5) | | | 78 | | | | 71 | |
WaMu Mortgage Pass-Through Certificates Series 2003-AR7 Trust | | | | | | | | |
5.68%, 08/25/2033, Series 2003-AR7, Class A7 (5) | | | 26 | | | | 24 | |
WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust | | | | | | | | |
5.68%, 09/25/2033, Series 2003-AR9, Class 1A6 (5) | | | 141 | | | | 130 | |
5.85%, 09/25/2033, Series 2003-AR9, Class 2A (5) | | | 13 | | | | 12 | |
WaMu Mortgage Pass-Through Certificates Series 2003-S1 Trust | | | | | | | | |
5.50%, 04/25/2033, Series 2003-S1, Class A5 | | | 28 | | | | 28 | |
WaMu Mortgage Pass-Through Certificates Series 2003-S4 | | | | | | | | |
2.45% (1 Month LIBOR USD + 17.46%, 17.46% Cap), 06/25/2033, Series 2003-S4, Class 2A10 (3)(4) | | | 7 | | | | 6 | |
WaMu Mortgage Pass-Through Certificates Series 2003-S9 Trust | | | | | | | | |
0.00%, 10/25/2033, Series 2003-S9, Class P | | | 1 | | | | 1 | |
5.25%, 10/25/2033, Series 2003-S9, Class A8 | | | 100 | | | | 94 | |
WaMu Mortgage Pass-Through Certificates Series 2004-AR14 Trust | | | | | | | | |
5.40%, 01/25/2035, Series 2004-AR14, Class A1 (5) | | | 813 | | | | 723 | |
WaMu Mortgage Pass-Through Certificates Series 2004-AR3 Trust | | | | | | | | |
5.77%, 06/25/2034, Series 2004-AR3, Class A2 (5) | | | 39 | | | | 35 | |
5.77%, 06/25/2034, Series 2004-AR3, Class A1 (5) | | | 698 | | | | 624 | |
WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust | | | | | | | | |
6.00%, 08/25/2034, Series 2004-CB2, Class 3A | | | 246 | | | | 241 | |
WaMu Mortgage Pass-Through Certificates Series 2004-CB3 Trust | | | | | | | | |
6.50%, 10/25/2034, Series 2004-CB3, Class 2A | | | 727 | | | | 719 | |
WaMu Mortgage Pass-Through Certificates Series 2004-RS2 | | | | | | | | |
5.00%, 11/25/2033, Series 2004-RS2, Class A4 | | | 15 | | | | 14 | |
WaMu Mortgage Pass-Through Certificates Series 2004-S2 Trust | | | | | | | | |
5.50%, 06/25/2034, Series 2004-S2, Class 2A4 | | | 66 | | | | 64 | |
WaMu Mortgage Pass-Through Certificates Series 2004-S3 Trust | | | | | | | | |
5.00%, 07/25/2034, Series 2004-S3, Class 1A5 | | | 6 | | | | 5 | |
WaMu Mortgage Pass-Through Certificates Series 2006-AR10 Trust | | | | | | | | |
4.17%, 09/25/2036, Series 2006-AR10, Class 2P (5) | | | 4 | | | | 4 | |
WaMu Mortgage Pass-Through Certificates Series 2006-AR8 Trust | | | | | | | | |
4.39%, 08/25/2046, Series 2006-AR8, Class 1A2 (5) | | | 27 | | | | 23 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mortgage-Backed Obligations – 34.32% – (continued) | | | | | | | | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-1 Trust | | | | | | | | |
0.00%, 03/25/2035, Series 2005-1, Class CP | | $ | 4 | | | $ | 2 | |
5.50%, 03/25/2035, Series 2005-1, Class 1A1 | | | 36 | | | | 34 | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-2 Trust | | | | | | | | |
0.00% (1 Month Term SOFR + 4.89%, 5.00% Cap), 04/25/2035, Series 2005-2, Class 2A3 (3)(4) | | | 67 | | | | 2 | |
0.00% (1 Month Term SOFR + 4.94%, 5.05% Cap), 04/25/2035, Series 2005-2, Class 1A4 (3)(4) | | | 308 | | | | 8 | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-4 Trust | | | | | | | | |
5.50%, 06/25/2035, Series 2005-4, Class CX | | | 109 | | | | 16 | |
5.50%, 06/25/2035, Series 2005-4, Class CB7 | | | 105 | | | | 89 | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-6 Trust | | | | | | | | |
5.50%, 08/25/2035, Series 2005-6, Class 2A4 | | | 16 | | | | 14 | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-1 Trust | | | | | | | | |
5.75%, 02/25/2036, Series 2006-1, Class 3A2 | | | 9 | | | | 8 | |
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2003-MS7 Trust | | | | | | | | |
0.00%, 03/25/2033, Series 2003-MS7, Class P (10) | | | 0 | | | | 0 | |
Wells Fargo Alternative Loan 2003-1 Trust | | | | | | | | |
0.00%, 09/25/2033, Series 2003-1, Class APO | | | 1 | | | | 1 | |
Wells Fargo Alternative Loan 2007-PA3 Trust | | | | | | | | |
5.75%, 07/25/2037, Series 2007-PA3, Class 1A2 | | | 10 | | | | 8 | |
Wells Fargo Commercial Mortgage Trust 2015-C26 | | | | | | | | |
2.99%, 02/15/2048, Series 2015-C26, Class ASB | | | 721 | | | | 716 | |
Wells Fargo Commercial Mortgage Trust 2015-C29 | | | | | | | | |
3.37%, 06/15/2048, Series 2015-C29, Class A3 | | | 6,649 | | | | 6,535 | |
Wells Fargo Commercial Mortgage Trust 2015-C30 | | | | | | | | |
3.66%, 09/15/2058, Series 2015-C30, Class A4 | | | 729 | | | | 712 | |
Wells Fargo Commercial Mortgage Trust 2015-C31 | | | | | | | | |
3.70%, 11/15/2048, Series 2015-C31, Class A4 | | | 3,280 | | | | 3,190 | |
Wells Fargo Commercial Mortgage Trust 2015-NXS2 | | | | | | | | |
3.50%, 07/15/2058, Series 2015-NXS2, Class A4 | | | 15,000 | | | | 14,685 | |
Wells Fargo Commercial Mortgage Trust 2015-P2 | | | | | | | | |
3.81%, 12/15/2048, Series 2015-P2, Class A4 | | | 7,273 | | | | 7,077 | |
Wells Fargo Commercial Mortgage Trust 2016-C34 | | | | | | | | |
3.10%, 06/15/2049, Series 2016-C34, Class A4 | | | 2,211 | | | | 2,116 | |
Wells Fargo Commercial Mortgage Trust 2016-NXS6 | | | | | | | | |
2.64%, 11/15/2049, Series 2016-NXS6, Class A3 | | | 20,000 | | | | 18,999 | |
Wells Fargo Commercial Mortgage Trust 2017-C38 | | | | | | | | |
3.19%, 07/15/2050, Series 2017-C38, Class A4 | | | 12,293 | | | | 11,597 | |
Wells Fargo Commercial Mortgage Trust 2017-RC1 | | | | | | | | |
3.63%, 01/15/2060, Series 2017-RC1, Class A4 | | | 10,000 | | | | 9,538 | |
Wells Fargo Commercial Mortgage Trust 2018-C47 | | | | | | | | |
4.44%, 09/15/2061, Series 2018-C47, Class A4 | | | 8,850 | | | | 8,526 | |
Wells Fargo Commercial Mortgage Trust 2020-C57 | | | | | | | | |
1.86%, 08/15/2053, Series 2020-C57, Class A3 | | | 19,500 | | | | 16,275 | |
Wells Fargo Commercial Mortgage Trust 2020-C58 | | | | | | | | |
1.81%, 07/15/2053, Series 2020-C58, Class A3 | | | 23,000 | | | | 19,235 | |
Wells Fargo Commercial Mortgage Trust 2021-SAVE | | | | | | | | |
6.59% (1 Month Term SOFR + 1.26%, 1.15% Floor), 02/15/2040, Series 2021-SAVE, Class A (1)(3) | | | 3,138 | | | | 3,115 | |
Wells Fargo Mortgage Backed Securities 2007-7 Trust | | | | | | | | |
6.00%, 06/25/2037, Series 2007-7, Class A7 | | | 5 | | | | 4 | |
WFRBS Commercial Mortgage Trust 2013-C11 | | | | | | | | |
4.20%, 03/15/2045, Series 2013-C11, Class D (1)(5) | | | 300 | | | | 249 | |
WFRBS Commercial Mortgage Trust 2014-C21 | | | | | | | | |
3.68%, 08/15/2047, Series 2014-C21, Class A5 | | | 3,290 | | | | 3,275 | |
WFRBS Commercial Mortgage Trust 2014-C25 | | | | | | | | |
3.63%, 11/15/2047, Series 2014-C25, Class A5 | | | 3,846 | | | | 3,808 | |
| | | | | | | | |
Total Mortgage-Backed Obligations
(Cost: $6,335,333) | | | | | | | 5,859,241 | |
| | | | | | | | |
Total Bonds & Notes
(Cost: $18,136,204) | | | | 16,860,635 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
PREFERRED STOCKS – 0.01% | | | | | | | | |
| Financials – 0.01% | | | | | | | | |
State Street Corp., 5.35% | | | 95 | | | $ | 2,284 | |
| | | | | | | | |
Total Financials | | | | 2,284 | |
| | | | | | | | |
Total Preferred Stocks
(Cost: $2,375) | | | | 2,284 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 2.30% | | | | | | | | |
| Money Market Funds – 2.30% | | | | | | | | |
Fidelity Institutional Money Market Government Fund – Class I, 5.25% (12) | | | 392,419 | | | | 392,419 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $392,419) | | | | | | | 392,419 | |
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Time Deposits – 0.00% (13) | | | | | | | | |
Citibank, New York, 4.83% due 07/01/2024 | | $ | 72 | | | | 72 | |
Sumitomo Trust Bank, London, 4.83% due 07/01/2024 | | | 253 | | | | 253 | |
| | | | | | | | |
Total Time Deposits
(Cost: $325) | | | | | | | 325 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $392,744) | | | | 392,744 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 101.07%
(Cost: $18,531,323) | | | | | | | 17,255,663 | |
| | | | | | | | |
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.07)% | | | | | | | (183,406 | ) |
| | | | | | | | |
TOTAL NET ASSETS – 100.00% | | | | | | $ | 17,072,257 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
REIT Real Estate Investment Trust
| (1) | | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $3,493,304, which represents 20.46% of total net assets. |
| (2) | | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2024. |
| (3) | | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2024. |
| (4) | | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. |
| (5) | | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2024. |
| (6) | | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $323, which represents 0.00% of total net assets. |
| (7) | | Payment in-kind security for which part of the income earned may be paid as additional principal. |
| (8) | | Inflation protected security. The value of these securities totals $3,623, which represents 0.02% of total net assets. |
| (9) | | All or a portion of the security assigned as collateral for certain futures contracts. The value of these pledged issues totals $19,081, which represents 0.11% of total net assets. |
| (10) | | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| (11) | | Delayed delivery purchase commitment security. The value of these securities totals $194,771, which represents 1.14% of total net assets. |
| (12) | | Represents annualized seven-day yield as of the close of the reporting period. |
| (13) | | Amount calculated is less than 0.005%. |
| (14) | | Security that is restricted at June 30, 2024. The value of these securities totals $5,719, which represents 0.03% of total net assets. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 1,126 | | U.S. 2 Year Note Future | | | Sep. 2024 | | | $ | 229,539 | | | $ | 229,950 | | | $ | 411 | |
| 1,949 | | U.S. 5 Year Note Future | | | Sep. 2024 | | | | 206,363 | | | | 207,721 | | | | 1,358 | |
| 711 | | U.S. 10 Year Note Future | | | Sep. 2024 | | | | 77,913 | | | | 78,199 | | | | 286 | |
| 496 | | U.S. Long Bond Future | | | Sep. 2024 | | | | 58,099 | | | | 58,683 | | | | 584 | |
| 92 | | U.S. Ultra 10 Year Note Future | | | Sep. 2024 | | | | 10,371 | | | | 10,445 | | | | 74 | |
| 1,512 | | U.S. Ultra Bond Future | | | Sep. 2024 | | | | 187,923 | | | | 189,520 | | | | 1,597 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 4,310 | |
| | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
BONDS & NOTES – 109.08% | | | | | | | | |
Asset-Backed Obligations – 11.28% | | | | | | | | |
522 Funding CLO 2018-3A Ltd. | | | | | | | | |
6.63% (3 Month Term SOFR + 1.30%, 1.04% Floor), 10/20/2031, Series 2018-3A, Class AR (1)(2) | | $ | 2,261 | | | $ | 2,264 | |
522 Funding CLO 2019-5 Ltd. | | | | | | | | |
6.66% (3 Month Term SOFR + 1.33%, 1.33% Floor), 04/15/2035, Series 2019-5A, Class AR (1)(2) | | | 4,710 | | | | 4,719 | |
720 East CLO V Ltd. | | | | | | | | |
7.18% (3 Month Term SOFR + 1.85%), 07/20/2037, Series 2024-2A, Class B (1)(2) | | | 1,000 | | | | 999 | |
Aaset 2021-2 Trust | | | | | | | | |
2.80%, 01/15/2047, Series 2021-2A, Class A (1) | | | 6,739 | | | | 6,026 | |
AASET 2022-1 LLC | | | | | | | | |
6.00%, 05/16/2047, Series 2022-1A, Class A (1) | | | 1,698 | | | | 1,695 | |
ABFC 2005-WMC1 Trust | | | | | | | | |
6.19% (1 Month Term SOFR + 0.85%, 0.74% Floor), 06/25/2035, Series 2005-WMC1, Class M3 (2) | | | 3,353 | | | | 3,178 | |
ABFC 2007-NC1 Trust | | | | | | | | |
5.76% (1 Month Term SOFR + 0.41%, 0.30% Floor), 05/25/2037, Series 2007-NC1, Class A2 (1)(2) | | | 7,632 | | | | 6,985 | |
Accredited Mortgage Loan Trust 2006-2 | | | | | | | | |
5.72% (1 Month Term SOFR + 0.37%, 0.26% Floor), 09/25/2036, Series 2006-2, Class A4 (2) | | | 103 | | | | 101 | |
ACE Securities Corp. Home Equity Loan Trust Series 2004-HE3 | | | | | | | | |
6.39% (1 Month Term SOFR + 1.04%, 0.93% Floor), 11/25/2034, Series 2004-HE3, Class M1 (2) | | | 3,106 | | | | 3,069 | |
ACE Securities Corp. Home Equity Loan Trust Series 2005-AG1 | | | | | | | | |
6.15% (1 Month Term SOFR + 0.80%, 0.69% Floor), 08/25/2035, Series 2005-AG1, Class M2 (2) | | | 3,552 | | | | 2,746 | |
ACE Securities Corp. Home Equity Loan Trust Series 2005-HE3 | | | | | | | | |
6.16% (1 Month Term SOFR + 0.82%, 0.71% Floor), 05/25/2035, Series 2005-HE3, Class M3 (2) | | | 1,631 | | | | 1,588 | |
ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 | | | | | | | | |
6.93%, 02/25/2038, Series 2007-D1, Class A4 (1)(3) | | | 135 | | | | 106 | |
Aegis Asset Backed Securities Corp. Mortgage Pass-Through Certificates Series 2003-2 | | | | | | | | |
6.58% (1 Month Term SOFR + 1.24%, 1.13% Floor), 11/25/2033, Series 2003-2, Class M1 (2) | | | 527 | | | | 508 | |
Affirm Asset Securitization Trust 2023-B | | | | | | | | |
6.82%, 09/15/2028, Series 2023-B, Class A (1) | | | 5,360 | | | | 5,424 | |
Affirm Asset Securitization Trust 2023-X1 | | | | | | | | |
7.11%, 11/15/2028, Series 2023-X1, Class A (1) | | | 1,915 | | | | 1,921 | |
Affirm Asset Securitization Trust 2024-A | | | | | | | | |
5.61%, 02/15/2029, Series 2024-A, Class A (1) | | | 4,793 | | | | 4,778 | |
5.61%, 02/15/2029, Series 2024-A, Class 1A (1) | | | 9,415 | | | | 9,400 | |
6.89%, 02/15/2029, Series 2024-A, Class 1D (1) | | | 535 | | | | 537 | |
AGL CLO 24 Ltd. | | | | | | | | |
7.97% (3 Month Term SOFR + 2.65%, 2.65% Floor), 07/25/2036, Series 2023-24A, Class B (1)(2) | | | 500 | | | | 503 | |
AGL CLO 29 Ltd. | | | | | | | | |
7.38% (3 Month Term SOFR + 2.05%, 2.05% Floor), 04/21/2037, Series 2024-29A, Class B (1)(2) | | | 1,000 | | | | 1,002 | |
AGL Core CLO 15 Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/20/2035, Series 2021-15A, Class A1 (1)(2) | | | 3,850 | | | | 3,858 | |
AGL Core CLO 2 Ltd. | | | | | | | | |
7.08% (3 Month Term SOFR + 1.75%, 1.75% Floor), 07/20/2037, Series 2019-2A, Class BR (1)(2) | | | 2,000 | | | | 1,995 | |
AGL Core CLO 31 Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 1.90%, 1.90% Floor), 07/15/2037, Series 2024-31A, Class C (1)(2)(4) | | | 1,000 | | | | 1,001 | |
0.00% (3 Month Term SOFR + 1.68%, 1.68% Floor), 07/15/2037, Series 2024-31A, Class B (1)(2)(4) | | | 12,500 | | | | 12,500 | |
Aimco CLO 12 Ltd. | | | | | | | | |
6.49% (3 Month Term SOFR + 1.17%, 1.17% Floor), 01/17/2032, Series 2020-12A, Class AR (1)(2) | | | 2,175 | | | | 2,178 | |
Aimco CLO 14 Ltd. | | | | | | | | |
8.49% (3 Month Term SOFR + 3.16%, 2.90% Floor), 04/20/2034, Series 2021-14A, Class D (1)(2) | | | 1,940 | | | | 1,937 | |
AIMCO CLO 22 Ltd. | | | | | | | | |
11.83% (3 Month Term SOFR + 6.50%, 6.50% Floor), 04/19/2037, Series 2024-22A, Class E (1)(2) | | | 500 | | | | 498 | |
Aligned Data Centers Issuer LLC | | | | | | | | |
1.94%, 08/15/2046, Series 2021-1A, Class A2 (1) | | | 17,968 | | | | 16,549 | |
Allegro CLO IX Ltd. | | | | | | | | |
6.56% (3 Month Term SOFR + 1.23%, 1.23% Floor), 10/16/2031, Series 2018-3A, Class A1R (1)(2) | | | 11,070 | | | | 11,074 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
American Credit Acceptance Receivables Trust 2021-4 | | | | | | | | |
1.82%, 02/14/2028, Series 2021-4, Class D (1) | | $ | 3,462 | | | $ | 3,408 | |
American Credit Acceptance Receivables Trust 2022-1 | | | | | | | | |
2.46%, 03/13/2028, Series 2022-1, Class D (1) | | | 3,475 | | | | 3,410 | |
American Credit Acceptance Receivables Trust 2022-4 | | | | | | | | |
7.86%, 02/15/2029, Series 2022-4, Class C (1) | | | 1,273 | | | | 1,283 | |
American Credit Acceptance Receivables Trust 2023-2 | | | | | | | | |
5.96%, 08/13/2029, Series 2023-2, Class C (1) | | | 9,950 | | | | 9,947 | |
American Credit Acceptance Receivables Trust 2023-3 | | | | | | | | |
6.82%, 10/12/2029, Series 2023-3, Class D (1) | | | 3,310 | | | | 3,350 | |
American Credit Acceptance Receivables Trust 2023-4 | | | | | | | | |
7.65%, 09/12/2030, Series 2023-4, Class D (1) | | | 7,400 | | | | 7,665 | |
American Homes 4 Rent 2015-SFR1 Trust | | | | | | | | |
5.64%, 04/17/2052, Series 2015-SFR1, Class E (1) | | | 6,400 | | | | 6,366 | |
5.89%, 04/17/2052, Series 2015-SFR1, Class F (1) | | | 2,378 | | | | 2,364 | |
AmeriCredit Automobile Receivables Trust 2020-1 | | | | | | | | |
1.80%, 12/18/2025, Series 2020-1, Class D | | | 2,631 | | | | 2,625 | |
AmeriCredit Automobile Receivables Trust 2020-2 | | | | | | | | |
2.13%, 03/18/2026, Series 2020-2, Class D | | | 5,720 | | | | 5,651 | |
AmeriCredit Automobile Receivables Trust 2020-3 | | | | | | | | |
1.49%, 09/18/2026, Series 2020-3, Class D | | | 7,135 | | | | 6,930 | |
AmeriCredit Automobile Receivables Trust 2024-1 | | | | | | | | |
5.43%, 01/18/2029, Series 2024-1, Class A3 | | | 16,000 | | | | 16,025 | |
AMMC CLO 28 Ltd. | | | | | | | | |
6.88% (3 Month Term SOFR + 1.55%, 1.55% Floor), 07/20/2037, Series 2024-28A, Class A1A (1)(2) | | | 24,000 | | | | 24,000 | |
AMSR 2022-SFR3 Trust | | | | | | | | |
4.00%, 10/17/2039, Series 2022-SFR3, Class B (1) | | | 20,305 | | | | 19,218 | |
Anchorage Capital CLO 15 Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 07/20/2034, Series 2020-15A, Class AR (1)(2) | | | 250 | | | | 250 | |
Anchorage Capital CLO 16 Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 01/19/2035, Series 2020-16A, Class A1R (1)(2) | | | 2,870 | | | | 2,874 | |
Anchorage Capital CLO 7 Ltd. | | | | | | | | |
7.78% (3 Month Term SOFR + 2.45%, 2.45% Floor), 04/28/2037, Series 2015-7A, Class CR3 (1)(2) | | | 1,500 | | | | 1,496 | |
9.13% (3 Month Term SOFR + 3.80%, 3.80% Floor), 04/28/2037, Series 2015-7A, Class DR3 (1)(2) | | | 1,000 | | | | 994 | |
Apidos CLO XII | | | | | | | | |
0.00% (3 Month Term SOFR + 1.08%, 1.08% Floor), 04/15/2031, Series 2013-12A, Class ARR (1)(2)(4) | | | 26,000 | | | | 26,000 | |
APIDOS CLO XLVIII Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 2.05%, 2.05% Floor), 07/25/2037, Series 2024-48A, Class C (1)(2)(4) | | | 500 | | | | 500 | |
0.00% (3 Month Term SOFR + 5.75%, 5.75% Floor), 07/25/2037, Series 2024-48A, Class E (1)(2)(4) | | | 500 | | | | 503 | |
0.00% (3 Month Term SOFR + 1.70%, 1.70% Floor), 07/25/2037, Series 2024-48A, Class B (1)(2)(4) | | | 3,750 | | | | 3,753 | |
Apidos CLO XX | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%), 07/16/2031, Series 2015-20A, Class A1RA (1)(2) | | | 3,549 | | | | 3,551 | |
Apidos CLO XXIII | | | | | | | | |
6.81% (3 Month Term SOFR + 1.48%, 1.22% Floor), 04/15/2033, Series 2015-23A, Class AR (1)(2) | | | 5,000 | | | | 5,003 | |
Apidos CLO XXIV | | | | | | | | |
6.54% (3 Month Term SOFR + 1.21%, 0.95% Floor), 10/20/2030, Series 2016-24A, Class A1AL (1)(2) | | | 1,574 | | | | 1,578 | |
Apidos CLO XXXVII | | | | | | | | |
6.72% (3 Month Term SOFR + 1.39%, 1.13% Floor), 10/22/2034, Series 2021-37A, Class A (1)(2) | | | 1,000 | | | | 1,003 | |
Applebee’s Funding LLC / IHOP Funding LLC | | | | | | | | |
7.82%, 03/05/2053, Series 2023-1A, Class A2 (1) | | | 10,610 | | | | 10,969 | |
Aqua Finance Trust 2021-A | | | | | | | | |
2.40%, 07/17/2046, Series 2021-A, Class B (1) | | | 1,550 | | | | 1,288 | |
Ares European CLO VII DAC | | | | | | | | |
4.63% (3 Month EURIBOR + 0.66%, 0.66% Floor), 10/15/2030, Series 7A, Class A1RR (1)(2) | | EUR | 13,954 | | | | 14,891 | |
Ares LIX CLO Ltd. | | | | | | | | |
6.99% (3 Month Term SOFR + 1.66%, 1.40% Floor), 04/25/2034, Series 2021-59A, Class B1 (1)(2) | | $ | 4,500 | | | | 4,508 | |
Ares LXII CLO Ltd. | | | | | | | | |
7.24% (3 Month Term SOFR + 1.91%, 1.91% Floor), 01/25/2034, Series 2021-62A, Class B (1)(2) | | | 8,350 | | | | 8,350 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Argent Securities Trust 2006-M1 | | | | | | | | |
5.76% (1 Month Term SOFR + 0.41%, 0.30% Floor), 07/25/2036, Series 2006-M1, Class A2C (2) | | $ | 1,277 | | | $ | 338 | |
Ascent Education Funding Trust 2024-A | | | | | | | | |
6.14%, 10/25/2050, Series 2024-A, Class A (1) | | | 485 | | | | 489 | |
Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC 2006-HE3 | | | | | | | | |
3.48% (1 Month Term SOFR + 0.56%, 0.45% Floor), 03/25/2036, Series 2006-HE3, Class M1 (2) | | | 12,294 | | | | 10,380 | |
Atrium XV | | | | | | | | |
0.00% (3 Month Term SOFR + 2.25%, 2.25% Floor), 07/16/2037, Series 15A, Class CR (1)(2)(4) | | | 450 | | | | 450 | |
Aurium CLO III DAC | | | | | | | | |
4.64% (3 Month EURIBOR + 0.67%, 0.67% Floor), 04/16/2030, Series 3A, Class AR (1)(2) | | EUR | 891 | | | | 951 | |
Auto ABS Italian Stella Loans 2024-1 SRL | | | | | | | | |
5.34% (1 Month EURIBOR + 1.70%), 12/29/2036, Series 1, Class C (18) | | | 173 | | | | 186 | |
5.94% (1 Month EURIBOR + 2.30%), 12/29/2036, Series 1, Class D (18) | | | 164 | | | | 176 | |
8.14% (1 Month EURIBOR + 4.50%), 12/29/2036, Series 1, Class E (18) | | | 155 | | | | 166 | |
Auxilior Term Funding 2023-1 LLC | | | | | | | | |
6.18%, 12/15/2028, Series 2023-1A, Class A2 (1) | | $ | 2,520 | | | | 2,531 | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | |
2.02%, 02/20/2027, Series 2020-2A, Class A (1) | | | 9,740 | | | | 9,246 | |
2.35%, 02/20/2028, Series 2A, Class C (1) | | | 3,030 | | | | 2,754 | |
4.08%, 02/20/2028, Series 2021-2A, Class D (1) | | | 13,395 | | | | 11,969 | |
6.48%, 06/20/2030, Series 2024-1A, Class C (1) | | | 480 | | | | 483 | |
7.24%, 06/20/2029, Series 2023-4A, Class C (1) | | | 5,640 | | | | 5,815 | |
7.34%, 02/20/2030, Series 2023-8A, Class C (1) | | | 1,870 | | | | 1,944 | |
Bain Capital Credit CLO 2018-2 | | | | | | | | |
6.67% (3 Month Term SOFR + 1.34%), 07/19/2031, Series 2018-2A, Class A1 (1)(2) | | | 208 | | | | 209 | |
Bain Capital Credit CLO 2021-4 Ltd. | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%, 1.17% Floor), 10/20/2034, Series 2021-4A, Class A1 (1)(2) | | | 2,840 | | | | 2,844 | |
7.24% (3 Month Term SOFR + 1.91%, 1.65% Floor), 10/20/2034, Series 2021-4A, Class B (1)(2) | | | 4,075 | | | | 4,072 | |
Bain Capital Credit CLO 2024-3 Ltd. | | | | | | | | |
7.09% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/16/2037, Series 2024-3A, Class B (1)(2) | | | 1,000 | | | | 1,001 | |
Bain Capital Euro CLO 2018-2 DAC | | | | | | | | |
4.45% (3 Month EURIBOR + 0.74%, 0.74% Floor), 01/20/2032, Series 2018-2A, Class AR (1)(2) | | EUR | 23,450 | | | | 25,068 | |
Ballyrock CLO 15 Ltd. | | | | | | | | |
6.65% (3 Month Term SOFR + 1.32%, 1.06% Floor), 04/15/2034, Series 2021-1A, Class A1 (1)(2) | | $ | 10,050 | | | | 10,062 | |
Barclays Mortgage Trust 2021-NPL1 | | | | | | | | |
2.00%, 11/25/2051, Series 2021-NPL1, Class A (1)(3) | | | 1,056 | | | | 1,016 | |
Barings CLO Ltd. 2018-III | | | | | | | | |
6.54% (3 Month Term SOFR + 1.21%), 07/20/2029, Series 2018-3A, Class A1 (1)(2) | | | 70 | | | | 70 | |
BCMSC Trust 1999-B | | | | | | | | |
6.61%, 12/15/2029, Series 1999-B, Class A1B (5) | | | 3,594 | | | | 310 | |
Bear Stearns Asset Backed Securities I Trust 2004-HE6 | | | | | | | | |
5.76% (1 Month Term SOFR + 0.97%, 0.86% Floor), 08/25/2034, Series 2004-HE6, Class M1 (2) | | | 7,225 | | | | 7,065 | |
Bear Stearns Asset Backed Securities I Trust 2005-AQ1 | | | | | | | | |
6.58% (1 Month Term SOFR + 1.24%, 1.13% Floor), 03/25/2035, Series 2005-AQ1, Class M3 (2) | | | 144 | | | | 143 | |
Bear Stearns Asset Backed Securities I Trust 2005-EC1 | | | | | | | | |
5.25% (1 Month Term SOFR + 0.89%, 0.78% Floor), 11/25/2035, Series 2005-EC1, Class M3 (2) | | | 3,949 | | | | 3,914 | |
Bear Stearns Asset Backed Securities I Trust 2005-HE1 | | | | | | | | |
6.04% (1 Month Term SOFR + 2.44%, 2.33% Floor), 01/25/2035, Series 2005-HE1, Class M5 (2) | | | 1,292 | | | | 1,267 | |
Bear Stearns Asset Backed Securities I Trust 2007-HE2 | | | | | | | | |
5.62% (1 Month Term SOFR + 0.27%, 0.16% Floor), 02/25/2037, Series 2007-HE2, Class 2A3 (2) | | | 93 | | | | 93 | |
Benefit Street Partners CLO IV Ltd. | | | | | | | | |
6.67% (3 Month Term SOFR + 1.35%, 1.35% Floor), 04/20/2034, Series 2014-IVA, Class AR4 (1)(2) | | | 24,000 | | | | 24,112 | |
7.22% (3 Month Term SOFR + 1.90%, 1.90% Floor), 04/20/2034, Series 2014-IVA, Class BR4 (1)(2) | | | 9,750 | | | | 9,794 | |
Benefit Street Partners CLO V-B Ltd. | | | | | | | | |
7.48% (3 Month Term SOFR + 2.15%, 2.15% Floor), 07/20/2037, Series 2018-5BA, Class CR (1)(2) | | | 500 | | | | 500 | |
Benefit Street Partners CLO X Ltd. | | | | | | | | |
6.80% (3 Month Term SOFR + 1.47%, 1.21% Floor), 04/20/2034, Series 2016-10A, Class A1RR (1)(2) | | | 12,795 | | | | 12,821 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Benefit Street Partners CLO XII Ltd. | | | | | | | | |
7.09% (3 Month Term SOFR + 1.76%, 1.50% Floor), 10/15/2030, Series 2017-12A, Class A2R (1)(2) | | $ | 4,850 | | | $ | 4,857 | |
Benefit Street Partners CLO XIX Ltd. | | | | | | | | |
6.92% (3 Month Term SOFR + 1.60%, 1.60% Floor), 01/15/2033, Series 2019-19A, Class BR (1)(2) | | | 1,550 | | | | 1,548 | |
Benefit Street Partners CLO XX Ltd. | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/15/2034, Series 2020-20A, Class AR (1)(2) | | | 6,155 | | | | 6,163 | |
BHG Securitization Trust 2022-A | | | | | | | | |
2.70%, 02/20/2035, Series 2022-A, Class B (1) | | | 12,175 | | | | 11,709 | |
BHG Securitization Trust 2022-C | | | | | | | | |
5.93%, 10/17/2035, Series 2022-C, Class B (1) | | | 551 | | | | 548 | |
BHG Securitization Trust 2023-B | | | | | | | | |
7.45%, 12/17/2036, Series 2023-B, Class B (1) | | | 5,710 | | | | 5,879 | |
Birch Grove CLO 2 Ltd. | | | | | | | | |
6.85% (3 Month Term SOFR + 1.52%, 1.26% Floor), 10/19/2034, Series 2021-2A, Class A1 (1)(2) | | | 4,000 | | | | 4,003 | |
Blackbird Capital Aircraft Lease Securitization Ltd. 2016-1 | | | | | | | | |
4.21%, 12/16/2041, Series 2016-1A, Class A (1)(3) | | | 602 | | | | 596 | |
BlueMountain CLO 2015-3 Ltd. | | | | | | | | |
7.09% (3 Month Term SOFR + 1.76%), 04/20/2031, Series 2015-3A, Class A2R (1)(2) | | | 2,515 | | | | 2,518 | |
BRE Grand Islander Timeshare Issuer 2019-A LLC | | | | | | | | |
3.28%, 09/26/2033, Series 2019-A, Class A (1) | | | 814 | | | | 784 | |
Brex Commercial Charge Card Master Trust | | | | | | | | |
6.05%, 07/15/2027, Series 2024-1, Class A1 (1) | | | 1,145 | | | | 1,144 | |
Bridgecrest Lending Auto Securitization Trust 2023-1 | | | | | | | | |
7.84%, 08/15/2029, Series 2023-1, Class D | | | 13,770 | | | | 14,380 | |
Bridgecrest Lending Auto Securitization Trust 2024-1 | | | | | | | | |
5.53%, 01/18/2028, Series 2024-1, Class A3 | | | 3,000 | | | | 2,994 | |
5.82%, 09/15/2026, Series 2024-1, Class A2 | | | 2,073 | | | | 2,073 | |
Bridgecrest Lending Auto Securitization Trust 2024-2 | | | | | | | | |
6.07%, 02/15/2030, Series 2024-2, Class C | | | 5,100 | | | | 5,145 | |
6.30%, 02/15/2030, Series 2024-2, Class D | | | 5,500 | | | | 5,556 | |
Brignole Co. | | | | | | | | |
0.00% (1 Month EURIBOR + 2.00%), 02/24/2042, Series 2024, Class C (2)(4)(18) | | EUR | 121 | | | | 130 | |
0.00% (1 Month EURIBOR + 4.00%), 02/24/2042, Series 2024, Class D (2)(4)(18) | | | 174 | | | | 187 | |
Business Jet Securities 2021-1 LLC | | | | | | | | |
2.16%, 04/15/2036, Series 2021-1A, Class A (1) | | $ | 1,308 | | | | 1,239 | |
Business Jet Securities 2024-1 LLC | | | | | | | | |
6.20%, 05/15/2039, Series 2024-1A, Class A (1) | | | 3,077 | | | | 3,088 | |
Carlyle Global Market Strategies CLO 2013-4 Ltd. | | | | | | | | |
6.59% (3 Month Term SOFR + 1.26%, 1.00% Floor), 01/15/2031, Series 2013-4A, Class A1RR (1)(2) | | | 679 | | | | 680 | |
Carlyle Global Market Strategies CLO 2014-1 Ltd. | | | | | | | | |
6.55% (3 Month Term SOFR + 1.23%, 0.97% Floor), 04/17/2031, Series 2014-1A, Class A1R2 (1)(2) | | | 703 | | | | 703 | |
6.98% (3 Month Term SOFR + 1.66%, 1.40% Floor), 04/17/2031, Series 2014-1A, Class BR2 (1)(2) | | | 5,750 | | | | 5,762 | |
Carlyle Global Market Strategies CLO 2014-2R Ltd. | | | | | | | | |
6.63% (3 Month Term SOFR + 1.31%), 05/15/2031, Series 2014-2RA, Class A1 (1)(2) | | | 767 | | | | 768 | |
Carlyle Global Market Strategies CLO 2014-3-R Ltd. | | | | | | | | |
6.64% (3 Month Term SOFR + 1.31%), 07/27/2031, Series 2014-3RA, Class A1A (1)(2) | | | 1,658 | | | | 1,660 | |
Carlyle Global Market Strategies CLO 2014-5 Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.40%, 1.14% Floor), 07/15/2031, Series 2014-5A, Class A1RR (1)(2) | | | 7,772 | | | | 7,781 | |
Carlyle U.S. CLO 2017-4 Ltd. | | | | | | | | |
6.77% (3 Month Term SOFR + 1.44%, 1.18% Floor), 01/15/2030, Series 2017-4A, Class A1 (1)(2) | | | 7,743 | | | | 7,742 | |
Carlyle U.S. CLO 2019-1 Ltd. | | | | | | | | |
6.67% (3 Month Term SOFR + 1.34%, 1.08% Floor), 04/20/2031, Series 2019-1A, Class A1AR (1)(2) | | | 3,980 | | | | 3,988 | |
Carlyle U.S. CLO 2021-1 Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.40%, 1.14% Floor), 04/15/2034, Series 2021-1A, Class A1 (1)(2) | | | 1,750 | | | | 1,754 | |
Carlyle U.S. CLO 2021-8 Ltd. | | | | | | | | |
7.24% (3 Month Term SOFR + 1.91%, 1.65% Floor), 10/15/2034, Series 2021-8A, Class B (1)(2) | | | 2,000 | | | | 2,004 | |
CarMax Auto Owner Trust 2020-3 | | | | | | | | |
2.53%, 01/15/2027, Series 2020-3, Class D | | | 1,510 | | | | 1,507 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
CarMax Auto Owner Trust 2020-4 | | | | | | | | |
1.75%, 04/15/2027, Series 2020-4, Class D | | $ | 1,875 | | | $ | 1,837 | |
CarMax Auto Owner Trust 2021-1 | | | | | | | | |
1.28%, 07/15/2027, Series 2021-1, Class D | | | 825 | | | | 796 | |
CarMax Auto Owner Trust 2021-3 | | | | | | | | |
1.50%, 01/18/2028, Series 2021-3, Class D | | | 2,010 | | | | 1,900 | |
CarMax Auto Owner Trust 2022-1 | | | | | | | | |
2.47%, 07/17/2028, Series 2022-1, Class D | | | 1,235 | | | | 1,161 | |
CarMax Auto Owner Trust 2023-2 | | | | | | | | |
6.55%, 10/15/2029, Series 2023-2, Class D | | | 1,155 | | | | 1,166 | |
CarMax Auto Owner Trust 2023-4 | | | | | | | | |
7.16%, 04/15/2030, Series 2023-4, Class D | | | 1,960 | | | | 2,020 | |
CarMax Auto Owner Trust 2024-2 | | | | | | | | |
5.50%, 01/16/2029, Series 2024-2, Class A3 | | | 18,000 | | | | 18,096 | |
5.65%, 05/17/2027, Series 2024-2, Class A2A | | | 31,400 | | | | 31,435 | |
5.69%, 11/15/2029, Series 2024-2, Class B | | | 6,610 | | | | 6,677 | |
5.91% (30-day Average SOFR + 0.58%), 05/17/2027, Series 2024-2, Class A2B (2) | | | 5,400 | | | | 5,401 | |
6.42%, 10/15/2030, Series 2024-2, Class D | | | 225 | | | | 227 | |
CarVal CLO IV Ltd. | | | | | | | | |
7.34% (3 Month Term SOFR + 2.01%, 1.75% Floor), 07/20/2034, Series 2021-1A, Class B (1)(2) | | | 1,500 | | | | 1,506 | |
Carvana Auto Receivables Trust 2021-N3 | | | | | | | | |
1.02%, 06/12/2028, Series 2021-N3, Class C | | | 836 | | | | 787 | |
Carvana Auto Receivables Trust 2021-N4 | | | | | | | | |
1.72%, 09/11/2028, Series 2021-N4, Class C | | | 496 | | | | 468 | |
2.30%, 09/11/2028, Series 2021-N4, Class D | | | 3,135 | | | | 3,025 | |
Carvana Auto Receivables Trust 2021-P4 | | | | | | | | |
2.33%, 02/10/2028, Series 2021-P4, Class C | | | 2,720 | | | | 2,481 | |
Carvana Auto Receivables Trust 2023-N1 | | | | | | | | |
6.69%, 07/10/2029, Series 2023-N1, Class D (1) | | | 2,340 | | | | 2,355 | |
Carvana Auto Receivables Trust 2023-N4 | | | | | | | | |
7.22%, 02/11/2030, Series 2023-N4, Class D (1) | | | 1,300 | | | | 1,331 | |
Carvana Auto Receivables Trust 2024-N1 | | | | | | | | |
6.30%, 05/10/2030, Series 2024-N1, Class D (1) | | | 1,400 | | | | 1,398 | |
Carvana Auto Receivables Trust 2024-N2 | | | | | | | | |
6.44%, 09/10/2030, Series 2024-N2, Class D (1) | | | 1,900 | | | | 1,907 | |
Castlelake Aircraft Securitization Trust 2018-1 | | | | | | | | |
4.13%, 06/15/2043, Series 2018-1, Class A (1) | | | 1,098 | | | | 1,024 | |
Castlelake Aircraft Structured Trust 2019-1 | | | | | | | | |
3.97%, 04/15/2039, Series 2019-1A, Class A (1) | | | 808 | | | | 727 | |
Cedar Funding IX CLO Ltd. | | | | | | | | |
6.57% (3 Month Term SOFR + 1.24%, 0.98% Floor), 04/20/2031, Series 2018-9A, Class A1 (1)(2) | | | 6,699 | | | | 6,703 | |
Cedar Funding X CLO Ltd. | | | | | | | | |
7.19% (3 Month Term SOFR + 1.86%, 1.60% Floor), 10/20/2032, Series 2019-10A, Class BR (1)(2) | | | 5,430 | | | | 5,436 | |
Centerline Logistics Corp. | | | | | | | | |
9.25%, 12/15/2027, Series 2023-1, Class A1 (1) | | | 301 | | | | 303 | |
9.75%, 12/15/2027, Series 2023-1, Class A2 (1) | | | 350 | | | | 354 | |
Centex Home Equity Loan Trust 2005-B | | | | | | | | |
6.10% (1 Month Term SOFR + 0.76%, 0.65% Floor), 03/25/2035, Series 2005-B, Class M2 (2) | | | 1,205 | | | | 1,195 | |
Centex Home Equity Loan Trust 2005-D | | | | | | | | |
6.42% (1 Month Term SOFR + 1.07%, 0.96% Floor), 10/25/2035, Series 2005-D, Class M5 (2) | | | 2,719 | | | | 2,686 | |
Centex Home Equity Loan Trust 2006-A | | | | | | | | |
5.95% (1 Month Term SOFR + 0.61%, 0.50% Floor), 06/25/2036, Series 2006-A, Class M3 (2) | | | 9,500 | | | | 8,621 | |
Chase Auto Owner Trust 2024-2 | | | | | | | | |
5.52%, 06/25/2029, Series 2024-2A, Class A3 (1) | | | 17,500 | | | | 17,607 | |
5.56%, 04/25/2025, Series 2024-2A, Class A1 (1) | | | 3,307 | | | | 3,307 | |
5.66%, 05/26/2027, Series 2024-2A, Class A2 (1) | | | 17,800 | | | | 17,806 | |
CHEC Loan Trust 2004-2 | | | | | | | | |
6.42% (1 Month Term SOFR + 1.07%, 0.96% Floor), 06/25/2034, Series 2004-2, Class M1 (2) | | | 578 | | | | 565 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Chesapeake Funding II LLC | | | | | | | | |
6.69%, 05/15/2035, Series 2023-1A, Class D (1) | | $ | 665 | | | $ | 663 | |
CIFC Funding 2015-I Ltd. | | | | | | | | |
7.04% (3 Month Term SOFR + 1.71%, 1.45% Floor), 01/22/2031, Series 2015-1A, Class BRR (1)(2) | | | 500 | | | | 499 | |
CIFC Funding 2015-IV Ltd. | | | | | | | | |
6.66% (3 Month Term SOFR + 1.33%, 1.33% Floor), 04/20/2034, Series 2015-4A, Class A1A2 (1)(2) | | | 9,600 | | | | 9,628 | |
7.04% (3 Month Term SOFR + 1.71%, 1.71% Floor), 04/20/2034, Series 2015-4A, Class A2R2 (1)(2) | | | 2,145 | | | | 2,148 | |
CIFC Funding 2018-I Ltd. | | | | | | | | |
6.59% (3 Month Term SOFR + 1.26%), 04/18/2031, Series 2018-1A, Class A (1)(2) | | | 2,731 | | | | 2,737 | |
CIFC Funding 2019-II Ltd. | | | | | | | | |
8.58% (3 Month Term SOFR + 3.26%, 3.26% Floor), 04/17/2034, Series 2019-2A, Class DR (1)(2) | | | 640 | | | | 637 | |
CIFC Funding 2019-V Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.40%, 1.14% Floor), 01/15/2035, Series 2019-5A, Class A1R1 (1)(2) | | | 3,350 | | | | 3,360 | |
7.34% (3 Month Term SOFR + 2.01%, 1.75% Floor), 01/15/2035, Series 2019-5A, Class A2RS (1)(2) | | | 5,000 | | | | 5,005 | |
CIFC Funding 2021-I Ltd. | | | | | | | | |
7.09% (3 Month Term SOFR + 1.75%, 1.75% Floor), 07/25/2037, Series 2021-1A, Class BR (1)(2) | | | 1,760 | | | | 1,760 | |
CIFC Funding 2021-VII Ltd. | | | | | | | | |
6.72% (3 Month Term SOFR + 1.39%, 1.13% Floor), 01/23/2035, Series 2021-7A, Class A1 (1)(2) | | | 11,700 | | | | 11,730 | |
Cifc Funding 2023-III Ltd. | | | | | | | | |
7.62% (3 Month Term SOFR + 2.30%, 2.30% Floor), 01/20/2037, Series 2023-3A, Class B (1)(2) | | | 3,700 | | | | 3,736 | |
CIFC Funding 2024-III Ltd. | | | | | | | | |
7.18% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/21/2037, Series 2024-3A, Class B (1)(2) | | | 3,000 | | | | 2,994 | |
8.48% (3 Month Term SOFR + 3.15%, 3.15% Floor), 07/21/2037, Series 2024-3A, Class D1 (1)(2) | | | 1,000 | | | | 1,000 | |
CIM Trust 2021-NR2 | | | | | | | | |
5.57%, 07/25/2059, Series 2021-NR2, Class A1 (1)(3) | | | 3,674 | | | | 3,641 | |
CIM Trust 2021-NR3 | | | | | | | | |
5.57%, 06/25/2057, Series 2021-NR3, Class A1 (1)(3) | | | 5,672 | | | | 5,627 | |
CIM TRUST 2023-NR2 | | | | | | | | |
6.00%, 06/25/2062, Series 2023-NR2, Class A1 (1)(3) | | | 15,388 | | | | 14,220 | |
CIT Mortgage Loan Trust 2007-1 | | | | | | | | |
6.96% (1 Month Term SOFR + 1.61%, 1.50% Floor), 10/25/2037, Series 2007-1, Class 1M1 (1)(2) | | | 1,775 | | | | 1,776 | |
7.21% (1 Month Term SOFR + 1.86%, 1.75% Floor), 10/25/2037, Series 2007-1, Class 1M2 (1)(2) | | | 601 | | | | 559 | |
7.21% (1 Month Term SOFR + 1.86%, 1.75% Floor), 10/25/2037, Series 2007-1, Class 2M2 (1)(2) | | | 1,267 | | | | 1,128 | |
Citigroup Mortgage Loan Trust, Inc. | | | | | | | | |
6.09% (1 Month Term SOFR + 0.74%, 0.63% Floor), 02/25/2035, Series 2005-OPT1, Class M1 (2) | | | 1,600 | | | | 1,466 | |
6.36% (1 Month Term SOFR + 1.01%, 0.90% Floor), 09/25/2035, Series 2005-HE3, Class M4 (2) | | | 7,900 | | | | 7,421 | |
6.36% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/25/2035, Series 2005-HE4, Class M4 (2) | | | 14,327 | | | | 11,150 | |
Clover CLO 2019-2 Ltd. | | | | | | | | |
7.19% (3 Month Term SOFR + 1.86%, 1.86% Floor), 10/25/2033, Series 2019-2A, Class BR (1)(2) | | | 4,500 | | | | 4,505 | |
Clover CLO 2021-2 LLC | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/20/2034, Series 2021-2A, Class A (1)(2) | | | 2,670 | | | | 2,674 | |
Clsec Holdings 22t LLC | | | | | | | | |
3.46%, 05/11/2037, Series 2021-1, Class B (1) | | | 4,101 | | | | 3,558 | |
College Ave Student Loans 2021-A LLC | | | | | | | | |
2.92%, 07/25/2051, Series 2021-A, Class C (1) | | | 286 | | | | 258 | |
College Ave Student Loans 2024-B LLC | | | | | | | | |
5.69%, 08/25/2054, Series 2024-B, Class A1A (1) | | | 15,550 | | | | 15,616 | |
6.08%, 08/25/2054, Series 2024-B, Class B (1) | | | 4,420 | | | | 4,440 | |
College Ave Student Loans Trust 2024-A | | | | | | | | |
7.09% (30-day Average SOFR + 1.75%, 1.75% Floor), 06/25/2054, Series 2024-A, Class A1B (1)(2) | | | 3,117 | | | | 3,090 | |
College Avenue Student Loans 2018-A LLC | | | | | | | | |
4.13%, 12/26/2047, Series 2018-A, Class A2 (1) | | | 1,236 | | | | 1,179 | |
6.66% (1 Month Term SOFR + 1.31%), 12/26/2047, Series 2018-A, Class A1 (1)(2) | | | 906 | | | | 903 | |
College Avenue Student Loans LLC | | | | | | | | |
7.11% (1 Month Term SOFR + 1.76%, 1.65% Floor), 11/26/2046, Series 2017-A, Class A1 (1)(2) | | | 1,551 | | | | 1,564 | |
7.58%, 06/25/2054, Series 2023-B, Class C (1) | | | 2,290 | | | | 2,321 | |
Commonbond Student Loan Trust 2020-1 | | | | | | | | |
1.69%, 10/25/2051, Series 2020-1, Class A (1) | | | 1,182 | | | | 1,041 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Commonwealth of Puerto Rico | | | | | | | | |
0.00%, 11/01/2043 (6) | | $ | 1,433 | | | $ | 878 | |
Conseco Finance Securitizations Corp. | | | | | | | | |
7.97%, 05/01/2032, Series 2000-4, Class A5 | | | 734 | | | | 121 | |
8.06%, 09/01/2029, Series 2000-1, Class A5 (5) | | | 13,024 | | | | 2,203 | |
8.31%, 05/01/2032, Series 2000-4, Class A6 (5) | | | 8,505 | | | | 1,465 | |
Conseco Financial Corp. | | | | | | | | |
7.70%, 05/15/2027 (5) | | | 1,515 | | | | 1,466 | |
CoreVest American Finance 2019-3 Trust | | | | | | | | |
2.71%, 10/15/2052, Series 2019-3, Class A (1) | | | 1,097 | | | | 1,079 | |
3.16%, 10/15/2052, Series 2019-3, Class B (1) | | | 1,470 | | | | 1,316 | |
CoreVest American Finance 2021-1 Trust | | | | | | | | |
2.80%, 04/15/2053, Series 2021-1, Class C (1) | | | 1,525 | | | | 1,251 | |
CoreVest American Finance 2021-2 Trust | | | | | | | | |
2.48%, 07/15/2054, Series 2021-2, Class C (1) | | | 3,100 | | | | 2,505 | |
CoreVest American Finance 2021-3 Trust | | | | | | | | |
3.47%, 10/15/2054, Series 2021-3, Class D (1) | | | 1,630 | | | | 1,337 | |
Countrywide Asset-Backed Certificates | | | | | | | | |
5.96% (1 Month Term SOFR + 0.61%, 0.50% Floor), 01/25/2046, Series 2006-8, Class 2A4 (2) | | | 16,734 | | | | 15,611 | |
Credit Acceptance Auto Loan Trust 2021-3 | | | | | | | | |
1.63%, 09/16/2030, Series 2021-3A, Class C (1) | | | 2,360 | | | | 2,325 | |
Credit Acceptance Auto Loan Trust 2021-4 | | | | | | | | |
1.94%, 02/18/2031, Series 2021-4, Class C (1) | | | 5,235 | | | | 5,045 | |
Credit Acceptance Auto Loan Trust 2023-1 | | | | | | | | |
7.71%, 07/15/2033, Series 2023-1A, Class C (1) | | | 2,135 | | | | 2,200 | |
Credit Acceptance Auto Loan Trust 2023-2 | | | | | | | | |
7.15%, 09/15/2033, Series 2023-2A, Class C (1) | | | 3,525 | | | | 3,594 | |
Credit Acceptance Auto Loan Trust 2023-3 | | | | | | | | |
7.62%, 12/15/2033, Series 2023-3A, Class C (1) | | | 1,430 | | | | 1,477 | |
Credit Acceptance Auto Loan Trust 2024-1 | | | | | | | | |
6.71%, 07/17/2034, Series 2024-1A, Class C (1) | | | 2,085 | | | | 2,113 | |
Credit Acceptance Auto Loan Trust 2024-2 | | | | | | | | |
5.95%, 06/15/2034, Series 2024-2A, Class A (1) | | | 7,360 | | | | 7,382 | |
6.70%, 10/16/2034, Series 2024-2A, Class C (1) | | | 3,470 | | | | 3,490 | |
Credit-Based Asset Servicing & Securitization LLC | | | | | | | | |
5.76% (1 Month Term SOFR + 0.41%, 0.30% Floor), 10/25/2036, Series 2006-CB8, Class A2C (2) | | | 9,638 | | | | 7,744 | |
6.24% (1 Month Term SOFR + 0.89%, 0.78% Floor), 07/25/2033, Series 2004-CB2, Class M1 (2) | | | 3,066 | | | | 2,982 | |
Crown City CLO III | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/20/2034, Series 2021-1A, Class A1A (1)(2) | | | 250 | | | | 250 | |
CVC Cordatus Opportunity Loan Fund DAC | | | | | | | | |
5.29% (3 Month EURIBOR + 1.38%, 1.38% Floor), 08/15/2033, Series 1A, Class A (1) | | EUR | 9,100 | | | | 9,766 | |
CVS Pass-Through Trust | | | | | | | | |
6.94%, 01/10/2030 | | $ | 651 | | | | 658 | |
CWABS Asset-Backed Certificates Trust 2004-13 | | | | | | | | |
6.88% (1 Month Term SOFR + 1.54%, 1.43% Floor), 06/25/2035, Series 2004-14, Class M4 (2) | | | 8,032 | | | | 7,955 | |
CWABS Asset-Backed Certificates Trust 2005-13 | | | | | | | | |
6.19% (1 Month Term SOFR + 0.85%, 0.74% Floor), 04/25/2036, Series 2005-13, Class MV3 (2) | | | 34,850 | | | | 28,866 | |
CWABS Asset-Backed Certificates Trust 2005-9 | | | | | | | | |
6.43% (1 Month Term SOFR + 1.09%, 0.98% Floor), 01/25/2036, Series 2005-9, Class M2 (2) | | | 3,961 | | | | 3,821 | |
CWABS Asset-Backed Certificates Trust 2005-AB4 | | | | | | | | |
5.94% (1 Month Term SOFR + 0.59%, 0.48% Floor), 03/25/2036, Series 2005-AB4, Class 1A (2) | | | 1,582 | | | | 1,402 | |
CWABS Asset-Backed Certificates Trust 2006-2 | | | | | | | | |
5.92% (1 Month Term SOFR + 0.57%, 0.46% Floor), 04/25/2047, Series 2006-20, Class 2A4 (2) | | | 19,431 | | | | 17,472 | |
6.09% (1 Month Term SOFR + 0.74%, 0.63% Floor), 06/25/2036, Series 2006-2, Class M2 (2) | | | 24,500 | | | | 23,094 | |
CWABS Asset-Backed Certificates Trust 2006-22 | | | | | | | | |
5.90% (1 Month Term SOFR + 0.55%, 0.44% Floor), 05/25/2047, Series 2006-22, Class 2A4 (2) | | | 5,953 | | | | 5,561 | |
CWABS Asset-Backed Certificates Trust 2006-25 | | | | | | | | |
5.71% (1 Month Term SOFR + 0.36%, 0.25% Floor), 06/25/2037, Series 2006-26, Class M1 (2) | | | 2,133 | | | | 1,770 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
CWABS Asset-Backed Certificates Trust 2006-BC1 | | | | | | | | |
6.04% (1 Month Term SOFR + 0.70%, 0.59% Floor), 04/25/2036, Series 2006-BC1, Class M3 (2) | | $ | 1,000 | | | $ | 903 | |
CWABS Asset-Backed Certificates Trust 2007-10 | | | | | | | | |
5.64% (1 Month Term SOFR + 0.29%, 0.18% Floor), 06/25/2047, Series 2007-10, Class 1A1 (2) | | | 21,134 | | | | 19,814 | |
CWABS Asset-Backed Certificates Trust 2007-2 | | | | | | | | |
5.68% (1 Month Term SOFR + 0.33%, 0.22% Floor), 08/25/2037, Series 2007-2, Class 2A4 (2) | | | 25,730 | | | | 23,159 | |
CWABS Asset-Backed Certificates Trust 2007-8 | | | | | | | | |
5.71% (1 Month Term SOFR + 0.36%, 0.25% Floor), 02/25/2036, Series 2007-9, Class 2A4 (2) | | | 1,115 | | | | 1,047 | |
CWABS Asset-Backed Certificates Trust 2007-BC2 | | | | | | | | |
6.04% (1 Month Term SOFR + 0.69%, 0.58% Floor), 06/25/2037, Series 2007-BC2, Class 2A4 (2) | | | 4,930 | | | | 4,747 | |
CWABS Revolving Home Equity Loan Trust Series 2004-T | | | | | | | | |
5.68% (1 Month Term SOFR + 0.35%, 0.24% Floor, 16.00% Cap), 02/15/2030, Series 2004-T, Class 2A (2) | | | 2,002 | | | | 1,974 | |
CWABS, Inc. Asset-backed Certificates Series 2007-12 | | | | | | | | |
6.20% (1 Month Term SOFR + 0.85%, 0.74% Floor), 08/25/2047, Series 2007-12, Class 1A1 (2) | | | 2,575 | | | | 2,453 | |
CWHEQ Revolving Home Equity Loan Trust Series 2006-I | | | | | | | | |
5.58% (1 Month Term SOFR + 0.25%, 0.14% Floor), 01/15/2037, Series 2006-I, Class 1A (2) | | | 79 | | | | 72 | |
DB Master Finance LLC | | | | | | | | |
4.03%, 11/20/2047, Series 2017-1A, Class A2II (1) | | | 2,059 | | | | 1,954 | |
Dewolf Park CLO Ltd. | | | | | | | | |
7.04% (3 Month Term SOFR + 1.71%, 1.35% Floor), 10/15/2030, Series 2017-1A, Class BR (1)(2) | | | 12,235 | | | | 12,223 | |
Diameter Capital CLO 1 Ltd. | | | | | | | | |
6.83% (3 Month Term SOFR + 1.50%, 1.50% Floor), 07/15/2036, Series 2021-1A, Class A1A (1)(2) | | | 4,390 | | | | 4,400 | |
Diameter Capital CLO 3 Ltd. | | | | | | | | |
6.72% (3 Month Term SOFR + 1.39%, 1.39% Floor), 04/15/2037, Series 2022-3A, Class A1A (1)(2) | | | 4,770 | | | | 4,779 | |
Diameter Capital CLO 7 Ltd. | | | | | | | | |
7.53% (3 Month Term SOFR + 2.20%, 2.20% Floor), 07/20/2037, Series 2024-7A, Class B (1)(2) | | | 1,000 | | | | 1,001 | |
Domino’s Pizza Master Issuer LLC | | | | | | | | |
4.33%, 07/25/2048, Series 2018-1A, Class A2II (1) | | | 2,359 | | | | 2,269 | |
Drive Auto Receivables Trust 2021-1 | | | | | | | | |
1.45%, 01/16/2029, Series 2021-1, Class D | | | 5,544 | | | | 5,410 | |
Dryden 36 Senior Loan Fund | | | | | | | | |
6.61% (3 Month Term SOFR + 1.28%, 1.02% Floor), 04/15/2029, Series 2014-36A, Class AR3 (1)(2) | | | 5,316 | | | | 5,323 | |
Dryden 64 CLO Ltd. | | | | | | | | |
6.56% (3 Month Term SOFR + 1.23%), 04/18/2031, Series 2018-64A, Class A (1)(2) | | | 5,471 | | | | 5,479 | |
Dryden XXVI Senior Loan Fund | | | | | | | | |
6.49% (3 Month Term SOFR + 1.16%), 04/15/2029, Series 2013-26A, Class AR (1)(2) | | | 2,986 | | | | 2,989 | |
DT Auto Owner Trust 2021-1 | | | | | | | | |
1.16%, 11/16/2026, Series 2021-1A, Class D (1) | | | 2,650 | | | | 2,584 | |
DT Auto Owner Trust 2022-1 | | | | | | | | |
3.40%, 12/15/2027, Series 2022-1A, Class D (1) | | | 11,305 | | | | 11,009 | |
DT Auto Owner Trust 2023-2 | | | | | | | | |
6.62%, 02/15/2029, Series 2023-2A, Class D (1) | | | 8,095 | | | | 8,204 | |
DT Auto Owner Trust 2023-3 | | | | | | | | |
7.12%, 05/15/2029, Series 2023-3A, Class D (1) | | | 5,425 | | | | 5,551 | |
Eaton Vance CLO 2014-1R Ltd. | | | | | | | | |
7.08% (3 Month Term SOFR + 1.75%), 07/15/2030, Series 2014-1RA, Class A2 (1)(2) | | | 1,000 | | | | 1,000 | |
Eaton Vance CLO 2019-1 Ltd. | | | | | | | | |
7.18% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/15/2037, Series 2019-1A, Class BR2 (1)(2) | | | 2,000 | | | | 1,998 | |
ECAF I Ltd. | | | | | | | | |
3.47%, 06/15/2040, Series 2015-1A, Class A1 (1) | | | 185 | | | | 119 | |
ECMC Group Student Loan Trust | | | | | | | | |
6.45% (30-day Average SOFR + 1.11%), 07/25/2069, Series 2019-1A, Class A1B (1)(2) | | | 602 | | | | 600 | |
ECMC Group Student Loan Trust 2017-2 | | | | | | | | |
6.50% (30-day Average SOFR + 1.16%), 05/25/2067, Series 2017-2A, Class A (1)(2) | | | 5,655 | | | | 5,637 | |
ECMC Group Student Loan Trust 2020-2 | | | | | | | | |
6.60% (30-day Average SOFR + 1.26%, 1.15% Floor), 11/25/2069, Series 2020-2A, Class A (1)(2) | | | 24,007 | | | | 24,029 | |
EDvestinU Private Education Loan Issue No 4 LLC | | | | | | | | |
5.25%, 11/25/2040, Series 2022-A, Class A (1) | | | 901 | | | | 886 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Elara HGV Timeshare Issuer 2021-A LLC | | | | | | | | |
2.09%, 08/27/2035, Series 2021-A, Class C (1) | | $ | 285 | | | $ | 263 | |
ELFI Graduate Loan Program 2019-A LLC | | | | | | | | |
2.54%, 03/25/2044, Series 2019-A, Class A (1) | | | 1,260 | | | | 1,130 | |
ELFI Graduate Loan Program 2021-A LLC | | | | | | | | |
2.09%, 12/26/2046, Series 2021-A, Class B (1)(5) | | | 403 | | | | 328 | |
Ellington Loan Acquisition Trust 2007-1 | | | | | | | | |
6.56% (1 Month Term SOFR + 1.21%, 1.10% Floor), 05/25/2037, Series 2007-1, Class A1 (1)(2) | | | 529 | | | | 509 | |
Elmwood CLO 15 Ltd. | | | | | | | | |
6.66% (3 Month Term SOFR + 1.34%, 1.34% Floor), 04/22/2035, Series 2022-2A, Class A1 (1)(2) | | | 11,210 | | | | 11,248 | |
Elmwood CLO 16 Ltd. | | | | | | | | |
7.82% (3 Month Term SOFR + 2.50%, 2.50% Floor), 04/20/2037, Series 2022-3A, Class CR (1)(2) | | | 500 | | | | 503 | |
Elmwood CLO I Ltd. | | | | | | | | |
6.83% (3 Month Term SOFR + 1.52%, 1.52% Floor), 04/20/2037, Series 2019-1A, Class A1RR (1)(2) | | | 2,000 | | | | 2,016 | |
Elmwood CLO III Ltd. | | | | | | | | |
7.42% (3 Month Term SOFR + 2.10%, 2.10% Floor), 07/18/2037, Series 2019-3A, Class CRR (1)(2) | | | 500 | | | | 500 | |
Elmwood CLO IV Ltd. | | | | | | | | |
7.17% (3 Month Term SOFR + 1.85%, 1.85% Floor), 04/18/2037, Series 2020-1A, Class BR (1)(2) | | | 1,250 | | | | 1,248 | |
8.67% (3 Month Term SOFR + 3.35%, 3.35% Floor), 04/18/2037, Series 2020-1A, Class DR (1)(2) | | | 1,000 | | | | 993 | |
Ent Auto Receivables Trust 2023-1 | | | | | | | | |
6.22%, 08/16/2027, Series 2023-1A, Class A2 (1) | | | 2,449 | | | | 2,450 | |
EverBright Solar Trust 2024-A | | | | | | | | |
6.43%, 06/22/2054, Series 2024-A, Class A (1) | | | 4,664 | | | | 4,623 | |
Exeter Automobile Receivables Trust 2020-2 | | | | | | | | |
4.73%, 04/15/2026, Series 2020-2A, Class D (1) | | | 308 | | | | 308 | |
Exeter Automobile Receivables Trust 2020-3 | | | | | | | | |
1.73%, 07/15/2026, Series 2020-3A, Class D | | | 140 | | | | 139 | |
Exeter Automobile Receivables Trust 2021-2 | | | | | | | | |
1.08%, 11/16/2026, Series 2021-1A, Class D | | | 1,592 | | | | 1,560 | |
Exeter Automobile Receivables Trust 2022-2 | | | | | | | | |
4.56%, 07/17/2028, Series 2022-2A, Class D | | | 2,920 | | | | 2,857 | |
Exeter Automobile Receivables Trust 2022-6 | | | | | | | | |
6.32%, 05/15/2028, Series 2022-6A, Class C | | | 2,180 | | | | 2,186 | |
Exeter Automobile Receivables Trust 2023-1 | | | | | | | | |
6.69%, 06/15/2029, Series 2023-1A, Class D | | | 1,960 | | | | 1,981 | |
Exeter Automobile Receivables Trust 2023-2 | | | | | | | | |
5.61%, 09/15/2027, Series 2023-2A, Class B | | | 22,400 | | | | 22,427 | |
6.32%, 08/15/2029, Series 2023-2A, Class D | | | 4,420 | | | | 4,445 | |
Exeter Automobile Receivables Trust 2023-3 | | | | | | | | |
6.68%, 04/16/2029, Series 2023-3A, Class D | | | 2,230 | | | | 2,262 | |
Exeter Automobile Receivables Trust 2023-5 | | | | | | | | |
7.13%, 02/15/2030, Series 2023-5A, Class D | | | 9,500 | | | | 9,780 | |
Exeter Automobile Receivables Trust 2024-3 | | | | | | | | |
5.65%, 12/15/2027, Series 2024-3A, Class A3 | | | 3,300 | | | | 3,302 | |
5.70%, 07/16/2029, Series 2024-3A, Class C | | | 600 | | | | 602 | |
5.98%, 09/16/2030, Series 2024-3A, Class D | | | 1,400 | | | | 1,402 | |
FHF Trust 2021-1 | | | | | | | | |
2.29%, 03/15/2027, Series 2021-1A, Class B (1) | | | 4,000 | | | | 3,937 | |
FHF Trust 2022-1 | | | | | | | | |
4.43%, 01/18/2028, Series 2022-1A, Class A (1) | | | 2,490 | | | | 2,465 | |
Fieldstone Mortgage Investment Trust Series 2006-3 | | | | | | | | |
5.72% (1 Month Term SOFR + 0.39%, 0.28% Floor, 12.25% Cap), 11/25/2036, Series 2006-3, Class 1A (2) | | | 2,971 | | | | 2,646 | |
First Franklin Mortgage Loan Trust 2002-FF4 | | | | | | | | |
6.57% (1 Month Term SOFR + 1.24%, 1.13% Floor), 02/25/2033, Series 2002-FF4, Class 1A2 (2) | | | 2,940 | | | | 2,829 | |
First Franklin Mortgage Loan Trust 2003-FFH2 | | | | | | | | |
7.09% (1 Month Term SOFR + 1.76%, 1.65% Floor), 02/25/2034, Series 2003-FFH2, Class M1A (2) | | | 3,023 | | | | 3,053 | |
First Franklin Mortgage Loan Trust 2004-FF7 | | | | | | | | |
7.63% (1 Month Term SOFR + 2.29%, 2.18% Floor), 09/25/2034, Series 2004-FF7, Class M5 (2) | | | 854 | | | | 876 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
First Franklin Mortgage Loan Trust 2006-FF11 | | | | | | | | |
5.82% (1 Month Term SOFR + 0.47%, 0.36% Floor), 08/25/2036, Series 2006-FF11, Class 1A2 (2) | | $ | 23,054 | | | $ | 22,361 | |
First Franklin Mortgage Loan Trust 2006-FF13 | | | | | | | | |
5.70% (1 Month Term SOFR + 0.35%, 0.24% Floor), 10/25/2036, Series 2006-FF13, Class A1 (2) | | | 299 | | | | 195 | |
First Franklin Mortgage Loan Trust 2006-FF16 | | | | | | | | |
5.88% (1 Month Term SOFR + 0.53%, 0.42% Floor), 12/25/2036, Series 2006-FF16, Class 2A4 (2) | | | 4,973 | | | | 2,009 | |
First Franklin Mortgage Loan Trust 2006-FF17 | | | | | | | | |
5.61% (1 Month Term SOFR + 0.26%, 0.15% Floor), 12/25/2036, Series 2006-FF17, Class A5 (2) | | | 2,580 | | | | 2,122 | |
First Franklin Mortgage Loan Trust 2006-FF2 | | | | | | | | |
6.06% (1 Month Term SOFR + 0.71%, 0.60% Floor), 02/25/2036, Series 2006-FF2, Class A5 (2) | | | 8,468 | | | | 7,739 | |
First Franklin Mortgage Loan Trust Series 2005-FF12 | | | | | | | | |
6.16% (1 Month Term SOFR + 0.82%, 0.71% Floor), 11/25/2036, Series 2005-FF12, Class M2 (2) | | | 1,544 | | | | 1,468 | |
First Investors Auto Owner Trust 2022-1 | | | | | | | | |
3.79%, 06/15/2028, Series 2022-1A, Class D (1) | | | 2,875 | | | | 2,738 | |
FirstKey Homes 2020-SFR1 Trust | | | | | | | | |
2.24%, 08/17/2037, Series 2020-SFR1, Class D (1) | | | 1,590 | | | | 1,515 | |
2.79%, 08/17/2037, Series 2020-SFR1, Class E (1) | | | 805 | | | | 771 | |
FirstKey Homes 2021-SFR1 Trust | | | | | | | | |
2.39%, 08/17/2038, Series 2021-SFR1, Class E1 (1) | | | 4,795 | | | | 4,387 | |
FirstKey Homes 2021-SFR2 Trust | | | | | | | | |
2.26%, 09/17/2038, Series 2021-SFR2, Class E1 (1) | | | 3,380 | | | | 3,082 | |
2.36%, 09/17/2038, Series 2021-SFR2, Class E2 (1) | | | 2,000 | | | | 1,821 | |
FirstKey Homes 2022-SFR2 Trust | | | | | | | | |
4.50%, 07/17/2039, Series 2022-SFR2, Class D (1) | | | 10,352 | | | | 9,820 | |
Flagship Credit Auto Trust 2019-3 | | | | | | | | |
2.86%, 12/15/2025, Series 2019-3, Class D (1) | | | 541 | | | | 538 | |
Flagship Credit Auto Trust 2020-4 | | | | | | | | |
2.18%, 02/16/2027, Series 2020-4, Class D (1) | | | 8,135 | | | | 7,784 | |
Flagship Credit Auto Trust 2021-1 | | | | | | | | |
1.27%, 03/15/2027, Series 2021-1, Class D (1) | | | 1,480 | | | | 1,397 | |
Flagship Credit Auto Trust 2021-2 | | | | | | | | |
1.59%, 06/15/2027, Series 2021-2, Class D (1) | | | 3,085 | | | | 2,853 | |
Flagship Credit Auto Trust 2022-2 | | | | | | | | |
4.76%, 05/17/2027, Series 2022-2, Class B (1) | | | 5,200 | | | | 5,148 | |
Flagship Credit Auto Trust 2023-2 | | | | | | | | |
6.62%, 05/15/2029, Series 2023-2, Class D (1) | | | 8,385 | | | | 8,480 | |
Flagship Credit Auto Trust 2023-3 | | | | | | | | |
6.58%, 08/15/2029, Series 2023-3, Class D (1) | | | 1,205 | | | | 1,217 | |
Flagship Credit Auto Trust 2024-1 | | | | | | | | |
5.59%, 04/15/2025, Series 2024-1, Class A1 (1) | | | 1,138 | | | | 1,138 | |
5.64%, 03/15/2028, Series 2024-1, Class A2 (1) | | | 11,850 | | | | 11,840 | |
Flatiron CLO 19 Ltd. | | | | | | | | |
6.67% (3 Month LIBOR USD + 1.08%, 1.08% Floor), 11/16/2034, Series 2019-1A, Class AR (1)(2) | | | 500 | | | | 501 | |
FOCUS Brands Funding | | | | | | | | |
8.24%, 10/30/2053, Series 2023-2, Class A2 (1) | | | 3,234 | | | | 3,423 | |
Ford Auto Securitization Trust | | | | | | | | |
2.76%, 04/15/2028, Series 2020-AA, Class C (1) | | CAD | 290 | | | | 209 | |
Ford Credit Auto Lease Trust 2023-B | | | | | | | | |
6.97%, 06/15/2028, Series 2023-B, Class D | | $ | 2,810 | | | | 2,869 | |
Ford Credit Auto Owner Trust 2021-A | | | | | | | | |
0.30%, 08/15/2025, Series 2021-A, Class A3 | | | 477 | | | | 476 | |
Ford Credit Floorplan Master Owner Trust A | | | | | | | | |
1.32%, 09/15/2027, Series 2020-2, Class B | | | 4,235 | | | | 4,018 | |
Foundation Finance Trust 2023-2 | | | | | | | | |
6.53%, 06/15/2049, Series 2023-2A, Class A (1) | | | 4,018 | | | | 4,073 | |
6.97%, 06/15/2049, Series 2023-2A, Class B (1) | | | 1,585 | | | | 1,613 | |
Foundation Finance Trust 2024-1 | | | | | | | | |
5.95%, 12/15/2049, Series 2024-1A, Class B (1) | | | 339 | | | | 338 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Foursight Capital Automobile Receivables Trust 2021-1 | | | | | | | | |
1.32%, 03/15/2027, Series 2021-1, Class D (1) | | $ | 4,218 | | | $ | 4,207 | |
Foursight Capital Automobile Receivables Trust 2021-2 | | | | | | | | |
1.92%, 09/15/2027, Series 2021-2, Class D (1) | | | 3,280 | | | | 3,177 | |
FREED ABS Trust 2021-2 | | | | | | | | |
1.94%, 06/19/2028, Series 2021-2, Class C (1) | | | 84 | | | | 84 | |
FREED ABS Trust 2021-3FP | | | | | | | | |
2.37%, 11/20/2028, Series 2021-3FP, Class D (1) | | | 2,665 | | | | 2,607 | |
FREED ABS Trust 2022-1FP | | | | | | | | |
3.35%, 03/19/2029, Series 2022-1FP, Class D (1) | | | 3,290 | | | | 3,206 | |
Fremont Home Loan Trust 2003-1 | | | | | | | | |
6.73% (1 Month Term SOFR + 1.39%, 1.28% Floor), 02/25/2033, Series 2003-1, Class M1 (2) | | | 1,358 | | | | 1,407 | |
Fremont Home Loan Trust 2004-4 | | | | | | | | |
6.25% (1 Month Term SOFR + 0.91%, 0.80% Floor), 03/25/2035, Series 2004-4, Class M1 (2) | | | 18,502 | | | | 17,183 | |
Fremont Home Loan Trust 2004-C | | | | | | | | |
6.43% (1 Month Term SOFR + 1.09%, 0.98% Floor), 08/25/2034, Series 2004-C, Class M1 (2) | | | 6,301 | | | | 5,765 | |
Fremont Home Loan Trust 2005-1 | | | | | | | | |
6.61% (1 Month Term SOFR + 1.27%, 1.16% Floor), 06/25/2035, Series 2005-1, Class M6 (2) | | | 3,072 | | | | 2,418 | |
Fremont Home Loan Trust 2005-2 | | | | | | | | |
6.21% (1 Month Term SOFR + 0.86%, 0.75% Floor), 06/25/2035, Series 2005-2, Class M3 (2) | | | 1,126 | | | | 1,099 | |
Fremont Home Loan Trust 2005-C | | | | | | | | |
6.24% (1 Month Term SOFR + 0.89%, 0.78% Floor), 07/25/2035, Series 2005-C, Class M3 (2) | | | 9,135 | | | | 8,541 | |
6.39% (1 Month Term SOFR + 1.04%, 0.93% Floor), 07/25/2035, Series 2005-C, Class M4 (2) | | | 10,696 | | | | 8,487 | |
Fremont Home Loan Trust 2005-E | | | | | | | | |
6.12% (1 Month Term SOFR + 0.77%, 0.66% Floor), 01/25/2036, Series 2005-E, Class 2A4 (2) | | | 6,789 | | | | 6,413 | |
Frontier Issuer LLC | | | | | | | | |
6.19%, 06/20/2054, Series 2024-1, Class A2 (1) | | | 9,860 | | | | 9,858 | |
6.60%, 08/20/2053, Series 2023-1, Class A2 (1) | | | 35,360 | | | | 35,573 | |
Galaxy XX CLO Ltd. | | | | | | | | |
6.59% (3 Month Term SOFR + 1.26%, 1.00% Floor), 04/20/2031, Series 2015-20A, Class AR (1)(2) | | | 330 | | | | 330 | |
Galaxy XXII CLO Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 04/16/2034, Series 2016-22A, Class ARR (1)(2) | | | 6,490 | | | | 6,500 | |
Gallatin CLO VIII 2017-1 Ltd. | | | | | | | | |
6.68% (3 Month Term SOFR + 1.35%, 1.09% Floor), 07/15/2031, Series 2017-1A, Class A1R (1)(2) | | | 32,756 | | | | 32,798 | |
Generate CLO 16 Ltd. | | | | | | | | |
7.17% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/20/2037, Series 2024-16A, Class B (1)(2) | | | 500 | | | | 500 | |
Generate CLO 2 Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/22/2031, Series 2A, Class AR (1)(2) | | | 528 | | | | 528 | |
Generate CLO 5 Ltd. | | | | | | | | |
7.32% (3 Month Term SOFR + 2.00%, 2.00% Floor), 07/22/2037, Series 5A, Class BR (1)(2) | | | 1,750 | | | | 1,748 | |
Generate CLO 6 Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 01/22/2035, Series 6A, Class A1R (1)(2) | | | 750 | | | | 752 | |
Generate CLO 7 Ltd. | | | | | | | | |
6.92% (3 Month Term SOFR + 1.62%, 1.62% Floor), 04/22/2037, Series 7A, Class A1R (1)(2) | | | 1,472 | | | | 1,475 | |
GITSIT Mortgage Loan Trust 2024-NPL1 | | | | | | | | |
7.47%, 06/25/2054, Series 2024-NPL1, Class A1 (1)(3) | | | 14,025 | | | | 14,029 | |
GLS Auto Receivables Issuer Trust 2021-2 | | | | | | | | |
1.42%, 04/15/2027, Series 2021-2A, Class D (1) | | | 5,235 | | | | 5,050 | |
GLS Auto Receivables Issuer Trust 2023-2 | | | | | | | | |
6.31%, 03/15/2029, Series 2023-2A, Class D (1) | | | 3,335 | | | | 3,346 | |
GLS Auto Receivables Issuer Trust 2023-3 | | | | | | | | |
6.44%, 05/15/2029, Series 2023-3A, Class D (1) | | | 2,425 | | | | 2,445 | |
GLS Auto Receivables Issuer Trust 2023-4 | | | | | | | | |
7.18%, 08/15/2029, Series 2023-4A, Class D (1) | | | 4,300 | | | | 4,434 | |
GLS Auto Receivables Issuer Trust 2024-1 | | | | | | | | |
5.95%, 12/17/2029, Series 2024-1A, Class D (1) | | | 2,600 | | | | 2,598 | |
GLS Auto Receivables Issuer Trust 2024-2 | | | | | | | | |
6.19%, 02/15/2030, Series 2024-2A, Class D (1) | | | 805 | | | | 812 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
GLS Auto Select Receivables Trust 2024-3 | | | | | | | | |
5.92%, 08/15/2030, Series 2024-3A, Class C (1) | | $ | 2,100 | | | $ | 2,098 | |
6.34%, 08/15/2031, Series 2024-3A, Class D (1) | | | 3,400 | | | | 3,397 | |
GM Financial Consumer Automobile Receivables Trust 2021-1 | | | | | | | | |
0.35%, 10/16/2025, Series 2021-1, Class A3 | | | 72 | | | | 72 | |
GM Financial Consumer Automobile Receivables Trust 2021-2 | | | | | | | | |
0.51%, 04/16/2026, Series 2021-2, Class A3 | | | 2,953 | | | | 2,918 | |
Goldentree Loan Management U.S. CLO 10 Ltd. | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%, 1.10% Floor), 07/20/2034, Series 2021-10A, Class A (1)(2) | | | 1,000 | | | | 1,003 | |
GoldenTree Loan Management U.S. CLO 16 Ltd. | | | | | | | | |
6.99% (3 Month Term SOFR + 1.67%, 1.67% Floor), 01/20/2034, Series 2022-16A, Class AR (1)(2) | | | 23,800 | | | | 23,943 | |
Goldentree Loan Management U.S. CLO 8 Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 10/20/2034, Series 2020-8A, Class AR (1)(2) | | | 4,735 | | | | 4,746 | |
Goldman Home Improvement Trust 2022-GRN2 Issuer Trust | | | | | | | | |
6.80%, 10/25/2052, Series 2022-GRN2, Class A (1) | | | 632 | | | | 634 | |
Golub Capital Partners CLO 41B-R Ltd. | | | | | | | | |
6.91% (3 Month Term SOFR + 1.58%, 1.32% Floor), 01/20/2034, Series 2019-41A, Class AR (1)(2) | | | 2,945 | | | | 2,948 | |
Golub Capital Partners CLO 55B Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 07/20/2034, Series 2021-55A, Class A (1)(2) | | | 3,990 | | | | 3,995 | |
Golub Capital Partners CLO 66B Ltd. | | | | | | | | |
7.27% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/25/2036, Series 2023-66A, Class A (1)(2) | | | 1,500 | | | | 1,515 | |
Golub Capital Partners CLO 74 B Ltd. | | | | | | | | |
7.16% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/25/2037, Series 2024-74A, Class B (1)(2) | | | 2,000 | | | | 2,000 | |
GoodLeap Sustainable Home Solutions Trust 2022-3 | | | | | | | | |
4.95%, 07/20/2049, Series 2022-3CS, Class A (1) | | | 564 | | | | 525 | |
GoodLeap Sustainable Home Solutions Trust 2023-1 | | | | | | | | |
5.52%, 02/22/2055, Series 2023-1GS, Class A (1) | | | 831 | | | | 798 | |
Gracie Point International Funding 2023-1 | | | | | | | | |
7.30% (90-day Average SOFR + 1.95%), 09/01/2026, Series 2023-1A, Class A (1)(2) | | | 1,751 | | | | 1,769 | |
Greywolf CLO VII Ltd. | | | | | | | | |
6.76% (3 Month Term SOFR + 1.44%, 1.44% Floor), 10/20/2031, Series 2018-2A, Class A1 (1)(2) | | | 429 | | | | 430 | |
GSAMP Trust 2005-AHL | | | | | | | | |
6.43% (1 Month Term SOFR + 1.09%, 0.98% Floor), 04/25/2035, Series 2005-AHL, Class M2 (2) | | | 3,203 | | | | 2,927 | |
GSAMP Trust 2007-FM2 | | | | | | | | |
5.52% (1 Month Term SOFR + 0.17%, 0.06% Floor), 01/25/2037, Series 2007-FM2, Class A2A (2) | | | 1,706 | | | | 1,002 | |
HalseyPoint CLO 3 Ltd. | | | | | | | | |
7.04% (3 Month Term SOFR + 1.71%, 1.45% Floor), 11/30/2032, Series 2020-3A, Class A1A (1)(2) | | | 1,050 | | | | 1,053 | |
Hardee’s Funding LLC | | | | | | | | |
2.87%, 06/20/2051, Series 2021-1A, Class A2 (1) | | | 4,646 | | | | 3,991 | |
7.25%, 03/20/2054, Series 2024-1A, Class A2 (1) | | | 2,444 | | | | 2,453 | |
Harvest CLO XXI DAC | | | | | | | | |
1.04%, 07/15/2031, Series 21A, Class A2R (1) | | EUR | 4,071 | | | | 4,138 | |
4.73% (3 Month EURIBOR + 0.76%, 0.76% Floor), 07/15/2031, Series 21A, Class A1R (1)(2) | | | 34,154 | | | | 36,483 | |
Harvest SBA Loan Trust 2018-1 | | | | | | | | |
7.69% (1 Month Term SOFR + 2.36%), 08/25/2044, Series 2018-1, Class A (1)(2) | | $ | 1,089 | | | | 1,082 | |
Hermitage 2024 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 2.35%), 04/21/2033, Series 1, Class D (18) | | GBP | 200 | | | | 253 | |
0.00% (Sterling Overnight Index Average + 1.60%), 04/21/2033, Series 1, Class C (18) | | | 289 | | | | 365 | |
0.00% (Sterling Overnight Index Average + 3.90%), 04/21/2033, Series 1, Class E (18) | | | 293 | | | | 370 | |
Hertz Vehicle Financing III LLC | | | | | | | | |
4.85%, 06/25/2026, Series 2022-1A, Class D (1) | | $ | 11,604 | | | | 11,203 | |
9.13%, 06/25/2027, Series 2023-1A, Class 1D (1) | | | 2,585 | | | | 2,578 | |
Hertz Vehicle Financing LLC | | | | | | | | |
5.16%, 06/26/2028, Series 2022-2A, Class D (1) | | | 2,520 | | | | 2,258 | |
6.56%, 09/25/2026, Series 2022-4A, Class D (1) | | | 6,660 | | | | 6,478 | |
Hilton Grand Vacations Trust 2022-1D | | | | | | | | |
4.69%, 06/20/2034, Series 2022-1D, Class C (1) | | | 251 | | | | 242 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Hilton Grand Vacations Trust 2023-1 | | | | | | | | |
6.94%, 01/25/2038, Series 2023-1A, Class C (1) | | $ | 497 | | | $ | 506 | |
Hilton Grand Vacations Trust 2024-2 | | | | | | | | |
5.99%, 03/25/2038, Series 2024-2A, Class C (1) | | | 1,810 | | | | 1,818 | |
HIN Timeshare Trust 2020-A | | | | | | | | |
3.42%, 10/09/2039, Series 2020-A, Class C (1) | | | 97 | | | | 91 | |
HINNT 2024-A LLC | | | | | | | | |
5.49%, 03/15/2043, Series 2024-A, Class A (1) | | | 3,186 | | | | 3,189 | |
Hipgnosis Music Assets 2022-1 LP | | | | | | | | |
5.00%, 05/16/2062, Series 2022-1, Class A (1) | | | 1,242 | | | | 1,195 | |
Home Partners of America 2019-1 Trust | | | | | | | | |
3.41%, 09/17/2039, Series 2019-1, Class D (1) | | | 1,091 | | | | 1,011 | |
Home Partners of America 2019-2 Trust | | | | | | | | |
3.12%, 10/19/2039, Series 2019-2, Class D (1) | | | 1,183 | | | | 1,085 | |
Home Partners of America 2021-1 Trust | | | | | | | | |
2.58%, 09/17/2041, Series 2021-1, Class E (1) | | | 750 | | | | 610 | |
Home Partners of America 2021-2 Trust | | | | | | | | |
2.95%, 12/17/2026, Series 2021-2, Class E2 (1) | | | 4,228 | | | | 3,841 | |
Home Partners of America 2021-3 Trust | | | | | | | | |
2.20%, 01/17/2041, Series 2021-3, Class A (1) | | | 24,801 | | | | 21,741 | |
Horizon Aircraft Finance I Ltd. | | | | | | | | |
4.46%, 12/15/2038, Series 2018-1, Class A (1) | | | 1,960 | | | | 1,783 | |
Horizon Aircraft Finance II Ltd. | | | | | | | | |
3.72%, 07/15/2039, Series 2019-1, Class A (1) | | | 852 | | | | 779 | |
Horizon Aircraft Finance III Ltd. | | | | | | | | |
3.43%, 11/15/2039, Series 2019-2, Class A (1) | | | 1,612 | | | | 1,396 | |
HPEFS Equipment Trust | | | | | | | | |
2.40%, 11/20/2029, Series 2022-1A, Class D (1) | | | 3,390 | | | | 3,289 | |
HPEFS Equipment Trust 2023-2 | | | | | | | | |
6.97%, 07/21/2031, Series 2023-2A, Class D (1) | | | 1,585 | | | | 1,611 | |
HPS Loan Management 2024-20 Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 2.20%, 2.20% Floor), 07/25/2037, Series 2024-20A, Class C (1)(2)(4) | | | 750 | | | | 751 | |
0.00% (3 Month Term SOFR + 3.30%, 3.30% Floor), 07/25/2037, Series 2024-20A, Class D1 (1)(2)(4) | | | 750 | | | | 751 | |
Huntington Auto Trust 2024-1 | | | | | | | | |
5.23%, 01/16/2029, Series 2024-1A, Class A3 (1) | | | 13,900 | | | | 13,861 | |
5.50%, 03/15/2027, Series 2024-1A, Class A2 (1) | | | 23,000 | | | | 22,977 | |
Huntington Bank Auto Credit-Linked Notes Series 2024-1 | | | | | | | | |
6.73% (30-day Average SOFR + 1.40%), 05/20/2032, Series 2024-1, Class B2 (1)(2) | | | 2,592 | | | | 2,592 | |
IXIS Real Estate Capital Trust 2005-HE2 | | | | | | | | |
6.43% (1 Month Term SOFR + 1.09%, 0.98% Floor), 09/25/2035, Series 2005-HE2, Class M5 (2) | | | 2,971 | | | | 2,980 | |
Jack in the Box Funding LLC | | | | | | | | |
3.45%, 02/26/2052, Series 2022-1A, Class A2I (1) | | | 67 | | | | 62 | |
4.48%, 08/25/2049, Series 2019-1A, Class A2II (1) | | | 3,870 | | | | 3,729 | |
JP Morgan Mortgage Acquisition Corp. 2005-FRE1 | | | | | | | | |
3.07% (1 Month Term SOFR + 0.76%, 0.65% Floor), 10/25/2035, Series 2005-FRE1, Class M2 (2) | | | 7,044 | | | | 5,989 | |
JP Morgan Mortgage Acquisition Corp. 2006-FRE2 | | | | | | | | |
6.00% (1 Month Term SOFR + 0.65%, 0.54% Floor), 02/25/2036, Series 2006-FRE2, Class M2 (2) | | | 11,255 | | | | 9,702 | |
JP Morgan Mortgage Acquisition Corp. 2006-WMC1 | | | | | | | | |
6.00% (1 Month Term SOFR + 0.65%, 0.54% Floor), 03/25/2036, Series 2006-WMC1, Class A5 (2) | | | 5,341 | | | | 5,047 | |
JP Morgan Mortgage Acquisition Trust 2006-CW1 | | | | | | | | |
5.89% (1 Month Term SOFR + 0.55%, 0.44% Floor), 05/25/2036, Series 2006-CW1, Class M2 (2) | | | 11,322 | | | | 9,763 | |
JP Morgan Mortgage Acquisition Trust 2006-WMC4 | | | | | | | | |
5.58% (1 Month Term SOFR + 0.23%, 0.12% Floor), 12/25/2036, Series 2006-WMC4, Class A3 (2) | | | 17,965 | | | | 9,364 | |
5.61% (1 Month Term SOFR + 0.26%, 0.15% Floor), 12/25/2036, Series 2006-WMC4, Class A4 (2) | | | 16,361 | | | | 8,536 | |
JP Morgan Mortgage Acquisition Trust 2007-CH3 | | | | | | | | |
5.72% (1 Month Term SOFR + 0.37%, 0.26% Floor), 03/25/2037, Series 2007-CH3, Class A5 (2) | | | 8,916 | | | | 8,721 | |
JP Morgan Mortgage Acquisition Trust 2007-CH5 | | | | | | | | |
5.73% (1 Month Term SOFR + 0.38%, 0.27% Floor), 06/25/2037, Series 2007-CH5, Class M1 (2) | | | 6,439 | | | | 6,139 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Kestrel Aircraft Funding Ltd. | | | | | | | | |
4.25%, 12/15/2038, Series 2018-1A, Class A (1) | | $ | 1,696 | | | $ | 1,595 | |
KKR CLO 11 Ltd. | | | | | | | | |
6.77% (3 Month Term SOFR + 1.44%, 1.44% Floor), 01/15/2031, Series 11, Class AR (1)(2) | | | 6,292 | | | | 6,307 | |
KKR Financial CLO 2013-1 Ltd. | | | | | | | | |
6.77% (3 Month Term SOFR + 1.45%, 1.45% Floor), 04/15/2029, Series 2013-1A, Class A2R2 (1)(2) | | | 2,000 | | | | 1,999 | |
7.27% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/15/2029, Series 2013-1A, Class BR2 (1)(2) | | | 1,000 | | | | 1,000 | |
LAD Auto Receivables Trust 2023-3 | | | | | | | | |
6.43%, 12/15/2028, Series 2023-3A, Class C (1) | | | 3,640 | | | | 3,695 | |
LAD Auto Receivables Trust 2023-4 | | | | | | | | |
6.76%, 03/15/2029, Series 2023-4A, Class C (1) | | | 1,940 | | | | 1,984 | |
7.37%, 04/15/2031, Series 2023-4A, Class D (1) | | | 980 | | | | 1,017 | |
LAD Auto Receivables Trust 2024-1 | | | | | | | | |
5.33%, 02/15/2029, Series 2024-1A, Class B (1) | | | 500 | | | | 497 | |
5.64%, 06/15/2029, Series 2024-1A, Class C (1) | | | 100 | | | | 99 | |
Laurel Road Prime Student Loan Trust 2020-A | | | | | | | | |
1.40%, 11/25/2050, Series 2020-A, Class A2FX (1) | | | 3,097 | | | | 2,800 | |
LCM XVII LP | | | | | | | | |
6.72% (3 Month Term SOFR + 1.39%, 1.13% Floor), 10/15/2031, Series 17A, Class A1AR (1)(2) | | | 1,207 | | | | 1,208 | |
Lehman XS Trust 2007-6 | | | | | | | | |
5.88% (1 Month Term SOFR + 0.53%, 0.42% Floor), 05/25/2037, Series 2007-6, Class 2A1 (2) | | | 6,137 | | | | 4,528 | |
Lendmark Funding Trust 2022-1 | | | | | | | | |
5.12%, 07/20/2032, Series 2022-1A, Class A (1) | | | 2,819 | | | | 2,793 | |
Lendmark Funding Trust 2023-1 | | | | | | | | |
8.69%, 05/20/2033, Series 2023-1A, Class D (1) | | | 1,576 | | | | 1,623 | |
Long Beach Mortgage Loan Trust 2004-6 | | | | | | | | |
6.66% (1 Month Term SOFR + 1.31%, 1.20% Floor), 11/25/2034, Series 2004-6, Class M1 (2) | | | 15,616 | | | | 14,309 | |
Long Beach Mortgage Loan Trust 2005-2 | | | | | | | | |
6.58% (1 Month Term SOFR + 1.24%, 1.13% Floor), 04/25/2035, Series 2005-2, Class M6 (2) | | | 12,500 | | | | 11,778 | |
Long Beach Mortgage Loan Trust 2005-WL2 | | | | | | | | |
6.24% (1 Month Term SOFR + 0.89%, 0.78% Floor), 08/25/2035, Series 2005-WL2, Class M3 (2) | | | 7,950 | | | | 7,738 | |
Long Beach Mortgage Loan Trust 2005-WL3 | | | | | | | | |
6.16% (1 Month Term SOFR + 0.82%, 0.82% Floor), 11/25/2035, Series 2005-WL3, Class M2 (2) | | | 9,885 | | | | 8,997 | |
Long Beach Mortgage Loan Trust 2006-WL1 | | | | | | | | |
6.09% (1 Month Term SOFR + 0.74%, 0.63% Floor), 01/25/2046, Series 2006-WL1, Class M1 (2) | | | 12,277 | | | | 11,495 | |
Louisiana Local Government Environmental Facilities & Community Development Auth | | | | | | | | |
4.15%, 02/01/2033, Series ELL, Class A2 | | | 3,020 | | | | 2,892 | |
Madison Park Funding LIX Ltd. | | | | | | | | |
6.83% (3 Month Term SOFR + 1.50%, 1.50% Floor), 04/18/2037, Series 2021-59A, Class A1R (1)(2) | | | 2,000 | | | | 1,999 | |
8.63% (3 Month Term SOFR + 3.30%, 3.30% Floor), 04/18/2037, Series 2021-59A, Class D1AR (1)(2) | | | 1,000 | | | | 995 | |
Madison Park Funding XLVIII Ltd. | | | | | | | | |
7.04% (3 Month Term SOFR + 1.71%, 1.71% Floor), 04/19/2033, Series 2021-48A, Class B (1)(2) | | | 2,750 | | | | 2,750 | |
Madison Park Funding XVIII Ltd. | | | | | | | | |
6.53% (3 Month Term SOFR + 1.20%, 0.94% Floor), 10/21/2030, Series 2015-18A, Class ARR (1)(2) | | | 4,970 | | | | 4,980 | |
Madison Park Funding XXVII Ltd. | | | | | | | | |
8.19% (3 Month Term SOFR + 2.86%, 0.26% Floor), 04/20/2030, Series 2018-27A, Class C (1)(2) | | | 1,400 | | | | 1,393 | |
Madison Park Funding XXXI Ltd. | | | | | | | | |
7.14% (3 Month Term SOFR + 1.80%, 1.80% Floor), 07/23/2037, Series 2018-31A, Class B1R (1)(2) | | | 480 | | | | 480 | |
7.59% (3 Month Term SOFR + 2.25%, 2.25% Floor), 07/23/2037, Series 2018-31A, Class CR (1)(2) | | | 2,000 | | | | 2,000 | |
Madison Park Funding XXXIV Ltd. | | | | | | | | |
6.71% (3 Month Term SOFR + 1.38%, 1.12% Floor), 04/25/2032, Series 2019-34A, Class AR (1)(2) | | | 250 | | | | 250 | |
12.24% (3 Month Term SOFR + 6.91%, 6.65% Floor), 04/25/2032, Series 2019-34A, Class ER (1)(2) | | | 1,275 | | | | 1,279 | |
Madison Park Funding XXXIX Ltd. | | | | | | | | |
7.24% (3 Month Term SOFR + 1.91%, 1.91% Floor), 10/22/2034, Series 2021-39A, Class B (1)(2) | | | 25,900 | | | | 25,874 | |
Madison Park Funding XXXV Ltd. | | | | | | | | |
6.58% (3 Month Term SOFR + 1.25%, 0.99% Floor), 04/20/2032, Series 2019-35A, Class A1R (1)(2) | | | 2,500 | | | | 2,503 | |
Madison Park Funding XXXVII Ltd. | | | | | | | | |
6.85% (3 Month Term SOFR + 1.53%, 1.53% Floor), 04/15/2037, Series 2019-37A, Class AR2 (1)(2) | | | 2,110 | | | | 2,120 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Madison Park Funding XXXVIII Ltd. | | | | | | | | |
7.48% (3 Month Term SOFR + 2.16%, 2.16% Floor), 07/17/2034, Series 2021-38A, Class C (1)(2) | | $ | 1,000 | | | $ | 1,000 | |
Magnetite XXV Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 01/25/2032, Series 2020-25A, Class A (1)(2) | | | 17,596 | | | | 17,624 | |
MAPS 2018-1 Ltd. | | | | | | | | |
4.21%, 05/15/2043, Series 2018-1A, Class A (1) | | | 1,257 | | | | 1,194 | |
MAPS 2019-1 Ltd. | | | | | | | | |
4.46%, 03/15/2044, Series 2019-1A, Class A (1) | | | 481 | | | | 438 | |
MAPS 2021-1 Trust | | | | | | | | |
2.52%, 06/15/2046, Series 2021-1A, Class A (1) | | | 7,076 | | | | 6,370 | |
Marble Point CLO X Ltd. | | | | | | | | |
6.63% (3 Month Term SOFR + 1.30%, 1.04% Floor), 10/15/2030, Series 2017-1A, Class AR (1)(2) | | | 293 | | | | 294 | |
Mariner Finance Issuance Trust 2022-A | | | | | | | | |
6.45%, 10/20/2037, Series 2022-AA, Class A (1) | | | 2,778 | | | | 2,783 | |
Marlette Funding Trust 2021-2 | | | | | | | | |
1.50%, 09/15/2031, Series 2021-2A, Class C (1) | | | 326 | | | | 324 | |
Marlette Funding Trust 2021-3 | | | | | | | | |
1.81%, 12/15/2031, Series 2021-3A, Class C (1) | | | 2,145 | | | | 2,085 | |
Marlette Funding Trust 2023-2 | | | | | | | | |
6.54%, 06/15/2033, Series 2023-2A, Class B (1) | | | 3,730 | | | | 3,739 | |
MASTR Asset Backed Securities Trust 2004-WMC1 | | | | | | | | |
6.24% (1 Month Term SOFR + 0.89%, 0.78% Floor), 02/25/2034, Series 2004-WMC1, Class M1 (2) | | | 726 | | | | 744 | |
MASTR Specialized Loan Trust | | | | | | | | |
5.98% (1 Month Term SOFR + 0.63%, 0.52% Floor), 02/25/2036, Series 2006-2, Class A (1)(2) | | | 281 | | | | 271 | |
Mercury Financial Credit Card Master Trust | | | | | | | | |
6.56%, 07/20/2029, Series 2024-2A, Class A (1) | | | 9,055 | | | | 9,089 | |
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2 | | | | | | | | |
5.94% (1 Month Term SOFR + 0.59%, 0.48% Floor), 05/25/2037, Series 2007-2, Class A2C (2) | | | 2,000 | | | | 1,404 | |
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5 | | | | | | | | |
6.46% (1 Month Term SOFR + 1.11%, 1.00% Floor), 10/25/2037, Series 2007-5, Class 2A2 (2) | | | 13,070 | | | | 11,347 | |
Merrill Lynch Mortgage Investors Trust Series 2006-OPT1 | | | | | | | | |
5.75% (1 Month Term SOFR + 0.40%, 0.29% Floor), 08/25/2037, Series 2006-OPT1, Class A1 (2) | | | 10,122 | | | | 9,006 | |
Merrill Lynch Mortgage Investors Trust Series 2006-RM2 | | | | | | | | |
5.66% (1 Month Term SOFR + 0.31%, 0.20% Floor), 05/25/2037, Series 2006-RM2, Class A2B (2) | | | 11,929 | | | | 1,288 | |
5.79% (1 Month Term SOFR + 0.44%, 0.33% Floor), 05/25/2037, Series 2006-RM2, Class A2C (2) | | | 28,594 | | | | 3,117 | |
Merrill Lynch Mortgage Investors Trust Series 2006-RM3 | | | | | | | | |
5.76% (1 Month Term SOFR + 0.41%, 0.30% Floor), 06/25/2037, Series 2006-RM3, Class A2C (2) | | | 42,980 | | | | 9,053 | |
METAL 2017-1 LLC | | | | | | | | |
4.58%, 10/15/2042, Series 2017-1, Class A (1) | | | 2,597 | | | | 1,682 | |
MetroNet Infrastructure Issuer LLC | | | | | | | | |
6.23%, 04/20/2054, Series 2024-1A, Class A2 (1) | | | 1,100 | | | | 1,111 | |
Midocean Credit CLO VIII | | | | | | | | |
6.64% (3 Month Term SOFR + 1.31%, 1.05% Floor), 02/20/2031, Series 2018-8A, Class A1R (1)(2) | | | 17,385 | | | | 17,395 | |
Mila 2024-1 BV | | | | | | | | |
5.14% (1 Month EURIBOR + 1.45%), 09/16/2041, Series 1, Class C (2)(18) | | EUR | 100 | | | | 107 | |
5.69% (1 Month EURIBOR + 2.00%), 09/16/2041, Series 1, Class D (2)(18) | | | 100 | | | | 107 | |
Mission Lane Credit Card Master Trust | | | | | | | | |
6.20%, 08/15/2029, Series 2024-A, Class A1 (1) | | $ | 3,630 | | | | 3,626 | |
7.23%, 07/17/2028, Series 2023-A, Class A (1) | | | 2,920 | | | | 2,936 | |
7.69%, 11/15/2028, Series 2023-B, Class A (1) | | | 5,475 | | | | 5,540 | |
Morgan Stanley ABS Capital I, Inc. Trust 2004-HE2 | | | | | | | | |
6.31% (1 Month Term SOFR + 0.97%, 0.86% Floor), 03/25/2034, Series 2004-HE2, Class M1 (2) | | | 9,600 | | | | 9,480 | |
Morgan Stanley ABS Capital I, Inc. Trust 2004-HE8 | | | | | | | | |
6.42% (1 Month Term SOFR + 1.07%, 0.96% Floor), 09/25/2034, Series 2004-HE8, Class M1 (2) | | | 1,115 | | | | 1,099 | |
Morgan Stanley ABS Capital I, Inc. Trust 2005-WMC2 | | | | | | | | |
6.39% (1 Month Term SOFR + 1.04%, 0.93% Floor), 02/25/2035, Series 2005-WMC2, Class M4 (2) | | | 1,569 | | | | 1,386 | |
Morgan Stanley ABS Capital I, Inc. Trust 2006-HE8 | | | | | | | | |
5.59% (1 Month Term SOFR + 0.24%, 0.13% Floor), 10/25/2036, Series 2006-HE8, Class A1 (2) | | | 424 | | | | 368 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Morgan Stanley Capital I, Inc. Trust 2006-HE1 | | | | | | | | |
6.04% (1 Month Term SOFR + 0.69%, 0.58% Floor), 01/25/2036, Series 2006-HE1, Class A4 (2) | | $ | 4,494 | | | $ | 4,281 | |
Morgan Stanley Mortgage Loan Trust 2006-15XS | | | | | | | | |
6.70%, 11/25/2036, Series 2006-15XS, Class A4A (3) | | | 12,205 | | | | 2,678 | |
Morgan Stanley Mortgage Loan Trust 2007-8XS | | | | | | | | |
5.99% (1 Month Term SOFR + 0.64%, 0.53% Floor, 6.25% Cap), 04/25/2037, Series 2007-8XS, Class A5 (2) | | | 18,724 | | | | 6,577 | |
6.00% (1 Month Term SOFR + 0.65%, 0.54% Floor, 6.26% Cap), 04/25/2037, Series 2007-8XS, Class A9 (2) | | | 1,808 | | | | 635 | |
Mosaic Solar Loan Trust 2022-3 | | | | | | | | |
6.10%, 06/20/2053, Series 2022-3A, Class A (1) | | | 437 | | | | 440 | |
Mosaic Solar Loan Trust 2023-1 | | | | | | | | |
5.32%, 06/20/2053, Series 2023-1A, Class A (1) | | | 1,497 | | | | 1,461 | |
Mosaic Solar Loan Trust 2024-2 | | | | | | | | |
5.60%, 04/22/2052, Series 2024-2A, Class A (1) | | | 23,343 | | | | 22,684 | |
Mosaic Solar Loans LLC | | | | | | | | |
5.50%, 09/20/2049, Series 2024-1A, Class A (1) | | | 2,230 | | | | 2,206 | |
Mountain View CLO 2017-1 LLC | | | | | | | | |
6.68% (3 Month Term SOFR + 1.35%, 1.09% Floor), 10/16/2029, Series 2017-1A, Class AR (1)(2) | | | 3,086 | | | | 3,085 | |
Mountain View CLO IX Ltd. | | | | | | | | |
6.71% (3 Month Term SOFR + 1.38%), 07/15/2031, Series 2015-9A, Class A1R (1)(2) | | | 1,261 | | | | 1,262 | |
MVW 2020-1 LLC | | | | | | | | |
4.21%, 10/20/2037, Series 2020-1A, Class C (1) | | | 161 | | | | 155 | |
MVW 2021-1W LLC | | | | | | | | |
1.94%, 01/22/2041, Series 2021-1WA, Class C (1) | | | 336 | | | | 311 | |
MVW 2021-2 LLC | | | | | | | | |
2.23%, 05/20/2039, Series 2021-2A, Class C (1) | | | 5,828 | | | | 5,362 | |
MVW Owner Trust 2019-1 | | | | | | | | |
3.33%, 11/20/2036, Series 2019-1A, Class C (1) | | | 98 | | | | 95 | |
National Collegiate Student Loan Trust 2005-3 | | | | | | | | |
5.82% (1 Month Term SOFR + 0.40%), 10/25/2033, Series 2005-3W, Class A51 (1)(2) | | | 887 | | | | 879 | |
Navient Private Education Loan Trust 2014-A | | | | | | | | |
7.04% (1 Month Term SOFR + 1.71%), 10/15/2031, Series 2014-AA, Class A3 (1)(2) | | | 356 | | | | 357 | |
Navient Private Education Loan Trust 2015-A | | | | | | | | |
7.14% (1 Month Term SOFR + 1.81%), 11/15/2030, Series 2015-AA, Class A3 (1)(2) | | | 446 | | | | 448 | |
Navient Private Education Loan Trust 2015-B | | | | | | | | |
6.89% (1 Month Term SOFR + 1.56%), 07/16/2040, Series 2015-BA, Class A3 (1)(2) | | | 6,266 | | | | 6,290 | |
Navient Private Education Loan Trust 2017-A | | | | | | | | |
3.91%, 12/16/2058, Series 2017-A, Class B (1) | | | 373 | | | | 364 | |
Navient Private Education Loan Trust 2018-B | | | | | | | | |
3.61%, 12/15/2059, Series 2018-BA, Class A2A (1) | | | 560 | | | | 549 | |
Navient Private Education Refi Loan Trust 2018-C | | | | | | | | |
3.52%, 06/16/2042, Series 2018-CA, Class A2 (1) | | | 18 | | | | 18 | |
Navient Private Education Refi Loan Trust 2018-D | | | | | | | | |
4.00%, 12/15/2059, Series 2018-DA, Class A2A (1) | | | 634 | | | | 617 | |
Navient Private Education Refi Loan Trust 2019-C | | | | | | | | |
3.13%, 02/15/2068, Series 2019-CA, Class A2 (1) | | | 403 | | | | 390 | |
Navient Private Education Refi Loan Trust 2019-F | | | | | | | | |
2.60%, 08/15/2068, Series 2019-FA, Class A2 (1) | | | 2,058 | | | | 1,929 | |
Navient Private Education Refi Loan Trust 2019-G | | | | | | | | |
2.40%, 10/15/2068, Series 2019-GA, Class A (1) | | | 2,026 | | | | 1,905 | |
Navient Private Education Refi Loan Trust 2020-B | | | | | | | | |
2.12%, 01/15/2069, Series 2020-BA, Class A2 (1) | | | 2,156 | | | | 2,001 | |
Navient Private Education Refi Loan Trust 2020-C | | | | | | | | |
2.15%, 11/15/2068, Series 2020-CA, Class A2A (1) | | | 2,907 | | | | 2,704 | |
2.83%, 11/15/2068, Series 2020-CA, Class B (1) | | | 4,665 | | | | 3,928 | |
Navient Private Education Refi Loan Trust 2020-D | | | | | | | | |
1.69%, 05/15/2069, Series 2020-DA, Class A (1) | | | 3,637 | | | | 3,339 | |
Navient Private Education Refi Loan Trust 2020-G | | | | | | | | |
1.17%, 09/16/2069, Series 2020-GA, Class A (1) | | | 2,482 | | | | 2,245 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Navient Private Education Refi Loan Trust 2020-H | | | | | | | | |
1.31%, 01/15/2069, Series 2020-HA, Class A (1) | | $ | 1,557 | | | $ | 1,433 | |
1.33%, 04/15/2069, Series 2020-IA, Class A1A (1) | | | 5,739 | | | | 5,192 | |
6.44% (1 Month Term SOFR + 1.11%, 1.00% Floor), 04/15/2069, Series 2020-IA, Class A1B (1)(2) | | | 9,894 | | | | 9,896 | |
Navient Private Education Refi Loan Trust 2021-A | | | | | | | | |
0.84%, 05/15/2069, Series 2021-A, Class A (1) | | | 2,205 | | | | 1,948 | |
2.24%, 05/15/2069, Series 2021-A, Class B (1) | | | 360 | | | | 273 | |
Navient Private Education Refi Loan Trust 2021-E | | | | | | | | |
2.03%, 12/16/2069, Series 2021-EA, Class B (1) | | | 1,680 | | | | 1,115 | |
Navient Private Education Refi Loan Trust 2021-F | | | | | | | | |
2.12%, 02/18/2070, Series 2021-FA, Class B (1) | | | 3,810 | | | | 2,442 | |
Navient Private Education Refi Loan Trust 2024-A | | | | | | | | |
5.66%, 10/15/2072, Series 2024-A, Class A (1) | | | 6,198 | | | | 6,219 | |
Navient Student Loan Trust | | | | | | | | |
7.03% (30-day Average SOFR + 1.70%), 03/15/2072, Series 2023-BA, Class A1B (1)(2) | | | 12,607 | | | | 12,692 | |
7.23%, 03/15/2072, Series 2023-BA, Class B (1) | | | 10,320 | | | | 10,667 | |
Navient Student Loan Trust 2016-2 | | | | | | | | |
6.95% (30-day Average SOFR + 1.61%), 06/25/2065, Series 2016-2A, Class A3 (1)(2) | | | 4,188 | | | | 4,242 | |
Navient Student Loan Trust 2019-B | | | | | | | | |
3.39%, 12/15/2059, Series 2019-BA, Class A2A (1) | | | 307 | | | | 295 | |
Navient Student Loan Trust 2020-2 | | | | | | | | |
6.35% (30-day Average SOFR + 1.01%), 08/26/2069, Series 2020-2A, Class A1B (1)(2) | | | 18,367 | | | | 18,349 | |
Navigator Aircraft ABS Ltd. | | | | | | | | |
2.77%, 11/15/2046, Series 2021-1, Class A (1)(3) | | | 11,842 | | | | 10,646 | |
Nelnet Student Loan Trust 2006-1 | | | | | | | | |
6.04% (3 Month Term SOFR + 0.71%), 08/23/2036, Series 2006-1, Class A6 (1)(2) | | | 13,501 | | | | 13,447 | |
Nelnet Student Loan Trust 2021-A | | | | | | | | |
2.85%, 04/20/2062, Series 2021-A, Class B1 (1) | | | 2,386 | | | | 1,983 | |
Nelnet Student Loan Trust 2021-B | | | | | | | | |
1.42%, 04/20/2062, Series 2021-BA, Class AFX (1) | | | 5,049 | | | | 4,610 | |
2.68%, 04/20/2062, Series 2021-BA, Class B (1) | | | 3,665 | | | | 3,035 | |
Nelnet Student Loan Trust 2023-PL1 | | | | | | | | |
7.59% (30-day Average SOFR + 2.25%), 11/25/2053, Series 2023-PL1A, Class A1A (1)(2) | | | 1,522 | | | | 1,518 | |
Neuberger Berman CLO XIV Ltd. | | | | | | | | |
6.62% (3 Month Term SOFR + 1.29%, 1.03% Floor), 01/28/2030, Series 2013-14A, Class AR2 (1)(2) | | | 8,288 | | | | 8,297 | |
Neuberger Berman CLO XVI-S Ltd. | | | | | | | | |
6.99% (3 Month Term SOFR + 1.66%, 1.40% Floor), 04/15/2034, Series 2017-16SA, Class BR (1)(2) | | | 500 | | | | 501 | |
Neuberger Berman Loan Advisers CLO 32 Ltd. | | | | | | | | |
6.58% (3 Month Term SOFR + 1.25%, 0.99% Floor), 01/20/2032, Series 2019-32A, Class AR (1)(2) | | | 15,720 | | | | 15,728 | |
Neuberger Berman Loan Advisers CLO 42 Ltd. | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%, 1.10% Floor), 07/16/2035, Series 2021-42A, Class A (1)(2) | | | 550 | | | | 551 | |
Neuberger Berman Loan Advisers CLO 43 Ltd. | | | | | | | | |
6.71% (3 Month Term SOFR + 1.39%, 1.13% Floor), 07/17/2035, Series 2021-43A, Class A (1)(2) | | | 29,715 | | | | 29,772 | |
Neuberger Berman Loan Advisers CLO 45 Ltd. | | | | | | | | |
6.72% (3 Month Term SOFR + 1.39%, 1.13% Floor), 10/14/2035, Series 2021-45A, Class A (1)(2) | | | 3,240 | | | | 3,241 | |
Neuberger Berman Loan Advisers CLO 56 Ltd. | | | | | | | | |
7.07% (3 Month Term SOFR + 1.75%, 1.75% Floor), 07/24/2037, Series 2024-56A, Class B (1)(2) | | | 1,000 | | | | 1,001 | |
7.42% (3 Month Term SOFR + 2.10%, 2.10% Floor), 07/24/2037, Series 2024-56A, Class C (1)(2) | | | 1,000 | | | | 1,000 | |
8.42% (3 Month Term SOFR + 3.10%, 3.10% Floor), 07/24/2037, Series 2024-56A, Class D (1)(2) | | | 1,000 | | | | 1,000 | |
New Century Home Equity Loan Trust 2005-1 | | | | | | | | |
6.13% (1 Month Term SOFR + 0.79%, 0.79% Floor, 12.50% Cap), 03/25/2035, Series 2005-1, Class M1 (2) | | | 1,284 | | | | 1,301 | |
New Century Home Equity Loan Trust Series 2005-D | | | | | | | | |
6.16% (1 Month Term SOFR + 0.82%, 0.71% Floor), 02/25/2036, Series 2005-D, Class M2 (2) | | | 10,390 | | | | 8,647 | |
Newday Funding Master Issuer Plc – Series 2024-2 | | | | | | | | |
0.00% (Sterling Overnight Index Average + 1.40%), 07/15/2032, Series 2X, Class B (18) | | GBP | 237 | | | | 300 | |
0.00% (Sterling Overnight Index Average + 1.90%), 07/15/2032, Series 2X, Class C (18) | | | 281 | | | | 355 | |
0.00% (Sterling Overnight Index Average + 2.65%), 07/15/2032, Series 2X, Class D (18) | | | 595 | | | | 752 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
OCP CLO 2014-5 Ltd. | | | | | | | | |
6.67% (3 Month Term SOFR + 1.34%, 1.08% Floor), 04/26/2031, Series 2014-5A, Class A1R (1)(2) | | $ | 1,023 | | | $ | 1,024 | |
OCP CLO 2014-7 Ltd. | | | | | | | | |
6.71% (3 Month Term SOFR + 1.38%), 07/20/2029, Series 2014-7A, Class A1RR (1)(2) | | | 6,156 | | | | 6,158 | |
OCP CLO 2020-19 Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 10/20/2034, Series 2020-19A, Class AR (1)(2) | | | 12,450 | | | | 12,447 | |
OCP CLO 2024-32 Ltd. | | | | | | | | |
7.33% (3 Month Term SOFR + 2.00%, 2.00% Floor), 04/23/2037, Series 2024-32A, Class B1 (1)(2) | | | 500 | | | | 502 | |
Octagon Investment Partners 39 Ltd. | | | | | | | | |
7.12% (3 Month Term SOFR + 1.80%, 1.80% Floor), 10/20/2030, Series 2018-3A, Class BR (1)(2) | | | 16,550 | | | | 16,557 | |
Octagon Investment Partners XV Ltd. | | | | | | | | |
6.56% (3 Month Term SOFR + 1.23%, 0.97% Floor), 07/19/2030, Series 2013-1A, Class A1RR (1)(2) | | | 9,227 | | | | 9,232 | |
Octagon Investment Partners XVI Ltd. | | | | | | | | |
6.60% (3 Month Term SOFR + 1.28%, 1.02% Floor), 07/17/2030, Series 2013-1A, Class A1R (1)(2) | | | 924 | | | | 925 | |
Octagon Investment Partners XVII Ltd. | | | | | | | | |
6.99% (3 Month Term SOFR + 1.66%), 01/25/2031, Series 2013-1A, Class BR2 (1)(2) | | | 2,500 | | | | 2,497 | |
Octane Receivables Trust 2024-2 | | | | | | | | |
5.90%, 07/20/2032, Series 2024-2A, Class C (1) | | | 3,895 | | | | 3,884 | |
OHA Credit Funding 18 Ltd. | | | | | | | | |
7.24% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/20/2037, Series 2024-18A, Class B1 (1)(2) | | | 1,000 | | | | 1,002 | |
OHA Credit Funding 3 Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.40%, 1.14% Floor), 07/02/2035, Series 2019-3A, Class AR (1)(2) | | | 8,770 | | | | 8,792 | |
OHA Credit Funding 4 Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 10/22/2036, Series 2019-4A, Class AR (1)(2) | | | 750 | | | | 751 | |
7.24% (3 Month Term SOFR + 1.91%, 1.65% Floor), 10/22/2036, Series 2019-4A, Class BR (1)(2) | | | 500 | | | | 502 | |
OHA Credit Funding 6 Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.40%, 1.14% Floor), 07/20/2034, Series 2020-6A, Class AR (1)(2) | | | 6,730 | | | | 6,748 | |
OHA Credit Funding 7 Ltd. | | | | | | | | |
6.63% (3 Month Term SOFR + 1.30%, 1.30% Floor), 02/24/2037, Series 2020-7A, Class AR (1)(2) | | | 330 | | | | 331 | |
OHA Credit Partners XI Ltd. | | | | | | | | |
6.78% (3 Month Term SOFR + 1.46%, 1.46% Floor), 04/20/2037, Series 2015-11A, Class A1R2 (1)(2) | | | 23,400 | | | | 23,492 | |
7.12% (3 Month Term SOFR + 1.80%, 1.80% Floor), 04/20/2037, Series 2015-11A, Class B1R2 (1)(2) | | | 1,750 | | | | 1,748 | |
OHA Credit Partners XIII Ltd. | | | | | | | | |
7.29% (3 Month Term SOFR + 1.96%, 1.70% Floor), 10/25/2034, Series 2016-13A, Class BR (1)(2) | | | 250 | | | | 252 | |
OHA Credit Partners XV Ltd. | | | | | | | | |
7.28% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/20/2037, Series 2017-15A, Class B1R (1)(2) | | | 15,180 | | | | 15,213 | |
OHA Credit Partners XVI | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.15% Floor), 10/18/2034, Series 2021-16A, Class A (1)(2) | | | 6,680 | | | | 6,698 | |
OHA Loan Funding 2013-1 Ltd. | | | | | | | | |
8.62% (3 Month Term SOFR + 3.30%, 3.30% Floor), 04/23/2037, Series 2013-1A, Class D1R3 (1)(2) | | | 1,000 | | | | 1,005 | |
OneMain Direct Auto Receivables Trust 2023-1 | | | | | | | | |
7.07%, 02/14/2033, Series 2023-1A, Class D (1) | | | 1,145 | | | | 1,159 | |
OneMain Financial Issuance Trust 2018-2 | | | | | | | | |
3.57%, 03/14/2033, Series 2018-2A, Class A (1) | | | 231 | | | | 230 | |
4.04%, 03/14/2033, Series 2018-2A, Class C (1) | | | 1,015 | | | | 1,002 | |
OneMain Financial Issuance Trust 2021-1 | | | | | | | | |
2.47%, 06/16/2036, Series 2021-1A, Class D (1) | | | 3,300 | | | | 2,809 | |
6.09% (30-day Average SOFR + 0.76%), 06/16/2036, Series 2021-1A, Class A2 (1)(2) | | | 244 | | | | 243 | |
OneMain Financial Issuance Trust 2022-2 | | | | | | | | |
4.89%, 10/14/2034, Series 2022-2A, Class A (1) | | | 33,800 | | | | 33,537 | |
OneMain Financial Issuance Trust 2022-3 | | | | | | | | |
5.94%, 05/15/2034, Series 2022-3A, Class A (1) | | | 5,301 | | | | 5,315 | |
OneMain Financial Issuance Trust 2022-S1 | | | | | | | | |
5.20%, 05/14/2035, Series 2022-S1, Class D (1) | | | 8,785 | | | | 8,415 | |
Onemain Financial Issuance Trust 2024-1 | | | | | | | | |
5.79%, 05/14/2041, Series 2024-1A, Class A (1) | | | 6,027 | | | | 6,150 | |
Option One Mortgage Loan Trust 2004-2 | | | | | | | | |
6.25% (1 Month Term SOFR + 0.91%, 0.80% Floor), 05/25/2034, Series 2004-2, Class M1 (2) | | | 4,230 | | | | 4,100 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Option One Mortgage Loan Trust 2006-1 | | | | | | | | |
6.06% (1 Month Term SOFR + 0.71%, 0.60% Floor), 01/25/2036, Series 2006-1, Class 2A4 (2) | | $ | 2,764 | | | $ | 2,721 | |
Option One Mortgage Loan Trust 2006-3 | | | | | | | | |
5.74% (1 Month Term SOFR + 0.39%, 0.28% Floor), 02/25/2037, Series 2006-3, Class 1A1 (2) | | | 16,753 | | | | 10,304 | |
Option One Mortgage Loan Trust 2007-4 | | | | | | | | |
5.64% (1 Month Term SOFR + 0.29%, 0.18% Floor), 04/25/2037, Series 2007-4, Class 2A2 (2) | | | 13,671 | | | | 7,670 | |
Orion CLO 2023-1 Ltd. | | | | | | | | |
13.22% (3 Month Term SOFR + 7.90%, 7.90% Floor), 10/25/2036, Series 2023-1A, Class E (1)(2) | | | 1,000 | | | | 1,043 | |
Orion CLO 2024-3 Ltd. | | | | | | | | |
7.23% (3 Month Term SOFR + 1.90%, 1.90% Floor), 07/25/2037, Series 2024-3A, Class B (1)(2) | | | 2,000 | | | | 2,000 | |
7.63% (3 Month Term SOFR + 2.30%, 2.30% Floor), 07/25/2037, Series 2024-3A, Class C (1)(2) | | | 500 | | | | 500 | |
OZLM VIII Ltd. | | | | | | | | |
6.56% (3 Month Term SOFR + 1.24%, 0.98% Floor), 10/17/2029, Series 2014-8A, Class A1R3 (1)(2) | | | 12,519 | | | | 12,524 | |
7.23% (3 Month Term SOFR + 1.91%, 1.65% Floor), 10/17/2029, Series 2014-8A, Class A2R3 (1)(2) | | | 2,955 | | | | 2,963 | |
Palmer Square BDC CLO 1 Ltd. | | | | | | | | |
6.92% (3 Month Term SOFR + 1.60%, 1.60% Floor), 07/15/2037, Series 1A, Class A (1)(2) | | | 23,440 | | | | 23,428 | |
Palmer Square CLO 2018-1 Ltd. | | | | | | | | |
12.26% (3 Month Term SOFR + 6.94%, 6.94% Floor), 04/18/2037, Series 2018-1A, Class DR (1)(2) | | | 500 | | | | 508 | |
Palmer Square CLO 2018-3 Ltd. | | | | | | | | |
7.08% (3 Month Term SOFR + 1.76%, 1.76% Floor), 10/17/2031, Series 2013-2A, Class A2R3 (1)(2) | | | 250 | | | | 250 | |
Palmer Square CLO 2020-3 Ltd. | | | | | | | | |
6.97% (3 Month Term SOFR + 1.65%, 1.65% Floor), 11/15/2036, Series 2020-3A, Class A1R2 (1)(2) | | | 8,130 | | | | 8,220 | |
Palmer Square CLO 2021-2 Ltd. | | | | | | | | |
6.74% (3 Month Term SOFR + 1.41%, 1.41% Floor), 07/15/2034, Series 2021-2A, Class A (1)(2) | | | 9,020 | | | | 9,035 | |
Palmer Square CLO 2021-4 Ltd. | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%, 1.43% Floor), 10/15/2034, Series 2021-4A, Class A (1)(2) | | | 22,275 | | | | 22,277 | |
Palmer Square CLO 2024-2 LTD | | | | | | | | |
0.00% (3 Month Term SOFR + 1.65%, 1.65% Floor), 07/20/2037, Series 2024-2A, Class B (1)(2)(4) | | | 2,630 | | | | 2,630 | |
Palmer Square Loan Funding 2021-2 Ltd. | | | | | | | | |
6.84% (3 Month Term SOFR + 1.51%, 1.51% Floor), 05/20/2029, Series 2021-2A, Class A2 (1)(2) | | | 11,775 | | | | 11,777 | |
Palmer Square Loan Funding 2021-3 Ltd. | | | | | | | | |
6.39% (3 Month Term SOFR + 1.06%, 1.06% Floor), 07/20/2029, Series 2021-3A, Class A1 (1)(2) | | | 1,720 | | | | 1,721 | |
6.99% (3 Month Term SOFR + 1.66%, 1.66% Floor), 07/20/2029, Series 2021-3A, Class A2 (1)(2) | | | 4,000 | | | | 4,002 | |
Palmer Square Loan Funding 2021-4 Ltd. | | | | | | | | |
6.99% (3 Month Term SOFR + 1.66%, 1.66% Floor), 10/15/2029, Series 2021-4A, Class A2 (1)(2) | | | 2,000 | | | | 1,999 | |
Palmer Square Loan Funding 2024-3 Ltd. | | | | | | | | |
6.99% (3 Month Term SOFR + 1.65%, 1.65% Floor), 08/08/2032, Series 2024-3A, Class A2 (1)(2) | | | 3,000 | | | | 3,000 | |
7.24% (3 Month Term SOFR + 1.90%, 1.90% Floor), 08/08/2032, Series 2024-3A, Class B (1)(2) | | | 1,000 | | | | 1,000 | |
8.29% (3 Month Term SOFR + 2.95%, 2.95% Floor), 08/08/2032, Series 2024-3A, Class C (1)(2) | | | 2,000 | | | | 2,000 | |
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ4 | | | | | | | | |
6.24% (1 Month Term SOFR + 0.89%, 0.78% Floor), 09/25/2035, Series 2005-WHQ4, Class M3 (2) | | | 8,000 | | | | 6,944 | |
PCL Funding IX Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 2.15%), 07/16/2029, Series 1, Class C (18) | | GBP | 100 | | | | 127 | |
0.00% (Sterling Overnight Index Average + 1.30%), 07/16/2029, Series 1, Class B (18) | | | 238 | | | | 301 | |
Pikes Peak CLO 2 | | | | | | | | |
8.84% (3 Month Term SOFR + 3.51%, 3.25% Floor), 10/18/2034, Series 2018-2A, Class D1R (1)(2) | | $ | 1,273 | | | | 1,271 | |
PK Alift Loan Funding 3 LP | | | | | | | | |
5.84%, 09/15/2039, Series 2024-1, Class A1 (1) | | | 3,105 | | | | 3,106 | |
Planet Fitness Master Issuer LLC | | | | | | | | |
3.25%, 12/05/2051, Series 2022-1A, Class A2I (1) | | | 12,664 | | | | 11,885 | |
3.86%, 12/05/2049, Series 2019-1A, Class A2 (1) | | | 4,169 | | | | 3,805 | |
4.01%, 12/05/2051, Series 2022-1A, Class A2II (1) | | | 1,173 | | | | 1,029 | |
5.77%, 06/05/2054, Series 2024-1A, Class A2I (1) | | | 17,040 | | | | 16,992 | |
Pony SA Compartment German Auto Loans 2024-1 | | | | | | | | |
0.00% (1 Month EURIBOR + 1.20%), 01/14/2033, Series 1, Class C (18) | | EUR | 100 | | | | 107 | |
0.00% (1 Month EURIBOR + 1.65%), 01/14/2033, Series 1, Class D (18) | | | 100 | | | | 107 | |
Post CLO 2023-1 Ltd. | | | | | | | | |
7.27% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/20/2036, Series 2023-1A, Class A (1)(2) | | $ | 14,310 | | | | 14,339 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Prestige Auto Receivables Trust 2020-1 | | | | | | | | |
3.67%, 02/15/2028, Series 2020-1A, Class E (1) | | $ | 3,270 | | | $ | 3,229 | |
Prestige Auto Receivables Trust 2023-1 | | | | | | | | |
6.33%, 04/16/2029, Series 2023-1A, Class D (1) | | | 4,170 | | | | 4,159 | |
Prestige Auto Receivables Trust 2023-2 | | | | | | | | |
7.71%, 08/15/2029, Series 2023-2A, Class D (1) | | | 1,800 | | | | 1,857 | |
PRET 2021-NPL5 LLC | | | | | | | | |
2.49%, 10/25/2051, Series 2021-NPL5, Class A1 (1)(3) | | | 18,290 | | | | 18,117 | |
PRET 2021-RN3 LLC | | | | | | | | |
1.84%, 09/25/2051, Series 2021-RN3, Class A1 (1)(3) | | | 26,359 | | | | 25,389 | |
PRET 2022-RN1 LLC | | | | | | | | |
3.72%, 07/25/2051, Series 2022-RN1, Class A1 (1)(3) | | | 18,639 | | | | 18,314 | |
PRET 2022-RN2 LLC | | | | | | | | |
5.00%, 06/25/2052, Series 2022-RN2, Class A1 (1)(3) | | | 25,158 | | | | 24,570 | |
Progress Residential 2020-SFR3 Trust | | | | | | | | |
1.50%, 10/17/2027, Series 2020-SFR3, Class B (1) | | | 345 | | | | 327 | |
1.90%, 10/17/2027, Series 2020-SFR3, Class D (1) | | | 1,390 | | | | 1,316 | |
2.30%, 10/17/2027, Series 2020-SFR3, Class E (1) | | | 545 | | | | 517 | |
2.80%, 10/17/2027, Series 2020-SFR3, Class F (1) | | | 10,915 | | | | 10,417 | |
Progress Residential 2021-SFR11 Trust | | | | | | | | |
2.28%, 01/17/2039, Series 2021-SFR11, Class A (1) | | | 11,926 | | | | 10,548 | |
Progress Residential 2021-SFR2 Trust | | | | | | | | |
2.55%, 04/19/2038, Series 2021-SFR2, Class E1 (1) | | | 4,365 | | | | 4,070 | |
Progress Residential 2021-SFR3 | | | | | | | | |
2.54%, 05/17/2026, Series 2021-SFR3, Class E1 (1) | | | 1,815 | | | | 1,688 | |
2.69%, 05/17/2026, Series 2021-SFR3, Class E2 (1) | | | 1,510 | | | | 1,392 | |
Progress Residential 2021-SFR4 | | | | | | | | |
2.41%, 05/17/2038, Series 2021-SFR4, Class E1 (1) | | | 955 | | | | 881 | |
2.56%, 05/17/2038, Series 2021-SFR4, Class E2 (1) | | | 640 | | | | 590 | |
Progress Residential 2021-SFR5 Trust | | | | | | | | |
2.21%, 07/17/2038, Series 2021-SFR5, Class E1 (1) | | | 2,185 | | | | 2,008 | |
2.36%, 07/17/2038, Series 2021-SFR5, Class E2 (1) | | | 545 | | | | 499 | |
Progress Residential 2021-SFR7 Trust | | | | | | | | |
2.59%, 08/17/2040, Series 2021-SFR7, Class E1 (1) | | | 3,970 | | | | 3,425 | |
2.64%, 08/17/2040, Series 2021-SFR7, Class E2 (1) | | | 1,035 | | | | 877 | |
Progress Residential 2021-SFR9 Trust | | | | | | | | |
2.81%, 11/17/2040, Series 2021-SFR9, Class E1 (1) | | | 1,130 | | | | 987 | |
3.01%, 11/17/2040, Series 2021-SFR9, Class E2 (1) | | | 615 | | | | 537 | |
Progress Residential 2023-SFR1 Trust | | | | | | | | |
4.65%, 03/17/2040, Series 2023-SFR1, Class C (1) | | | 950 | | | | 904 | |
4.65%, 03/17/2040, Series 2023-SFR1, Class D (1) | | | 1,455 | | | | 1,376 | |
Progress Residential 2023-SFR2 Trust | | | | | | | | |
4.50%, 10/17/2040, Series 2023-SFR2, Class B (1) | | | 855 | | | | 813 | |
Progress Residential 2024-SFR3 Trust | | | | | | | | |
3.00%, 06/17/2041, Series 2024-SFR3, Class A (1) | | | 6,000 | | | | 5,401 | |
Progress Residential 2024-SFR4 Trust | | | | | | | | |
3.33%, 07/09/2029, Series 2024-SFR4, Class D (1)(5) | | | 6,000 | | | | 5,310 | |
Progress Residential Trust | | | | | | | | |
2.43%, 07/17/2038, Series 2021-SFR6, Class E1 (1) | | | 2,730 | | | | 2,513 | |
2.53%, 07/17/2038, Series 2021-SFR6, Class E2 (1) | | | 1,375 | | | | 1,261 | |
PRPM 2021-6 LLC | | | | | | | | |
1.79%, 07/25/2026, Series 2021-6, Class A1 (1)(3) | | | 15,101 | | | | 14,822 | |
PRPM 2021-8 LLC | | | | | | | | |
1.74%, 09/25/2026, Series 2021-8, Class A1 (1)(5) | | | 3,633 | | | | 3,527 | |
PRPM 2022-1 LLC | | | | | | | | |
3.72%, 02/25/2027, Series 2022-1, Class A1 (1)(3) | | | 30,387 | | | | 29,859 | |
PRPM 2022-4 LLC | | | | | | | | |
5.00%, 08/25/2027, Series 2022-4, Class A1 (1)(3) | | | 9,504 | | | | 9,363 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
Quarzo Srl | | | | | | | | |
6.00% (3 Month EURIBOR + 2.30%), 06/15/2041, Series 1, Class C (18) | | EUR | 150 | | | $ | 161 | |
7.40% (3 Month EURIBOR + 3.70%), 06/15/2041, Series 1, Class D (18) | | | 122 | | | | 131 | |
RAAC Series 2006-RP4 Trust | | | | | | | | |
6.01% (1 Month Term SOFR + 0.66%, 0.55% Floor, 14.00% Cap), 01/25/2046, Series 2006-RP4, Class M1 (1)(2) | | | 6,240 | | | | 6,167 | |
RAAC Series 2006-SP3 Trust | | | | | | | | |
6.81% (1 Month Term SOFR + 1.46%, 1.35% Floor, 14.00% Cap), 08/25/2036, Series 2006-SP3, Class M3 (2) | | | 875 | | | | 825 | |
Rad CLO 10 Ltd. | | | | | | | | |
7.34% (3 Month Term SOFR + 2.01%, 1.75% Floor), 04/23/2034, Series 2021-10A, Class C (1)(2) | | | 500 | | | | 499 | |
Rad CLO 15 Ltd. | | | | | | | | |
6.68% (3 Month Term SOFR + 1.35%, 1.09% Floor), 01/20/2034, Series 2021-15A, Class A (1)(2) | | | 5,310 | | | | 5,314 | |
Rad CLO 5 Ltd. | | | | | | | | |
6.70% (3 Month Term SOFR + 1.38%, 1.12% Floor), 07/24/2032, Series 2019-5A, Class AR (1)(2) | | | 700 | | | | 700 | |
Rad CLO 6 Ltd. | | | | | | | | |
7.74% (3 Month Term SOFR + 2.41%, 2.15% Floor), 01/20/2033, Series 2019-6A, Class B1 (1)(2) | | | 1,000 | | | | 1,008 | |
RAMP Series 2005-RS5 Trust | | | | | | | | |
6.48% (1 Month Term SOFR + 0.79%, 0.68% Floor, 14.00% Cap), 05/25/2035, Series 2005-RS5, Class M5 (2) | | | 286 | | | | 283 | |
RAMP Series 2006-RZ5 Trust | | | | | | | | |
5.82% (1 Month Term SOFR + 0.47%, 0.36% Floor, 14.00% Cap), 08/25/2046, Series 2006-RZ5, Class M1 (2) | | | 16,953 | | | | 14,598 | |
RASC Series 2006-EMX6 Trust | | | | | | | | |
6.00% (1 Month Term SOFR + 0.38%, 0.27% Floor, 14.00% Cap), 07/25/2036, Series 2006-EMX6, Class A4 (2) | | | 194 | | | | 166 | |
RASC Series 2007-KS3 Trust | | | | | | | | |
5.80% (1 Month Term SOFR + 0.45%, 0.34% Floor, 14.00% Cap), 04/25/2037, Series 2007-KS3, Class AI4 (2) | | | 20,762 | | | | 19,639 | |
RCO VII Mortgage LLC 2024-1 | | | | | | | | |
7.02%, 01/25/2029, Series 2024-1, Class A1 (1)(3) | | | 3,476 | | | | 3,465 | |
Redwood Funding Trust 2023-1 | | | | | | | | |
7.50%, 07/25/2059, Series 2023-1, Class A (1)(3) | | | 4,325 | | | | 4,233 | |
Regatta XV Funding Ltd. | | | | | | | | |
6.87% (3 Month Term SOFR + 1.55%, 1.55% Floor), 10/25/2031, Series 2018-4A, Class A2R (1)(2) | | | 2,500 | | | | 2,499 | |
Regatta XVIII Funding Ltd. | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%, 1.10% Floor), 01/15/2034, Series 2021-1A, Class A1 (1)(2) | | | 4,250 | | | | 4,258 | |
Regatta XXIV Funding Ltd. | | | | | | | | |
8.69% (3 Month Term SOFR + 3.36%, 3.10% Floor), 01/20/2035, Series 2021-5A, Class D (1)(2) | | | 250 | | | | 249 | |
Regional Management Issuance Trust 2021-1 | | | | | | | | |
1.68%, 03/17/2031, Series 2021-1, Class A (1) | | | 767 | | | | 746 | |
Regional Management Issuance Trust 2021-2 | | | | | | | | |
1.90%, 08/15/2033, Series 2021-2, Class A (1) | | | 356 | | | | 323 | |
Regional Management Issuance Trust 2022-1 | | | | | | | | |
3.07%, 03/15/2032, Series 2022-1, Class A (1) | | | 2,672 | | | | 2,582 | |
Republic Finance Issuance Trust 2021-A | | | | | | | | |
3.53%, 12/22/2031, Series 2021-A, Class C (1) | | | 795 | | | | 734 | |
Research-Driven Pagaya Motor Trust 2024-1 | | | | | | | | |
7.09%, 06/25/2032, Series 2024-1A, Class A (1) | | | 2,381 | | | | 2,392 | |
Rockford Tower CLO 2017-3 Ltd. | | | | | | | | |
6.78% (3 Month Term SOFR + 1.45%), 10/20/2030, Series 2017-3A, Class A (1)(2) | | | 4,406 | | | | 4,409 | |
Rockford Tower CLO 2019-2 Ltd. | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%, 1.10% Floor), 08/20/2032, Series 2019-2A, Class AR (1)(2) | | | 13,850 | | | | 13,866 | |
Rockford Tower CLO 2021-1 Ltd. | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/20/2034, Series 2021-1A, Class A1 (1)(2) | | | 25,790 | | | | 25,833 | |
Romark CLO II Ltd. | | | | | | | | |
6.97% (3 Month Term SOFR + 1.65%, 1.65% Floor), 07/25/2031, Series 2018-2A, Class A2R (1)(2) | | | 9,000 | | | | 9,000 | |
RR 28 Ltd. | | | | | | | | |
6.84% (3 Month Term SOFR + 1.55%, 1.55% Floor), 04/15/2037, Series 2024-28RA, Class A1R (1)(2) | | | 2,000 | | | | 2,005 | |
RR 29 Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 1.39%, 1.39% Floor), 07/15/2039, Series 2024-29RA, Class A1R (1)(2)(4) | | | 3,200 | | | | 3,200 | |
RR 3 Ltd. | | | | | | | | |
6.68% (3 Month Term SOFR + 1.35%, 1.09% Floor), 01/15/2030, Series 2018-3A, Class A1R2 (1)(2) | | | 1,823 | | | | 1,826 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
RR 8 Ltd. | | | | | | | | |
7.02% (3 Month Term SOFR + 1.70%, 1.70% Floor), 07/15/2037, Series 2020-8A, Class A2R (1)(2) | | EUR | 2,000 | | | $ | 1,999 | |
RRX 3 Ltd. | | | | | | | | |
6.91% (3 Month Term SOFR + 1.58%, 1.32% Floor), 04/15/2034, Series 2021-3A, Class A1 (1)(2) | | | 3,200 | | | | 3,199 | |
RRX 4 Ltd. | | | | | | | | |
6.79% (3 Month Term SOFR + 1.46%, 1.20% Floor), 07/15/2034, Series 2021-4A, Class A1 (1)(2) | | | 1,250 | | | | 1,253 | |
Santander Drive Auto Receivables Trust 2020-4 | | | | | | | | |
1.48%, 01/15/2027, Series 2020-4, Class D | | | 216 | | | | 213 | |
Santander Drive Auto Receivables Trust 2021-3 | | | | | | | | |
1.33%, 09/15/2027, Series 2021-3, Class D | | | 765 | | | | 744 | |
Santander Drive Auto Receivables Trust 2021-4 | | | | | | | | |
1.67%, 10/15/2027, Series 2021-4, Class D | | | 3,990 | | | | 3,838 | |
Santander Drive Auto Receivables Trust 2023-2 | | | | | | | | |
5.24%, 05/15/2028, Series 2023-2, Class B | | | 22,400 | | | | 22,268 | |
Santander Drive Auto Receivables Trust 2024-2 | | | | | | | | |
5.80%, 09/15/2027, Series 2024-2, Class A2 | | | 10,200 | | | | 10,201 | |
5.84%, 06/17/2030, Series 2024-2, Class C | | | 400 | | | | 403 | |
6.28%, 08/15/2031, Series 2024-2, Class D | | | 400 | | | | 406 | |
Santander Drive Auto Receivables Trust 2024-3 | | | | | | | | |
5.97%, 10/15/2031, Series 2024-3, Class D | | | 11,735 | | | | 11,772 | |
Saxon Asset Securities Trust 2006-1 | | | | | | | | |
5.92% (1 Month Term SOFR + 0.58%, 0.47% Floor, 12.25% Cap), 03/25/2036, Series 2006-1, Class M1 (2) | | | 1,027 | | | | 972 | |
Saxon Asset Securities Trust 2007-2 | | | | | | | | |
5.66% (1 Month Term SOFR + 0.31%, 0.20% Floor), 05/25/2047, Series 2007-2, Class A1 (2) | | | 15,809 | | | | 13,612 | |
Saxon Asset Securities Trust 2007-3 | | | | | | | | |
5.77% (1 Month Term SOFR + 0.42%, 0.31% Floor), 09/25/2037, Series 2007-3, Class 1A (2) | | | 12,115 | | | | 11,377 | |
SBNA Auto Receivables Trust 2024-A | | | | | | | | |
5.21%, 04/16/2029, Series 2024-A, Class A4 (1) | | | 3,050 | | | | 3,042 | |
5.32%, 12/15/2028, Series 2024-A, Class A3 (1) | | | 11,800 | | | | 11,769 | |
5.59%, 01/15/2030, Series 2024-A, Class C (1) | | | 200 | | | | 200 | |
5.70%, 03/15/2027, Series 2024-A, Class A2 (1) | | | 11,500 | | | | 11,493 | |
6.04%, 04/15/2030, Series 2024-A, Class D (1) | | | 400 | | | | 400 | |
SCF Equipment Leasing 2021-1 LLC | | | | | | | | |
1.93%, 09/20/2030, Series 2021-1A, Class D (1) | | | 340 | | | | 322 | |
SCF Equipment Leasing 2022-1 LLC | | | | | | | | |
3.79%, 11/20/2031, Series 2022-1A, Class D (1) | | | 2,740 | | | | 2,607 | |
SCF Equipment Leasing 2022-2 LLC | | | | | | | | |
6.50%, 08/20/2032, Series 2022-2A, Class C (1) | | | 3,145 | | | | 3,186 | |
SCF Rahoituspalvelut XIII DAC | | | | | | | | |
5.18% (1 Month EURIBOR + 1.40%), 06/25/2034, Series 13, Class C (2)(18) | | EUR | 100 | | | | 107 | |
Sculptor CLO XXVIII Ltd. | | | | | | | | |
7.39% (3 Month Term SOFR + 2.06%, 1.80% Floor), 01/20/2035, Series 28A, Class B1 (1)(2) | | $ | 3,700 | | | | 3,727 | |
SEB Funding LLC | | | | | | | | |
7.39%, 04/30/2054, Series 2024-1A, Class A2 (1) | | | 7,200 | | | | 7,302 | |
Securitized Asset Backed Receivables LLC Trust 2004-OP1 | | | | | | | | |
6.22% (1 Month Term SOFR + 0.88%, 0.77% Floor), 02/25/2034, Series 2004-OP1, Class M1 (2) | | | 5,033 | | | | 4,993 | |
Securitized Asset Backed Receivables LLC Trust 2005-HE1 | | | | | | | | |
6.10% (1 Month Term SOFR + 0.76%, 0.65% Floor), 10/25/2035, Series 2005-HE1, Class M1 (2) | | | 2,435 | | | | 1,901 | |
Securitized Asset Backed Receivables LLC Trust 2006-CB5 | | | | | | | | |
5.74% (1 Month Term SOFR + 0.39%, 0.28% Floor), 06/25/2036, Series 2006-CB5, Class A3 (2) | | | 3,621 | | | | 2,329 | |
Securitized Asset Backed Receivables LLC Trust 2007-BR2 | | | | | | | | |
5.92% (1 Month Term SOFR + 0.57%, 0.46% Floor), 02/25/2037, Series 2007-BR2, Class A2 (2) | | | 3,498 | | | | 1,461 | |
Service Experts Issuer 2024-1 LLC | | | | | | | | |
6.39%, 11/20/2035, Series 2024-1A, Class A (1) | | | 1,550 | | | | 1,559 | |
ServiceMaster Funding LLC | | | | | | | | |
2.84%, 01/30/2051, Series 2020-1, Class A2I (1) | | | 610 | | | | 543 | |
Sesac Finance LLC | | | | | | | | |
5.50%, 07/25/2052, Series 2022-1, Class A2 (1) | | | 864 | | | | 845 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
SFS Auto Receivables Securitization Trust 2023-1 | | | | | | | | |
5.97%, 02/20/2031, Series 2023-1A, Class C (1) | | $ | 1,965 | | | $ | 1,993 | |
Shackleton 2019-XIV CLO Ltd. | | | | | | | | |
7.39% (3 Month Term SOFR + 2.06%, 1.80% Floor), 07/20/2034, Series 2019-14A, Class BR (1)(2) | | | 3,430 | | | | 3,454 | |
Shenton Aircraft Investment I Ltd. | | | | | | | | |
4.75%, 10/15/2042, Series 2015-1A, Class A (1) | | | 1,499 | | | | 1,417 | |
Sierra Timeshare 2019-2 Receivables Funding LLC | | | | | | | | |
3.12%, 05/20/2036, Series 2019-2A, Class C (1) | | | 495 | | | | 494 | |
Sierra Timeshare 2019-3 Receivables Funding LLC | | | | | | | | |
3.00%, 08/20/2036, Series 2019-3A, Class C (1) | | | 333 | | | | 330 | |
Sierra Timeshare 2021-1 Receivables Funding LLC | | | | | | | | |
1.34%, 11/20/2037, Series 2021-1A, Class B (1) | | | 992 | | | | 943 | |
1.79%, 11/20/2037, Series 2021-1A, Class C (1) | | | 275 | | | | 262 | |
Sierra Timeshare 2023-1 Receivables Funding LLC | | | | | | | | |
7.00%, 01/20/2040, Series 2023-1A, Class C (1) | | | 726 | | | | 731 | |
Sierra Timeshare 2023-2 Receivables Funding LLC | | | | | | | | |
7.30%, 04/20/2040, Series 2023-2A, Class C (1) | | | 897 | | | | 909 | |
Sierra Timeshare 2023-3 Receivables Funding LLC | | | | | | | | |
7.12%, 09/20/2040, Series 2023-3A, Class C (1) | | | 2,979 | | | | 3,004 | |
Slam 2021-1 Ltd. | | | | | | | | |
2.43%, 06/15/2046, Series 2021-1A, Class A (1) | | | 8,068 | | | | 7,219 | |
SLM Private Credit Student Loan Trust 2003-B | | | | | | | | |
0.00%, 03/15/2033, Series 2003-B, Class A3 (5) | | | 954 | | | | 938 | |
SLM Private Credit Student Loan Trust 2005-B | | | | | | | | |
5.93% (3 Month Term SOFR + 0.59%), 06/15/2039, Series 2005-B, Class A4 (2) | | | 3,450 | | | | 3,380 | |
SLM Student Loan Trust 2003-7 | | | | | | | | |
6.81% (90-day Average SOFR + 1.46%, 1.20% Floor), 12/15/2033, Series 2003-7A, Class A5A (1)(2) | | | 4,512 | | | | 4,511 | |
SLM Student Loan Trust 2005-4 | | | | | | | | |
5.78% (90-day Average SOFR + 0.43%), 07/25/2040, Series 2005-4, Class A4 (2) | | | 8,714 | | | | 8,466 | |
SLM Student Loan Trust 2006-10 | | | | | | | | |
5.83% (90-day Average SOFR + 0.48%), 03/25/2044, Series 2006-10, Class B (2) | | | 1,106 | | | | 1,048 | |
SLM Student Loan Trust 2007-7 | | | | | | | | |
5.94% (90-day Average SOFR + 0.59%), 10/25/2024, Series 2007-7, Class A4 (2) | | | 1,053 | | | | 1,032 | |
SLM Student Loan Trust 2008-5 | | | | | | | | |
7.31% (90-day Average SOFR + 1.96%, 1.70% Floor), 07/25/2024, Series 2008-5, Class A4 (2) | | | 1,521 | | | | 1,524 | |
7.46% (90-day Average SOFR + 2.11%, 1.85% Floor), 07/25/2073, Series 2008-5, Class B (2) | | | 7,350 | | | | 7,342 | |
SLM Student Loan Trust 2008-6 | | | | | | | | |
6.71% (90-day Average SOFR + 1.36%), 07/25/2024, Series 2008-6, Class A4 (2) | | | 6,203 | | | | 6,179 | |
SLM Student Loan Trust 2008-7 | | | | | | | | |
6.51% (90-day Average SOFR + 1.16%), 07/25/2024, Series 2008-7, Class A4 (2) | | | 4,706 | | | | 4,666 | |
SLM Student Loan Trust 2012-1 | | | | | | | | |
6.40% (30-day Average SOFR + 1.06%, 0.95% Floor), 09/25/2028, Series 2012-1, Class A3 (2) | | | 6,423 | | | | 6,329 | |
SLM Student Loan Trust 2012-2 | | | | | | | | |
6.15% (30-day Average SOFR + 0.81%), 01/25/2029, Series 2012-2, Class A (2) | | | 7,913 | | | | 7,730 | |
SLM Student Loan Trust 2012-7 | | | | | | | | |
6.10% (30-day Average SOFR + 0.76%, 0.65% Floor), 05/26/2026, Series 2012-7, Class A3 (2) | | | 2,680 | | | | 2,611 | |
7.25% (30-day Average SOFR + 1.91%, 1.80% Floor), 09/25/2043, Series 2012-7, Class B (2) | | | 2,220 | | | | 2,220 | |
SLM Student Loan Trust 2014-1 | | | | | | | | |
6.05% (30-day Average SOFR + 0.71%), 02/26/2029, Series 2014-1, Class A3 (2) | | | 1,578 | | | | 1,530 | |
SMB Private Education Loan Trust 2015-C | | | | | | | | |
3.50%, 09/15/2043, Series 2015-C, Class B (1) | | | 737 | | | | 722 | |
SMB Private Education Loan Trust 2016-A | | | | | | | | |
2.70%, 05/15/2031, Series 2016-A, Class A2A (1) | | | 15 | | | | 15 | |
SMB Private Education Loan Trust 2016-B | | | | | | | | |
2.43%, 02/17/2032, Series 2016-B, Class A2A (1) | | | 427 | | | | 420 | |
SMB Private Education Loan Trust 2016-C | | | | | | | | |
2.34%, 09/15/2034, Series 2016-C, Class A2A (1) | | | 44 | | | | 44 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
SMB Private Education Loan Trust 2017-A | | | | | | | | |
2.88%, 09/15/2034, Series 2017-A, Class A2A (1) | | $ | 212 | | | $ | 208 | |
SMB Private Education Loan Trust 2017-B | | | | | | | | |
2.82%, 10/15/2035, Series 2017-B, Class A2A (1) | | | 599 | | | | 581 | |
SMB Private Education Loan Trust 2018-A | | | | | | | | |
3.50%, 02/15/2036, Series 2018-A, Class A2A (1) | | | 3,599 | | | | 3,495 | |
3.96%, 07/15/2042, Series 2018-A, Class B (1) | | | 125 | | | | 118 | |
SMB Private Education Loan Trust 2018-B | | | | | | | | |
3.60%, 01/15/2037, Series 2018-B, Class A2A (1) | | | 1,579 | | | | 1,533 | |
4.00%, 07/15/2042, Series 2018-B, Class B (1) | | | 910 | | | | 857 | |
SMB Private Education Loan Trust 2018-C | | | | | | | | |
3.63%, 11/15/2035, Series 2018-C, Class A2A (1) | | | 3,891 | | | | 3,777 | |
4.00%, 11/17/2042, Series 2018-C, Class B (1) | | | 770 | | | | 724 | |
SMB Private Education Loan Trust 2019-A | | | | | | | | |
3.44%, 07/15/2036, Series 2019-A, Class A2A (1) | | | 2,788 | | | | 2,690 | |
SMB Private Education Loan Trust 2019-B | | | | | | | | |
2.84%, 06/15/2037, Series 2019-B, Class A2A (1) | | | 2,906 | | | | 2,772 | |
SMB Private Education Loan Trust 2020-A | | | | | | | | |
2.23%, 09/15/2037, Series 2020-A, Class A2A (1) | | | 5,865 | | | | 5,512 | |
SMB Private Education Loan Trust 2020-PTB | | | | | | | | |
1.60%, 09/15/2054, Series 2020-PTB, Class A2A (1) | | | 3,669 | | | | 3,360 | |
SMB Private Education Loan Trust 2021-A | | | | | | | | |
1.07%, 01/15/2053, Series 2021-A, Class APT1 (1) | | | 5,638 | | | | 4,970 | |
SMB Private Education Loan Trust 2022-B | | | | | | | | |
3.94%, 02/16/2055, Series 2022-B, Class A1A (1) | | | 24,071 | | | | 22,763 | |
6.78% (30-day Average SOFR + 1.45%), 02/16/2055, Series 2022-B, Class A1B (1)(2) | | | 21,709 | | | | 21,832 | |
SMB Private Education Loan Trust 2023-C | | | | | | | | |
6.36%, 11/15/2052, Series 2023-C, Class B (1) | | | 2,870 | | | | 2,923 | |
SMB Private Education Loan Trust 2023-D | | | | | | | | |
6.15%, 09/15/2053, Series 2023-D, Class A1A (1) | | | 9,806 | | | | 10,130 | |
6.93%, 09/15/2053, Series 2023-D, Class B (1) | | | 5,009 | | | | 5,279 | |
6.98% (30-day Average SOFR + 1.65%, 1.65% Floor), 09/15/2053, Series 2023-D, Class A1B (1)(2) | | | 15,939 | | | | 16,273 | |
7.54%, 09/15/2053, Series 2023-D, Class C (1) | | | 1,034 | | | | 1,070 | |
8.87%, 09/15/2053, Series 2023-D, Class D (1) | | | 2,110 | | | | 2,224 | |
SMB Private Education Loan Trust 2024-A | | | | | | | | |
5.24%, 03/15/2056, Series 2024-A, Class A1A (1) | | | 4,035 | | | | 4,018 | |
5.88%, 03/15/2056, Series 2024-A, Class B (1) | | | 3,623 | | | | 3,619 | |
6.78% (30-day Average SOFR + 1.45%, 1.45% Floor), 03/15/2056, Series 2024-A, Class A1B (1)(2) | | | 3,765 | | | | 3,818 | |
SMB Private Education Loan Trust 2024-C | | | | | | | | |
5.50%, 06/17/2052, Series 2024-C, Class A1A (1) | | | 4,796 | | | | 4,834 | |
6.06%, 06/17/2052, Series 2024-C, Class B (1) | | | 1,465 | | | | 1,492 | |
6.43% (30-day Average SOFR + 1.10%, 1.10% Floor), 06/17/2052, Series 2024-C, Class A1B (1)(2) | | | 1,449 | | | | 1,450 | |
SMB Private Education Loan Trust 2024-D | | | | | | | | |
5.38%, 07/05/2053, Series 2024-D, Class A1A (1) | | | 28,000 | | | | 27,907 | |
SoFi Consumer Loan Program 2021-1 Trust | | | | | | | | |
2.04%, 09/25/2030, Series 2021-1, Class D (1) | | | 925 | | | | 886 | |
SoFi Personal Loan Trust | | | | | | | | |
0.00%, 11/12/2030 (5) | | | 61 | | | | 3,022 | |
SoFi Personal Loan Trust 2023-1 | | | | | | | | |
6.00%, 11/12/2030, Series 2023-1A, Class A (1) | | | 4,183 | | | | 4,194 | |
SoFi Personal Loan Trust 2024-1 | | | | | | | | |
6.06%, 02/12/2031, Series 2024-1A, Class A (1) | | | 4,493 | | | | 4,494 | |
SoFi Professional Loan Program 2017-D LLC | | | | | | | | |
2.65%, 09/25/2040, Series 2017-D, Class A2FX (1) | | | 414 | | | | 401 | |
SoFi Professional Loan Program 2017-E LLC | | | | | | | | |
4.16%, 11/26/2040, Series 2017-E, Class C (1) | | | 695 | | | | 648 | |
SoFi Professional Loan Program 2017-F LLC | | | | | | | | |
3.62%, 01/25/2041, Series 2017-F, Class BFX (1) | | | 1,405 | | | | 1,281 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
SoFi Professional Loan Program 2018-C Trust | | | | | | | | |
4.13%, 01/25/2048, Series 2018-C, Class BFX (1) | | $ | 1,875 | | | $ | 1,713 | |
Sound Point CLO XX Ltd. | | | | | | | | |
6.69% (3 Month Term SOFR + 1.36%), 07/26/2031, Series 2018-2A, Class A (1)(2) | | | 478 | | | | 478 | |
Soundview Home Loan Trust 2006-OPT5 | | | | | | | | |
5.94% (1 Month Term SOFR + 0.59%, 0.48% Floor), 07/25/2036, Series 2006-OPT5, Class 2A4 (2) | | | 21,565 | | | | 18,916 | |
Soundview Home Loan Trust 2007-NS1 | | | | | | | | |
5.81% (1 Month Term SOFR + 0.46%, 0.35% Floor), 01/25/2037, Series 2007-NS1, Class M1 (2) | | | 268 | | | | 244 | |
Southwick Park CLO LLC | | | | | | | | |
6.65% (3 Month Term SOFR + 1.32%, 1.32% Floor), 07/20/2032, Series 2019-4A, Class A1R (1)(2) | | | 11,400 | | | | 11,421 | |
Specialty Underwriting & Residential Finance Trust Series 2006-BC2 | | | | | | | | |
4.27%, 02/25/2037, Series 2006-BC2, Class A2C (3) | | | 10,182 | | | | 3,442 | |
Specialty Underwriting & Residential Finance Trust Series 2006-BC5 | | | | | | | | |
5.74% (1 Month Term SOFR + 0.39%, 0.28% Floor), 11/25/2037, Series 2006-BC5, Class A1 (2) | | | 9,493 | | | | 7,450 | |
Stream Innovations 2024-1 Issuer Trust | | | | | | | | |
6.27%, 07/15/2044, Series 2024-1A, Class A (1) | | | 945 | | | | 945 | |
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1 | | | | | | | | |
4.71%, 02/25/2035, Series 2005-1, Class 1A1 (5) | | | 2,940 | | | | 2,711 | |
Structured Asset Investment Loan Trust 2004-8 | | | | | | | | |
6.36% (1 Month Term SOFR + 1.01%, 0.90% Floor), 09/25/2034, Series 2004-8, Class M1 (2) | | | 535 | | | | 508 | |
Structured Asset Investment Loan Trust 2004-9 | | | | | | | | |
6.55% (1 Month Term SOFR + 1.21%, 1.10% Floor), 10/25/2034, Series 2004-9, Class M2 (2) | | | 2,781 | | | | 2,753 | |
Structured Asset Investment Loan Trust 2005-HE2 | | | | | | | | |
6.21% (1 Month Term SOFR + 0.86%, 0.75% Floor), 07/25/2035, Series 2005-HE2, Class M2 (2) | | | 4,215 | | | | 3,934 | |
Structured Asset Mortgage Investments II Trust 2007-AR3 | | | | | | | | |
5.65% (1 Month Term SOFR + 0.30%, 0.19% Floor, 10.50% Cap), 09/25/2047, Series 2007-AR3, Class 2A1 (2) | | | 10,316 | | | | 9,012 | |
Structured Asset Securities Corp. Mortgage Loan Trust 2007-WF2 | | | | | | | | |
7.46% (1 Month Term SOFR + 2.11%, 2.00% Floor), 08/25/2037, Series 2007-WF2, Class A1 (2) | | | 87 | | | | 86 | |
Subway Funding LLC | | | | | | | | |
6.03%, 07/30/2054, Series 2024-1A, Class A2I (1) | | | 19,200 | | | | 19,356 | |
6.27%, 07/30/2054, Series 2024-1A, Class A2II (1) | | | 2,009 | | | | 2,038 | |
Symphony CLO 44 Ltd. | | | | | | | | |
7.13% (3 Month Term SOFR + 1.80%, 1.80% Floor), 07/14/2037, Series 2024-44A, Class B (1)(2) | | | 3,500 | | | | 3,500 | |
Symphony CLO XX Ltd. | | | | | | | | |
6.89% (3 Month Term SOFR + 1.55%, 1.55% Floor), 01/16/2032, Series 2018-20A, Class BR2 (1)(2) | | | 11,220 | | | | 11,220 | |
Symphony CLO XXIV Ltd. | | | | | | | | |
6.53% (3 Month Term SOFR + 1.20%, 1.20% Floor), 01/23/2032, Series 2020-24A, Class AR (1)(2) | | | 617 | | | | 617 | |
Symphony CLO XXVI Ltd. | | | | | | | | |
6.67% (3 Month Term SOFR + 1.34%, 1.08% Floor), 04/20/2033, Series 2021-26A, Class AR (1)(2) | | | 4,650 | | | | 4,657 | |
Symphony Static CLO I Ltd. | | | | | | | | |
10.94% (3 Month Term SOFR + 5.61%, 5.35% Floor), 10/25/2029, Series 2021-1A, Class E1 (1)(2) | | | 750 | | | | 752 | |
TCW CLO 2019-1 AMR Ltd. | | | | | | | | |
7.34% (3 Month Term SOFR + 2.01%, 1.75% Floor), 08/16/2034, Series 2019-1A, Class BR (1)(2) | | | 3,365 | | | | 3,366 | |
TCW CLO 2020-1 Ltd. | | | | | | | | |
6.75% (3 Month Term SOFR + 1.42%, 1.16% Floor), 04/20/2034, Series 2020-1A, Class A1RR (1)(2) | | | 8,600 | | | | 8,615 | |
TCW CLO 2022-1 Ltd. | | | | | | | | |
6.66% (3 Month Term SOFR + 1.34%, 1.34% Floor), 04/22/2033, Series 2022-1A, Class A1 (1)(2) | | | 9,080 | | | | 9,094 | |
Theorem Funding Trust 2023-1 | | | | | | | | |
7.58%, 04/15/2029, Series 2023-1A, Class A (1) | | | 4,838 | | | | 4,881 | |
THL Credit Wind River 2019-3 CLO Ltd. | | | | | | | | |
7.24% (3 Month Term SOFR + 1.91%, 1.65% Floor), 07/15/2031, Series 2019-3A, Class BR (1)(2) | | | 7,550 | | | | 7,566 | |
TICP CLO X Ltd. | | | | | | | | |
7.06% (3 Month Term SOFR + 1.73%, 1.47% Floor), 04/20/2031, Series 2018-10A, Class B (1)(2) | | | 4,080 | | | | 4,076 | |
11.09% (3 Month Term SOFR + 5.76%, 5.50% Floor), 04/20/2031, Series 2018-10A, Class E (1)(2) | | | 250 | | | | 249 | |
TIF Funding III LLC | | | | | | | | |
5.48%, 04/20/2049, Series 2024-1A, Class A (1) | | | 9,621 | | | | 9,571 | |
Trafigura Securitisation Finance Plc | | | | | | | | |
6.74% (SOFR + 1.40%, 1.40% Floor), 11/15/2027, Series 2024-1A, Class A1 (1)(2) | | | 17,950 | | | | 17,995 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
TRESTLES CLO 2017-1 Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 3.15%, 3.15% Floor), 07/25/2037, Series 2017-1A, Class D1RR (1)(2)(4) | | $ | 500 | | | $ | 500 | |
0.00% (3 Month Term SOFR + 1.46%, 1.46% Floor), 07/25/2037, Series 2017-1A, Class A1RR (1)(2)(4) | | | 650 | | | | 650 | |
Tricon American Homes 2019-SFR1 Trust | | | | | | | | |
3.20%, 03/17/2038, Series 2019-SFR1, Class D (1) | | | 1,270 | | | | 1,210 | |
Tricon American Homes 2020-SFR1 | | | | | | | | |
2.05%, 07/17/2038, Series 2020-SFR1, Class B (1) | | | 1,180 | | | | 1,099 | |
2.55%, 07/17/2038, Series 2020-SFR1, Class D (1) | | | 1,220 | | | | 1,144 | |
Tricon American Homes 2020-SFR2 Trust | | | | | | | | |
2.73%, 11/17/2039, Series 2020-SFR2, Class E1 (1) | | | 1,855 | | | | 1,651 | |
Tricon Residential 2021-SFR1 Trust | | | | | | | | |
2.79%, 07/17/2038, Series 2021-SFR1, Class E1 (1) | | | 1,760 | | | | 1,616 | |
2.89%, 07/17/2038, Series 2021-SFR1, Class E2 (1) | | | 4,695 | | | | 4,317 | |
Tricon Residential 2024-SFR2 Trust | | | | | | | | |
4.75%, 06/17/2040, Series 2024-SFR2, Class A (1) | | | 5,000 | | | | 4,880 | |
6.00%, 06/17/2028, Series 2024-SFR2, Class D (1) | | | 12,000 | | | | 11,830 | |
Trimaran Cavu 2019-1 Ltd. | | | | | | | | |
7.49% (3 Month Term SOFR + 2.16%, 1.90% Floor), 07/20/2032, Series 2019-1A, Class A2 (1)(2) | | | 1,820 | | | | 1,821 | |
Trimaran Cavu 2021-2 Ltd. | | | | | | | | |
7.34% (3 Month Term SOFR + 2.01%, 1.75% Floor), 10/25/2034, Series 2021-2A, Class B1 (1)(2) | | | 2,500 | | | | 2,509 | |
Trinitas CLO XXIX Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 3.40%, 3.40% Floor), 07/23/2037, Series 2024-29A, Class D1 (1)(2)(4) | | | 2,000 | | | | 2,000 | |
Upstart Securitization Trust 2022-1 | | | | | | | | |
3.12%, 03/20/2032, Series 2022-1, Class A (1) | | | 1,659 | | | | 1,651 | |
Upstart Securitization Trust 2022-3 | | | | | | | | |
5.50%, 06/20/2032, Series 2022-3, Class A (1) | | | 3,484 | | | | 3,462 | |
Upstart Structured Pass-Through Trust Series 2022-2A | | | | | | | | |
4.25%, 06/17/2030, Series 2022-2A, Class A (1) | | | 1,566 | | | | 1,531 | |
Vantage Data Centers Jersey Borrower Spv Ltd | | | | | | | | |
6.17%, 05/28/2039, Series 1X, Class A2 (18) | | GBP | 892 | | | | 1,135 | |
VCAT 2021-NPL1 LLC | | | | | | | | |
5.29%, 12/26/2050, Series 2021-NPL1, Class A1 (1)(3) | | $ | 582 | | | | 579 | |
VCAT 2021-NPL5 LLC | | | | | | | | |
1.87%, 08/25/2051, Series 2021-NPL5, Class A1 (1)(3) | | | 5,640 | | | | 5,552 | |
VCAT 2021-NPL6 LLC | | | | | | | | |
1.92%, 09/25/2051, Series 2021-NPL6, Class A1 (1)(3) | | | 7,531 | | | | 7,370 | |
Venture XXIX CLO Ltd. | | | | | | | | |
6.57% (3 Month Term SOFR + 1.25%, 0.99% Floor), 09/07/2030, Series 2017-29A, Class AR (1)(2) | | | 1,530 | | | | 1,531 | |
Vista Point Securitization Trust 2024-CES1 | | | | | | | | |
6.68%, 05/25/2054, Series 2024-CES1, Class A1 (1)(3) | | | 8,729 | | | | 8,780 | |
VOLT XCII LLC | | | | | | | | |
4.89%, 02/27/2051, Series 2021-NPL1, Class A1 (1)(3) | | | 683 | | | | 673 | |
VOLT XCIII LLC | | | | | | | | |
4.89%, 02/27/2051, Series 2021-NPL2, Class A1 (1)(3) | | | 2,150 | | | | 2,118 | |
VOLT XCIV LLC | | | | | | | | |
5.24%, 02/27/2051, Series 2021-NPL3, Class A1 (1)(3) | | | 3,495 | | | | 3,458 | |
VOLT XCIX LLC | | | | | | | | |
5.12%, 04/25/2051, Series 2021-NPL8, Class A1 (1)(3) | | | 7,241 | | | | 7,173 | |
VOLT XCVI LLC | | | | | | | | |
5.12%, 03/27/2051, Series 2021-NPL5, Class A1 (1)(3) | | | 1,505 | | | | 1,492 | |
VOLT XCVII LLC | | | | | | | | |
5.24%, 04/25/2051, Series 2021-NPL6, Class A1 (1)(3) | | | 6,937 | | | | 6,898 | |
Voya CLO 2013-2 Ltd. | | | | | | | | |
6.56% (3 Month Term SOFR + 1.23%, 0.97% Floor), 04/25/2031, Series 2013-2A, Class A1R (1)(2) | | | 1,285 | | | | 1,287 | |
Voya CLO 2015-3 Ltd. | | | | | | | | |
7.02% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/20/2031, Series 2015-3A, Class A3R3 (1)(2) | | | 1,500 | | | | 1,498 | |
Voya CLO 2020-1 Ltd. | | | | | | | | |
7.29% (3 Month Term SOFR + 1.96%, 1.70% Floor), 07/16/2034, Series 2020-1A, Class BR (1)(2) | | | 9,000 | | | | 9,016 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Asset-Backed Obligations – 11.28% – (continued) | | | | | | | | |
VStrong Auto Receivables Trust 2024-A | | | | | | | | |
5.77%, 07/15/2030, Series 2024-A, Class B (1) | | $ | 1,500 | | | $ | 1,497 | |
5.79%, 08/16/2027, Series 2024-A, Class A2 (1) | | | 1,700 | | | | 1,700 | |
7.29%, 07/15/2030, Series 2024-A, Class D (1) | | | 300 | | | | 309 | |
WaMu Mortgage Pass-Through Certificates Series 2007-HY1 Trust | | | | | | | | |
4.33%, 02/25/2037, Series 2007-HY1, Class 4A1 (5) | | | 5,415 | | | | 4,612 | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust | | | | | | | | |
6.40% (12 Month U.S. Treasury Average + 1.25%, 1.25% Floor), 04/25/2047, Series 2007-OA3, Class 5A (2) | | | 280 | | | | 230 | |
WAVE 2017-1 Trust | | | | | | | | |
3.84%, 11/15/2042, Series 2017-1A, Class A (1) | | | 3,569 | | | | 3,212 | |
Wellfleet CLO 2017-2A Ltd. | | | | | | | | |
6.65% (3 Month Term SOFR + 1.32%), 10/20/2029, Series 2017-2A, Class A1R (1)(2) | | | 478 | | | | 478 | |
Wellfleet CLO 2017-3 Ltd. | | | | | | | | |
6.73% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/17/2031, Series 2017-3A, Class A1 (1)(2) | | | 3,420 | | | | 3,423 | |
Wellfleet CLO 2021-3 Ltd. | | | | | | | | |
7.39% (3 Month Term SOFR + 2.06%, 1.80% Floor), 01/15/2035, Series 2021-3A, Class B (1)(2) | | | 6,165 | | | | 6,217 | |
Wellfleet CLO X Ltd. | | | | | | | | |
6.76% (3 Month Term SOFR + 1.43%), 07/20/2032, Series 2019-XA, Class A1R (1)(2) | | | 8,662 | | | | 8,682 | |
Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust | | | | | | | | |
6.36% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/25/2034, Series 2004-2, Class M1 (2) | | | 215 | | | | 219 | |
Westlake Automobile Receivables Trust 2021-3 | | | | | | | | |
2.12%, 01/15/2027, Series 2021-3A, Class D (1) | | | 5,200 | | | | 5,010 | |
Westlake Automobile Receivables Trust 2023-1 | | | | | | | | |
6.79%, 11/15/2028, Series 2023-1A, Class D (1) | | | 2,480 | | | | 2,520 | |
Westlake Automobile Receivables Trust 2023-2 | | | | | | | | |
7.01%, 11/15/2028, Series 2023-2A, Class D (1) | | | 5,285 | | | | 5,358 | |
Westlake Automobile Receivables Trust 2023-3 | | | | | | | | |
6.47%, 03/15/2029, Series 2023-3A, Class D (1) | | | 5,675 | | | | 5,717 | |
Westlake Automobile Receivables Trust 2023-4 | | | | | | | | |
7.19%, 07/16/2029, Series 2023-4A, Class D (1) | | | 9,020 | | | | 9,261 | |
Westlake Automobile Receivables Trust 2024-2 | | | | | | | | |
5.91%, 04/15/2030, Series 2024-2A, Class D (1) | | | 2,400 | | | | 2,396 | |
Whitebox CLO I Ltd. | | | | | | | | |
0.00% (3 Month Term SOFR + 2.00%, 2.00% Floor), 07/24/2036, Series 2019-1A, Class CRR (1)(2)(4) | | | 500 | | | | 500 | |
Willis Engine Structured Trust IV | | | | | | | | |
4.75%, 09/15/2043, Series 2018-A, Class A (1)(3) | | | 382 | | | | 368 | |
5.44%, 09/15/2043, Series 2018-A, Class B (1)(3) | | | 568 | | | | 522 | |
Willis Engine Structured Trust VI | | | | | | | | |
3.10%, 05/15/2046, Series 2021-A, Class A (1) | | | 2,213 | | | | 1,986 | |
Willis Engine Structured Trust VII | | | | | | | | |
8.00%, 10/15/2048, Series 2023-A, Class A (1) | | | 13,602 | | | | 14,369 | |
World Financial Network Credit Card Master Trust | | | | | | | | |
5.47%, 02/17/2031, Series 2024-A, Class A | | | 10,900 | | | | 10,967 | |
Ziply Fiber Issuer LLC | | | | | | | | |
6.64%, 04/20/2054, Series 2024-1A, Class A2 (1) | | | 9,100 | | | | 9,243 | |
| | | | | | | | |
Total Asset-Backed Obligations
(Cost: $3,992,074) | | | | | | | 3,876,892 | |
| | | | | | | | |
Corporate Bonds – 26.17% | | | | | | | | |
| Basic Materials – 1.01% | | | | | | | | |
Anglo American Capital Plc | | | | | | | | |
2.63%, 09/10/2030 (1) | | | 38,335 | | | | 32,708 | |
4.50%, 03/15/2028 (1) | | | 4,735 | | | | 4,590 | |
5.50%, 05/02/2033 (1) | | | 2,923 | | | | 2,861 | |
5.63%, 04/01/2030 (1) | | | 3,590 | | | | 3,613 | |
ArcelorMittal SA | | | | | | | | |
6.75%, 03/01/2041 | | | 12,270 | | | | 12,515 | |
6.80%, 11/29/2032 | | | 7,845 | | | | 8,264 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Basic Materials – 1.01% – (continued) | | | | | | | | |
Braskem Idesa SAPI | | | | | | | | |
6.99%, 02/20/2032 (1) | | $ | 415 | | | $ | 315 | |
Braskem Netherlands Finance BV | | | | | | | | |
4.50%, 01/31/2030 (1) | | | 5,210 | | | | 4,405 | |
5.88%, 01/31/2050 (1) | | | 4,160 | | | | 3,073 | |
8.50%, 01/12/2031 (18) | | | 225 | | | | 230 | |
Celanese U.S. Holdings LLC | | | | | | | | |
6.33%, 07/15/2029 | | | 3,170 | | | | 3,260 | |
6.38%, 07/15/2032 | | | 1,700 | | | | 1,747 | |
6.55%, 11/15/2030 | | | 5,380 | | | | 5,622 | |
6.70%, 11/15/2033 | | | 19,990 | | | | 21,006 | |
Corp. Nacional del Cobre de Chile | | | | | | | | |
5.13%, 02/02/2033 | | | 3,000 | | | | 2,857 | |
CSN Resources SA | | | | | | | | |
5.88%, 04/08/2032 (1) | | | 200 | | | | 166 | |
Eastman Chemical Co. | | | | | | | | |
5.75%, 03/08/2033 | | | 1,244 | | | | 1,255 | |
First Quantum Minerals Ltd. | | | | | | | | |
6.88%, 10/15/2027 (1) | | | 7,600 | | | | 7,425 | |
9.38%, 03/01/2029 (1) | | | 10,805 | | | | 11,290 | |
Freeport Indonesia PT | | | | | | | | |
4.76%, 04/14/2027 (18) | | | 200 | | | | 196 | |
Freeport-McMoRan, Inc. | | | | | | | | |
4.25%, 03/01/2030 | | | 6,345 | | | | 5,991 | |
Glencore Funding LLC | | | | | | | | |
2.50%, 09/01/2030 (1) | | | 13,924 | | | | 11,774 | |
2.63%, 09/23/2031 (1) | | | 7,451 | | | | 6,114 | |
2.85%, 04/27/2031 (1) | | | 11,025 | | | | 9,284 | |
3.88%, 10/27/2027 (1) | | | 8,185 | | | | 7,811 | |
4.88%, 03/12/2029 (1) | | | 8,160 | | | | 8,044 | |
5.37%, 04/04/2029 (1) | | | 2,924 | | | | 2,910 | |
5.40%, 05/08/2028 (1) | | | 1,895 | | | | 1,895 | |
5.70%, 05/08/2033 (1) | | | 17,355 | | | | 17,290 | |
6.13%, 10/06/2028 (1) | | | 17,422 | | | | 17,834 | |
6.38%, 10/06/2030 (1) | | | 22,438 | | | | 23,387 | |
6.50%, 10/06/2033 (1) | | | 49,030 | | | | 51,073 | |
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT | | | | | | | | |
5.45%, 05/15/2030 | | | 1,000 | | | | 981 | |
5.45%, 05/15/2030 (1) | | | 1,400 | | | | 1,374 | |
International Flavors & Fragrances, Inc. | | | | | | | | |
1.83%, 10/15/2027 (1) | | | 12,544 | | | | 11,200 | |
2.30%, 11/01/2030 (1) | | | 9,230 | | | | 7,695 | |
4.38%, 06/01/2047 | | | 2,905 | | | | 2,237 | |
5.00%, 09/26/2048 | | | 11,215 | | | | 9,617 | |
Newmont Corp. | | | | | | | | |
2.25%, 10/01/2030 | | | 2,523 | | | | 2,153 | |
OCP SA | | | | | | | | |
4.50%, 10/22/2025 (18) | | | 259 | | | | 254 | |
6.75%, 05/02/2034 (1) | | | 441 | | | | 453 | |
7.50%, 05/02/2054 (1) | | | 372 | | | | 379 | |
POSCO | | | | | | | | |
5.75%, 01/17/2028 (1) | | | 200 | | | | 203 | |
Samarco Mineracao SA | | | | | | | | |
9.00%, 06/30/2031 (7)(18) | | | 1,027 | | | | 955 | |
Steel Dynamics, Inc. | | | | | | | | |
5.38%, 08/15/2034 | | | 10,885 | | | | 10,699 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Basic Materials – 1.01% – (continued) | | | | | | | | |
Suzano Austria GmbH | | | | | | | | |
3.75%, 01/15/2031 | | $ | 6,505 | | | $ | 5,668 | |
5.00%, 01/15/2030 | | | 200 | | | | 189 | |
Syngenta Finance NV | | | | | | | | |
4.89%, 04/24/2025 (1) | | | 550 | | | | 545 | |
Vale Overseas Ltd. | | | | | | | | |
6.40%, 06/28/2054 | | | 290 | | | | 287 | |
Vedanta Resources Finance II Plc | | | | | | | | |
13.88%, 12/09/2028 (18) | | | 168 | | | | 162 | |
Westlake Corp. | | | | | | | | |
1.63%, 07/17/2029 | | EUR | 2,025 | | | | 1,950 | |
| | | | | | | | |
Total Basic Materials | | | | 347,806 | |
| | | | | | | | |
| Communications – 2.26% | | | | | | | | |
Altice France SA | | | | | | | | |
3.38%, 01/15/2028 | | | 100 | | | | 75 | |
5.13%, 07/15/2029 (1) | | $ | 400 | | | | 263 | |
5.50%, 01/15/2028 (1) | | | 1,500 | | | | 1,027 | |
5.50%, 10/15/2029 (1) | | | 3,049 | | | | 2,010 | |
8.13%, 02/01/2027 (1) | | | 2,500 | | | | 1,875 | |
AT&T, Inc. | | | | | | | | |
3.55%, 09/15/2055 | | | 1,985 | | | | 1,338 | |
3.65%, 06/01/2051 | | | 6,234 | | | | 4,403 | |
3.65%, 09/15/2059 | | | 14,642 | | | | 9,819 | |
3.80%, 12/01/2057 | | | 11,559 | | | | 8,076 | |
3.85%, 06/01/2060 | | | 959 | | | | 669 | |
5.15%, 02/15/2050 | | | 1,102 | | | | 1,000 | |
5.45%, 03/01/2047 | | | 685 | | | | 661 | |
C&W Senior Finance Ltd. | | | | | | | | |
6.88%, 09/15/2027 (1) | | | 600 | | | | 576 | |
Cable One, Inc. | | | | | | | | |
4.00%, 11/15/2030 (1) | | | 3,478 | | | | 2,596 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | |
4.25%, 02/01/2031 (1) | | | 1,765 | | | | 1,441 | |
4.25%, 01/15/2034 (1) | | | 6,175 | | | | 4,687 | |
4.50%, 08/15/2030 (1) | | | 1,069 | | | | 905 | |
4.50%, 05/01/2032 | | | 9,725 | | | | 7,833 | |
4.75%, 03/01/2030 (1) | | | 955 | | | | 827 | |
Charter Communications Operating LLC | | | | | | | | |
2.25%, 01/15/2029 | | | 1,626 | | | | 1,390 | |
2.30%, 02/01/2032 | | | 20,750 | | | | 16,003 | |
2.80%, 04/01/2031 | | | 32,784 | | | | 26,795 | |
3.75%, 02/15/2028 | | | 3,643 | | | | 3,386 | |
3.85%, 04/01/2061 | | | 3,090 | | | | 1,804 | |
3.90%, 06/01/2052 | | | 16,458 | | | | 10,321 | |
3.95%, 06/30/2062 | | | 26,030 | | | | 15,421 | |
4.20%, 03/15/2028 | | | 3,376 | | | | 3,190 | |
4.40%, 04/01/2033 | | | 4,100 | | | | 3,614 | |
4.80%, 03/01/2050 | | | 14,560 | | | | 10,681 | |
5.38%, 05/01/2047 | | | 8,990 | | | | 7,182 | |
6.48%, 10/23/2045 | | | 343 | | | | 313 | |
Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | |
3.70%, 04/01/2051 | | | 24,596 | | | | 14,957 | |
5.38%, 04/01/2038 | | | 980 | | | | 853 | |
5.75%, 04/01/2048 | | | 5,030 | | | | 4,205 | |
Cogent Communications Group, Inc. | | | | | | | | |
7.00%, 06/15/2027 (1) | | | 872 | | | | 864 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Communications – 2.26% – (continued) | | | | | | | | |
Colombia Telecomunicaciones SA ESP | | | | | | | | |
4.95%, 07/17/2030 (1) | | $ | 446 | | | $ | 351 | |
Comcast Corp. | | | | | | | | |
1.50%, 02/15/2031 | | | 1,522 | | | | 1,222 | |
2.80%, 01/15/2051 | | | 1,216 | | | | 751 | |
2.99%, 11/01/2063 | | | 1,278 | | | | 750 | |
3.97%, 11/01/2047 | | | 1,460 | | | | 1,139 | |
4.60%, 08/15/2045 | | | 1,519 | | | | 1,322 | |
5.50%, 05/15/2064 | | | 4,351 | | | | 4,186 | |
6.50%, 11/15/2035 | | | 601 | | | | 656 | |
CommScope Technologies LLC | | | | | | | | |
5.00%, 03/15/2027 (1) | | | 1,620 | | | | 669 | |
CommScope, Inc. | | | | | | | | |
4.75%, 09/01/2029 (1) | | | 4,105 | | | | 2,842 | |
6.00%, 03/01/2026 (1) | | | 2,205 | | | | 1,935 | |
7.13%, 07/01/2028 (1) | | | 3,625 | | | | 1,489 | |
Cox Communications, Inc. | | | | | | | | |
3.15%, 08/15/2024 (1) | | | 400 | | | | 398 | |
CSC Holdings LLC | | | | | | | | |
3.38%, 02/15/2031 (1) | | | 10,305 | | | | 6,431 | |
4.13%, 12/01/2030 (1) | | | 2,415 | | | | 1,561 | |
4.50%, 11/15/2031 (1) | | | 6,505 | | | | 4,197 | |
4.63%, 12/01/2030 (1) | | | 26,845 | | | | 9,777 | |
5.00%, 11/15/2031 (1) | | | 940 | | | | 341 | |
5.38%, 02/01/2028 (1) | | | 2,440 | | | | 1,854 | |
5.75%, 01/15/2030 (1) | | | 4,097 | | | | 1,546 | |
6.50%, 02/01/2029 (1) | | | 9,021 | | | | 6,584 | |
7.50%, 04/01/2028 (1) | | | 1,000 | | | | 531 | |
11.75%, 01/31/2029 (1) | | | 5,164 | | | | 4,404 | |
Digicel Group Holdings Ltd. | | | | | | | | |
0.00%, 12/31/2030 (1) | | | 97 | | | | 24 | |
0.00%, 12/31/2030 (1) | | | 218 | | | | 44 | |
Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl U.S. | | | | | | | | |
12.00%, 05/25/2027 (7) | | | 188 | | | | 187 | |
Digicel Midco Ltd. / Difl U.S. II LLC | | | | | | | | |
10.50%, 11/25/2028 (7) | | | 131 | | | | 104 | |
DISH DBS Corp. | | | | | | | | |
5.13%, 06/01/2029 | | | 2,380 | | | | 943 | |
5.25%, 12/01/2026 (1) | | | 16,695 | | | | 13,169 | |
5.75%, 12/01/2028 (1) | | | 17,535 | | | | 12,157 | |
Expedia Group, Inc. | | | | | | | | |
2.95%, 03/15/2031 | | | 30,140 | | | | 26,057 | |
3.25%, 02/15/2030 | | | 12,682 | | | | 11,431 | |
FactSet Research Systems, Inc. | | | | | | | | |
3.45%, 03/01/2032 | | | 764 | | | | 666 | |
Frontier Communications Holdings LLC | | | | | | | | |
8.63%, 03/15/2031 (1) | | | 5,958 | | | | 6,137 | |
Intelsat Jackson Holdings SA | | | | | | | | |
6.50%, 03/15/2030 (1) | | | 37,796 | | | | 35,164 | |
Juniper Networks, Inc. | | | | | | | | |
3.75%, 08/15/2029 | | | 922 | | | | 857 | |
Kenbourne Invest SA | | | | | | | | |
4.70%, 01/22/2028 (8)(9)(18) | | | 211 | | | | 89 | |
6.88%, 11/26/2024 (8)(9)(18) | | | 211 | | | | 90 | |
6.88%, 11/26/2024 (1)(8)(9) | | | 300 | | | | 127 | |
Level 3 Financing, Inc. | | | | | | | | |
4.63%, 09/15/2027 (1) | | | 510 | | | | 264 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Communications – 2.26% – (continued) | | | | | | | | |
Meta Platforms, Inc. | | | | | | | | |
4.65%, 08/15/2062 | | $ | 7,118 | | | $ | 6,135 | |
4.95%, 05/15/2033 | | | 29,985 | | | | 30,135 | |
5.75%, 05/15/2063 | | | 3,371 | | | | 3,464 | |
Motorola Solutions, Inc. | | | | | | | | |
2.30%, 11/15/2030 | | | 7,753 | | | | 6,520 | |
5.40%, 04/15/2034 | | | 18,215 | | | | 18,058 | |
5.60%, 06/01/2032 | | | 1,810 | | | | 1,830 | |
Netflix, Inc. | | | | | | | | |
3.63%, 06/15/2025 (1) | | | 3,500 | | | | 3,437 | |
3.88%, 11/15/2029 | | EUR | 792 | | | | 859 | |
4.63%, 05/15/2029 | | | 2,300 | | | | 2,575 | |
4.88%, 06/15/2030 (1) | | $ | 27,736 | | | | 27,300 | |
5.38%, 11/15/2029 (1) | | | 1,415 | | | | 1,429 | |
5.88%, 11/15/2028 | | | 10,972 | | | | 11,305 | |
6.38%, 05/15/2029 | | | 12,834 | | | | 13,520 | |
NTT Finance Corp. | | | | | | | | |
1.59%, 04/03/2028 (1) | | | 777 | | | | 685 | |
Paramount Global | | | | | | | | |
4.60%, 01/15/2045 | | | 521 | | | | 348 | |
4.90%, 08/15/2044 | | | 363 | | | | 252 | |
4.95%, 01/15/2031 | | | 2 | | | | 2 | |
5.25%, 04/01/2044 | | | 1,410 | | | | 1,027 | |
5.85%, 09/01/2043 | | | 1,249 | | | | 982 | |
6.38% (5 Year CMT Index + 4.00%), 03/30/2062 (2) | | | 585 | | | | 517 | |
Prosus NV | | | | | | | | |
1.99%, 07/13/2033 | | EUR | 4,100 | | | | 3,452 | |
Rogers Communications, Inc. | | | | | | | | |
5.30%, 02/15/2034 | | $ | 3,957 | | | | 3,883 | |
SES Global Americas Holdings, Inc. | | | | | | | | |
5.30%, 03/25/2044 (1) | | | 10,000 | | | | 7,403 | |
Sirius XM Radio, Inc. | | | | | | | | |
4.00%, 07/15/2028 (1) | | | 1,095 | | | | 989 | |
Sprint Capital Corp. | | | | | | | | |
6.88%, 11/15/2028 | | | 1,262 | | | | 1,338 | |
8.75%, 03/15/2032 | | | 24,955 | | | | 30,016 | |
Sprint LLC | | | | | | | | |
7.63%, 02/15/2025 | | | 5,700 | | | | 5,736 | |
7.63%, 03/01/2026 | | | 16,130 | | | | 16,575 | |
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC | | | | | | | | |
4.74%, 03/20/2025 (1) | | | 1,373 | | | | 1,364 | |
5.15%, 03/20/2028 (1) | | | 20,746 | | | | 20,647 | |
Tencent Holdings Ltd. | | | | | | | | |
3.84%, 04/22/2051 (1) | | | 1,045 | | | | 759 | |
Time Warner Cable LLC | | | | | | | | |
4.50%, 09/15/2042 | | | 13,975 | | | | 10,228 | |
5.50%, 09/01/2041 | | | 11,204 | | | | 9,331 | |
5.88%, 11/15/2040 | | | 12,025 | | | | 10,434 | |
T-Mobile USA, Inc. | | | | | | | | |
2.25%, 02/15/2026 | | | 14,809 | | | | 14,062 | |
2.40%, 03/15/2029 | | | 1,515 | | | | 1,340 | |
2.55%, 02/15/2031 | | | 8,179 | | | | 6,943 | |
2.70%, 03/15/2032 | | | 5,130 | | | | 4,292 | |
3.38%, 04/15/2029 | | | 10,920 | | | | 10,084 | |
3.50%, 04/15/2031 | | | 15,220 | | | | 13,674 | |
3.88%, 04/15/2030 | | | 49,754 | | | | 46,511 | |
5.05%, 07/15/2033 | | | 7,003 | | | | 6,851 | |
5.75%, 01/15/2034 | | | 7,160 | | | | 7,361 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Communications – 2.26% – (continued) | | | | | | | | |
Uber Technologies, Inc. | | | | | | | | |
4.50%, 08/15/2029 | | $ | 6,455 | | | $ | 6,151 | |
4.50%, 08/15/2029 (1) | | | 19,150 | | | | 18,246 | |
6.25%, 01/15/2028 (1) | | | 7,305 | | | | 7,314 | |
7.50%, 09/15/2027 (1) | | | 1,395 | | | | 1,422 | |
Verizon Communications, Inc. | | | | | | | | |
1.68%, 10/30/2030 | | | 7,730 | | | | 6,282 | |
1.75%, 01/20/2031 | | | 2,230 | | | | 1,805 | |
2.36%, 03/15/2032 | | | 14,667 | | | | 11,990 | |
4.27%, 01/15/2036 | | | 2,209 | | | | 2,001 | |
4.40%, 11/01/2034 | | | 4,663 | | | | 4,321 | |
4.50%, 08/10/2033 | | | 6,348 | | | | 5,968 | |
5.85%, 09/15/2035 | | | 974 | | | | 1,009 | |
VF Ukraine PAT via VFU Funding Plc | | | | | | | | |
6.20%, 02/11/2025 (18) | | | 550 | | | | 487 | |
VZ Secured Financing BV | | | | | | | | |
5.00%, 01/15/2032 (1) | | | 6,500 | | | | 5,542 | |
Zayo Group Holdings, Inc. | | | | | | | | |
4.00%, 03/01/2027 (1) | | | 1,000 | | | | 800 | |
Ziggo BV | | | | | | | | |
4.88%, 01/15/2030 (1) | | | 4,900 | | | | 4,356 | |
| | | | | | | | |
Total Communications | | | | 774,853 | |
| | | | | | | | |
| Consumer, Cyclical – 1.70% | | | | | | | | |
ABRA Global Finance | | | | | | | | |
11.50%, 03/02/2028 (1)(7) | | | 416 | | | | 407 | |
Air Baltic Corp. AS | | | | | | | | |
14.50%, 08/14/2029 (1) | | EUR | 355 | | | | 412 | |
Air Canada 2017-1 Class B Pass-Through Trust | | | | | | | | |
3.70%, 01/15/2026 (1) | | $ | 6,828 | | | | 6,522 | |
Alaska Airlines 2020-1 Class A Pass-Through Trust | | | | | | | | |
4.80%, 08/15/2027 (1) | | | 1,121 | | | | 1,099 | |
American Airlines 2015-1 Class A Pass-Through Trust | | | | | | | | |
3.38%, 05/01/2027 | | | 495 | | | | 467 | |
American Airlines 2016-3 Class B Pass-Through Trust | | | | | | | | |
3.75%, 10/15/2025 | | | 1,508 | | | | 1,459 | |
American Airlines 2017-2 Class A Pass-Through Trust | | | | | | | | |
3.60%, 10/15/2029 | | | 159 | | | | 144 | |
American Airlines 2017-2 Class B Pass-Through Trust | | | | | | | | |
3.70%, 10/15/2025 | | | 741 | | | | 722 | |
American Airlines 2019-1 Class B Pass-Through Trust | | | | | | | | |
3.85%, 02/15/2028 | | | 7,214 | | | | 6,740 | |
American Airlines 2021-1 Class A Pass-Through Trust | | | | | | | | |
2.88%, 07/11/2034 | | | 9,931 | | | | 8,508 | |
AutoNation, Inc. | | | | | | | | |
4.75%, 06/01/2030 | | | 1,030 | | | | 984 | |
AutoZone, Inc. | | | | | | | | |
4.00%, 04/15/2030 | | | 8,465 | | | | 7,960 | |
Avianca Midco 2 Plc | | | | | | | | |
9.00%, 12/01/2028 (1) | | | 65 | | | | 63 | |
Azul Secured Finance LLP | | | | | | | | |
11.93%, 08/28/2028 (1) | | | 781 | | | | 758 | |
British Airways 2018-1 Class AA Pass-Through Trust | | | | | | | | |
3.80%, 09/20/2031 (1) | | | 1,440 | | | | 1,354 | |
British Airways 2019-1 Class A Pass-Through Trust | | | | | | | | |
3.35%, 06/15/2029 (1) | | | 1,844 | | | | 1,723 | |
British Airways 2019-1 Class AA Pass-Through Trust | | | | | | | | |
3.30%, 12/15/2032 (1) | | | 323 | | | | 291 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Cyclical – 1.70% – (continued) | | | | | | | | |
British Airways 2020-1 Class A Pass-Through Trust | | | | | | | | |
4.25%, 11/15/2032 (1) | | $ | 289 | | | $ | 271 | |
Carnival Corp. | | | | | | | | |
4.00%, 08/01/2028 (1) | | | 8,000 | | | | 7,513 | |
7.00%, 08/15/2029 (1) | | | 2,120 | | | | 2,198 | |
Carvana Co. | | | | | | | | |
12.00%, 12/01/2028 (1)(7) | | | 6,305 | | | | 6,780 | |
13.00%, 06/01/2030 (1)(7) | | | 9,500 | | | | 10,400 | |
14.00%, 06/01/2031 (1)(7) | | | 11,290 | | | | 12,698 | |
Choice Hotels International, Inc. | | | | | | | | |
5.85%, 08/01/2034 | | | 3,165 | | | | 3,119 | |
Daimler Truck Finance North America LLC | | | | | | | | |
5.50%, 09/20/2033 (1) | | | 8,790 | | | | 8,815 | |
Dillard’s, Inc. | | | | | | | | |
7.00%, 12/01/2028 | | | 380 | | | | 393 | |
7.75%, 07/15/2026 | | | 135 | | | | 139 | |
7.75%, 05/15/2027 | | | 85 | | | | 89 | |
Dollar General Corp. | | | | | | | | |
3.50%, 04/03/2030 | | | 3,125 | | | | 2,854 | |
Ferrellgas LP / Ferrellgas Finance Corp. | | | | | | | | |
5.88%, 04/01/2029 (1) | | | 6,470 | | | | 5,953 | |
FirstCash, Inc. | | | | | | | | |
5.63%, 01/01/2030 (1) | | | 3,594 | | | | 3,404 | |
Ford Motor Credit Co. LLC | | | | | | | | |
4.39%, 01/08/2026 | | | 700 | | | | 685 | |
5.80%, 03/08/2029 | | | 7,100 | | | | 7,075 | |
6.13%, 03/08/2034 | | | 5,572 | | | | 5,511 | |
6.80%, 11/07/2028 | | | 1,400 | | | | 1,447 | |
6.95%, 03/06/2026 | | | 1,100 | | | | 1,118 | |
7.12%, 11/07/2033 | | | 4,046 | | | | 4,275 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.10%, 01/12/2032 | | | 2,030 | | | | 1,706 | |
5.60%, 06/18/2031 | | | 3,167 | | | | 3,143 | |
5.75%, 02/08/2031 | | | 3,244 | | | | 3,253 | |
5.85%, 04/06/2030 | | | 4,557 | | | | 4,613 | |
5.95%, 04/04/2034 | | | 3,920 | | | | 3,923 | |
6.00%, 01/09/2028 | | | 14,095 | | | | 14,326 | |
6.40%, 01/09/2033 | | | 4,470 | | | | 4,639 | |
Greene King Finance Plc | | | | | | | | |
4.06%, 03/15/2035 | | GBP | 2,825 | | | | 3,254 | |
5.11%, 03/15/2034 | | | 371 | | | | 450 | |
Grupo Posadas SAB de CV | | | | | | | | |
7.00%, 12/30/2027 (3)(18) | | $ | 357 | | | | 321 | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | | | | | | | | |
6.63%, 01/15/2032 (1) | | | 14,500 | | | | 14,568 | |
Home Depot, Inc. | | | | | | | | |
4.95%, 06/25/2034 | | | 5,230 | | | | 5,175 | |
5.30%, 06/25/2054 | | | 565 | | | | 552 | |
Hyundai Capital America | | | | | | | | |
5.30%, 03/19/2027 (1) | | | 7,700 | | | | 7,681 | |
5.35%, 03/19/2029 (1) | | | 3,800 | | | | 3,794 | |
6.41% (SOFR + 1.04%), 03/19/2027 (1)(2) | | | 6,000 | | | | 6,020 | |
JetBlue 2019-1 Class AA Pass-Through Trust | | | | | | | | |
2.75%, 05/15/2032 | | | 555 | | | | 479 | |
JetBlue 2020-1 Class A Pass-Through Trust | | | | | | | | |
4.00%, 11/15/2032 | | | 2,698 | | | | 2,524 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Cyclical – 1.70% – (continued) | | | | | | | | |
Las Vegas Sands Corp. | | | | | | | | |
3.50%, 08/18/2026 | | $ | 5,000 | | | $ | 4,771 | |
5.90%, 06/01/2027 | | | 684 | | | | 688 | |
LG Electronics, Inc. | | | | | | | | |
5.63%, 04/24/2027 (1) | | | 200 | | | | 201 | |
Lithia Motors, Inc. | | | | | | | | |
3.88%, 06/01/2029 (1) | | | 5,095 | | | | 4,577 | |
Live Nation Entertainment, Inc. | | | | | | | | |
3.75%, 01/15/2028 (1) | | | 5,000 | | | | 4,644 | |
Lowe’s Companies, Inc. | | | | | | | | |
2.63%, 04/01/2031 | | | 3,058 | | | | 2,609 | |
2.80%, 09/15/2041 | | | 2,164 | | | | 1,485 | |
3.50%, 04/01/2051 | | | 976 | | | | 669 | |
4.50%, 04/15/2030 | | | 956 | | | | 928 | |
5.63%, 04/15/2053 | | | 2,060 | | | | 1,995 | |
5.80%, 10/15/2036 | | | 1,431 | | | | 1,489 | |
Marriott International, Inc. | | | | | | | | |
2.75%, 10/15/2033 | | | 2,247 | | | | 1,814 | |
2.85%, 04/15/2031 | | | 3,830 | | | | 3,280 | |
5.30%, 05/15/2034 | | | 7,399 | | | | 7,265 | |
Marriott Ownership Resorts, Inc. | | | | | | | | |
4.50%, 06/15/2029 (1) | | | 745 | | | | 685 | |
MDC Holdings, Inc. | | | | | | | | |
3.97%, 08/06/2061 | | | 7,835 | | | | 6,674 | |
6.00%, 01/15/2043 | | | 7,970 | | | | 8,382 | |
Melco Resorts Finance Ltd. | | | | | | | | |
7.63%, 04/17/2032 (1) | | | 217 | | | | 215 | |
Meritage Homes Corp. | | | | | | | | |
3.88%, 04/15/2029 (1) | | | 1,730 | | | | 1,592 | |
Michaels Companies, Inc. | | | | | | | | |
7.88%, 05/01/2029 (1) | | | 11,145 | | | | 7,152 | |
Mitchells & Butlers Finance Plc | | | | | | | | |
6.01%, 12/15/2028 | | GBP | 234 | | | | 286 | |
6.08% (SOFR + 0.71%), 12/15/2030 (2) | | $ | 5,220 | | | | 4,830 | |
NCL Corp. Ltd. | | | | | | | | |
5.88%, 03/15/2026 (1) | | | 1,420 | | | | 1,404 | |
5.88%, 02/15/2027 (1) | | | 7,150 | | | | 7,057 | |
8.13%, 01/15/2029 (1) | | | 12,205 | | | | 12,788 | |
Nissan Motor Acceptance Co. LLC | | | | | | | | |
1.85%, 09/16/2026 (1) | | | 45,200 | | | | 41,385 | |
2.00%, 03/09/2026 (1) | | | 14,300 | | | | 13,386 | |
2.45%, 09/15/2028 (1) | | | 4,800 | | | | 4,163 | |
2.75%, 03/09/2028 (1) | | | 14,600 | | | | 13,017 | |
Nissan Motor Co. Ltd. | | | | | | | | |
3.52%, 09/17/2025 (1) | | | 1,400 | | | | 1,358 | |
4.35%, 09/17/2027 (1) | | | 10,500 | | | | 10,025 | |
4.81%, 09/17/2030 (1) | | | 53,000 | | | | 49,233 | |
Royal Caribbean Cruises Ltd. | | | | | | | | |
5.50%, 04/01/2028 (1) | | | 6,435 | | | | 6,353 | |
6.25%, 03/15/2032 (1) | | | 6,310 | | | | 6,363 | |
Tapestry, Inc. | | | | | | | | |
3.05%, 03/15/2032 | | | 3,325 | | | | 2,681 | |
Travel + Leisure Co. | | | | | | | | |
4.50%, 12/01/2029 (1) | | | 755 | | | | 696 | |
6.00%, 04/01/2027 | | | 5,015 | | | | 5,004 | |
Tupy Overseas SA | | | | | | | | |
4.50%, 02/16/2031 (18) | | | 247 | | | | 212 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Cyclical – 1.70% – (continued) | | | | | | | | |
U.S. Airways 2013-1 Class A Pass-Through Trust | | | | | | | | |
3.95%, 11/15/2025 | | $ | 998 | | | $ | 975 | |
United Airlines 2018-1 Class A Pass-Through Trust | | | | | | | | |
3.70%, 03/01/2030 | | | 470 | | | | 427 | |
United Airlines 2018-1 Class B Pass-Through Trust | | | | | | | | |
4.60%, 03/01/2026 | | | 3,335 | | | | 3,262 | |
United Airlines 2019-1 Class AA Pass-Through Trust | | | | | | | | |
4.15%, 08/25/2031 | | | 493 | | | | 462 | |
United Airlines 2019-2 Class A Pass-Through Trust | | | | | | | | |
2.90%, 05/01/2028 | | | 1,199 | | | | 1,080 | |
United Airlines 2019-2 Class AA Pass-Through Trust | | | | | | | | |
2.70%, 05/01/2032 | | | 751 | | | | 650 | |
United Airlines 2020-1 Class A Pass-Through Trust | | | | | | | | |
5.88%, 10/15/2027 | | | 12,452 | | | | 12,487 | |
United Airlines 2023-1 Class A Pass-Through Trust | | | | | | | | |
5.80%, 01/15/2036 | | | 27,995 | | | | 28,418 | |
Volkswagen Group of America Finance LLC | | | | | | | | |
5.30%, 03/22/2027 (1) | | | 25,000 | | | | 25,006 | |
Warnermedia Holdings, Inc. | | | | | | | | |
4.28%, 03/15/2032 | | | 4,755 | | | | 4,150 | |
5.05%, 03/15/2042 | | | 21,535 | | | | 17,517 | |
5.14%, 03/15/2052 | | | 40,391 | | | | 31,448 | |
Yum! Brands, Inc. | | | | | | | | |
4.75%, 01/15/2030 (1) | | | 750 | | | | 714 | |
ZF North America Capital, Inc. | | | | | | | | |
6.75%, 04/23/2030 (1) | | | 5,065 | | | | 5,158 | |
6.88%, 04/23/2032 (1) | | | 7,660 | | | | 7,919 | |
| | | | | | | | |
Total Consumer, Cyclical | | | | 585,800 | |
| | | | | | | | |
| Consumer, Non-cyclical – 2.87% | | | | | | | | |
1375209 BC Ltd. | | | | | | | | |
9.00%, 01/30/2028 (1) | | | 6,515 | | | | 6,265 | |
AbbVie, Inc. | | | | | | | | |
4.50%, 05/14/2035 | | | 4,575 | | | | 4,315 | |
4.55%, 03/15/2035 | | | 8,201 | | | | 7,779 | |
5.05%, 03/15/2034 | | | 7,707 | | | | 7,684 | |
Adtalem Global Education, Inc. | | | | | | | | |
5.50%, 03/01/2028 (1) | | | 2,193 | | | | 2,109 | |
Aetna, Inc. | | | | | | | | |
3.50%, 11/15/2024 | | | 3,370 | | | | 3,343 | |
Agilent Technologies, Inc. | | | | | | | | |
2.10%, 06/04/2030 | | | 773 | | | | 652 | |
2.30%, 03/12/2031 | | | 814 | | | | 679 | |
Alcon Finance Corp. | | | | | | | | |
5.38%, 12/06/2032 (1) | | | 5,350 | | | | 5,360 | |
Altria Group, Inc. | | | | | | | | |
3.70%, 02/04/2051 | | | 2,334 | | | | 1,578 | |
3.88%, 09/16/2046 | | | 3,365 | | | | 2,424 | |
4.25%, 08/09/2042 | | | 1,585 | | | | 1,261 | |
4.50%, 05/02/2043 | | | 1,140 | | | | 933 | |
6.20%, 02/14/2059 | | | 659 | | | | 654 | |
6.88%, 11/01/2033 | | | 5,400 | | | | 5,835 | |
Amgen, Inc. | | | | | | | | |
2.30%, 02/25/2031 | | | 807 | | | | 678 | |
4.20%, 02/22/2052 | | | 2,250 | | | | 1,779 | |
4.40%, 02/22/2062 | | | 1,711 | | | | 1,359 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Non-cyclical – 2.87% – (continued) | | | | | | | | |
5.25%, 03/02/2030 | | $ | 17,439 | | | $ | 17,567 | |
5.25%, 03/02/2033 | | | 4,530 | | | | 4,517 | |
5.75%, 03/02/2063 | | | 10,994 | | | | 10,766 | |
Ashtead Capital, Inc. | | | | | | | | |
5.50%, 08/11/2032 (1) | | | 2,475 | | | | 2,415 | |
5.55%, 05/30/2033 (1) | | | 3,820 | | | | 3,722 | |
5.80%, 04/15/2034 (1) | | | 6,590 | | | | 6,540 | |
5.95%, 10/15/2033 (1) | | | 3,530 | | | | 3,537 | |
Bacardi Ltd. | | | | | | | | |
4.45%, 05/15/2025 (1) | | | 13,085 | | | | 12,928 | |
4.70%, 05/15/2028 (1) | | | 232 | | | | 226 | |
Bacardi Ltd. / Bacardi-Martini BV | | | | | | | | |
5.40%, 06/15/2033 (1) | | | 13,960 | | | | 13,611 | |
BAT Capital Corp. | | | | | | | | |
2.73%, 03/25/2031 | | | 27,430 | | | | 23,132 | |
3.56%, 08/15/2027 | | | 1,646 | | | | 1,563 | |
4.39%, 08/15/2037 | | | 1,020 | | | | 861 | |
4.54%, 08/15/2047 | | | 11,497 | | | | 8,853 | |
4.76%, 09/06/2049 | | | 4,987 | | | | 3,924 | |
5.28%, 04/02/2050 | | | 1,668 | | | | 1,406 | |
5.65%, 03/16/2052 | | | 8,040 | | | | 7,178 | |
5.83%, 02/20/2031 | | | 10,591 | | | | 10,740 | |
6.00%, 02/20/2034 | | | 5,332 | | | | 5,394 | |
6.34%, 08/02/2030 | | | 1,000 | | | | 1,043 | |
6.42%, 08/02/2033 | | | 800 | | | | 836 | |
7.08%, 08/02/2053 | | | 10,645 | | | | 11,319 | |
Bausch Health Companies, Inc. | | | | | | | | |
4.88%, 06/01/2028 (1) | | | 3,165 | | | | 2,369 | |
Bayer U.S. Finance II LLC | | | | | | | | |
2.85%, 04/15/2025 (1) | | | 8,635 | | | | 8,390 | |
3.38%, 07/15/2024 (1) | | | 5,915 | | | | 5,909 | |
4.25%, 12/15/2025 (1) | | | 2,035 | | | | 1,991 | |
4.40%, 07/15/2044 (1) | | | 6,355 | | | | 4,849 | |
4.88%, 06/25/2048 (1) | | | 11,025 | | | | 8,867 | |
Bayer U.S. Finance LLC | | | | | | | | |
3.38%, 10/08/2024 (1) | | | 5,000 | | | | 4,964 | |
6.38%, 11/21/2030 (1) | | | 200 | | | | 205 | |
6.50%, 11/21/2033 (1) | | | 12,290 | | | | 12,573 | |
6.88%, 11/21/2053 (1) | | | 12,649 | | | | 12,995 | |
Becton Dickinson & Co. | | | | | | | | |
4.30%, 08/22/2032 | | | 1,861 | | | | 1,744 | |
5.11%, 02/08/2034 | | | 745 | | | | 734 | |
Bristol-Myers Squibb Co. | | | | | | | | |
2.55%, 11/13/2050 | | | 1,108 | | | | 648 | |
2.95%, 03/15/2032 | | | 1,303 | | | | 1,127 | |
3.70%, 03/15/2052 | | | 1,101 | | | | 807 | |
5.10%, 02/22/2031 | | | 828 | | | | 831 | |
5.65%, 02/22/2064 | | | 699 | | | | 683 | |
Catalent Pharma Solutions, Inc. | | | | | | | | |
3.13%, 02/15/2029 (1) | | | 950 | | | | 909 | |
3.50%, 04/01/2030 (1) | | | 4,000 | | | | 3,829 | |
Centene Corp. | | | | | | | | |
2.45%, 07/15/2028 | | | 2,274 | | | | 2,019 | |
2.50%, 03/01/2031 | | | 3,232 | | | | 2,652 | |
3.00%, 10/15/2030 | | | 25,241 | | | | 21,583 | |
3.38%, 02/15/2030 | | | 11,102 | | | | 9,854 | |
4.25%, 12/15/2027 | | | 1,947 | | | | 1,859 | |
4.63%, 12/15/2029 | | | 27,430 | | | | 25,944 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Non-cyclical – 2.87% – (continued) | | | | | | | | |
CHS/Community Health Systems, Inc. | | | | | | | | |
5.63%, 03/15/2027 (1) | | $ | 1,000 | | | $ | 931 | |
Cigna Group | | | | | | | | |
3.40%, 03/01/2027 | | | 6,858 | | | | 6,557 | |
CommonSpirit Health | | | | | | | | |
1.55%, 10/01/2025 | | | 3,450 | | | | 3,277 | |
2.78%, 10/01/2030 | | | 5,970 | | | | 5,171 | |
CVS Health Corp. | | | | | | | | |
2.70%, 08/21/2040 | | | 3,232 | | | | 2,147 | |
4.25%, 04/01/2050 | | | 841 | | | | 640 | |
5.05%, 03/25/2048 | | | 7,768 | | | | 6,693 | |
6.00%, 06/01/2044 | | | 2,377 | | | | 2,329 | |
CVS Pass-Through Trust | | | | | | | | |
5.77%, 01/10/2033 (1) | | | 49 | | | | 48 | |
5.77%, 01/10/2033 | | | 1,792 | | | | 1,776 | |
6.04%, 12/10/2028 | | | 768 | | | | 770 | |
CVS Pass-Through Trust Series 2013 | | | | | | | | |
4.70%, 01/10/2036 (1) | | | 3,810 | | | | 3,460 | |
CVS Pass-Through Trust Series 2014 | | | | | | | | |
4.16%, 08/11/2036 (1) | | | 8,481 | | | | 7,376 | |
DP World Salaam | | | | | | | | |
6.00% (5 Year CMT Index + 5.75%), 01/01/2173 (2)(18) | | | 200 | | | | 199 | |
Elevance Health, Inc. | | | | | | | | |
3.60%, 03/15/2051 | | | 1,887 | | | | 1,357 | |
4.55%, 05/15/2052 | | | 3,109 | | | | 2,606 | |
ELO SACA | | | | | | | | |
4.88%, 12/08/2028 | | EUR | 5,000 | | | | 5,040 | |
Embecta Corp. | | | | | | | | |
5.00%, 02/15/2030 (1) | | $ | 2,488 | | | | 2,049 | |
ERAC USA Finance LLC | | | | | | | | |
4.90%, 05/01/2033 (1) | | | 11,015 | | | | 10,720 | |
Fresenius Medical Care U.S. Finance III, Inc. | | | | | | | | |
1.88%, 12/01/2026 (1) | | | 9,545 | | | | 8,700 | |
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC | | | | | | | | |
7.13%, 07/31/2026 (1) | | | 200 | | | | 199 | |
Gilead Sciences, Inc. | | | | | | | | |
1.65%, 10/01/2030 | | | 1,980 | | | | 1,632 | |
4.75%, 03/01/2046 | | | 904 | | | | 806 | |
4.80%, 04/01/2044 | | | 1,662 | | | | 1,499 | |
5.65%, 12/01/2041 | | | 2,170 | | | | 2,181 | |
Global Payments, Inc. | | | | | | | | |
2.90%, 05/15/2030 | | | 7,103 | | | | 6,184 | |
2.90%, 11/15/2031 | | | 7,080 | | | | 5,928 | |
3.20%, 08/15/2029 | | | 1,515 | | | | 1,361 | |
5.30%, 08/15/2029 | | | 3,700 | | | | 3,674 | |
5.40%, 08/15/2032 | | | 8,075 | | | | 7,912 | |
Grifols SA | | | | | | | | |
4.75%, 10/15/2028 (1) | | | 6,178 | | | | 5,331 | |
Gruma SAB de CV | | | | | | | | |
4.88%, 12/01/2024 (18) | | | 256 | | | | 254 | |
HCA, Inc. | | | | | | | | |
3.38%, 03/15/2029 | | | 8,475 | | | | 7,790 | |
3.50%, 09/01/2030 | | | 21,309 | | | | 19,221 | |
3.50%, 07/15/2051 | | | 1,680 | | | | 1,123 | |
4.13%, 06/15/2029 | | | 20,066 | | | | 19,001 | |
5.25%, 04/15/2025 | | | 6,512 | | | | 6,481 | |
5.25%, 06/15/2026 | | | 3,214 | | | | 3,200 | |
5.25%, 06/15/2049 | | | 1,020 | | | | 909 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Non-cyclical – 2.87% – (continued) | | | | | | | | |
5.38%, 09/01/2026 | | $ | 11,077 | | | $ | 11,049 | |
5.45%, 04/01/2031 | | | 16,737 | | | | 16,725 | |
5.50%, 06/01/2033 | | | 17,540 | | | | 17,396 | |
5.60%, 04/01/2034 | | | 10,315 | | | | 10,253 | |
5.88%, 02/15/2026 | | | 4,513 | | | | 4,519 | |
7.58%, 09/15/2025 | | | 1,322 | | | | 1,348 | |
7.69%, 06/15/2025 | | | 1,654 | | | | 1,681 | |
Humana, Inc. | | | | | | | | |
3.70%, 03/23/2029 | | | 11,540 | | | | 10,822 | |
3.85%, 10/01/2024 | | | 4,014 | | | | 3,996 | |
4.88%, 04/01/2030 | | | 5,815 | | | | 5,705 | |
5.88%, 03/01/2033 | | | 2,309 | | | | 2,349 | |
5.95%, 03/15/2034 | | | 665 | | | | 680 | |
Icon Investments Six DAC | | | | | | | | |
6.00%, 05/08/2034 | | | 2,105 | | | | 2,150 | |
Illumina, Inc. | | | | | | | | |
2.55%, 03/23/2031 | | | 11,640 | | | | 9,622 | |
Imperial Brands Finance Netherlands BV | | | | | | | | |
1.75%, 03/18/2033 | | EUR | 3,600 | | | | 3,116 | |
Imperial Brands Finance Plc | | | | | | | | |
3.13%, 07/26/2024 (1) | | $ | 10,790 | | | | 10,769 | |
3.50%, 07/26/2026 (1) | | | 7,025 | | | | 6,746 | |
4.25%, 07/21/2025 (1) | | | 4,170 | | | | 4,107 | |
6.13%, 07/27/2027 (1) | | | 18,800 | | | | 19,126 | |
IQVIA, Inc. | | | | | | | | |
5.70%, 05/15/2028 | | | 16,850 | | | | 17,013 | |
6.25%, 02/01/2029 | | | 375 | | | | 385 | |
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | | | | | | | | |
3.00%, 02/02/2029 | | | 5,290 | | | | 4,719 | |
3.75%, 12/01/2031 | | | 7,152 | | | | 6,262 | |
4.38%, 02/02/2052 | | | 2,090 | | | | 1,562 | |
5.50%, 01/15/2030 | | | 5,130 | | | | 5,052 | |
6.50%, 12/01/2052 | | | 10,695 | | | | 10,717 | |
6.75%, 03/15/2034 (1) | | | 8,198 | | | | 8,691 | |
7.25%, 11/15/2053 (1) | | | 4,452 | | | | 4,857 | |
JDE Peet’s NV | | | | | | | | |
2.25%, 09/24/2031 (1) | | | 4,500 | | | | 3,632 | |
Kedrion SpA | | | | | | | | |
6.50%, 09/01/2029 (1) | | | 6,835 | | | | 6,250 | |
Lonza Finance International NV | | | | | | | | |
3.88%, 04/24/2036 | | EUR | 4,755 | | | | 5,021 | |
Market Bidco Finco Plc | | | | | | | | |
4.75%, 11/04/2027 | | | 16,000 | | | | 16,236 | |
Mass General Brigham, Inc. | | | | | | | | |
3.34%, 07/01/2060 | | $ | 3,500 | | | | 2,348 | |
MHP Lux SA | | | | | | | | |
6.25%, 09/19/2029 (18) | | | 550 | | | | 384 | |
ModivCare Escrow Issuer, Inc. | | | | | | | | |
5.00%, 10/01/2029 (1) | | | 8,613 | | | | 6,070 | |
ModivCare, Inc. | | | | | | | | |
5.88%, 11/15/2025 (1) | | | 3,070 | | | | 3,115 | |
Molina Healthcare, Inc. | | | | | | | | |
4.38%, 06/15/2028 (1) | | | 554 | | | | 521 | |
Moody’s Corp. | | | | | | | | |
3.25%, 01/15/2028 | | | 688 | | | | 651 | |
4.25%, 02/01/2029 | | | 1,182 | | | | 1,150 | |
New York & Presbyterian Hospital | | | | | | | | |
3.56%, 08/01/2036 | | | 2,630 | | | | 2,222 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Non-cyclical – 2.87% – (continued) | | | | | | | | |
Pfizer Investment Enterprises Pte Ltd. | | | | | | | | |
4.75%, 05/19/2033 | | $ | 1,735 | | | $ | 1,690 | |
5.30%, 05/19/2053 | | | 2,100 | | | | 2,025 | |
Pfizer, Inc. | | | | | | | | |
4.13%, 12/15/2046 | | | 4,055 | | | | 3,356 | |
Philip Morris International, Inc. | | | | | | | | |
4.88%, 02/13/2029 | | | 7,246 | | | | 7,165 | |
5.13%, 11/17/2027 | | | 1,271 | | | | 1,271 | |
5.13%, 02/13/2031 | | | 8,500 | | | | 8,410 | |
5.25%, 02/13/2034 | | | 6,300 | | | | 6,181 | |
Pilgrim’s Pride Corp. | | | | | | | | |
3.50%, 03/01/2032 | | | 18,075 | | | | 15,372 | |
4.25%, 04/15/2031 | | | 2,650 | | | | 2,412 | |
6.25%, 07/01/2033 | | | 550 | | | | 560 | |
6.88%, 05/15/2034 | | | 2,315 | | | | 2,464 | |
Pomona College | | | | | | | | |
2.89%, 01/01/2051 | | | 1,820 | | | | 1,207 | |
RELX Capital, Inc. | | | | | | | | |
3.00%, 05/22/2030 | | | 743 | | | | 667 | |
Revvity, Inc. | | | | | | | | |
2.55%, 03/15/2031 | | | 11,115 | | | | 9,301 | |
Reynolds American, Inc. | | | | | | | | |
5.70%, 08/15/2035 | | | 5,055 | | | | 4,936 | |
5.85%, 08/15/2045 | | | 9,235 | | | | 8,518 | |
Roche Holdings, Inc. | | | | | | | | |
4.99%, 03/08/2034 (1) | | | 19,830 | | | | 19,664 | |
S&P Global, Inc. | | | | | | | | |
1.25%, 08/15/2030 | | | 2,597 | | | | 2,099 | |
Smithfield Foods, Inc. | | | | | | | | |
2.63%, 09/13/2031 (1) | | | 10,000 | | | | 8,000 | |
3.00%, 10/15/2030 (1) | | | 925 | | | | 785 | |
Solventum Corp. | | | | | | | | |
5.45%, 02/25/2027 (1) | | | 1,606 | | | | 1,604 | |
5.90%, 04/30/2054 (1) | | | 7,840 | | | | 7,494 | |
6.00%, 05/15/2064 (1) | | | 3,856 | | | | 3,657 | |
Spectrum Brands, Inc. | | | | | | | | |
3.88%, 03/15/2031 (1) | | | 339 | | | | 283 | |
Takeda Pharmaceutical Co. Ltd. | | | | | | | | |
2.05%, 03/31/2030 | | | 4,831 | | | | 4,077 | |
Teva Pharmaceutical Finance Co. LLC | | | | | | | | |
6.15%, 02/01/2036 | | | 2,430 | | | | 2,385 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | | | | |
3.15%, 10/01/2026 | | | 7,935 | | | | 7,447 | |
4.10%, 10/01/2046 | | | 42,983 | | | | 30,021 | |
4.75%, 05/09/2027 | | | 7,495 | | | | 7,223 | |
5.13%, 05/09/2029 | | | 4,885 | | | | 4,699 | |
6.75%, 03/01/2028 | | | 1,400 | | | | 1,433 | |
7.88%, 09/15/2029 | | | 6,355 | | | | 6,826 | |
8.13%, 09/15/2031 | | | 3,170 | | | | 3,525 | |
Thermo Fisher Scientific, Inc. | | | | | | | | |
4.95%, 11/21/2032 | | | 1,724 | | | | 1,709 | |
5.09%, 08/10/2033 | | | 1,086 | | | | 1,083 | |
U.S. Renal Care, Inc. | | | | | | | | |
10.63%, 06/28/2028 (1) | | | 195 | | | | 170 | |
United Rentals North America, Inc. | | | | | | | | |
6.13%, 03/15/2034 (1) | | | 15,905 | | | | 15,847 | |
UnitedHealth Group, Inc. | | | | | | | | |
3.25%, 05/15/2051 | | | 982 | | | | 674 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Non-cyclical – 2.87% – (continued) | | | | | | | | |
3.70%, 08/15/2049 | | $ | 842 | | | $ | 633 | |
3.88%, 12/15/2028 | | | 1,070 | | | | 1,025 | |
3.88%, 08/15/2059 | | | 3,699 | | | | 2,737 | |
4.25%, 04/15/2047 | | | 1,517 | | | | 1,262 | |
4.95%, 05/15/2062 | | | 749 | | | | 666 | |
5.05%, 04/15/2053 | | | 2,614 | | | | 2,421 | |
5.50%, 04/15/2064 | | | 817 | | | | 791 | |
6.05%, 02/15/2063 | | | 631 | | | | 664 | |
Universal Health Services, Inc. | | | | | | | | |
1.65%, 09/01/2026 | | | 8,275 | | | | 7,611 | |
Valvoline, Inc. | | | | | | | | |
3.63%, 06/15/2031 (1) | | | 533 | | | | 459 | |
| | | | | | | | |
Total Consumer, Non-cyclical | | | | 985,158 | |
| | | | | | | | |
| Energy – 2.71% | | | | | | | | |
3R Lux Sarl | | | | | | | | |
9.75%, 02/05/2031 (18) | | | 224 | | | | 235 | |
9.75%, 02/05/2031 (1) | | | 440 | | | | 462 | |
Aker BP ASA | | | | | | | | |
3.10%, 07/15/2031 (1) | | | 5,635 | | | | 4,794 | |
3.75%, 01/15/2030 (1) | | | 15,485 | | | | 14,182 | |
4.00%, 01/15/2031 (1) | | | 14,110 | | | | 12,807 | |
Antero Resources Corp. | | | | | | | | |
5.38%, 03/01/2030 (1) | | | 4,069 | | | | 3,938 | |
7.63%, 02/01/2029 (1) | | | 3,430 | | | | 3,527 | |
Apache Corp. | | | | | | | | |
4.75%, 04/15/2043 | | | 3,021 | | | | 2,417 | |
5.25%, 02/01/2042 | | | 1,527 | | | | 1,312 | |
BP Capital Markets America, Inc. | | | | | | | | |
2.72%, 01/12/2032 | | | 4,371 | | | | 3,713 | |
2.77%, 11/10/2050 | | | 1,095 | | | | 673 | |
3.38%, 02/08/2061 | | | 1,127 | | | | 740 | |
3.63%, 04/06/2030 | | | 721 | | | | 672 | |
Cameron LNG LLC | | | | | | | | |
3.30%, 01/15/2035 (1) | | | 8,484 | | | | 6,986 | |
3.40%, 01/15/2038 (1) | | | 2,968 | | | | 2,400 | |
Canadian Natural Resources Ltd. | | | | | | | | |
6.25%, 03/15/2038 | | | 1,345 | | | | 1,380 | |
Cheniere Corpus Christi Holdings LLC | | | | | | | | |
2.74%, 12/31/2039 | | | 5,782 | | | | 4,648 | |
3.70%, 11/15/2029 | | | 5,328 | | | | 4,923 | |
5.13%, 06/30/2027 | | | 7,314 | | | | 7,302 | |
Cheniere Energy Partners LP | | | | | | | | |
3.25%, 01/31/2032 | | | 11,172 | | | | 9,536 | |
4.00%, 03/01/2031 | | | 29,742 | | | | 27,046 | |
4.50%, 10/01/2029 | | | 8,829 | | | | 8,411 | |
5.75%, 08/15/2034 (1) | | | 4,340 | | | | 4,357 | |
5.95%, 06/30/2033 | | | 12,888 | | | | 13,068 | |
Cheniere Energy, Inc. | | | | | | | | |
5.65%, 04/15/2034 (1) | | | 12,072 | | | | 12,082 | |
Chevron USA, Inc. | | | | | | | | |
2.34%, 08/12/2050 | | | 1,568 | | | | 908 | |
Continental Resources, Inc. | | | | | | | | |
2.88%, 04/01/2032 (1) | | | 26,124 | | | | 21,095 | |
4.38%, 01/15/2028 | | | 2,330 | | | | 2,240 | |
5.75%, 01/15/2031 (1) | | | 48,082 | | | | 47,277 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Energy – 2.71% – (continued) | | | | | | | | |
DCP Midstream Operating LP | | | | | | | | |
3.25%, 02/15/2032 | | $ | 15,045 | | | $ | 12,887 | |
5.13%, 05/15/2029 | | | 3,380 | | | | 3,364 | |
Devon Energy Corp. | | | | | | | | |
4.50%, 01/15/2030 | | | 2,354 | | | | 2,265 | |
5.88%, 06/15/2028 | | | 1,826 | | | | 1,832 | |
Diamondback Energy, Inc. | | | | | | | | |
3.13%, 03/24/2031 | | | 17,221 | | | | 15,136 | |
3.25%, 12/01/2026 | | | 19,417 | | | | 18,554 | |
3.50%, 12/01/2029 | | | 24,050 | | | | 22,178 | |
4.25%, 03/15/2052 | | | 4,795 | | | | 3,715 | |
5.75%, 04/18/2054 | | | 5,766 | | | | 5,590 | |
5.90%, 04/18/2064 | | | 10,920 | | | | 10,541 | |
Ecopetrol SA | | | | | | | | |
8.38%, 01/19/2036 | | | 70 | | | | 69 | |
8.88%, 01/13/2033 | | | 910 | | | | 940 | |
EIG Pearl Holdings Sarl | | | | | | | | |
4.39%, 11/30/2046 (1) | | | 200 | | | | 158 | |
Empresa Nacional del Petroleo | | | | | | | | |
3.75%, 08/05/2026 (18) | | | 374 | | | | 358 | |
Energean Israel Finance Ltd. | | | | | | | | |
5.38%, 03/30/2028 (1) | | | 4,950 | | | | 4,386 | |
5.88%, 03/30/2031 (1) | | | 6,495 | | | | 5,504 | |
8.50%, 09/30/2033 (1)(18) | | | 56 | | | | 53 | |
Energy Transfer LP | | | | | | | | |
4.00%, 10/01/2027 | | | 5,865 | | | | 5,631 | |
5.00%, 05/15/2050 | | | 5,998 | | | | 5,091 | |
5.15%, 02/01/2043 | | | 1,738 | | | | 1,521 | |
5.15%, 03/15/2045 | | | 3,177 | | | | 2,793 | |
5.30%, 04/15/2047 | | | 1,071 | | | | 946 | |
5.35%, 05/15/2045 | | | 801 | | | | 715 | |
5.40%, 10/01/2047 | | | 1,037 | | | | 928 | |
5.55%, 05/15/2034 | | | 3,705 | | | | 3,667 | |
5.60%, 09/01/2034 | | | 11,940 | | | | 11,861 | |
5.75%, 02/15/2033 | | | 11,795 | | | | 11,916 | |
5.95%, 05/15/2054 | | | 2,239 | | | | 2,180 | |
6.00%, 06/15/2048 | | | 2,044 | | | | 1,970 | |
6.05%, 09/01/2054 | | | 2,323 | | | | 2,291 | |
6.10%, 12/01/2028 | | | 1,428 | | | | 1,471 | |
6.25%, 04/15/2049 | | | 2,539 | | | | 2,526 | |
6.40%, 12/01/2030 | | | 8,700 | | | | 9,148 | |
6.55%, 12/01/2033 | | | 10,970 | | | | 11,626 | |
7.38%, 02/01/2031 (1) | | | 14,545 | | | | 15,178 | |
8.25%, 11/15/2029 | | | 995 | | | | 1,116 | |
EnLink Midstream LLC | | | | | | | | |
6.50%, 09/01/2030 (1) | | | 4,475 | | | | 4,580 | |
EnLink Midstream Partners LP | | | | | | | | |
5.05%, 04/01/2045 | | | 815 | | | | 670 | |
5.45%, 06/01/2047 | | | 1,542 | | | | 1,338 | |
5.60%, 04/01/2044 | | | 2,215 | | | | 1,965 | |
EQT Corp. | | | | | | | | |
3.13%, 05/15/2026 (1) | | | 5,918 | | | | 5,655 | |
3.63%, 05/15/2031 (1) | | | 15,385 | | | | 13,573 | |
3.90%, 10/01/2027 | | | 11,083 | | | | 10,593 | |
5.00%, 01/15/2029 | | | 5,477 | | | | 5,373 | |
5.70%, 04/01/2028 | | | 5,369 | | | | 5,421 | |
5.75%, 02/01/2034 | | | 3,393 | | | | 3,363 | |
7.00%, 02/01/2030 | | | 14,391 | | | | 15,272 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Energy – 2.71% – (continued) | | | | | | | | |
Exxon Mobil Corp. | | | | | | | | |
3.45%, 04/15/2051 | | $ | 4,626 | | | $ | 3,339 | |
Galaxy Pipeline Assets Bidco Ltd. | | | | | | | | |
2.16%, 03/31/2034 (1) | | | 1,711 | | | | 1,467 | |
Gazprom PJSC Via Gaz Capital SA | | | | | | | | |
4.95%, 03/23/2027 | | | 20,900 | | | | 13,376 | |
Gazprom PJSC via Gaz Finance Plc | | | | | | | | |
2.95%, 04/15/2025 | | EUR | 15,000 | | | | 12,048 | |
2.95%, 01/27/2029 (1) | | $ | 28,600 | | | | 15,015 | |
3.00%, 06/29/2027 | | | 10,000 | | | | 9,930 | |
Gran Tierra Energy, Inc. | | | | | | | | |
9.50%, 10/15/2029 (1) | | | 443 | | | | 422 | |
Gray Oak Pipeline LLC | | | | | | | | |
2.60%, 10/15/2025 (1) | | | 532 | | | | 511 | |
3.45%, 10/15/2027 (1) | | | 983 | | | | 925 | |
Hess Corp. | | | | | | | | |
7.30%, 08/15/2031 | | | 2,087 | | | | 2,326 | |
KazMunayGas National Co. JSC | | | | | | | | |
3.50%, 04/14/2033 | | | 351 | | | | 287 | |
5.38%, 04/24/2030 | | | 2,346 | | | | 2,285 | |
Kinder Morgan Energy Partners LP | | | | | | | | |
5.40%, 09/01/2044 | | | 736 | | | | 674 | |
5.50%, 03/01/2044 | | | 1,429 | | | | 1,320 | |
Kinder Morgan, Inc. | | | | | | | | |
5.00%, 02/01/2029 | | | 1,803 | | | | 1,783 | |
5.30%, 12/01/2034 | | | 3,113 | | | | 3,017 | |
Leviathan Bond Ltd. | | | | | | | | |
6.13%, 06/30/2025 (1) | | | 5,495 | | | | 5,319 | |
6.75%, 06/30/2030 (1)(18) | | | 8 | | | | 7 | |
MC Brazil Downstream Trading Sarl | | | | | | | | |
7.25%, 06/30/2031 (1) | | | 315 | | | | 279 | |
Medco Maple Tree Pte Ltd. | | | | | | | | |
8.96%, 04/27/2029 (1) | | | 226 | | | | 236 | |
NAK Naftogaz Ukraine via Kondor Finance Plc | | | | | | | | |
7.13%, 07/19/2026 (18) | | EUR | 877 | | | | 735 | |
7.63%, 11/08/2028 (1) | | $ | 928 | | | | 696 | |
NGPL PipeCo LLC | | | | | | | | |
3.25%, 07/15/2031 (1) | | | 8,650 | | | | 7,385 | |
4.88%, 08/15/2027 (1) | | | 8,818 | | | | 8,624 | |
7.77%, 12/15/2037 (1) | | | 2,395 | | | | 2,764 | |
Northwest Pipeline LLC | | | | | | | | |
4.00%, 04/01/2027 | | | 8,594 | | | | 8,327 | |
Occidental Petroleum Corp. | | | | | | | | |
6.13%, 01/01/2031 | | | 4,820 | | | | 4,933 | |
6.63%, 09/01/2030 | | | 3,910 | | | | 4,100 | |
7.50%, 05/01/2031 | | | 3,640 | | | | 4,016 | |
8.88%, 07/15/2030 | | | 2,618 | | | | 3,015 | |
Oleoducto Central SA | | | | | | | | |
4.00%, 07/14/2027 (18) | | | 341 | | | | 316 | |
Ovintiv, Inc. | | | | | | | | |
5.65%, 05/15/2025 | | | 1,822 | | | | 1,820 | |
6.50%, 08/15/2034 | | | 11,993 | | | | 12,544 | |
7.10%, 07/15/2053 | | | 3,505 | | | | 3,844 | |
7.38%, 11/01/2031 | | | 1,182 | | | | 1,288 | |
Pertamina Persero PT | | | | | | | | |
3.10%, 08/27/2030 (1) | | | 4,663 | | | | 4,110 | |
3.65%, 07/30/2029 (18) | | | 200 | | | | 186 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Energy – 2.71% – (continued) | | | | | | | | |
Petroleos de Venezuela SA | | | | | | | | |
5.38%, 04/12/2027 (8)(9) | | $ | 2,052 | | | $ | 240 | |
5.50%, 04/12/2037 (8)(9) | | | 2,500 | | | | 290 | |
6.00%, 05/16/2025 (8)(9) | | | 2,312 | | | | 277 | |
6.00%, 11/15/2026 (8)(9) | | | 4,600 | | | | 547 | |
9.00%, 11/17/2024 (8)(9) | | | 200 | | | | 25 | |
9.75%, 05/17/2035 (8)(9) | | | 830 | | | | 115 | |
Petroleos Mexicanos | | | | | | | | |
6.35%, 02/12/2048 | | | 1,646 | | | | 1,050 | |
6.50%, 03/13/2027 | | | 2,959 | | | | 2,820 | |
6.63%, 06/15/2035 | | | 223 | | | | 170 | |
6.70%, 02/16/2032 | | | 30,337 | | | | 25,400 | |
6.75%, 09/21/2047 | | | 4,621 | | | | 3,040 | |
6.88%, 08/04/2026 | | | 898 | | | | 879 | |
7.69%, 01/23/2050 | | | 1,470 | | | | 1,063 | |
Petrorio Luxembourg Holding Sarl | | | | | | | | |
6.13%, 06/09/2026 (1) | | | 221 | | | | 216 | |
Pioneer Natural Resources Co. | | | | | | | | |
2.15%, 01/15/2031 | | | 1,071 | | | | 899 | |
Plains All American Pipeline LP / PAA Finance Corp. | | | | | | | | |
3.55%, 12/15/2029 | | | 7,782 | | | | 7,106 | |
3.80%, 09/15/2030 | | | 11,638 | | | | 10,631 | |
4.30%, 01/31/2043 | | | 865 | | | | 682 | |
Pluspetrol Camisea SA / Pluspetrol Lote 56 SA | | | | | | | | |
6.24%, 07/03/2036 (1) | | | 65 | | | | 65 | |
QazaqGaz NC JSC | | | | | | | | |
4.38%, 09/26/2027 | | | 600 | | | | 562 | |
Reliance Industries Ltd. | | | | | | | | |
4.13%, 01/28/2025 | | | 250 | | | | 248 | |
Rio Oil Finance Trust Series 2014-3 | | | | | | | | |
9.75%, 01/06/2027 | | | 111 | | | | 115 | |
Rio Oil Finance Trust Series 2018-1 | | | | | | | | |
8.20%, 04/06/2028 (1) | | | 347 | | | | 352 | |
Rockies Express Pipeline LLC | | | | | | | | |
4.95%, 07/15/2029 (1) | | | 5,700 | | | | 5,366 | |
6.88%, 04/15/2040 (1) | | | 3,535 | | | | 3,379 | |
Sabine Pass Liquefaction LLC | | | | | | | | |
4.50%, 05/15/2030 | | | 8,301 | | | | 7,963 | |
5.00%, 03/15/2027 | | | 12,846 | | | | 12,738 | |
5.63%, 03/01/2025 | | | 4,928 | | | | 4,918 | |
5.88%, 06/30/2026 | | | 10,744 | | | | 10,787 | |
5.90%, 09/15/2037 | | | 4,301 | | | | 4,402 | |
Southern Natural Gas Co. LLC | | | | | | | | |
4.80%, 03/15/2047 (1) | | | 1,000 | | | | 825 | |
Southwestern Energy Co. | | | | | | | | |
4.75%, 02/01/2032 | | | 1,850 | | | | 1,702 | |
Targa Resources Corp. | | | | | | | | |
4.20%, 02/01/2033 | | | 4,634 | | | | 4,167 | |
6.13%, 03/15/2033 | | | 12,425 | | | | 12,760 | |
6.50%, 03/30/2034 | | | 21,565 | | | | 22,835 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | | | | | | | | |
4.00%, 01/15/2032 | | | 10,047 | | | | 9,052 | |
4.88%, 02/01/2031 | | | 11,543 | | | | 11,015 | |
5.00%, 01/15/2028 | | | 3,228 | | | | 3,162 | |
5.50%, 03/01/2030 | | | 4,210 | | | | 4,184 | |
TC PipeLines LP | | | | | | | | |
4.38%, 03/13/2025 | | | 3,330 | | | | 3,298 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Energy – 2.71% – (continued) | | | | | | | | |
Texas Eastern Transmission LP | | | | | | | | |
3.50%, 01/15/2028 (1) | | $ | 706 | | | $ | 666 | |
TMS Issuer Sarl | | | | | | | | |
5.78%, 08/23/2032 | | | 3,500 | | | | 3,554 | |
Topaz Solar Farms LLC | | | | | | | | |
4.88%, 09/30/2039 (1) | | | 384 | | | | 342 | |
5.75%, 09/30/2039 (1) | | | 2,998 | | | | 2,900 | |
Transcontinental Gas Pipe Line Co. LLC | | | | | | | | |
3.95%, 05/15/2050 | | | 2,662 | | | | 2,016 | |
4.00%, 03/15/2028 | | | 3,118 | | | | 2,989 | |
4.60%, 03/15/2048 | | | 5,052 | | | | 4,301 | |
7.85%, 02/01/2026 | | | 3,739 | | | | 3,847 | |
TransMontaigne Partners LP / TLP Finance Corp. | | | | | | | | |
6.13%, 02/15/2026 | | | 5,540 | | | | 5,364 | |
Var Energi ASA | | | | | | | | |
8.00%, 11/15/2032 (1) | | | 11,505 | | | | 12,879 | |
Variable Energi ASA | | | | | | | | |
7.50%, 01/15/2028 (1) | | | 5,135 | | | | 5,400 | |
Venture Global Calcasieu Pass LLC | | | | | | | | |
3.88%, 11/01/2033 (1) | | | 5,080 | | | | 4,329 | |
6.25%, 01/15/2030 (1) | | | 2,270 | | | | 2,304 | |
Venture Global LNG, Inc. | | | | | | | | |
9.50%, 02/01/2029 (1) | | | 3,320 | | | | 3,636 | |
Viper Energy, Inc. | | | | | | | | |
5.38%, 11/01/2027 (1) | | | 7,231 | | | | 7,095 | |
7.38%, 11/01/2031 (1) | | | 5,300 | | | | 5,489 | |
Western Midstream Operating LP | | | | | | | | |
4.05%, 02/01/2030 | | | 1,775 | | | | 1,651 | |
5.25%, 02/01/2050 | | | 2,350 | | | | 2,060 | |
5.30%, 03/01/2048 | | | 5,089 | | | | 4,394 | |
5.45%, 04/01/2044 | | | 1,256 | | | | 1,132 | |
5.50%, 08/15/2048 | | | 940 | | | | 817 | |
6.15%, 04/01/2033 | | | 10,630 | | | | 10,897 | |
6.35%, 01/15/2029 | | | 7,405 | | | | 7,637 | |
Williams Companies, Inc. | | | | | | | | |
5.15%, 03/15/2034 | | | 21,805 | | | | 21,273 | |
YPF SA | | | | | | | | |
9.50%, 01/17/2031 (1) | | | 878 | | | | 892 | |
| | | | | | | | |
Total Energy | | | | 931,517 | |
| | | | | | | | |
| Financials – 10.44% | | | | | | | | |
AerCap Ireland Capital DAC | | | | | | | | |
3.50%, 01/15/2025 | | | 958 | | | | 946 | |
3.65%, 07/21/2027 | | | 200 | | | | 190 | |
3.88%, 01/23/2028 | | | 9,520 | | | | 9,020 | |
5.75%, 06/06/2028 | | | 971 | | | | 981 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | | | | | | | |
3.00%, 10/29/2028 | | | 50,745 | | | | 46,115 | |
3.30%, 01/30/2032 | | | 17,770 | | | | 15,268 | |
3.40%, 10/29/2033 | | | 5,750 | | | | 4,823 | |
6.15%, 09/30/2030 | | | 8,535 | | | | 8,824 | |
6.50%, 07/15/2025 | | | 250 | | | | 252 | |
AIB Group Plc | | | | | | | | |
6.61% (SOFR + 2.33%), 09/13/2029 (1)(2) | | | 2,960 | | | | 3,055 | |
Air Lease Corp. | | | | | | | | |
3.00%, 02/01/2030 | | | 4,635 | | | | 4,105 | |
3.13%, 12/01/2030 | | | 6,675 | | | | 5,832 | |
3.25%, 10/01/2029 | | | 1,245 | | | | 1,126 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
3.38%, 07/01/2025 | | $ | 5,355 | | | $ | 5,233 | |
4.63%, 10/01/2028 | | | 30 | | | | 29 | |
5.85%, 12/15/2027 | | | 8,015 | | | | 8,115 | |
Aircastle Ltd. | | | | | | | | |
5.95%, 02/15/2029 (1) | | | 3,340 | | | | 3,339 | |
6.50%, 07/18/2028 (1) | | | 12,835 | | | | 13,076 | |
Alexandria Real Estate Equities, Inc. | | | | | | | | |
3.95%, 01/15/2027 | | | 253 | | | | 244 | |
3.95%, 01/15/2028 | | | 364 | | | | 348 | |
4.70%, 07/01/2030 | | | 42 | | | | 41 | |
Alinma Tier 1 Sukuk Ltd. | | | | | | | | |
6.50% (5 Year CMT Index + 2.20%), 09/06/2172 (2)(18) | | | 350 | | | | 353 | |
Alpha Star Holding VIII Ltd. | | | | | | | | |
8.38%, 04/12/2027 (18) | | | 296 | | | | 302 | |
American Assets Trust LP | | | | | | | | |
3.38%, 02/01/2031 | | | 10,870 | | | | 8,906 | |
American Homes 4 Rent LP | | | | | | | | |
2.38%, 07/15/2031 | | | 1,690 | | | | 1,373 | |
3.38%, 07/15/2051 | | | 3,567 | | | | 2,321 | |
3.63%, 04/15/2032 | | | 2,803 | | | | 2,451 | |
4.30%, 04/15/2052 | | | 1,303 | | | | 1,010 | |
American International Group, Inc. | | | | | | | | |
4.38%, 06/30/2050 | | | 776 | | | | 643 | |
4.75%, 04/01/2048 | | | 758 | | | | 668 | |
American Tower Corp. | | | | | | | | |
1.88%, 10/15/2030 | | | 3,805 | | | | 3,098 | |
2.10%, 06/15/2030 | | | 18,022 | | | | 15,100 | |
2.30%, 09/15/2031 | | | 15,802 | | | | 12,892 | |
2.70%, 04/15/2031 | | | 19,236 | | | | 16,268 | |
2.90%, 01/15/2030 | | | 2,912 | | | | 2,567 | |
3.80%, 08/15/2029 | | | 4,738 | | | | 4,404 | |
4.05%, 03/15/2032 | | | 745 | | | | 681 | |
5.20%, 02/15/2029 | | | 4,200 | | | | 4,185 | |
5.45%, 02/15/2034 | | | 7,580 | | | | 7,514 | |
5.50%, 03/15/2028 | | | 11,629 | | | | 11,698 | |
5.65%, 03/15/2033 | | | 6,855 | | | | 6,898 | |
5.90%, 11/15/2033 | | | 18,335 | | | | 18,775 | |
AmFam Holdings, Inc. | | | | | | | | |
2.81%, 03/11/2031 (1) | | | 5,500 | | | | 4,204 | |
Antares Holdings LP | | | | | | | | |
2.75%, 01/15/2027 (1) | | | 8,970 | | | | 8,149 | |
3.75%, 07/15/2027 (1) | | | 20,265 | | | | 18,545 | |
7.95%, 08/11/2028 (1) | | | 2,715 | | | | 2,813 | |
Aon Corp. | | | | | | | | |
2.80%, 05/15/2030 | | | 3,500 | | | | 3,068 | |
Aon Corp. / Aon Global Holdings Plc | | | | | | | | |
2.05%, 08/23/2031 | | | 1,542 | | | | 1,245 | |
2.60%, 12/02/2031 | | | 10,260 | | | | 8,547 | |
3.90%, 02/28/2052 | | | 1,262 | | | | 934 | |
Ares Capital Corp. | | | | | | | | |
2.88%, 06/15/2028 | | | 8,315 | | | | 7,365 | |
3.20%, 11/15/2031 | | | 18,865 | | | | 15,558 | |
Arthur J Gallagher & Co. | | | | | | | | |
3.05%, 03/09/2052 | | | 1,995 | | | | 1,221 | |
5.45%, 07/15/2034 | | | 3,795 | | | | 3,764 | |
Athene Global Funding | | | | | | | | |
1.99%, 08/19/2028 (1) | | | 7,545 | | | | 6,568 | |
2.55%, 11/19/2030 (1) | | | 3,300 | | | | 2,755 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
2.72%, 01/07/2029 (1) | | $ | 3,800 | | | $ | 3,371 | |
3.21%, 03/08/2027 (1) | | | 5,070 | | | | 4,734 | |
Athene Holding Ltd. | | | | | | | | |
3.50%, 01/15/2031 | | | 1,835 | | | | 1,624 | |
4.13%, 01/12/2028 | | | 11,630 | | | | 11,216 | |
Aviation Capital Group LLC | | | | | | | | |
1.95%, 01/30/2026 (1) | | | 5,720 | | | | 5,382 | |
4.88%, 10/01/2025 (1) | | | 2,789 | | | | 2,752 | |
5.50%, 12/15/2024 (1) | | | 3,900 | | | | 3,890 | |
6.25%, 04/15/2028 (1) | | | 3,810 | | | | 3,887 | |
6.38%, 07/15/2030 (1) | | | 10,175 | | | | 10,518 | |
6.75%, 10/25/2028 (1) | | | 10,810 | | | | 11,266 | |
Avolon Holdings Funding Ltd. | | | | | | | | |
2.53%, 11/18/2027 (1) | | | 35,158 | | | | 31,622 | |
2.75%, 02/21/2028 (1) | | | 6,105 | | | | 5,485 | |
2.88%, 02/15/2025 (1) | | | 3,919 | | | | 3,839 | |
3.25%, 02/15/2027 (1) | | | 1,791 | | | | 1,676 | |
4.25%, 04/15/2026 (1) | | | 515 | | | | 500 | |
4.38%, 05/01/2026 (1) | | | 886 | | | | 862 | |
5.50%, 01/15/2026 (1) | | | 1,069 | | | | 1,061 | |
Banco Bilbao Vizcaya Argentaria SA | | | | | | | | |
6.03% (1 Year CMT Index + 1.95%), 03/13/2035 (2) | | | 5,200 | | | | 5,186 | |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | | | | | | | | |
5.38%, 04/17/2025 (1) | | | 5,395 | | | | 5,372 | |
Banco Santander SA | | | | | | | | |
1.72% (1 Year CMT Index + 0.90%), 09/14/2027 (2) | | | 1,800 | | | | 1,651 | |
2.75%, 12/03/2030 | | | 3,200 | | | | 2,663 | |
3.49%, 05/28/2030 | | | 800 | | | | 716 | |
5.18%, 11/19/2025 | | | 2,400 | | | | 2,377 | |
5.74% (1 Year CMT Index + 0.45%), 06/30/2024 (2) | | | 19,200 | | | | 19,200 | |
6.53% (1 Year CMT Index + 1.65%), 11/07/2027 (2) | | | 9,500 | | | | 9,717 | |
6.61%, 11/07/2028 | | | 7,200 | | | | 7,562 | |
Bancolombia SA | | | | | | | | |
8.63% (5 Year CMT Index + 4.32%), 12/24/2034 (2) | | | 453 | | | | 463 | |
Bangkok Bank PCL | | | | | | | | |
5.50%, 09/21/2033 (1) | | | 200 | | | | 199 | |
Bank of America Corp. | | | | | | | | |
1.66% (SOFR + 0.91%), 03/11/2027 (2) | | | 27,104 | | | | 25,412 | |
1.73% (SOFR + 0.96%), 07/22/2027 (2) | | | 40,859 | | | | 37,872 | |
1.90% (SOFR + 1.53%), 07/23/2031 (2) | | | 7,588 | | | | 6,250 | |
1.92% (SOFR + 1.37%), 10/24/2031 (2) | | | 7,009 | | | | 5,734 | |
2.09% (SOFR + 1.06%), 06/14/2029 (2) | | | 18,275 | | | | 16,213 | |
2.30% (SOFR + 1.22%), 07/21/2032 (2) | | | 4,831 | | | | 3,955 | |
2.48% (5 Year CMT Index + 1.20%), 09/21/2036 (2) | | | 18,070 | | | | 14,403 | |
2.50% (3 Month Term SOFR + 1.25%), 02/13/2031 (2) | | | 11,783 | | | | 10,185 | |
2.57% (SOFR + 1.21%), 10/20/2032 (2) | | | 5,364 | | | | 4,446 | |
2.59% (SOFR + 2.15%), 04/29/2031 (2) | | | 25,457 | | | | 22,011 | |
2.88% (3 Month Term SOFR + 1.45%), 10/22/2030 (2) | | | 596 | | | | 530 | |
2.97% (SOFR + 1.56%), 07/21/2052 (2) | | | 1,130 | | | | 737 | |
3.85% (5 Year CMT Index + 2.00%), 03/08/2037 (2) | | | 11,670 | | | | 10,227 | |
3.97% (3 Month Term SOFR + 1.33%), 03/05/2029 (2) | | | 2,863 | | | | 2,737 | |
3.97% (3 Month Term SOFR + 1.47%), 02/07/2030 (2) | | | 992 | | | | 939 | |
4.18%, 11/25/2027 | | | 16,659 | | | | 16,082 | |
4.27% (3 Month Term SOFR + 1.57%), 07/23/2029 (2) | | | 5,139 | | | | 4,951 | |
4.33% (3 Month Term SOFR + 1.78%), 03/15/2050 (2) | | | 2,242 | | | | 1,872 | |
4.45%, 03/03/2026 | | | 855 | | | | 841 | |
4.95% (SOFR + 2.04%), 07/22/2028 (2) | | | 3,937 | | | | 3,905 | |
5.20% (SOFR + 1.63%), 04/25/2029 (2) | | | 20,100 | | | | 20,068 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
5.29% (SOFR + 1.91%), 04/25/2034 (2) | | $ | 28,800 | | | $ | 28,498 | |
5.47% (SOFR + 1.65%), 01/23/2035 (2) | | | 19,755 | | | | 19,735 | |
5.82% (SOFR + 1.57%), 09/15/2029 (2) | | | 14,273 | | | | 14,572 | |
5.87% (SOFR + 1.84%), 09/15/2034 (2) | | | 3,020 | | | | 3,107 | |
Barclays Plc | | | | | | | | |
2.28% (1 Year CMT Index + 1.05%), 11/24/2027 (2) | | | 25,615 | | | | 23,730 | |
2.85% (SOFR + 2.71%), 05/07/2026 (2) | | | 1,840 | | | | 1,794 | |
3.56% (5 Year CMT Index + 2.90%), 09/23/2035 (2) | | | 45,920 | | | | 39,446 | |
4.38%, 01/12/2026 | | | 2,670 | | | | 2,625 | |
4.38% (5 Year CMT Index + 3.41%), 12/15/2172 (2) | | | 10,985 | | | | 9,224 | |
4.97% (3 Month LIBOR USD + 1.90%), 05/16/2029 (2) | | | 3,900 | | | | 3,817 | |
5.09% (3 Month LIBOR USD + 3.05%), 06/20/2030 (2) | | | 1,570 | | | | 1,501 | |
5.26% (1 Year Swap Rate EUR + 2.55%), 01/29/2034 (2) | | EUR | 6,500 | | | | 7,436 | |
5.50% (1 Year CMT Index + 2.65%), 08/09/2028 (2) | | $ | 5,000 | | | | 4,991 | |
5.69% (SOFR + 1.74%), 03/12/2030 (2) | | | 2,311 | | | | 2,317 | |
6.22% (SOFR + 2.98%), 05/09/2034 (2) | | | 7,889 | | | | 8,083 | |
6.69% (SOFR + 2.62%), 09/13/2034 (2) | | | 8,500 | | | | 9,011 | |
7.39% (1 Year CMT Index + 3.30%), 11/02/2028 (2) | | | 3,100 | | | | 3,266 | |
7.44% (1 Year CMT Index + 3.50%), 11/02/2033 (2) | | | 3,900 | | | | 4,289 | |
BBVA Bancomer SA | | | | | | | | |
1.88%, 09/18/2025 (1) | | | 6,755 | | | | 6,445 | |
Blackstone Property Partners Europe Holdings Sarl | | | | | | | | |
1.75%, 03/12/2029 | | EUR | 3,157 | | | | 2,981 | |
Blackstone Secured Lending Fund | | | | | | | | |
2.13%, 02/15/2027 | | $ | 21,770 | | | | 19,660 | |
5.88%, 11/15/2027 | | | 1,110 | | | | 1,102 | |
Blue Owl Capital Corp. | | | | | | | | |
2.63%, 01/15/2027 | | | 9,285 | | | | 8,484 | |
2.88%, 06/11/2028 | | | 21,170 | | | | 18,726 | |
Blue Owl Credit Income Corp. | | | | | | | | |
6.60%, 09/15/2029 (1) | | | 1,185 | | | | 1,169 | |
Blue Owl Finance LLC | | | | | | | | |
6.25%, 04/18/2034 (1) | | | 18,530 | | | | 18,579 | |
Blue Owl Technology Finance Corp. | | | | | | | | |
2.50%, 01/15/2027 | | | 10,635 | | | | 9,564 | |
BNP Paribas SA | | | | | | | | |
1.32% (SOFR + 1.00%), 01/13/2027 (1)(2) | | | 6,822 | | | | 6,368 | |
1.68% (SOFR + 0.91%), 06/30/2027 (1)(2) | | | 17,105 | | | | 15,804 | |
2.16% (SOFR + 1.22%), 09/15/2029 (1)(2) | | | 1,585 | | | | 1,383 | |
2.59% (SOFR + 1.23%), 01/20/2028 (1)(2) | | | 15,155 | | | | 14,088 | |
5.18% (SOFR + 1.52%), 01/09/2030 (1)(2) | | | 16,615 | | | | 16,441 | |
5.50% (SOFR + 1.59%), 05/20/2030 (1)(2) | | | 1,800 | | | | 1,793 | |
5.74% (SOFR + 1.88%), 02/20/2035 (1)(2) | | | 22,000 | | | | 21,878 | |
BPCE SA | | | | | | | | |
6.71% (SOFR + 2.27%), 10/19/2029 (1)(2) | | | 8,600 | | | | 8,916 | |
7.00% (SOFR + 2.59%), 10/19/2034 (1)(2) | | | 56,600 | | | | 60,505 | |
Brixmor Operating Partnership LP | | | | | | | | |
2.25%, 04/01/2028 | | | 925 | | | | 825 | |
3.85%, 02/01/2025 | | | 1,035 | | | | 1,024 | |
3.90%, 03/15/2027 | | | 2,430 | | | | 2,334 | |
4.05%, 07/01/2030 | | | 2,337 | | | | 2,169 | |
4.13%, 06/15/2026 | | | 1,967 | | | | 1,915 | |
4.13%, 05/15/2029 | | | 4,342 | | | | 4,098 | |
5.75%, 02/15/2035 | | | 3,155 | | | | 3,147 | |
CaixaBank SA | | | | | | | | |
6.21% (SOFR + 2.70%), 01/18/2029 (1)(2) | | | 7,400 | | | | 7,517 | |
6.84% (SOFR + 2.77%), 09/13/2034 (1)(2) | | | 15,190 | | | | 16,040 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund | | | | | | | | |
4.75%, 03/27/2034 | | EUR | 2,905 | | | $ | 3,154 | |
CIFI Holdings Group Co. Ltd. | | | | | | | | |
4.45%, 08/17/2026 (8)(9) | | $ | 300 | | | | 32 | |
6.00%, 07/16/2025 (8)(9) | | | 1,755 | | | | 180 | |
6.45%, 11/07/2024 (8)(9) | | | 660 | | | | 71 | |
Citigroup, Inc. | | | | | | | | |
2.52% (SOFR + 1.18%), 11/03/2032 (2) | | | 200 | | | | 164 | |
2.56% (SOFR + 1.17%), 05/01/2032 (2) | | | 6,303 | | | | 5,253 | |
2.67% (SOFR + 1.15%), 01/29/2031 (2) | | | 11,515 | | | | 10,027 | |
2.98% (SOFR + 1.42%), 11/05/2030 (2) | | | 5,838 | | | | 5,200 | |
3.06% (SOFR + 1.35%), 01/25/2033 (2) | | | 12,856 | | | | 10,920 | |
3.07% (SOFR + 1.28%), 02/24/2028 (2) | | | 2,372 | | | | 2,239 | |
3.98% (3 Month Term SOFR + 1.60%), 03/20/2030 (2) | | | 1,150 | | | | 1,086 | |
4.08% (3 Month Term SOFR + 1.45%), 04/23/2029 (2) | | | 165 | | | | 158 | |
4.41% (SOFR + 3.91%), 03/31/2031 (2) | | | 3,027 | | | | 2,885 | |
5.17% (SOFR + 1.36%), 02/13/2030 (2) | | | 684 | | | | 680 | |
5.45% (SOFR + 1.45%), 06/11/2035 (2) | | | 8,077 | | | | 8,014 | |
6.27% (SOFR + 2.34%), 11/17/2033 (2) | | | 1,167 | | | | 1,222 | |
CNA Financial Corp. | | | | | | | | |
5.13%, 02/15/2034 | | | 2,970 | | | | 2,875 | |
CNO Financial Group, Inc. | | | | | | | | |
5.25%, 05/30/2025 | | | 580 | | | | 576 | |
5.25%, 05/30/2029 | | | 3,840 | | | | 3,726 | |
CNO Global Funding | | | | | | | | |
5.88%, 06/04/2027 (1) | | | 8,600 | | | | 8,628 | |
COPT Defense Properties LP | | | | | | | | |
2.75%, 04/15/2031 | | | 1,555 | | | | 1,286 | |
CoStar Group, Inc. | | | | | | | | |
2.80%, 07/15/2030 (1) | | | 11,000 | | | | 9,302 | |
Country Garden Holdings Co. Ltd. | | | | | | | | |
2.70%, 07/12/2026 (8)(9) | | | 500 | | | | 41 | |
3.30%, 01/12/2031 (8)(9) | | | 4,895 | | | | 415 | |
3.88%, 10/22/2030 (8)(9) | | | 300 | | | | 25 | |
Credit Agricole SA | | | | | | | | |
4.00% (5 Year Swap Rate USD + 1.64%), 01/10/2033 (1)(2) | | | 21,168 | | | | 19,644 | |
4.38%, 03/17/2025 (1) | | | 1,717 | | | | 1,697 | |
6.25% (SOFR + 2.67%), 01/10/2035 (1)(2) | | | 25,415 | | | | 25,568 | |
Crown Castle, Inc. | | | | | | | | |
2.10%, 04/01/2031 | | | 3,003 | | | | 2,432 | |
2.25%, 01/15/2031 | | | 8,420 | | | | 6,925 | |
2.50%, 07/15/2031 | | | 2,589 | | | | 2,139 | |
3.10%, 11/15/2029 | | | 1,091 | | | | 974 | |
3.30%, 07/01/2030 | | | 2,756 | | | | 2,456 | |
Danske Bank | | | | | | | | |
3.24% (3 Month LIBOR USD + 1.59%), 12/20/2025 (1)(2) | | | 4,479 | | | | 4,420 | |
Deutsche Bank AG | | | | | | | | |
1.75% (3 Month EURIBOR + 2.05%), 11/19/2030 (2)(4) | | EUR | 800 | | | | 753 | |
2.13% (SOFR + 1.87%), 11/24/2026 (2)(18) | | $ | 900 | | | | 854 | |
3.04% (SOFR + 1.72%), 05/28/2032 (2)(18) | | | 3,300 | | | | 2,771 | |
3.55% (SOFR + 3.04%), 09/18/2031 (2) | | | 16,820 | | | | 14,806 | |
3.73% (SOFR + 2.76%), 01/14/2032 (2) | | | 5,330 | | | | 4,494 | |
3.96% (SOFR + 2.58%), 11/26/2025 (2) | | | 6,012 | | | | 5,961 | |
5.37%, 09/09/2027 | | | 2,758 | | | | 2,763 | |
5.88% (SOFR + 5.44%), 07/08/2031 (2) | | | 1,146 | | | | 1,123 | |
6.72% (SOFR + 3.18%), 01/18/2029 (2) | | | 2,400 | | | | 2,477 | |
6.82% (SOFR + 2.51%), 11/20/2029 (2) | | | 10,160 | | | | 10,566 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
Discover Bank | | | | | | | | |
2.45%, 09/12/2024 | | $ | 1,310 | | | $ | 1,301 | |
Discover Financial Services | | | | | | | | |
3.95%, 11/06/2024 | | | 6,058 | | | | 6,019 | |
EPR Properties | | | | | | | | |
4.75%, 12/15/2026 | | | 140 | | | | 135 | |
4.95%, 04/15/2028 | | | 414 | | | | 396 | |
Equinix, Inc. | | | | | | | | |
2.15%, 07/15/2030 | | | 22,433 | | | | 18,808 | |
2.50%, 05/15/2031 | | | 5,324 | | | | 4,460 | |
3.20%, 11/18/2029 | | | 16,497 | | | | 14,864 | |
3.90%, 04/15/2032 | | | 8,870 | | | | 8,065 | |
Equitable Financial Life Global Funding | | | | | | | | |
1.70%, 11/12/2026 (1) | | | 1,055 | | | | 967 | |
1.80%, 03/08/2028 (1) | | | 7,665 | | | | 6,786 | |
Essential Properties LP | | | | | | | | |
2.95%, 07/15/2031 | | | 2,800 | | | | 2,304 | |
Extra Space Storage LP | | | | | | | | |
2.20%, 10/15/2030 | | | 4,425 | | | | 3,673 | |
2.35%, 03/15/2032 | | | 4,150 | | | | 3,306 | |
2.40%, 10/15/2031 | | | 8,121 | | | | 6,672 | |
2.55%, 06/01/2031 | | | 3,085 | | | | 2,568 | |
3.88%, 12/15/2027 | | | 2,475 | | | | 2,362 | |
3.90%, 04/01/2029 | | | 4,655 | | | | 4,383 | |
5.50%, 07/01/2030 | | | 1,961 | | | | 1,976 | |
5.90%, 01/15/2031 | | | 8,695 | | | | 8,880 | |
Fairfax Financial Holdings Ltd. | | | | | | | | |
6.10%, 03/15/2055 (1) | | | 10,000 | | | | 9,659 | |
Farmers Exchange Capital II | | | | | | | | |
6.15% (3 Month LIBOR USD + 3.74%), 11/01/2053 (1)(2) | | | 3,860 | | | | 3,474 | |
Farmers Exchange Capital III | | | | | | | | |
5.45% (3 Month LIBOR USD + 3.45%), 10/15/2054 (1)(2) | | | 8,000 | | | | 6,720 | |
Farmers Insurance Exchange | | | | | | | | |
4.75% (3 Month LIBOR USD + 3.23%), 11/01/2057 (1)(2) | | | 3,000 | | | | 2,234 | |
Fidelity & Guaranty Life Holdings, Inc. | | | | | | | | |
5.50%, 05/01/2025 (1) | | | 745 | | | | 741 | |
Fidelity National Financial, Inc. | | | | | | | | |
2.45%, 03/15/2031 | | | 6,840 | | | | 5,573 | |
3.40%, 06/15/2030 | | | 5,874 | | | | 5,210 | |
4.50%, 08/15/2028 | | | 15,455 | | | | 14,955 | |
First American Financial Corp. | | | | | | | | |
2.40%, 08/15/2031 | | | 6,800 | | | | 5,423 | |
FWD Group Holdings Ltd. | | | | | | | | |
8.40%, 04/05/2029 (1)(18) | | | 2,651 | | | | 2,708 | |
GGAM Finance Ltd. | | | | | | | | |
8.00%, 02/15/2027 (1) | | | 3,050 | | | | 3,150 | |
8.00%, 06/15/2028 (1) | | | 2,697 | | | | 2,841 | |
Global Atlantic Finance Co. | | | | | | | | |
3.13%, 06/15/2031 (1) | | | 2,115 | | | | 1,749 | |
4.40%, 10/15/2029 (1) | | | 1,127 | | | | 1,049 | |
GLP Capital LP / GLP Financing II, Inc. | | | | | | | | |
3.25%, 01/15/2032 | | | 17,800 | | | | 14,958 | |
4.00%, 01/15/2030 | | | 11,015 | | | | 10,092 | |
4.00%, 01/15/2031 | | | 7,378 | | | | 6,615 | |
5.25%, 06/01/2025 | | | 239 | | | | 237 | |
5.30%, 01/15/2029 | | | 6,343 | | | | 6,250 | |
5.75%, 06/01/2028 | | | 15,240 | | | | 15,248 | |
6.75%, 12/01/2033 | | | 3,150 | | | | 3,310 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
Goldman Sachs Group, Inc. | | | | | | | | |
1.43% (SOFR + 0.80%), 03/09/2027 (2) | | $ | 40,846 | | | $ | 38,112 | |
1.54% (SOFR + 0.82%), 09/10/2027 (2) | | | 26,469 | | | | 24,311 | |
1.95% (SOFR + 0.91%), 10/21/2027 (2) | | | 8,845 | | | | 8,168 | |
1.99% (SOFR + 1.09%), 01/27/2032 (2) | | | 2,859 | | | | 2,320 | |
2.38% (SOFR + 1.25%), 07/21/2032 (2) | | | 3,678 | | | | 3,020 | |
2.60%, 02/07/2030 | | | 761 | | | | 667 | |
2.62% (SOFR + 1.28%), 04/22/2032 (2) | | | 5,112 | | | | 4,298 | |
2.64% (SOFR + 1.11%), 02/24/2028 (2) | | | 2,020 | | | | 1,884 | |
2.65% (SOFR + 1.26%), 10/21/2032 (2) | | | 16,606 | | | | 13,805 | |
3.10% (SOFR + 1.41%), 02/24/2033 (2) | | | 1,829 | | | | 1,562 | |
3.27% (3 Month Term SOFR + 1.46%), 09/29/2025 (2) | | | 6,671 | | | | 6,628 | |
3.69% (3 Month Term SOFR + 1.77%), 06/05/2028 (2) | | | 5,083 | | | | 4,863 | |
4.22% (3 Month Term SOFR + 1.56%), 05/01/2029 (2) | | | 1,079 | | | | 1,039 | |
4.48% (SOFR + 1.73%), 08/23/2028 (2) | | | 6,325 | | | | 6,182 | |
5.73% (SOFR + 1.27%), 04/25/2030 (2) | | | 14,729 | | | | 14,991 | |
5.85% (SOFR + 1.55%), 04/25/2035 (2) | | | 13,889 | | | | 14,227 | |
5.88% (SOFR + 0.51%), 09/10/2024 (2) | | | 4,671 | | | | 4,671 | |
6.48% (SOFR + 1.77%), 10/24/2029 (2) | | | 8,299 | | | | 8,665 | |
Guardian Life Global Funding | | | | | | | | |
1.63%, 09/16/2028 (1) | | | 5,000 | | | | 4,377 | |
Healthcare Realty Holdings LP | | | | | | | | |
2.00%, 03/15/2031 | | | 5,800 | | | | 4,570 | |
2.05%, 03/15/2031 | | | 1,183 | | | | 915 | |
2.40%, 03/15/2030 | | | 2,955 | | | | 2,435 | |
3.10%, 02/15/2030 | | | 4,831 | | | | 4,224 | |
3.50%, 08/01/2026 | | | 2,000 | | | | 1,916 | |
3.63%, 01/15/2028 | | | 1,092 | | | | 1,009 | |
Healthpeak OP LLC | | | | | | | | |
2.88%, 01/15/2031 | | | 1,980 | | | | 1,709 | |
3.40%, 02/01/2025 | | | 160 | | | | 158 | |
3.50%, 07/15/2029 | | | 231 | | | | 213 | |
Highwoods Realty LP | | | | | | | | |
4.13%, 03/15/2028 | | | 358 | | | | 334 | |
HSBC Holdings Plc | | | | | | | | |
1.59% (SOFR + 1.29%), 05/24/2027 (2) | | | 2,146 | | | | 2,000 | |
1.65% (SOFR + 1.54%), 04/18/2026 (2) | | | 2,782 | | | | 2,693 | |
2.01% (SOFR + 1.73%), 09/22/2028 (2) | | | 5,500 | | | | 4,939 | |
2.10% (SOFR + 1.93%), 06/04/2026 (2) | | | 5,208 | | | | 5,035 | |
2.21% (SOFR + 1.29%), 08/17/2029 (2) | | | 13,420 | | | | 11,797 | |
2.36% (SOFR + 1.95%), 08/18/2031 (2) | | | 2,300 | | | | 1,922 | |
2.85% (SOFR + 2.39%), 06/04/2031 (2) | | | 34,320 | | | | 29,668 | |
2.87% (SOFR + 1.41%), 11/22/2032 (2) | | | 40,000 | | | | 33,266 | |
3.97% (3 Month Term SOFR + 1.87%), 05/22/2030 (2) | | | 13,200 | | | | 12,339 | |
4.58% (3 Month Term SOFR + 1.80%), 06/19/2029 (2) | | | 3,200 | | | | 3,093 | |
5.60% (SOFR + 1.06%), 05/17/2028 (2) | | | 5,381 | | | | 5,402 | |
6.16% (SOFR + 1.97%), 03/09/2029 (2) | | | 12,000 | | | | 12,275 | |
7.39% (SOFR + 3.35%), 11/03/2028 (2) | | | 2,019 | | | | 2,135 | |
Hudson Pacific Properties LP | | | | | | | | |
3.25%, 01/15/2030 | | | 6,458 | | | | 4,460 | |
3.95%, 11/01/2027 | | | 10,478 | | | | 8,762 | |
4.65%, 04/01/2029 | | | 1,220 | | | | 940 | |
5.95%, 02/15/2028 | | | 300 | | | | 255 | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | | | | |
4.38%, 02/01/2029 | | | 1,970 | | | | 1,684 | |
9.00%, 06/15/2030 (1) | | | 2,832 | | | | 2,818 | |
9.75%, 01/15/2029 (1) | | | 2,807 | | | | 2,908 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
ING Groep NV | | | | | | | | |
5.55% (SOFR + 1.77%), 03/19/2035 (2) | | $ | 25,000 | | | $ | 24,682 | |
6.11% (SOFR + 2.09%), 09/11/2034 (2) | | | 4,225 | | | | 4,356 | |
Intercontinental Exchange, Inc. | | | | | | | | |
1.85%, 09/15/2032 | | | 6,155 | | | | 4,758 | |
2.10%, 06/15/2030 | | | 3,955 | | | | 3,349 | |
Intercorp Peru Ltd. | | | | | | | | |
3.88%, 08/15/2029 (1) | | | 200 | | | | 178 | |
Intesa Sanpaolo SpA | | | | | | | | |
6.63%, 06/20/2033 (1) | | | 6,140 | | | | 6,329 | |
6.63%, 06/20/2033 | | | 20,000 | | | | 20,674 | |
7.20%, 11/28/2033 | | | 1,100 | | | | 1,178 | |
7.20%, 11/28/2033 (1) | | | 17,505 | | | | 18,716 | |
Invitation Homes Operating Partnership LP | | | | | | | | |
2.00%, 08/15/2031 | | | 9,736 | | | | 7,730 | |
4.15%, 04/15/2032 | | | 1,590 | | | | 1,451 | |
5.45%, 08/15/2030 | | | 1,243 | | | | 1,245 | |
5.50%, 08/15/2033 | | | 4,602 | | | | 4,537 | |
JAB Holdings BV | | | | | | | | |
3.75%, 05/28/2051 (1) | | | 5,250 | | | | 3,392 | |
4.50%, 04/08/2052 (1) | | | 2,400 | | | | 1,754 | |
Jane Street Group / JSG Finance, Inc. | | | | | | | | |
4.50%, 11/15/2029 (1) | | | 3,000 | | | | 2,814 | |
Jefferies Financial Group, Inc. | | | | | | | | |
4.85%, 01/15/2027 | | | 1,500 | | | | 1,480 | |
5.88%, 07/21/2028 | | | 10,330 | | | | 10,434 | |
6.20%, 04/14/2034 | | | 10,850 | | | | 10,989 | |
6.25%, 01/15/2036 | | | 1,430 | | | | 1,444 | |
6.45%, 06/08/2027 | | | 3,660 | | | | 3,747 | |
6.50%, 01/20/2043 | | | 1,125 | | | | 1,175 | |
JP Morgan Chase & Co. | | | | | | | | |
1.04% (3 Month Term SOFR + 0.70%), 02/04/2027 (2) | | | 6,799 | | | | 6,333 | |
1.47% (SOFR + 0.77%), 09/22/2027 (2) | | | 60 | | | | 55 | |
1.58% (SOFR + 0.89%), 04/22/2027 (2) | | | 25,398 | | | | 23,702 | |
1.76% (3 Month Term SOFR + 1.11%), 11/19/2031 (2) | | | 7,253 | | | | 5,900 | |
1.95% (SOFR + 1.07%), 02/04/2032 (2) | | | 5,903 | | | | 4,801 | |
2.07% (SOFR + 1.02%), 06/01/2029 (2) | | | 2,990 | | | | 2,660 | |
2.18% (SOFR + 1.89%), 06/01/2028 (2) | | | 2,402 | | | | 2,204 | |
2.52% (SOFR + 2.04%), 04/22/2031 (2) | | | 18,786 | | | | 16,237 | |
2.58% (3 Month Term SOFR + 1.25%), 04/22/2032 (2) | | | 5,561 | | | | 4,697 | |
2.74% (3 Month Term SOFR + 1.51%), 10/15/2030 (2) | | | 11,920 | | | | 10,547 | |
2.95% (SOFR + 1.17%), 02/24/2028 (2) | | | 7,115 | | | | 6,702 | |
2.96% (3 Month Term SOFR + 2.52%), 05/13/2031 (2) | | | 4,470 | | | | 3,918 | |
2.96% (SOFR + 1.26%), 01/25/2033 (2) | | | 7,451 | | | | 6,353 | |
4.49% (3 Month Term SOFR + 3.79%), 03/24/2031 (2) | | | 15,438 | | | | 14,870 | |
5.01% (SOFR + 1.31%), 01/23/2030 (2) | | | 10,735 | | | | 10,653 | |
5.34% (SOFR + 1.62%), 01/23/2035 (2) | | | 1,093 | | | | 1,086 | |
5.58% (SOFR + 1.16%), 04/22/2030 (2) | | | 5,068 | | | | 5,148 | |
5.77% (SOFR + 1.49%), 04/22/2035 (2) | | | 11,395 | | | | 11,691 | |
6.25% (SOFR + 1.81%), 10/23/2034 (2) | | | 12,300 | | | | 13,045 | |
JPMorgan Chase & Co. | | | | | | | | |
4.20% (3 Month Term SOFR + 1.52%), 07/23/2029 (2) | | | 1,914 | | | | 1,842 | |
5.57% (SOFR + 0.93%), 04/22/2028 (2) | | | 24,395 | | | | 24,593 | |
6.09% (SOFR + 1.57%), 10/23/2029 (2) | | | 24,862 | | | | 25,688 | |
6.28% (SOFR + 0.92%), 04/22/2028 (2) | | | 19,100 | | | | 19,174 | |
KBC Group NV | | | | | | | | |
6.32% (1 Year CMT Index + 2.05%), 09/21/2034 (1)(2) | | | 4,600 | | | | 4,775 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
Kilroy Realty LP | | | | | | | | |
2.65%, 11/15/2033 | | $ | 120 | | | $ | 88 | |
Kimco Realty OP LLC | | | | | | | | |
3.25%, 08/15/2026 | | | 1,665 | | | | 1,585 | |
Lloyds Banking Group Plc | | | | | | | | |
1.63% (1 Year CMT Index + 0.85%), 05/11/2027 (2) | | | 7,520 | | | | 6,986 | |
3.57% (3 Month LIBOR USD + 1.21%), 11/07/2028 (2) | | | 128 | | | | 120 | |
3.87% (1 Year CMT Index + 3.50%), 07/09/2025 (2) | | | 1,675 | | | | 1,674 | |
5.68% (1 Year CMT Index + 1.75%), 01/05/2035 (2) | | | 8,500 | | | | 8,466 | |
Logan Group Co. Ltd. | | | | | | | | |
4.25%, 07/12/2025 (8)(9) | | | 2,205 | | | | 204 | |
4.85%, 12/14/2026 (8)(9) | | | 2,995 | | | | 253 | |
LSEGA Financing Plc | | | | | | | | |
2.00%, 04/06/2028 (1) | | | 6,811 | | | | 6,104 | |
LXP Industrial Trust | | | | | | | | |
2.38%, 10/01/2031 | | | 2,050 | | | | 1,633 | |
Magellan Capital Holdings Ltd. | | | | | | | | |
8.38% (1 Year CMT Index + 4.23%), 07/08/2029 (18) | | | 307 | | | | 304 | |
Marsh & McLennan Companies, Inc. | | | | | | | | |
5.70%, 09/15/2053 | | | 3,565 | | | | 3,601 | |
5.75%, 11/01/2032 | | | 2,000 | | | | 2,083 | |
MDGH GMTN RSC Ltd. | | | | | | | | |
4.38%, 11/22/2033 (1) | | | 200 | | | | 188 | |
Metropolitan Life Global Funding I | | | | | | | | |
5.15%, 03/28/2033 (1) | | | 5,610 | | | | 5,540 | |
Mizuho Financial Group, Inc. | | | | | | | | |
5.59% (1 Year CMT Index + 1.30%), 07/10/2035 (2) | | | 13,000 | | | | 12,940 | |
Morgan Stanley | | | | | | | | |
0.00%, 04/02/2032 (3)(18) | | | 14,800 | | | | 9,380 | |
0.50% (3 Month EURIBOR + 0.87%), 10/26/2029 (2)(4) | | EUR | 150 | | | | 140 | |
1.16% (SOFR + 0.56%), 10/21/2025 (2) | | $ | 29,255 | | | | 28,833 | |
1.51% (SOFR + 0.86%), 07/20/2027 (2) | | | 3,292 | | | | 3,043 | |
1.59% (SOFR + 0.88%), 05/04/2027 (2) | | | 10,418 | | | | 9,712 | |
1.79% (SOFR + 1.03%), 02/13/2032 (2) | | | 8,403 | | | | 6,744 | |
1.93% (SOFR + 1.02%), 04/28/2032 (2) | | | 3,379 | | | | 2,715 | |
2.24% (SOFR + 1.18%), 07/21/2032 (2) | | | 25,691 | | | | 20,987 | |
2.48% (SOFR + 1.00%), 01/21/2028 (2) | | | 24,470 | | | | 22,817 | |
2.48% (SOFR + 1.36%), 09/16/2036 (2) | | | 20,625 | | | | 16,317 | |
2.70% (SOFR + 1.14%), 01/22/2031 (2) | | | 16,980 | | | | 14,884 | |
2.94% (SOFR + 1.29%), 01/21/2033 (2) | | | 3 | | | | 3 | |
3.22% (SOFR + 1.49%), 04/22/2042 (2) | | | 751 | | | | 562 | |
3.62% (SOFR + 3.12%), 04/01/2031 (2) | | | 3,386 | | | | 3,107 | |
3.77% (3 Month Term SOFR + 1.40%), 01/24/2029 (2) | | | 4,157 | | | | 3,957 | |
3.95%, 04/23/2027 | | | 4,664 | | | | 4,504 | |
4.66% (3 Month EURIBOR + 1.30%), 03/02/2029 (2) | | EUR | 113 | | | | 125 | |
5.12% (SOFR + 1.73%), 02/01/2029 (2) | | $ | 12,000 | | | | 11,953 | |
5.16% (SOFR + 1.59%), 04/20/2029 (2) | | | 15,322 | | | | 15,272 | |
5.42% (SOFR + 1.88%), 07/21/2034 (2) | | | 5,875 | | | | 5,845 | |
5.45% (SOFR + 1.63%), 07/20/2029 (2) | | | 657 | | | | 661 | |
5.66% (SOFR + 1.26%), 04/18/2030 (2) | | | 20,279 | | | | 20,622 | |
5.83% (SOFR + 1.58%), 04/19/2035 (2) | | | 31,123 | | | | 31,903 | |
5.94% (5 Year CMT Index + 1.80%), 02/07/2039 (2) | | | 32,485 | | | | 32,128 | |
5.95% (5 Year CMT Index + 2.43%), 01/19/2038 (2) | | | 2,945 | | | | 2,928 | |
6.41% (SOFR + 1.83%), 11/01/2029 (2) | | | 5,164 | | | | 5,388 | |
Nationwide Building Society | | | | | | | | |
3.96% (3 Month LIBOR USD + 1.86%), 07/18/2030 (1)(2) | | | 5,650 | | | | 5,226 | |
4.30% (3 Month LIBOR USD + 1.45%), 03/08/2029 (1)(2) | | | 8,600 | | | | 8,232 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
Nationwide Mutual Insurance Co. | | | | | | | | |
7.89% (3 Month LIBOR USD + 2.29%), 12/15/2024 (1)(2) | | $ | 6,180 | | | $ | 6,185 | |
NatWest Group Plc | | | | | | | | |
1.64% (1 Year CMT Index + 0.90%), 06/14/2027 (2) | | | 12,170 | | | | 11,265 | |
4.45% (3 Month LIBOR USD + 1.87%), 05/08/2030 (2) | | | 4,390 | | | | 4,195 | |
4.89% (3 Month LIBOR USD + 1.75%), 05/18/2029 (2) | | | 2,900 | | | | 2,835 | |
5.08% (3 Month LIBOR USD + 1.91%), 01/27/2030 (2) | | | 6,600 | | | | 6,484 | |
5.52% (1 Year CMT Index + 2.27%), 09/30/2028 (2) | | | 8,815 | | | | 8,818 | |
5.78% (1 Year CMT Index + 1.50%), 03/01/2035 (2) | | | 26,200 | | | | 26,283 | |
5.81% (1 Year CMT Index + 1.95%), 09/13/2029 (2) | | | 11,800 | | | | 11,954 | |
New York Life Global Funding | | | | | | | | |
2.35%, 07/14/2026 (1) | | | 1,000 | | | | 947 | |
New York Life Insurance Co. | | | | | | | | |
3.75%, 05/15/2050 (1) | | | 2,736 | | | | 2,043 | |
NNN REIT, Inc. | | | | | | | | |
3.10%, 04/15/2050 | | | 1,139 | | | | 723 | |
3.50%, 04/15/2051 | | | 2,774 | | | | 1,923 | |
4.80%, 10/15/2048 | | | 1,354 | | | | 1,148 | |
Nomura Holdings, Inc. | | | | | | | | |
2.17%, 07/14/2028 | | | 19,200 | | | | 16,950 | |
Northwestern Mutual Life Insurance Co. | | | | | | | | |
3.45%, 03/30/2051 (1) | | | 2,420 | | | | 1,662 | |
Old Republic International Corp. | | | | | | | | |
3.88%, 08/26/2026 | | | 5,155 | | | | 4,984 | |
Panama Infrastructure Receivable Purchaser Plc | | | | | | | | |
0.00%, 04/05/2032 (1) | | | 7,059 | | | | 4,588 | |
PNC Financial Services Group, Inc. | | | | | | | | |
5.07% (SOFR + 1.93%), 01/24/2034 (2) | | | 2,373 | | | | 2,294 | |
6.04% (SOFR + 2.14%), 10/28/2033 (2) | | | 7,390 | | | | 7,614 | |
6.88% (SOFR + 2.28%), 10/20/2034 (2) | | | 6,805 | | | | 7,417 | |
Prologis LP | | | | | | | | |
1.25%, 10/15/2030 | | | 670 | | | | 535 | |
Realty Income Corp. | | | | | | | | |
2.20%, 06/15/2028 | | | 1,212 | | | | 1,084 | |
3.40%, 01/15/2028 | | | 3,938 | | | | 3,712 | |
3.40%, 01/15/2030 | | | 4,450 | | | | 4,052 | |
Regency Centers LP | | | | | | | | |
3.70%, 06/15/2030 | | | 1,359 | | | | 1,252 | |
4.13%, 03/15/2028 | | | 970 | | | | 934 | |
Rexford Industrial Realty LP | | | | | | | | |
2.15%, 09/01/2031 | | | 1,135 | | | | 905 | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | | | | | | | | |
2.88%, 10/15/2026 (1) | | | 8,290 | | | | 7,742 | |
3.63%, 03/01/2029 | | | 4,385 | | | | 3,979 | |
3.88%, 03/01/2031 (1) | | | 29,710 | | | | 25,892 | |
4.00%, 10/15/2033 (1) | | | 29,285 | | | | 24,678 | |
Santander UK Group Holdings Plc | | | | | | | | |
1.53% (1 Year CMT Index + 1.25%), 08/21/2026 (2) | | | 2,895 | | | | 2,755 | |
1.67% (SOFR + 0.99%), 06/14/2027 (2) | | | 11,405 | | | | 10,543 | |
2.47% (SOFR + 1.22%), 01/11/2028 (2) | | | 800 | | | | 738 | |
2.90% (SOFR + 1.48%), 03/15/2032 (2) | | | 24,900 | | | | 20,966 | |
3.82% (3 Month LIBOR USD + 1.40%), 11/03/2028 (2) | | | 4,990 | | | | 4,715 | |
6.53% (SOFR + 2.60%), 01/10/2029 (2) | | | 13,600 | | | | 13,971 | |
Sberbank of Russia Via SB Capital SA | | | | | | | | |
5.13%, 10/29/2049 | | | 1,300 | | | | 65 | |
Shimao Group Holdings Ltd. | | | | | | | | |
3.45%, 01/11/2031 (8)(9) | | | 5,645 | | | | 254 | |
4.60%, 07/13/2030 (8)(9) | | | 400 | | | | 20 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
4.75%, 07/03/2025 (8)(9) | | $ | 4,359 | | | $ | 196 | |
5.20%, 01/16/2027 (8)(9) | | | 4,595 | | | | 203 | |
5.60%, 07/15/2026 (8)(9) | | | 3,025 | | | | 142 | |
6.13%, 02/21/2025 (8)(9) | | | 1,275 | | | | 61 | |
Simon Property Group LP | | | | | | | | |
2.65%, 07/15/2030 | | | 3,540 | | | | 3,084 | |
Sino-Ocean Land Treasure IV Ltd. | | | | | | | | |
4.75%, 08/05/2029 (8)(9) | | | 1,725 | | | | 121 | |
4.75%, 01/14/2030 (8)(9) | | | 3,305 | | | | 219 | |
Societe Generale SA | | | | | | | | |
2.89% (1 Year CMT Index + 1.30%), 06/09/2032 (1)(2) | | | 10,400 | | | | 8,484 | |
3.65% (5 Year CMT Index + 3.00%), 07/08/2035 (1)(2) | | | 7,705 | | | | 6,490 | |
4.25%, 04/14/2025 (1) | | | 2,340 | | | | 2,301 | |
4.75%, 11/24/2025 (1) | | | 9,285 | | | | 9,100 | |
6.07% (1 Year CMT Index + 2.10%), 01/19/2035 (1)(2) | | | 14,260 | | | | 14,117 | |
6.69% (1 Year CMT Index + 2.95%), 01/10/2034 (1)(2) | | | 19,000 | | | | 19,593 | |
SoFi Personal Loan Trust | | | | | | | | |
0.00% | | | 56 | | | | 2,554 | |
Standard Chartered Plc | | | | | | | | |
2.68% (1 Year CMT Index + 1.20%), 06/29/2032 (1)(2) | | | 52,100 | | | | 42,588 | |
3.27% (5 Year CMT Index + 2.30%), 02/18/2036 (1)(2) | | | 41,220 | | | | 34,700 | |
7.02% (1 Year CMT Index + 2.20%), 02/08/2030 (1)(2) | | | 800 | | | | 845 | |
Stewart Information Services Corp. | | | | | | | | |
3.60%, 11/15/2031 | | | 14,990 | | | | 12,393 | |
Stichting AK Rabobank Certificaten | | | | | | | | |
6.50%, 03/29/2170 (3) | | EUR | 3,876 | | | | 4,510 | |
Sumitomo Mitsui Financial Group, Inc. | | | | | | | | |
6.60% (5 Year CMT Index + 2.28%), 06/05/2173 (2) | | $ | 3,688 | | | | 3,664 | |
Sunac China Holdings Ltd. | | | | | | | | |
6.00%, 09/30/2025 (1)(7) | | | 26 | | | | 3 | |
6.25%, 09/30/2026 (1)(7) | | | 26 | | | | 3 | |
6.50%, 09/30/2027 (1)(7) | | | 53 | | | | 6 | |
6.75%, 09/30/2028 (1)(7) | | | 79 | | | | 8 | |
7.00%, 09/30/2029 (1)(7) | | | 79 | | | | 7 | |
7.25%, 09/30/2030 (1)(7) | | | 37 | | | | 3 | |
Synchrony Financial | | | | | | | | |
4.25%, 08/15/2024 | | | 5,145 | | | | 5,133 | |
Teachers Insurance & Annuity Association of America | | | | | | | | |
3.30%, 05/15/2050 (1) | | | 3,665 | | | | 2,437 | |
4.27%, 05/15/2047 (1) | | | 515 | | | | 410 | |
4.38% (3 Month LIBOR USD + 2.66%), 09/15/2054 (1)(2) | | | 7,500 | | | | 7,466 | |
4.90%, 09/15/2044 (1) | | | 1,505 | | | | 1,330 | |
Times China Holdings Ltd. | | | | | | | | |
5.75%, 01/14/2027 (8)(9) | | | 5,214 | | | | 98 | |
6.20%, 03/22/2026 (8)(9) | | | 1,950 | | | | 40 | |
6.75%, 07/08/2025 (8)(9) | | | 1,715 | | | | 36 | |
U.S. Bancorp | | | | | | | | |
4.84% (SOFR + 1.60%), 02/01/2034 (2) | | | 10,731 | | | | 10,173 | |
5.68% (SOFR + 1.86%), 01/23/2035 (2) | | | 910 | | | | 913 | |
5.84% (SOFR + 2.26%), 06/12/2034 (2) | | | 2,535 | | | | 2,570 | |
5.85% (SOFR + 2.09%), 10/21/2033 (2) | | | 8,225 | | | | 8,353 | |
UBS AG/Stamford CT | | | | | | | | |
3.63%, 09/09/2024 | | | 4,608 | | | | 4,586 | |
3.70%, 02/21/2025 | | | 5,861 | | | | 5,785 | |
4.75%, 08/09/2024 | | | 2,967 | | | | 2,963 | |
5.00%, 07/09/2027 | | | 5,308 | | | | 5,264 | |
7.50%, 02/15/2028 | | | 51,177 | | | | 54,757 | |
7.95%, 01/09/2025 | | | 4,468 | | | | 4,515 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
UBS Group AG | | | | | | | | |
1.31% (SOFR + 0.98%), 02/02/2027 (1)(2) | | $ | 10,300 | | | $ | 9,603 | |
2.75% (1 Year CMT Index + 1.10%), 02/11/2033 (1)(2) | | | 1,981 | | | | 1,619 | |
3.09% (SOFR + 1.73%), 05/14/2032 (1)(2) | | | 22,970 | | | | 19,594 | |
3.87% (3 Month LIBOR USD + 1.41%), 01/12/2029 (1)(2) | | | 540 | | | | 510 | |
4.19% (SOFR + 3.73%), 04/01/2031 (1)(2) | | | 36,980 | | | | 34,522 | |
5.62% (1 Year SOFR Swap Rate + 1.34%), 09/13/2030 (1)(2) | | | 16,730 | | | | 16,801 | |
5.70% (1 Year CMT Index + 1.77%), 02/08/2035 (1)(2) | | | 16,640 | | | | 16,623 | |
5.96% (1 Year CMT Index + 2.20%), 01/12/2034 (1)(2) | | | 14,156 | | | | 14,369 | |
6.25% (1 Year CMT Index + 1.80%), 09/22/2029 (1)(2) | | | 3,300 | | | | 3,393 | |
6.30% (1 Year CMT Index + 2.00%), 09/22/2034 (1)(2) | | | 2,500 | | | | 2,600 | |
6.37% (SOFR + 3.34%), 07/15/2026 (1)(2) | | | 7,170 | | | | 7,205 | |
6.44% (SOFR + 3.70%), 08/11/2028 (1)(2) | | | 11,390 | | | | 11,678 | |
6.54% (SOFR + 3.92%), 08/12/2033 (1)(2) | | | 23,550 | | | | 24,713 | |
7.75% (CMS 1 Year Rate EUR + 4.95%), 03/01/2029 (2) | | EUR | 1,500 | | | | 1,815 | |
9.02% (SOFR + 5.02%), 11/15/2033 (1)(2) | | $ | 5,535 | | | | 6,671 | |
9.25% (5 Year CMT Index + 4.76%), 05/13/2173 (1)(2) | | | 650 | | | | 728 | |
UniCredit SpA | | | | | | | | |
2.57% (1 Year CMT Index + 2.30%), 09/22/2026 (1)(2) | | | 2,600 | | | | 2,494 | |
5.46% (5 Year CMT Index + 4.75%), 06/30/2035 (1)(2) | | | 1,930 | | | | 1,808 | |
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | | | | | | | | |
10.50%, 02/15/2028 (1) | | | 1,671 | | | | 1,636 | |
VICI Properties LP | | | | | | | | |
4.95%, 02/15/2030 | | | 9,443 | | | | 9,110 | |
5.13%, 05/15/2032 | | | 10,364 | | | | 9,874 | |
5.63%, 05/15/2052 | | | 4,944 | | | | 4,451 | |
VICI Properties LP / VICI Note Co., Inc. | | | | | | | | |
3.50%, 02/15/2025 (1) | | | 400 | | | | 395 | |
3.75%, 02/15/2027 (1) | | | 1,410 | | | | 1,339 | |
3.88%, 02/15/2029 (1) | | | 13,583 | | | | 12,555 | |
4.13%, 08/15/2030 (1) | | | 7,314 | | | | 6,652 | |
4.25%, 12/01/2026 (1) | | | 10,255 | | | | 9,890 | |
4.50%, 09/01/2026 (1) | | | 5,000 | | | | 4,859 | |
4.50%, 01/15/2028 (1) | | | 9,373 | | | | 9,018 | |
4.63%, 06/15/2025 (1) | | | 1,050 | | | | 1,036 | |
4.63%, 12/01/2029 (1) | | | 9,892 | | | | 9,362 | |
5.75%, 02/01/2027 (1) | | | 4,996 | | | | 4,996 | |
Voyager Aviation Holdings LLC | | | | | | | | |
8.50%, 05/09/2026 (1)(8)(9) | | | 36 | | | | 6 | |
Wells Fargo & Co. | | | | | | | | |
2.16% (3 Month Term SOFR + 1.01%), 02/11/2026 (2) | | | 5,275 | | | | 5,160 | |
2.39% (SOFR + 2.10%), 06/02/2028 (2) | | | 12,269 | | | | 11,300 | |
2.57% (3 Month Term SOFR + 1.26%), 02/11/2031 (2) | | | 10,203 | | | | 8,830 | |
2.88% (3 Month Term SOFR + 1.43%), 10/30/2030 (2) | | | 16,770 | | | | 14,876 | |
3.35% (SOFR + 1.50%), 03/02/2033 (2) | | | 21,102 | | | | 18,300 | |
3.53% (SOFR + 1.51%), 03/24/2028 (2) | | | 15,925 | | | | 15,190 | |
4.48% (3 Month Term SOFR + 4.03%), 04/04/2031 (2) | | | 1,800 | | | | 1,723 | |
4.61% (SOFR + 2.13%), 04/25/2053 (2) | | | 1,342 | | | | 1,147 | |
4.90% (SOFR + 2.10%), 07/25/2033 (2) | | | 4,570 | | | | 4,396 | |
5.01% (3 Month Term SOFR + 4.50%), 04/04/2051 (2) | | | 1,533 | | | | 1,396 | |
5.20% (SOFR + 1.50%), 01/23/2030 (2) | | | 2,523 | | | | 2,512 | |
5.39% (SOFR + 2.02%), 04/24/2034 (2) | | | 5,840 | | | | 5,773 | |
5.50% (SOFR + 1.78%), 01/23/2035 (2) | | | 12,216 | | | | 12,173 | |
5.56% (SOFR + 1.99%), 07/25/2034 (2) | | | 3,929 | | | | 3,926 | |
5.57% (SOFR + 1.74%), 07/25/2029 (2) | | | 5,520 | | | | 5,570 | |
6.30% (SOFR + 1.79%), 10/23/2029 (2) | | | 900 | | | | 934 | |
6.43% (SOFR + 1.07%), 04/22/2028 (2) | | | 24,100 | | | | 24,218 | |
6.49% (SOFR + 2.06%), 10/23/2034 (2) | | | 14,984 | | | | 15,974 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Financials – 10.44% – (continued) | | | | | | | | |
Welltower OP LLC | | | | | | | | |
4.00%, 06/01/2025 | | $ | 4,690 | | | $ | 4,614 | |
Weyerhaeuser Co. | | | | | | | | |
4.00%, 04/15/2030 | | | 9,630 | | | | 8,988 | |
Willis North America, Inc. | | | | | | | | |
5.35%, 05/15/2033 | | | 7,720 | | | | 7,570 | |
| | | | | | | | |
Total Financials | | | | 3,587,796 | |
| | | | | | | | |
| Industrials – 1.78% | | | | | | | | |
Aeropuerto Internacional de Tocumen SA | | | | | | | | |
5.13%, 08/11/2061 (1) | | | 200 | | | | 147 | |
Aeropuertos Dominicanos Siglo XXI SA | | | | | | | | |
6.75%, 03/30/2029 (1) | | | 400 | | | | 410 | |
Amcor Finance USA, Inc. | | | | | | | | |
3.63%, 04/28/2026 | | | 12,260 | | | | 11,834 | |
5.63%, 05/26/2033 | | | 640 | | | | 647 | |
Amphenol Corp. | | | | | | | | |
2.20%, 09/15/2031 | | | 2,410 | | | | 1,979 | |
5.25%, 04/05/2034 | | | 4,155 | | | | 4,142 | |
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. | | | | | | | | |
4.13%, 08/15/2026 (1) | | | 1,475 | | | | 1,280 | |
5.25%, 08/15/2027 (1) | | | 445 | | | | 276 | |
5.25%, 08/15/2027 (1) | | | 9,556 | | | | 5,928 | |
Artera Services LLC | | | | | | | | |
8.50%, 02/15/2031 (1) | | | 336 | | | | 346 | |
BAE Systems Plc | | | | | | | | |
3.40%, 04/15/2030 (1) | | | 12,707 | | | | 11,508 | |
5.25%, 03/26/2031 (1) | | | 3,673 | | | | 3,663 | |
5.30%, 03/26/2034 (1) | | | 23,350 | | | | 23,135 | |
Berry Global, Inc. | | | | | | | | |
1.57%, 01/15/2026 | | | 1,353 | | | | 1,271 | |
1.65%, 01/15/2027 | | | 2,340 | | | | 2,131 | |
4.88%, 07/15/2026 (1) | | | 8,658 | | | | 8,501 | |
5.50%, 04/15/2028 | | | 1,012 | | | | 1,010 | |
Boeing Co. | | | | | | | | |
3.63%, 02/01/2031 | | | 18,979 | | | | 16,611 | |
4.88%, 05/01/2025 | | | 3,005 | | | | 2,973 | |
5.15%, 05/01/2030 | | | 22,725 | | | | 21,822 | |
5.71%, 05/01/2040 | | | 15,269 | | | | 14,077 | |
5.81%, 05/01/2050 | | | 46,155 | | | | 41,596 | |
5.93%, 05/01/2060 | | | 4,279 | | | | 3,826 | |
6.39%, 05/01/2031 (1) | | | 3,830 | | | | 3,899 | |
6.53%, 05/01/2034 (1) | | | 5,650 | | | | 5,785 | |
6.86%, 05/01/2054 (1) | | | 17,555 | | | | 18,014 | |
7.01%, 05/01/2064 (1) | | | 9,279 | | | | 9,500 | |
Burlington Northern Santa Fe LLC | | | | | | | | |
3.05%, 02/15/2051 | | | 1,732 | | | | 1,145 | |
3.30%, 09/15/2051 | | | 2,876 | | | | 2,001 | |
4.05%, 06/15/2048 | | | 1,359 | | | | 1,095 | |
5.50%, 03/15/2055 | | | 2,451 | | | | 2,455 | |
Carrier Global Corp. | | | | | | | | |
5.90%, 03/15/2034 | | | 2,910 | | | | 3,037 | |
Cemex SAB de CV | | | | | | | | |
3.88%, 07/11/2031 | | | 18,720 | | | | 16,505 | |
3.88%, 07/11/2031 (1) | | | 32,070 | | | | 28,276 | |
5.13% (5 Year CMT Index + 4.53%), 09/08/2172 (1)(2) | | | 5,670 | | | | 5,449 | |
5.20%, 09/17/2030 (1) | | | 8,900 | | | | 8,596 | |
5.45%, 11/19/2029 (1) | | | 3,460 | | | | 3,400 | |
5.45%, 11/19/2029 | | | 4,010 | | | | 3,940 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Industrials – 1.78% – (continued) | | | | | | | | |
Embraer Netherlands Finance BV | | | | | | | | |
7.00%, 07/28/2030 (1) | | $ | 12,105 | | | $ | 12,632 | |
GATX Corp. | | | | | | | | |
6.05%, 06/05/2054 | | | 1,058 | | | | 1,059 | |
Huntington Ingalls Industries, Inc. | | | | | | | | |
3.48%, 12/01/2027 | | | 723 | | | | 681 | |
4.20%, 05/01/2030 | | | 2,465 | | | | 2,318 | |
IHS Holding Ltd. | | | | | | | | |
6.25%, 11/29/2028 (1) | | | 734 | | | | 656 | |
Ingersoll Rand, Inc. | | | | | | | | |
5.70%, 08/14/2033 | | | 17,070 | | | | 17,451 | |
Jabil, Inc. | | | | | | | | |
3.00%, 01/15/2031 | | | 2,470 | | | | 2,101 | |
Jacobs Engineering Group, Inc. | | | | | | | | |
6.35%, 08/18/2028 | | | 15,265 | | | | 15,746 | |
L3Harris Technologies, Inc. | | | | | | | | |
1.80%, 01/15/2031 | | | 4,130 | | | | 3,341 | |
4.40%, 06/15/2028 | | | 1,547 | | | | 1,502 | |
4.40%, 06/15/2028 | | | 3,095 | | | | 3,006 | |
5.25%, 06/01/2031 | | | 7,767 | | | | 7,741 | |
5.35%, 06/01/2034 | | | 9,049 | | | | 8,984 | |
5.40%, 07/31/2033 | | | 9,302 | | | | 9,273 | |
Lockheed Martin Corp. | | | | | | | | |
3.60%, 03/01/2035 | | | 2,278 | | | | 1,998 | |
Nordson Corp. | | | | | | | | |
5.60%, 09/15/2028 | | | 1,980 | | | | 2,004 | |
5.80%, 09/15/2033 | | | 2,660 | | | | 2,729 | |
Norfolk Southern Corp. | | | | | | | | |
3.16%, 05/15/2055 | | | 4,150 | | | | 2,631 | |
3.40%, 11/01/2049 | | | 1,722 | | | | 1,204 | |
4.05%, 08/15/2052 | | | 1,395 | | | | 1,077 | |
5.35%, 08/01/2054 | | | 689 | | | | 657 | |
Northrop Grumman Corp. | | | | | | | | |
4.03%, 10/15/2047 | | | 1,824 | | | | 1,441 | |
4.70%, 03/15/2033 | | | 699 | | | | 674 | |
4.90%, 06/01/2034 | | | 1,373 | | | | 1,335 | |
4.95%, 03/15/2053 | | | 1,421 | | | | 1,278 | |
OT Merger Corp. | | | | | | | | |
7.88%, 10/15/2029 (1) | | | 4,250 | | | | 1,913 | |
Owens Corning | | | | | | | | |
5.70%, 06/15/2034 | | | 25,565 | | | | 25,800 | |
Rolls-Royce Plc | | | | | | | | |
3.63%, 10/14/2025 (1) | | | 10,000 | | | | 9,692 | |
5.75%, 10/15/2027 | | GBP | 1,225 | | | | 1,562 | |
5.75%, 10/15/2027 (1) | | $ | 13,800 | | | | 13,863 | |
RTX Corp. | | | | | | | | |
2.38%, 03/15/2032 | | | 2,170 | | | | 1,779 | |
2.82%, 09/01/2051 | | | 4,575 | | | | 2,786 | |
3.13%, 07/01/2050 | | | 2,160 | | | | 1,418 | |
4.13%, 11/16/2028 | | | 6,924 | | | | 6,665 | |
5.15%, 02/27/2033 | | | 17,180 | | | | 17,002 | |
5.40%, 05/01/2035 | | | 2,645 | | | | 2,656 | |
6.10%, 03/15/2034 | | | 22,930 | | | | 24,136 | |
6.40%, 03/15/2054 | | | 2,477 | | | | 2,701 | |
6.70%, 08/01/2028 | | | 1,393 | | | | 1,475 | |
Sealed Air Corp./Sealed Air Corp. U.S. | | | | | | | | |
7.25%, 02/15/2031 (1) | | | 1,142 | | | | 1,176 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Industrials – 1.78% – (continued) | | | | | | | | |
Sensata Technologies BV | | | | | | | | |
5.88%, 09/01/2030 (1) | | $ | 630 | | | $ | 617 | |
Sensata Technologies, Inc. | | | | | | | | |
3.75%, 02/15/2031 (1) | | | 4,275 | | | | 3,726 | |
SMBC Aviation Capital Finance DAC | | | | | | | | |
5.45%, 05/03/2028 (1) | | | 9,005 | | | | 9,010 | |
TD SYNNEX Corp. | | | | | | | | |
6.10%, 04/12/2034 | | | 7,930 | | | | 7,952 | |
Textron, Inc. | | | | | | | | |
3.00%, 06/01/2030 | | | 23,695 | | | | 20,860 | |
3.65%, 03/15/2027 | | | 710 | | | | 680 | |
3.90%, 09/17/2029 | | | 708 | | | | 664 | |
6.10%, 11/15/2033 | | | 11,935 | | | | 12,365 | |
Trimble, Inc. | | | | | | | | |
6.10%, 03/15/2033 | | | 13,375 | | | | 13,850 | |
Union Pacific Corp. | | | | | | | | |
3.84%, 03/20/2060 | | | 3,621 | | | | 2,659 | |
3.85%, 02/14/2072 | | | 1,667 | | | | 1,186 | |
3.95%, 08/15/2059 | | | 890 | | | | 669 | |
Veralto Corp. | | | | | | | | |
5.45%, 09/18/2033 (1) | | | 21,715 | | | | 21,674 | |
Waste Management, Inc. | | | | | | | | |
4.88%, 02/15/2034 | | | 2,162 | | | | 2,119 | |
Waste Pro USA, Inc. | | | | | | | | |
5.50%, 02/15/2026 (1) | | | 2,320 | | | | 2,288 | |
WRKCo, Inc. | | | | | | | | |
3.75%, 03/15/2025 | | | 815 | | | | 804 | |
| | | | | | | | |
Total Industrials | | | | 611,476 | |
| | | | | | | | |
| Technology – 1.50% | | | | | | | | |
Amdocs Ltd. | | | | | | | | |
2.54%, 06/15/2030 | | | 7,803 | | | | 6,658 | |
Atlassian Corp. | | | | | | | | |
5.25%, 05/15/2029 | | | 12,080 | | | | 12,081 | |
5.50%, 05/15/2034 | | | 20,725 | | | | 20,534 | |
Broadcom, Inc. | | | | | | | | |
2.45%, 02/15/2031 (1) | | | 22,360 | | | | 18,829 | |
2.60%, 02/15/2033 (1) | | | 8,245 | | | | 6,682 | |
3.14%, 11/15/2035 (1) | | | 14,235 | | | | 11,399 | |
3.42%, 04/15/2033 (1) | | | 11,220 | | | | 9,673 | |
3.47%, 04/15/2034 (1) | | | 14,816 | | | | 12,631 | |
4.15%, 11/15/2030 | | | 8,850 | | | | 8,358 | |
4.15%, 04/15/2032 (1) | | | 3,865 | | | | 3,566 | |
4.30%, 11/15/2032 | | | 995 | | | | 930 | |
CDW LLC / CDW Finance Corp. | | | | | | | | |
3.25%, 02/15/2029 | | | 8,825 | | | | 7,972 | |
3.28%, 12/01/2028 | | | 8,015 | | | | 7,275 | |
3.57%, 12/01/2031 | | | 48,160 | | | | 42,062 | |
4.25%, 04/01/2028 | | | 4,540 | | | | 4,334 | |
CGI, Inc. | | | | | | | | |
2.30%, 09/14/2031 | | | 14,300 | | | | 11,385 | |
Constellation Software, Inc./Canada | | | | | | | | |
5.16%, 02/16/2029 (1) | | | 17,695 | | | | 17,689 | |
Dell International LLC / EMC Corp. | | | | | | | | |
4.90%, 10/01/2026 | | | 8,924 | | | | 8,837 | |
Entegris, Inc. | | | | | | | | |
4.75%, 04/15/2029 (1) | | | 19,155 | | | | 18,327 | |
Exela Intermediate LLC / Exela Finance, Inc. | | | | | | | | |
11.50%, 04/15/2026 (1)(7) | | | 190 | | | | 29 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Technology – 1.50% – (continued) | | | | | | | | |
Fiserv, Inc. | | | | | | | | |
5.63%, 08/21/2033 | | $ | 23,565 | | | $ | 23,763 | |
Foundry JV Holdco LLC | | | | | | | | |
5.90%, 01/25/2030 (1) | | | 1,329 | | | | 1,348 | |
6.15%, 01/25/2032 (1) | | | 7,029 | | | | 7,165 | |
Gartner, Inc. | | | | | | | | |
3.63%, 06/15/2029 (1) | | | 4,920 | | | | 4,506 | |
4.50%, 07/01/2028 (1) | | | 4,574 | | | | 4,408 | |
Hewlett Packard Enterprise Co. | | | | | | | | |
5.25%, 07/01/2028 | | | 2,250 | | | | 2,263 | |
Intel Corp. | | | | | | | | |
5.05%, 08/05/2062 | | | 811 | | | | 716 | |
KLA Corp. | | | | | | | | |
3.30%, 03/01/2050 | | | 949 | | | | 668 | |
4.95%, 07/15/2052 | | | 706 | | | | 656 | |
5.00%, 03/15/2049 | | | 2,125 | | | | 1,988 | |
Leidos, Inc. | | | | | | | | |
2.30%, 02/15/2031 | | | 4,000 | | | | 3,296 | |
4.38%, 05/15/2030 | | | 1,685 | | | | 1,593 | |
5.75%, 03/15/2033 | | | 19,240 | | | | 19,407 | |
Marvell Technology, Inc. | | | | | | | | |
2.45%, 04/15/2028 | | | 5,625 | | | | 5,077 | |
2.95%, 04/15/2031 | | | 4,805 | | | | 4,145 | |
5.95%, 09/15/2033 | | | 1,325 | | | | 1,369 | |
Microchip Technology, Inc. | | | | | | | | |
5.05%, 03/15/2029 | | | 16,160 | | | | 16,031 | |
Micron Technology, Inc. | | | | | | | | |
4.66%, 02/15/2030 | | | 15,005 | | | | 14,543 | |
5.30%, 01/15/2031 | | | 2,280 | | | | 2,275 | |
5.33%, 02/06/2029 | | | 6,490 | | | | 6,521 | |
5.88%, 02/09/2033 | | | 10,870 | | | | 11,104 | |
5.88%, 09/15/2033 | | | 33,485 | | | | 34,265 | |
6.75%, 11/01/2029 | | | 3,435 | | | | 3,654 | |
MSCI, Inc. | | | | | | | | |
4.00%, 11/15/2029 (1) | | | 6,858 | | | | 6,408 | |
NXP BV / NXP USA, Inc. | | | | | | | | |
2.50%, 05/11/2031 | | | 2,270 | | | | 1,902 | |
2.65%, 02/15/2032 | | | 884 | | | | 735 | |
Open Text Corp. | | | | | | | | |
6.90%, 12/01/2027 (1) | | | 13,365 | | | | 13,871 | |
Oracle Corp. | | | | | | | | |
2.80%, 04/01/2027 | | | 2,410 | | | | 2,263 | |
2.88%, 03/25/2031 | | | 1,430 | | | | 1,235 | |
2.95%, 04/01/2030 | | | 5,353 | | | | 4,761 | |
3.60%, 04/01/2050 | | | 17,547 | | | | 12,281 | |
3.65%, 03/25/2041 | | | 871 | | | | 666 | |
3.85%, 04/01/2060 | | | 2,536 | | | | 1,743 | |
3.95%, 03/25/2051 | | | 9,153 | | | | 6,768 | |
4.00%, 07/15/2046 | | | 9,253 | | | | 7,056 | |
4.00%, 11/15/2047 | | | 4,860 | | | | 3,679 | |
4.13%, 05/15/2045 | | | 838 | | | | 656 | |
4.50%, 07/08/2044 | | | 4,685 | | | | 3,903 | |
5.38%, 07/15/2040 | | | 874 | | | | 831 | |
6.15%, 11/09/2029 | | | 8,005 | | | | 8,372 | |
6.50%, 04/15/2038 | | | 6,215 | | | | 6,659 | |
6.90%, 11/09/2052 | | | 1,530 | | | | 1,713 | |
SK Hynix, Inc. | | | | | | | | |
6.38%, 01/17/2028 (1) | | | 2,810 | | | | 2,891 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Technology – 1.50% – (continued) | | | | | | | | |
Take-Two Interactive Software, Inc. | | | | | | | | |
4.00%, 04/14/2032 | | $ | 1,448 | | | $ | 1,317 | |
Texas Instruments, Inc. | | | | | | | | |
4.10%, 08/16/2052 | | | 1,583 | | | | 1,294 | |
5.15%, 02/08/2054 | | | 690 | | | | 660 | |
VMware LLC | | | | | | | | |
2.20%, 08/15/2031 | | | 12,716 | | | | 10,332 | |
Western Digital Corp. | | | | | | | | |
2.85%, 02/01/2029 | | | 4,080 | | | | 3,541 | |
4.75%, 02/15/2026 | | | 8,800 | | | | 8,616 | |
| | | | | | | | |
Total Technology | | | | 514,165 | |
| | | | | | | | |
| Utilities – 1.90% | | | | | | | | |
AEP Texas, Inc. | | | | | | | | |
3.45%, 05/15/2051 | | | 956 | | | | 627 | |
3.80%, 10/01/2047 | | | 1,757 | | | | 1,260 | |
3.95%, 06/01/2028 | | | 4,780 | | | | 4,540 | |
4.15%, 05/01/2049 | | | 840 | | | | 628 | |
4.70%, 05/15/2032 | | | 2,916 | | | | 2,745 | |
5.40%, 06/01/2033 | | | 655 | | | | 638 | |
AEP Transmission Co. LLC | | | | | | | | |
2.75%, 08/15/2051 | | | 1,644 | | | | 985 | |
3.15%, 09/15/2049 | | | 1,098 | | | | 722 | |
3.65%, 04/01/2050 | | | 3,409 | | | | 2,452 | |
3.75%, 12/01/2047 | | | 900 | | | | 669 | |
3.80%, 06/15/2049 | | | 1,494 | | | | 1,103 | |
4.25%, 09/15/2048 | | | 809 | | | | 648 | |
4.50%, 06/15/2052 | | | 763 | | | | 633 | |
5.15%, 04/01/2034 | | | 3,810 | | | | 3,724 | |
AES Andes SA | | | | | | | | |
8.15% (5 Year CMT Index + 3.84%), 06/10/2055 (1)(2) | | | 680 | | | | 680 | |
AES Corp. | | | | | | | | |
2.45%, 01/15/2031 | | | 4,485 | | | | 3,693 | |
3.95%, 07/15/2030 (1) | | | 2,040 | | | | 1,865 | |
Alabama Power Co. | | | | | | | | |
3.75%, 03/01/2045 | | | 1,478 | | | | 1,134 | |
4.15%, 08/15/2044 | | | 1,521 | | | | 1,254 | |
4.30%, 07/15/2048 | | | 2,355 | | | | 1,930 | |
Algonquin Power & Utilities Corp. | | | | | | | | |
5.37%, 06/15/2026 (3) | | | 1,316 | | | | 1,310 | |
Alliant Energy Finance LLC | | | | | | | | |
1.40%, 03/15/2026 (1) | | | 925 | | | | 856 | |
Ameren Illinois Co. | | | | | | | | |
3.25%, 03/15/2050 | | | 1,107 | | | | 755 | |
American Transmission Systems, Inc. | | | | | | | | |
2.65%, 01/15/2032 (1) | | | 7,200 | | | | 5,989 | |
Amprion GmbH | | | | | | | | |
0.63%, 09/23/2033 | | EUR | 6,300 | | | | 5,124 | |
Arizona Public Service Co. | | | | | | | | |
3.35%, 05/15/2050 | | $ | 3,522 | | | | 2,350 | |
Baltimore Gas & Electric Co. | | | | | | | | |
2.90%, 06/15/2050 | | | 1,080 | | | | 678 | |
3.75%, 08/15/2047 | | | 1,765 | | | | 1,322 | |
4.55%, 06/01/2052 | | | 3,324 | | | | 2,770 | |
5.40%, 06/01/2053 | | | 4,225 | | | | 4,030 | |
Black Hills Corp. | | | | | | | | |
4.35%, 05/01/2033 | | | 6,250 | | | | 5,622 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Utilities – 1.90% – (continued) | | | | | | | | |
CenterPoint Energy Houston Electric LLC | | | | | | | | |
2.90%, 07/01/2050 | | $ | 1,010 | | | $ | 647 | |
3.60%, 03/01/2052 | | | 1,205 | | | | 872 | |
5.15%, 03/01/2034 | | | 6,240 | | | | 6,191 | |
CenterPoint Energy Resources Corp. | | | | | | | | |
5.40%, 07/01/2034 | | | 835 | | | | 827 | |
Cleco Power LLC | | | | | | | | |
6.00%, 12/01/2040 | | | 1,000 | | | | 990 | |
Consolidated Edison Co. of New York, Inc. | | | | | | | | |
4.45%, 03/15/2044 | | | 780 | | | | 664 | |
Consumers Energy Co. | | | | | | | | |
3.10%, 08/15/2050 | | | 953 | | | | 656 | |
3.25%, 08/15/2046 | | | 907 | | | | 658 | |
3.75%, 02/15/2050 | | | 2,914 | | | | 2,218 | |
3.95%, 07/15/2047 | | | 1,001 | | | | 808 | |
4.63%, 05/15/2033 | | | 3,220 | | | | 3,083 | |
Dominion Energy South Carolina, Inc. | | | | | | | | |
6.25%, 10/15/2053 | | | 915 | | | | 985 | |
DTE Electric Co. | | | | | | | | |
3.25%, 04/01/2051 | | | 1,541 | | | | 1,040 | |
Duke Energy Carolinas LLC | | | | | | | | |
2.55%, 04/15/2031 | | | 3,610 | | | | 3,075 | |
2.85%, 03/15/2032 | | | 783 | | | | 671 | |
3.20%, 08/15/2049 | | | 1,080 | | | | 724 | |
3.45%, 04/15/2051 | | | 3,353 | | | | 2,340 | |
3.70%, 12/01/2047 | | | 4,035 | | | | 2,964 | |
3.88%, 03/15/2046 | | | 3,607 | | | | 2,768 | |
3.95%, 03/15/2048 | | | 1,542 | | | | 1,186 | |
4.25%, 12/15/2041 | | | 1,650 | | | | 1,379 | |
Duke Energy Corp. | | | | | | | | |
5.45%, 06/15/2034 | | | 11,130 | | | | 11,001 | |
Duke Energy Florida LLC | | | | | | | | |
1.75%, 06/15/2030 | | | 2,724 | | | | 2,260 | |
3.00%, 12/15/2051 | | | 2,007 | | | | 1,261 | |
5.88%, 11/15/2033 | | | 2,340 | | | | 2,433 | |
5.95%, 11/15/2052 | | | 4,127 | | | | 4,199 | |
Duke Energy Ohio, Inc. | | | | | | | | |
5.55%, 03/15/2054 | | | 686 | | | | 661 | |
Duke Energy Progress LLC | | | | | | | | |
2.50%, 08/15/2050 | | | 1,900 | | | | 1,094 | |
3.45%, 03/15/2029 | | | 830 | | | | 774 | |
4.00%, 04/01/2052 | | | 1,684 | | | | 1,279 | |
4.10%, 03/15/2043 | | | 900 | | | | 728 | |
4.20%, 08/15/2045 | | | 1,000 | | | | 807 | |
5.10%, 03/15/2034 | | | 6,105 | | | | 6,055 | |
5.35%, 03/15/2053 | | | 4,597 | | | | 4,311 | |
East Ohio Gas Co. | | | | | | | | |
2.00%, 06/15/2030 (1) | | | 12,595 | | | | 10,436 | |
Edison International | | | | | | | | |
4.13%, 03/15/2028 | | | 1,484 | | | | 1,417 | |
5.75%, 06/15/2027 | | | 2,785 | | | | 2,809 | |
6.95%, 11/15/2029 | | | 5,006 | | | | 5,322 | |
Enel Finance International NV | | | | | | | | |
2.25%, 07/12/2031 (1) | | | 496 | | | | 405 | |
Entergy Louisiana LLC | | | | | | | | |
5.70%, 03/15/2054 | | | 3,430 | | | | 3,374 | |
Evergy Metro, Inc. | | | | | | | | |
4.95%, 04/15/2033 | | | 5,000 | | | | 4,844 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Utilities – 1.90% – (continued) | | | | | | | | |
Evergy Missouri West, Inc. | | | | | | | | |
5.65%, 06/01/2034 (1) | | $ | 8,445 | | | $ | 8,492 | |
Eversource Energy | | | | | | | | |
4.60%, 07/01/2027 | | | 9,315 | | | | 9,122 | |
5.45%, 03/01/2028 | | | 2,168 | | | | 2,174 | |
5.95%, 02/01/2029 | | | 9,984 | | | | 10,203 | |
5.95%, 07/15/2034 | | | 6,000 | | | | 6,052 | |
FirstEnergy Corp. | | | | | | | | |
3.40%, 03/01/2050 | | | 2,515 | | | | 1,682 | |
4.15%, 07/15/2027 | | | 11,111 | | | | 10,662 | |
FirstEnergy Pennsylvania Electric Co. | | | | | | | | |
4.00%, 04/15/2025 (1) | | | 4,000 | | | | 3,936 | |
4.30%, 01/15/2029 (1) | | | 5,000 | | | | 4,811 | |
FirstEnergy Transmission LLC | | | | | | | | |
2.87%, 09/15/2028 (1) | | | 16,876 | | | | 15,411 | |
4.35%, 01/15/2025 (1) | | | 2,000 | | | | 1,981 | |
4.55%, 04/01/2049 (1) | | | 5,566 | | | | 4,600 | |
Florida Power & Light Co. | | | | | | | | |
2.88%, 12/04/2051 | | | 2,432 | | | | 1,545 | |
3.15%, 10/01/2049 | | | 1,466 | | | | 997 | |
3.95%, 03/01/2048 | | | 1,538 | | | | 1,208 | |
3.99%, 03/01/2049 | | | 5,547 | | | | 4,390 | |
5.60%, 06/15/2054 | | | 659 | | | | 666 | |
Generacion Mediterranea SA / Central Termica Roca SA | | | | | | | | |
9.88%, 12/01/2027 (1) | | | 104 | | | | 92 | |
Georgia Power Co. | | | | | | | | |
4.95%, 05/17/2033 | | | 2,006 | | | | 1,956 | |
IPALCO Enterprises, Inc. | | | | | | | | |
4.25%, 05/01/2030 | | | 1,245 | | | | 1,156 | |
ITC Holdings Corp. | | | | | | | | |
3.25%, 06/30/2026 | | | 2,000 | | | | 1,915 | |
Jersey Central Power & Light Co. | | | | | | | | |
2.75%, 03/01/2032 (1) | | | 2,000 | | | | 1,653 | |
4.30%, 01/15/2026 (1) | | | 2,000 | | | | 1,964 | |
KeySpan Gas East Corp. | | | | | | | | |
2.74%, 08/15/2026 (1) | | | 4,500 | | | | 4,243 | |
5.99%, 03/06/2033 (1) | | | 12,840 | | | | 12,927 | |
MidAmerican Energy Co. | | | | | | | | |
3.15%, 04/15/2050 | | | 980 | | | | 654 | |
5.30%, 02/01/2055 | | | 3,114 | | | | 2,964 | |
5.85%, 09/15/2054 | | | 4,106 | | | | 4,205 | |
Mong Duong Finance Holdings BV | | | | | | | | |
5.13%, 05/07/2029 | | | 253 | | | | 240 | |
MVM Energetika Zrt | | | | | | | | |
6.50%, 03/13/2031 | | | 1,200 | | | | 1,203 | |
NextEra Energy Capital Holdings, Inc. | | | | | | | | |
2.25%, 06/01/2030 | | | 4,105 | | | | 3,500 | |
NiSource, Inc. | | | | | | | | |
5.25%, 03/30/2028 | | | 1,138 | | | | 1,137 | |
5.40%, 06/30/2033 | | | 1,341 | | | | 1,327 | |
Northern States Power Co. | | | | | | | | |
3.60%, 05/15/2046 | | | 998 | | | | 738 | |
3.60%, 09/15/2047 | | | 1,800 | | | | 1,312 | |
4.00%, 08/15/2045 | | | 1,000 | | | | 790 | |
5.40%, 03/15/2054 | | | 683 | | | | 658 | |
NPC Ukrenergo | | | | | | | | |
6.88%, 11/09/2028 | | | 400 | | | | 147 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Utilities – 1.90% – (continued) | | | | | | | | |
NRG Energy, Inc. | | | | | | | | |
4.45%, 06/15/2029 (1) | | $ | 5,885 | | | $ | 5,557 | |
Ohio Power Co. | | | | | | | | |
1.63%, 01/15/2031 | | | 6,080 | | | | 4,854 | |
2.60%, 04/01/2030 | | | 1,551 | | | | 1,351 | |
2.90%, 10/01/2051 | | | 5,678 | | | | 3,470 | |
4.00%, 06/01/2049 | | | 838 | | | | 635 | |
4.15%, 04/01/2048 | | | 864 | | | | 666 | |
ONE Gas, Inc. | | | | | | | | |
5.10%, 04/01/2029 | | | 684 | | | | 686 | |
Pacific Gas & Electric Co. | | | | | | | | |
2.10%, 08/01/2027 | | | 17,003 | | | | 15,341 | |
2.50%, 02/01/2031 | | | 15,565 | | | | 12,831 | |
2.95%, 03/01/2026 | | | 4,765 | | | | 4,561 | |
3.00%, 06/15/2028 | | | 8,769 | | | | 8,018 | |
3.15%, 01/01/2026 | | | 6,569 | | | | 6,327 | |
3.25%, 06/01/2031 | | | 11,300 | | | | 9,716 | |
3.30%, 03/15/2027 | | | 2,052 | | | | 1,943 | |
3.30%, 12/01/2027 | | | 3,700 | | | | 3,449 | |
3.40%, 08/15/2024 | | | 2,476 | | | | 2,468 | |
3.45%, 07/01/2025 | | | 7,760 | | | | 7,570 | |
3.50%, 06/15/2025 | | | 10,754 | | | | 10,520 | |
3.50%, 08/01/2050 | | | 8,172 | | | | 5,333 | |
3.75%, 07/01/2028 | | | 18,444 | | | | 17,317 | |
3.75%, 08/15/2042 | | | 1,320 | | | | 949 | |
4.00%, 12/01/2046 | | | 13,182 | | | | 9,468 | |
4.20%, 03/01/2029 | | | 4,334 | | | | 4,100 | |
4.30%, 03/15/2045 | | | 3,980 | | | | 3,059 | |
4.40%, 03/01/2032 | | | 11,850 | | | | 10,837 | |
4.45%, 04/15/2042 | | | 6,367 | | | | 5,048 | |
4.50%, 12/15/2041 | | | 3,053 | | | | 2,479 | |
4.55%, 07/01/2030 | | | 40,402 | | | | 38,286 | |
4.60%, 06/15/2043 | | | 1,119 | | | | 909 | |
4.65%, 08/01/2028 | | | 100 | | | | 97 | |
4.75%, 02/15/2044 | | | 4,134 | | | | 3,378 | |
5.25%, 03/01/2052 | | | 3,082 | | | | 2,642 | |
5.45%, 06/15/2027 | | | 3,084 | | | | 3,086 | |
5.90%, 06/15/2032 | | | 7,090 | | | | 7,095 | |
6.70%, 04/01/2053 | | | 1,380 | | | | 1,436 | |
6.75%, 01/15/2053 | | | 1,275 | | | | 1,323 | |
PacifiCorp | | | | | | | | |
5.80%, 01/15/2055 | | | 2,800 | | | | 2,711 | |
PECO Energy Co. | | | | | | | | |
2.80%, 06/15/2050 | | | 1,289 | | | | 806 | |
2.85%, 09/15/2051 | | | 2,757 | | | | 1,704 | |
3.00%, 09/15/2049 | | | 822 | | | | 541 | |
3.05%, 03/15/2051 | | | 1,044 | | | | 678 | |
3.90%, 03/01/2048 | | | 3,612 | | | | 2,808 | |
Piedmont Natural Gas Co., Inc. | | | | | | | | |
2.50%, 03/15/2031 | | | 12,873 | | | | 10,807 | |
5.05%, 05/15/2052 | | | 4,100 | | | | 3,581 | |
Pinnacle West Capital Corp. | | | | | | | | |
6.19% (SOFR + 0.82%), 06/10/2026 (2) | | | 19,700 | | | | 19,697 | |
Promigas SA ESP | | | | | | | | |
3.75%, 10/16/2029 (1) | | | 305 | | | | 277 | |
Public Service Co. of Colorado | | | | | | | | |
5.25%, 04/01/2053 | | | 8,000 | | | | 7,310 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Utilities – 1.90% – (continued) | | | | | | | | |
Public Service Co. of New Hampshire | | | | | | | | |
5.15%, 01/15/2053 | | $ | 695 | | | $ | 650 | |
Public Service Co. of New Mexico | | | | | | | | |
3.85%, 08/01/2025 | | | 7,000 | | | | 6,864 | |
Public Service Electric & Gas Co. | | | | | | | | |
3.15%, 01/01/2050 | | | 1,066 | | | | 730 | |
3.60%, 12/01/2047 | | | 1,035 | | | | 770 | |
San Diego Gas & Electric Co. | | | | | | | | |
3.32%, 04/15/2050 | | | 1,686 | | | | 1,147 | |
Southern California Edison Co. | | | | | | | | |
2.25%, 06/01/2030 | | | 3,745 | | | | 3,176 | |
2.50%, 06/01/2031 | | | 1,876 | | | | 1,574 | |
2.85%, 08/01/2029 | | | 811 | | | | 728 | |
5.30%, 03/01/2028 | | | 559 | | | | 560 | |
5.35%, 07/15/2035 | | | 1,133 | | | | 1,119 | |
5.45%, 06/01/2031 | | | 680 | | | | 685 | |
5.65%, 10/01/2028 | | | 5,361 | | | | 5,451 | |
5.95%, 11/01/2032 | | | 2,783 | | | | 2,876 | |
Southern Co. | | | | | | | | |
5.70%, 03/15/2034 | | | 12,875 | | | | 13,090 | |
Southern Co. Gas Capital Corp. | | | | | | | | |
4.40%, 05/30/2047 | | | 1,915 | | | | 1,554 | |
5.75%, 09/15/2033 | | | 3,460 | | | | 3,546 | |
5.88%, 03/15/2041 | | | 7,873 | | | | 7,879 | |
Southwestern Electric Power Co. | | | | | | | | |
4.10%, 09/15/2028 | | | 10,000 | | | | 9,540 | |
5.30%, 04/01/2033 | | | 9,900 | | | | 9,592 | |
Suez SACA | | | | | | | | |
2.88%, 05/24/2034 | | EUR | 3,000 | | | | 2,891 | |
Tucson Electric Power Co. | | | | | | | | |
3.05%, 03/15/2025 | | $ | 3,000 | | | | 2,947 | |
Virginia Electric & Power Co. | | | | | | | | |
2.95%, 11/15/2051 | | | 1,061 | | | | 663 | |
4.00%, 01/15/2043 | | | 1,769 | | | | 1,423 | |
4.45%, 02/15/2044 | | | 959 | | | | 810 | |
Vistra Operations Co. LLC | | | | | | | | |
6.00%, 04/15/2034 (1) | | | 2,691 | | | | 2,697 | |
6.95%, 10/15/2033 (1) | | | 1,814 | | | | 1,941 | |
Wisconsin Power & Light Co. | | | | | | | | |
5.38%, 03/30/2034 | | | 4,610 | | | | 4,580 | |
| | | | | | | | |
Total Utilities | | | | 652,873 | |
| | | | | | | | |
Total Corporate Bonds
(Cost: $9,450,829) | | | | | | | 8,991,444 | |
| | | | | | | | |
Convertible Securities – 0.23% | | | | | | | | |
| Communications – 0.09% | | | | | | | | |
DISH Network Corp. | | | | | | | | |
0.00%, 12/15/2025 | | | 2,700 | | | | 1,985 | |
3.38%, 08/15/2026 | | | 25,080 | | | | 15,553 | |
Etsy, Inc. | | | | | | | | |
0.13%, 09/01/2027 | | | 4,520 | | | | 3,775 | |
0.25%, 06/15/2028 | | | 10,635 | | | | 8,364 | |
| | | | | | | | |
Total Communications | | | | 29,677 | |
| | | | | | | | |
| Consumer, Cyclical – 0.04% | | | | | | | | |
Carnival Corp. | | | | | | | | |
5.75%, 12/01/2027 | | | 2,380 | | | | 3,882 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Consumer, Cyclical – 0.04% – (continued) | | | | | | | | |
Southwest Airlines Co. | | | | | | | | |
1.25%, 05/01/2025 | | $ | 9,225 | | | $ | 9,234 | |
| | | | | | | | |
Total Consumer, Cyclical | | | | 13,116 | |
| | | | | | | | |
| Consumer, Non-cyclical – 0.06% | | | | | | | | |
BioMarin Pharmaceutical, Inc. | | | | | | | | |
1.25%, 05/15/2027 | | | 13,210 | | | | 12,612 | |
Teladoc Health, Inc. | | | | | | | | |
1.25%, 06/01/2027 | | | 11,335 | | | | 9,393 | |
| | | | | | | | |
Total Consumer, Non-cyclical | | | | 22,005 | |
| | | | | | | | |
| Financials – 0.00% (10) | | | | | | | | |
Sunac China Holdings Ltd. | | | | | | | | |
1.00%, 09/30/2032(1)(7) | | | 77 | | | | 5 | |
| | | | | | | | |
Total Financials | | | | 5 | |
| | | | | | | | |
| Utilities – 0.04% | | | | | | | | |
PPL Capital Funding, Inc. | | | | | | | | |
2.88%, 03/15/2028 | | | 14,505 | | | | 13,874 | |
| | | | | | | | |
Total Utilities | | | | 13,874 | |
| | | | | | | | |
Total Convertible Securities
(Cost: $90,579) | | | | | | | 78,677 | |
| | | | | | | | |
Government Related – 26.67% | | | | | | | | |
| Other Government Related – 3.81% | | | | | | | | |
American Municipal Power, Inc. | | | | | | | | |
8.08%, 02/15/2050 | | | 1,070 | | | | 1,395 | |
Angolan Government International Bond | | | | | | | | |
8.75%, 04/14/2032 (1) | | | 365 | | | | 323 | |
Argentine Republic Government International Bond | | | | | | | | |
0.75%, 07/09/2030 (3) | | | 19,784 | | | | 11,138 | |
1.00%, 07/09/2029 | | | 1,493 | | | | 855 | |
3.50%, 07/09/2041 (3) | | | 19,428 | | | | 7,555 | |
3.63%, 07/09/2035 (3) | | | 5,149 | | | | 2,156 | |
3.63%, 07/09/2046 (3) | | | 115 | | | | 50 | |
4.25%, 01/09/2038 (3) | | | 676 | | | | 309 | |
Bay Area Toll Authority | | | | | | | | |
7.04%, 04/01/2050 | | | 2,790 | | | | 3,298 | |
Benin Government International Bond | | | | | | | | |
6.88%, 01/19/2052 (18) | | EUR | 100 | | | | 84 | |
7.96%, 02/13/2038 (1) | | $ | 200 | | | | 186 | |
Brazil Letras do Tesouro Nacional | | | | | | | | |
0.00%, 10/01/2024 | | BRL | 8,390 | | | | 1,462 | |
0.00%, 01/01/2025 | | | 543,000 | | | | 92,254 | |
Brazil Notas do Tesouro Nacional Serie F | | | | | | | | |
10.00%, 01/01/2029 | | | 278,495 | | | | 46,334 | |
10.00%, 01/01/2033 | | | 34,900 | | | | 5,537 | |
10.00%, 01/01/2035 | | | 269,800 | | | | 42,266 | |
Brazilian Government International Bond | | | | | | | | |
6.00%, 10/20/2033 | | $ | 600 | | | | 577 | |
6.13%, 01/22/2032 | | | 1,000 | | | | 986 | |
6.13%, 03/15/2034 | | | 21,370 | | | | 20,538 | |
California State University | | | | | | | | |
2.37%, 11/01/2035 | | | 3,130 | | | | 2,410 | |
Chile Government International Bond | | | | | | | | |
3.50%, 01/31/2034 | | | 15,920 | | | | 13,792 | |
3.50%, 01/25/2050 | | | 11,495 | | | | 8,252 | |
4.34%, 03/07/2042 | | | 200 | | | | 172 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Other Government Related – 3.81% – (continued) | | | | | | | | |
City of New York NY | | | | | | | | |
2.05%, 03/01/2032 | | $ | 2,480 | | | $ | 2,025 | |
3.55%, 12/01/2028 | | | 3,645 | | | | 3,462 | |
City of San Antonio TX Electric & Gas Systems Revenue | | | | | | | | |
5.81%, 02/01/2041 | | | 1,315 | | | | 1,342 | |
Colombia Government International Bond | | | | | | | | |
3.00%, 01/30/2030 | | | 1,000 | | | | 817 | |
3.13%, 04/15/2031 | | | 2,234 | | | | 1,758 | |
4.13%, 05/15/2051 | | | 345 | | | | 206 | |
4.50%, 01/28/2026 | | | 200 | | | | 196 | |
7.50%, 02/02/2034 | | | 10,010 | | | | 10,013 | |
8.00%, 04/20/2033 | | | 1,200 | | | | 1,243 | |
8.00%, 11/14/2035 | | | 22,865 | | | | 23,507 | |
Colombian TES | | | | | | | | |
5.75%, 11/03/2027 | | COP | 4,570,700 | | | | 974 | |
6.00%, 04/28/2028 | | | 6,700,300 | | | | 1,412 | |
Corp. Financiera de Desarrollo SA | | | | | | | | |
4.75%, 07/15/2025 (18) | | $ | 200 | | | | 197 | |
Costa Rica Government International Bond | | | | | | | | |
6.55%, 04/03/2034 (18) | | | 2,600 | | | | 2,674 | |
County of Miami-Dade FL Aviation Revenue | | | | | | | | |
2.61%, 10/01/2032 | | | 900 | | | | 749 | |
2.71%, 10/01/2033 | | | 1,290 | | | | 1,057 | |
Czech Republic Government Bond | | | | | | | | |
2.75%, 07/23/2029 | | CZK | 38,570 | | | | 1,554 | |
5.00%, 09/30/2030 | | | 14,990 | | | | 673 | |
Dominican Republic International Bond | | | | | | | | |
4.50%, 01/30/2030 (1) | | $ | 3,982 | | | | 3,614 | |
4.88%, 09/23/2032 (1) | | | 157 | | | | 140 | |
4.88%, 09/23/2032 | | | 15,475 | | | | 13,844 | |
5.30%, 01/21/2041 (18) | | | 150 | | | | 127 | |
5.95%, 01/25/2027 (18) | | | 103 | | | | 102 | |
6.60%, 06/01/2036 (1) | | | 8,180 | | | | 8,137 | |
10.75%, 06/01/2036 (1) | | DOP | 49,450 | | | | 844 | |
Egypt Government International Bond | | | | | | | | |
3.88%, 02/16/2026 (18) | | $ | 489 | | | | 452 | |
4.75%, 04/16/2026 (18) | | EUR | 923 | | | | 931 | |
7.50%, 02/16/2061 (18) | | $ | 233 | | | | 156 | |
7.63%, 05/29/2032 (18) | | | 300 | | | | 245 | |
7.90%, 02/21/2048 (18) | | | 623 | | | | 437 | |
European Union | | | | | | | | |
2.50%, 10/04/2052 (18) | | EUR | 4,710 | | | | 4,146 | |
3.00%, 03/04/2053 (18) | | | 35,235 | | | | 34,295 | |
Finance Department Government of Sharjah | | | | | | | | |
6.50%, 11/23/2032 (1) | | $ | 621 | | | | 643 | |
Florida Development Finance Corp. | | | | | | | | |
12.00%, 07/15/2032 (1) | | | 2,565 | | | | 2,729 | |
French Republic Government Bond OAT | | | | | | | | |
3.00%, 05/25/2054 (1)(18) | | EUR | 14,801 | | | | 13,798 | |
Gabon Government International Bond | | | | | | | | |
7.00%, 11/24/2031 (18) | | $ | 293 | | | | 220 | |
Golden State Tobacco Securitization Corp. | | | | | | | | |
3.00%, 06/01/2046 | | | 425 | | | | 388 | |
3.49%, 06/01/2036 | | | 1,600 | | | | 1,304 | |
3.85%, 06/01/2050 | | | 2,085 | | | | 1,955 | |
4.21%, 06/01/2050 | | | 7,900 | | | | 5,898 | |
Guatemala Government Bond | | | | | | | | |
3.70%, 10/07/2033 | | | 2,000 | | | | 1,631 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Other Government Related – 3.81% – (continued) | | | | | | | | |
4.88%, 02/13/2028 (18) | | $ | 1,308 | | | $ | 1,256 | |
5.25%, 08/10/2029 (1) | | | 31 | | | | 30 | |
5.25%, 08/10/2029 | | | 1,300 | | | | 1,252 | |
6.60%, 06/13/2036 (1) | | | 200 | | | | 201 | |
6.60%, 06/13/2036 | | | 1,200 | | | | 1,207 | |
7.05%, 10/04/2032 (1) | | | 200 | | | | 210 | |
7.05%, 10/04/2032 (18) | | | 200 | | | | 210 | |
Hungary Government International Bond | | | | | | | | |
2.13%, 09/22/2031 (1) | | | 3,500 | | | | 2,769 | |
4.00%, 07/25/2029 (18) | | EUR | 1,950 | | | | 2,067 | |
5.25%, 06/16/2029 (1) | | $ | 200 | | | | 196 | |
5.38%, 09/12/2033 (18) | | EUR | 116 | | | | 129 | |
Indonesia Government International Bond | | | | | | | | |
2.85%, 02/14/2030 | | $ | 2,093 | | | | 1,855 | |
3.05%, 03/12/2051 | | | 4,490 | | | | 3,042 | |
6.75%, 01/15/2044 (18) | | | 200 | | | | 229 | |
Indonesia Treasury Bond | | | | | | | | |
6.88%, 04/15/2029 | | IDR | 532,386,000 | | | | 32,394 | |
Israel Government International Bond | | | | | | | | |
5.75%, 03/12/2054 | | $ | 53,487 | | | | 48,070 | |
Ivory Coast Government International Bond | | | | | | | | |
4.88%, 01/30/2032 (18) | | EUR | 100 | | | | 90 | |
5.25%, 03/22/2030 (18) | | | 486 | | | | 473 | |
6.38%, 03/03/2028 (18) | | $ | 200 | | | | 194 | |
7.63%, 01/30/2033 (1) | | | 230 | | | | 223 | |
8.25%, 01/30/2037 (1) | | | 293 | | | | 284 | |
Japan Government Thirty Year Bond | | | | | | | | |
1.80%, 03/20/2054 | | JPY | 2,921,350 | | | | 16,729 | |
Kingdom of Belgium Government Bond | | | | | | | | |
3.30%, 06/22/2054 (1)(18) | | EUR | 28,878 | | | | 29,105 | |
Los Angeles Community College District | | | | | | | | |
6.60%, 08/01/2042 | | $ | 955 | | | | 1,055 | |
Metropolitan Transportation Authority | | | | | | | | |
5.87%, 11/15/2039 | | | 300 | | | | 309 | |
6.67%, 11/15/2039 | | | 980 | | | | 1,063 | |
6.81%, 11/15/2040 | | | 310 | | | | 340 | |
Mexican Bonos | | | | | | | | |
7.00%, 09/03/2026 | | MXN | 33,600 | | | | 1,707 | |
7.50%, 05/26/2033 | | | 544,669 | | | | 25,613 | |
7.75%, 11/23/2034 | | | 431,100 | | | | 20,277 | |
8.50%, 03/01/2029 | | | 141,500 | | | | 7,254 | |
8.50%, 05/31/2029 | | | 300,213 | | | | 15,440 | |
Mexican Udibonos | | | | | | | | |
2.75%, 11/27/2031 (11) | | | 668,067 | | | | 30,531 | |
3.00%, 12/03/2026 (11) | | | 110,559 | | | | 5,578 | |
4.00%, 11/30/2028 (11) | | | 216,321 | | | | 11,018 | |
4.00%, 08/24/2034 (11) | | | 59,019 | | | | 2,889 | |
Mexico Cetes | | | | | | | | |
0.00%, 11/28/2024 | | | 462,500 | | | | 2,417 | |
Mexico Government International Bond | | | | | | | | |
2.66%, 05/24/2031 | | $ | 19,048 | | | | 15,628 | |
3.50%, 02/12/2034 | | | 6,759 | | | | 5,491 | |
4.50%, 01/31/2050 | | | 7,786 | | | | 5,837 | |
4.75%, 04/27/2032 | | | 2,000 | | | | 1,846 | |
6.34%, 05/04/2053 | | | 339 | | | | 320 | |
6.35%, 02/09/2035 | | | 12,186 | | | | 12,253 | |
Montenegro Government International Bond | | | | | | | | |
2.88%, 12/16/2027 (18) | | EUR | 106 | | | | 104 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Other Government Related – 3.81% – (continued) | | | | | | | | |
Morocco Government International Bond | | | | | | | | |
6.50%, 09/08/2033 (1) | | $ | 208 | | | $ | 214 | |
Municipal Electric Authority of Georgia | | | | | | | | |
6.64%, 04/01/2057 | | | 958 | | | | 1,043 | |
New Jersey Turnpike Authority | | | | | | | | |
1.86%, 01/01/2031 | | | 2,370 | | | | 1,984 | |
7.41%, 01/01/2040 | | | 1,441 | | | | 1,691 | |
New York City Municipal Water Finance Authority | | | | | | | | |
5.88%, 06/15/2044 | | | 1,200 | | | | 1,221 | |
6.01%, 06/15/2042 | | | 755 | | | | 785 | |
New York City Transitional Finance Authority Future Tax Secured Revenue | | | | | | | | |
2.69%, 05/01/2033 | | | 1,275 | | | | 1,061 | |
2.80%, 02/01/2026 | | | 1,850 | | | | 1,783 | |
3.95%, 08/01/2032 | | | 1,900 | | | | 1,766 | |
5.27%, 05/01/2027 | | | 5,820 | | | | 5,845 | |
5.51%, 08/01/2037 | | | 670 | | | | 667 | |
New York State Dormitory Authority | | | | | | | | |
5.29%, 03/15/2033 | | | 830 | | | | 827 | |
New Zealand Government Bond | | | | | | | | |
3.50%, 04/14/2033 | | NZD | 59,315 | | | | 33,160 | |
Nigeria Government International Bond | | | | | | | | |
7.14%, 02/23/2030 (18) | | $ | 833 | | | | 723 | |
North Macedonia Government International Bond | | | | | | | | |
6.96%, 03/13/2027 (18) | | EUR | 100 | | | | 111 | |
Norway Government Bond | | | | | | | | |
1.75%, 03/13/2025 (1) | | NOK | 356,815 | | | | 32,805 | |
Oman Government International Bond | | | | | | | | |
5.63%, 01/17/2028 | | $ | 3,300 | | | | 3,296 | |
6.75%, 01/17/2048 (18) | | | 200 | | | | 204 | |
Panama Government International Bond | | | | | | | | |
2.25%, 09/29/2032 | | | 2,570 | | | | 1,844 | |
3.16%, 01/23/2030 | | | 1,169 | | | | 985 | |
3.88%, 03/17/2028 | | | 4,288 | | | | 3,949 | |
4.50%, 04/01/2056 | | | 5,792 | | | | 3,741 | |
6.40%, 02/14/2035 | | | 678 | | | | 642 | |
Paraguay Government International Bond | | | | | | | | |
3.85%, 06/28/2033 | | | 2,000 | | | | 1,737 | |
4.95%, 04/28/2031 | | | 1,915 | | | | 1,831 | |
5.60%, 03/13/2048 (18) | | | 200 | | | | 179 | |
6.00%, 02/09/2036 (1) | | | 7,740 | | | | 7,770 | |
Peru Government Bond | | | | | | | | |
5.94%, 02/12/2029 | | PEN | 9,770 | | | | 2,556 | |
6.15%, 08/12/2032 | | | 5,276 | | | | 1,322 | |
6.95%, 08/12/2031 | | | 5,192 | | | | 1,384 | |
Peruvian Government International Bond | | | | | | | | |
1.86%, 12/01/2032 | | $ | 171 | | | | 129 | |
3.55%, 03/10/2051 | | | 4,019 | | | | 2,828 | |
5.94%, 02/12/2029 (18) | | PEN | 10,004 | | | | 2,617 | |
5.94%, 02/12/2029 (1) | | | 11,100 | | | | 2,904 | |
6.15%, 08/12/2032 (1) | | | 1,752 | | | | 439 | |
6.90%, 08/12/2037 (1) | | | 340 | | | | 85 | |
6.95%, 08/12/2031 | | | 593 | | | | 158 | |
6.95%, 08/12/2031 (1) | | | 4,375 | | | | 1,166 | |
7.60%, 08/12/2039 (1) | | | 3,566 | | | | 935 | |
Philippine Government International Bond | | | | | | | | |
2.65%, 12/10/2045 | | $ | 10,475 | | | | 6,869 | |
2.95%, 05/05/2045 | | | 13,435 | | | | 9,304 | |
3.00%, 02/01/2028 | | | 5,362 | | | | 4,989 | |
3.20%, 07/06/2046 | | | 4,745 | | | | 3,401 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Other Government Related – 3.81% – (continued) | | | | | | | | |
Port Authority of New York & New Jersey | | | | | | | | |
4.93%, 10/01/2051 | | $ | 825 | | | $ | 788 | |
4.96%, 08/01/2046 | | | 1,010 | | | | 968 | |
5.65%, 11/01/2040 | | | 825 | | | | 856 | |
Port of Beaumont Navigation District | | | | | | | | |
10.00%, 07/01/2026 (1) | | | 3,555 | | | | 3,561 | |
Puerto Rico Electric Power Authority | | | | | | | | |
6.05%, 07/01/2032 (8)(9) | | | 100 | | | | 47 | |
Qatar Government International Bond | | | | | | | | |
5.10%, 04/23/2048 | | | 12,055 | | | | 11,739 | |
Regents of the University of California Medical Center Pooled Revenue | | | | | | | | |
3.26%, 05/15/2060 | | | 11,150 | | | | 7,441 | |
Republic of Kenya Government International Bond | | | | | | | | |
9.75%, 02/16/2031 (1) | | | 447 | | | | 429 | |
Republic of Poland Government Bond | | | | | | | | |
2.75%, 10/25/2029 | | PLN | 6,633 | | | | 1,445 | |
4.75%, 07/25/2029 | | | 6,435 | | | | 1,548 | |
Republic of Poland Government International Bond | | | | | | | | |
4.63%, 03/18/2029 | | $ | 4,500 | | | | 4,444 | |
4.88%, 10/04/2033 | | | 30 | | | | 29 | |
5.13%, 09/18/2034 | | | 8,000 | | | | 7,869 | |
5.50%, 04/04/2053 | | | 8,220 | | | | 8,057 | |
5.50%, 03/18/2054 | | | 35,645 | | | | 34,593 | |
Republic of South Africa Government Bond | | | | | | | | |
7.00%, 02/28/2031 | | ZAR | 29,495 | | | | 1,359 | |
8.75%, 01/31/2044 | | | 21,625 | | | | 887 | |
8.75%, 02/28/2048 | | | 21,778 | | | | 886 | |
8.88%, 02/28/2035 | | | 483,825 | | | | 22,397 | |
10.50%, 12/21/2026 | | | 1,574,700 | | | | 89,796 | |
Republic of South Africa Government International Bond | | | | | | | | |
4.85%, 09/30/2029 | | $ | 6,528 | | | | 5,975 | |
5.00%, 10/12/2046 | | | 208 | | | | 146 | |
5.88%, 06/22/2030 | | | 2,404 | | | | 2,285 | |
5.88%, 04/20/2032 | | | 17,100 | | | | 15,862 | |
Republic of Uzbekistan International Bond | | | | | | | | |
3.70%, 11/25/2030 | | | 3,005 | | | | 2,468 | |
3.90%, 10/19/2031 | | | 4,869 | | | | 3,954 | |
5.38%, 05/29/2027 (1) | | EUR | 11,454 | | | | 12,221 | |
5.38%, 02/20/2029 | | $ | 285 | | | | 265 | |
6.90%, 02/28/2032 (1) | | | 14,475 | | | | 14,087 | |
Romanian Government International Bond | | | | | | | | |
2.12%, 07/16/2031 (18) | | EUR | 97 | | | | 83 | |
2.13%, 03/07/2028 (18) | | | 397 | | | | 392 | |
3.00%, 02/14/2031 | | $ | 3,400 | | | | 2,819 | |
5.25%, 11/25/2027 (1) | | | 30 | | | | 29 | |
5.38%, 03/22/2031 (1) | | EUR | 9,290 | | | | 9,877 | |
5.63%, 02/22/2036 (1) | | | 6,830 | | | | 7,132 | |
5.63%, 05/30/2037 (1) | | | 10,300 | | | | 10,645 | |
6.38%, 01/30/2034 (1) | | $ | 10,832 | | | | 10,905 | |
7.13%, 01/17/2033 | | | 5,386 | | | | 5,673 | |
Russian Federal Bond – OFZ | | | | | | | | |
6.10%, 07/18/2035 | | RUB | 111,613 | | | | 260 | |
Russian Foreign Bond – Eurobond | | | | | | | | |
4.25%, 06/23/2027 | | $ | 1,000 | | | | 735 | |
5.10%, 03/28/2035 | | | 200 | | | | 125 | |
5.25%, 06/23/2047 (1) | | | 200 | | | | 115 | |
5.25%, 06/23/2047 | | | 4,000 | | | | 2,300 | |
5.63%, 04/04/2042 | | | 1,200 | | | | 840 | |
5.88%, 09/16/2043 | | | 2,600 | | | | 1,807 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Other Government Related – 3.81% – (continued) | | | | | | | | |
Saudi Government International Bond | | | | | | | | |
3.45%, 02/02/2061 (18) | | $ | 267 | | | $ | 175 | |
5.00%, 01/18/2053 (1) | | | 200 | | | | 176 | |
Serbia International Bond | | | | | | | | |
6.00%, 06/12/2034 (1) | | | 11,665 | | | | 11,483 | |
State of California | | | | | | | | |
4.60%, 04/01/2038 | | | 1,395 | | | | 1,315 | |
7.55%, 04/01/2039 | | | 2,705 | | | | 3,215 | |
State of Illinois | | | | | | | | |
5.10%, 06/01/2033 | | | 4,993 | | | | 4,899 | |
6.73%, 04/01/2035 | | | 59 | | | | 62 | |
7.35%, 07/01/2035 | | | 47 | | | | 51 | |
State of Israel | | | | | | | | |
3.80%, 05/13/2060 | | | 16,900 | | | | 10,920 | |
State of Texas | | | | | | | | |
5.52%, 04/01/2039 | | | 3,155 | | | | 3,249 | |
Turkiye Government Bond | | | | | | | | |
26.20%, 10/05/2033 | | TRY | 29,181 | | | | 876 | |
31.08%, 11/08/2028 | | | 7,683 | | | | 242 | |
Turkiye Government International Bond | | | | | | | | |
4.25%, 03/13/2025 | | $ | 400 | | | | 393 | |
5.75%, 05/11/2047 | | | 2,800 | | | | 2,146 | |
5.88%, 05/21/2030 | | EUR | 23,625 | | | | 25,334 | |
6.13%, 10/24/2028 | | $ | 2,700 | | | | 2,633 | |
7.63%, 04/26/2029 | | | 8,600 | | | | 8,772 | |
UAE Government International Bond | | | | | | | | |
4.86%, 07/02/2034 (1) | | | 38,365 | | | | 38,255 | |
Ukraine Government International Bond | | | | | | | | |
4.38%, 01/27/2032 (18) | | EUR | 505 | | | | 142 | |
7.25%, 03/15/2035 (18) | | $ | 894 | | | | 256 | |
7.38%, 09/25/2034 (18) | | | 505 | | | | 144 | |
7.75%, 09/01/2029 (18) | | | 628 | | | | 195 | |
7.75%, 08/01/2041 (5)(18) | | | 1,040 | | | | 512 | |
University of California | | | | | | | | |
4.86%, 05/15/2112 | | | 1,543 | | | | 1,352 | |
Uruguay Government International Bond | | | | | | | | |
4.38%, 10/27/2027 | | | 1,783 | | | | 1,762 | |
5.10%, 06/18/2050 | | | 2,368 | | | | 2,226 | |
5.75%, 10/28/2034 | | | 150 | | | | 156 | |
Venezuela Government International Bond | | | | | | | | |
6.00%, 12/09/2049 (8)(9) | | | 30 | | | | 4 | |
7.00%, 03/31/2038 (8)(9) | | | 187 | | | | 27 | |
7.65%, 04/21/2025 (8)(9) | | | 534 | | | | 82 | |
7.75%, 10/13/2099 (8)(9) | | | 100 | | | | 14 | |
8.25%, 10/13/2024 (8)(9) | | | 7,294 | | | | 1,131 | |
9.00%, 05/07/2049 (8)(9) | | | 110 | | | | 18 | |
9.00%, 05/07/2049 (8)(9) | | | 7,405 | | | | 1,185 | |
9.25%, 09/15/2027 (8)(9) | | | 1,049 | | | | 194 | |
9.25%, 05/07/2028 (8)(9) | | | 420 | | | | 69 | |
11.75%, 10/21/2026 (8)(9) | | | 120 | | | | 22 | |
11.95%, 08/05/2031 (8)(9) | | | 3,200 | | | | 579 | |
| | | | | | | | |
Total Other Government Related | | | | 1,308,364 | |
| | | | | | | | |
| U.S. Treasury Obligations – 22.86% | | | | | | | | |
U.S. Treasury Inflation Indexed Bond | | | | | | | | |
0.13%, 10/15/2024 (11)(12) | | | 213,819 | | | | 211,680 | |
0.13%, 04/15/2025 (11)(12) | | | 20,909 | | | | 20,339 | |
0.13%, 07/15/2030 (11) | | | 11,887 | | | | 10,635 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| U.S. Treasury Obligations – 22.86% – (continued) | | | | | | | | |
0.13%, 01/15/2031 (11) | | $ | 1,927 | | | $ | 1,701 | |
0.13%, 07/15/2031 (11) | | | 2,574 | | | | 2,260 | |
0.25%, 01/15/2025 (11)(12) | | | 93,030 | | | | 91,106 | |
0.25%, 07/15/2029 (11)(12) | | | 44,039 | | | | 40,437 | |
0.25%, 02/15/2050 (11) | | | 4,171 | | | | 2,545 | |
0.63%, 07/15/2032 (11) | | | 84,822 | | | | 76,053 | |
0.63%, 02/15/2043 (11) | | | 409 | | | | 307 | |
0.75%, 02/15/2042 (11) | | | 694 | | | | 542 | |
0.75%, 02/15/2045 (11) | | | 4,660 | | | | 3,490 | |
0.88%, 02/15/2047 (11) | | | 4,676 | | | | 3,510 | |
1.00%, 02/15/2046 (11) | | | 2,647 | | | | 2,064 | |
1.00%, 02/15/2048 (11) | | | 4,196 | | | | 3,212 | |
1.00%, 02/15/2049 (11) | | | 6,990 | | | | 5,308 | |
1.38%, 07/15/2033 (11) | | | 19,822 | | | | 18,716 | |
1.38%, 02/15/2044 (11) | | | 673 | | | | 576 | |
1.50%, 02/15/2053 (11) | | | 23,312 | | | | 19,579 | |
2.13%, 02/15/2040 (11) | | | 290 | | | | 287 | |
2.13%, 02/15/2041 (11) | | | 430 | | | | 426 | |
2.38%, 01/15/2025 (11)(12) | | | 7,818 | | | | 7,748 | |
U.S. Treasury Note/Bond | | | | | | | | |
0.38%, 04/30/2025 | | | 20,857 | | | | 20,047 | |
0.38%, 09/30/2027 | | | 5,860 | | | | 5,137 | |
0.50%, 04/30/2027 | | | 20,254 | | | | 18,101 | |
0.50%, 05/31/2027 | | | 20,254 | | | | 18,047 | |
0.50%, 08/31/2027 | | | 16,022 | | | | 14,146 | |
0.63%, 07/31/2026 | | | 21,891 | | | | 20,138 | |
0.63%, 03/31/2027 | | | 3,101 | | | | 2,790 | |
0.75%, 03/31/2026 | | | 62,754 | | | | 58,523 | |
0.75%, 04/30/2026 | | | 36,805 | | | | 34,232 | |
0.88%, 06/30/2026 | | | 21,891 | | | | 20,307 | |
1.13%, 05/15/2040 | | | 15,873 | | | | 9,767 | |
1.13%, 08/15/2040 | | | 15,873 | | | | 9,665 | |
1.25%, 05/31/2028 | | | 36,841 | | | | 32,662 | |
1.25%, 09/30/2028 | | | 30,505 | | | | 26,806 | |
1.25%, 08/15/2031 | | | 29,628 | | | | 24,045 | |
1.38%, 11/15/2040 | | | 15,873 | | | | 10,015 | |
1.50%, 02/15/2025 | | | 10,408 | | | | 10,164 | |
1.50%, 08/15/2026 | | | 21,891 | | | | 20,485 | |
1.50%, 01/31/2027 | | | 71,013 | | | | 65,720 | |
1.50%, 02/15/2030 | | | 6,184 | | | | 5,307 | |
1.63%, 11/30/2026 | | | 10,458 | | | | 9,746 | |
1.63%, 05/15/2031 | | | 17,909 | | | | 15,031 | |
1.63%, 11/15/2050 | | | 5,993 | | | | 3,281 | |
1.75%, 08/15/2041 | | | 15,873 | | | | 10,488 | |
1.88%, 02/28/2027 | | | 44,383 | | | | 41,404 | |
1.88%, 02/15/2032 (12) | | | 112,300 | | | | 94,271 | |
1.88%, 02/15/2041 | | | 5,734 | | | | 3,923 | |
1.88%, 11/15/2051 | | | 109,250 | | | | 63,416 | |
2.00%, 11/15/2041 (12) | | | 390,590 | | | | 268,333 | |
2.00%, 08/15/2051 | | | 15,015 | | | | 9,019 | |
2.25%, 08/15/2046 | | | 442,200 | | | | 294,772 | |
2.25%, 08/15/2049 | | | 118,597 | | | | 76,653 | |
2.25%, 02/15/2052 | | | 15,439 | | | | 9,835 | |
2.38%, 02/15/2042 | | | 12,160 | | | | 8,852 | |
2.38%, 11/15/2049 | | | 50,000 | | | | 33,199 | |
2.38%, 05/15/2051 | | | 5,451 | | | | 3,590 | |
2.50%, 02/15/2045 | | | 71,180 | | | | 50,774 | |
2.75%, 02/15/2028 | | | 21,891 | | | | 20,640 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| U.S. Treasury Obligations – 22.86% – (continued) | | | | | | | | |
2.75%, 08/15/2032 | | $ | 21,503 | | | $ | 19,135 | |
2.75%, 11/15/2047 | | | 15,265 | | | | 11,098 | |
2.88%, 06/15/2025 | | | 23,837 | | | | 23,332 | |
2.88%, 05/15/2032 | | | 5,425 | | | | 4,888 | |
2.88%, 05/15/2043 | | | 11,629 | | | | 9,030 | |
2.88%, 05/15/2049 | | | 37,337 | | | | 27,580 | |
3.00%, 05/15/2045 | | | 30,000 | | | | 23,318 | |
3.00%, 05/15/2047 | | | 6,051 | | | | 4,629 | |
3.00%, 02/15/2048 | | | 30,815 | | | | 23,447 | |
3.00%, 08/15/2048 | | | 36,612 | | | | 27,778 | |
3.00%, 02/15/2049 | | | 108,245 | | | | 81,991 | |
3.00%, 08/15/2052 | | | 20,263 | | | | 15,244 | |
3.13%, 02/15/2043 | | | 11,409 | | | | 9,239 | |
3.13%, 08/15/2044 | | | 11,013 | | | | 8,801 | |
3.13%, 05/15/2048 | | | 12,780 | | | | 9,938 | |
3.25%, 06/30/2029 | | | 19,433 | | | | 18,462 | |
3.25%, 05/15/2042 | | | 195,125 | | | | 162,259 | |
3.50%, 02/15/2033 | | | 342,600 | | | | 321,108 | |
3.63%, 03/31/2028 | | | 27,397 | | | | 26,626 | |
3.63%, 08/15/2043 | | | 28,443 | | | | 24,714 | |
3.63%, 02/15/2044 | | | 30,000 | | | | 25,985 | |
3.63%, 02/15/2053 | | | 9,290 | | | | 7,903 | |
3.63%, 05/15/2053 | | | 6,232 | | | | 5,304 | |
3.75%, 05/31/2030 | | | 10,408 | | | | 10,079 | |
3.75%, 11/15/2043 | | | 10,783 | | | | 9,530 | |
3.88%, 03/31/2025 | | | 26,709 | | | | 26,447 | |
3.88%, 11/30/2027 | | | 36,618 | | | | 35,922 | |
3.88%, 12/31/2027 | | | 21,891 | | | | 21,471 | |
3.88%, 11/30/2029 | | | 53,918 | | | | 52,663 | |
3.88%, 12/31/2029 | | | 23,260 | | | | 22,708 | |
3.88%, 02/15/2043 | | | 46,544 | | | | 42,071 | |
4.00%, 12/15/2025 | | | 26,506 | | | | 26,164 | |
4.00%, 02/29/2028 | | | 21,891 | | | | 21,558 | |
4.00%, 06/30/2028 | | | 26,757 | | | | 26,350 | |
4.00%, 02/28/2030 | | | 13,432 | | | | 13,189 | |
4.00%, 02/15/2034 | | | 22,768 | | | | 22,099 | |
4.00%, 11/15/2042 | | | 73,150 | | | | 67,412 | |
4.00%, 11/15/2052 | | | 11,008 | | | | 10,028 | |
4.13%, 10/31/2027 | | | 26,200 | | | | 25,906 | |
4.13%, 08/15/2053 | | | 72,895 | | | | 67,881 | |
4.25%, 06/30/2029 | | | 1,266,690 | | | | 1,261,446 | |
4.25%, 11/15/2040 | | | 3,200 | | | | 3,100 | |
4.38%, 05/15/2034 | | | 540,237 | | | | 540,407 | |
4.38%, 05/15/2040 | | | 5,903 | | | | 5,823 | |
4.38%, 05/15/2041 | | | 1,068 | | | | 1,047 | |
4.38%, 08/15/2043 | | | 30,060 | | | | 29,015 | |
4.50%, 11/15/2025 | | | 19,433 | | | | 19,315 | |
4.50%, 03/31/2026 | | | 52,400 | | | | 52,126 | |
4.50%, 05/31/2029 | | | 368,090 | | | | 370,593 | |
4.50%, 08/15/2039 | | | 11,814 | | | | 11,854 | |
4.50%, 02/15/2044 | | | 93,435 | | | | 91,654 | |
4.63%, 03/15/2026 | | | 37,582 | | | | 37,451 | |
4.63%, 06/30/2026 | | | 620,076 | | | | 618,963 | |
4.63%, 06/15/2027 | | | 139,450 | | | | 139,853 | |
4.63%, 05/15/2044 | | | 524,620 | | | | 523,637 | |
4.63%, 05/15/2054 | | | 499,643 | | | | 506,592 | |
4.75%, 02/15/2041 | | | 2,985 | | | | 3,065 | |
4.75%, 11/15/2043 | | | 30,723 | | | | 31,131 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| U.S. Treasury Obligations – 22.86% – (continued) | | | | | | | | |
4.75%, 11/15/2053 | | $ | 35,000 | | | $ | 36,181 | |
4.88%, 11/30/2025 | | | 87,626 | | | | 87,527 | |
4.88%, 10/31/2030 | | | 14,730 | | | | 15,146 | |
5.00%, 08/31/2025 | | | 56,530 | | | | 56,486 | |
5.00%, 09/30/2025 | | | 53,530 | | | | 53,507 | |
| | | | | | | | |
Total U.S. Treasury Obligations | | | | 7,855,058 | |
| | | | | | | | |
Total Government Related
(Cost: $9,560,472) | | | | | | | 9,163,422 | |
| | | | | | | | |
Mortgage-Backed Obligations – 44.56% | | | | | | | | |
1211 Avenue of the Americas Trust 2015-1211 | | | | | | | | |
3.90%, 08/10/2035, Series 2015-1211, Class A1A2 (1) | | | 4,300 | | | | 4,148 | |
4.23%, 08/10/2035, Series 2015-1211, Class B (1)(5) | | | 4,700 | | | | 4,501 | |
4.28%, 08/10/2035, Series 2015-1211, Class C (1)(5) | | | 6,290 | | | | 5,965 | |
280 Park Avenue 2017-280P Mortgage Trust | | | | | | | | |
6.51% (1 Month Term SOFR + 1.18%, 1.13% Floor), 09/15/2034, Series 2017-280P, Class A (1)(2) | | | 1,316 | | | | 1,274 | |
7.75% (1 Month Term SOFR + 2.42%, 2.37% Floor), 09/15/2034, Series 2017-280P, Class E (1)(2) | | | 1,330 | | | | 1,210 | |
A&D Mortgage Trust 2023-NQM5 | | | | | | | | |
7.05%, 11/25/2068, Series 2023-NQM5, Class A1 (1)(3) | | | 7,371 | | | | 7,467 | |
ACREC 2023-FL2 LLC | | | | | | | | |
7.56% (1 Month Term SOFR + 2.23%, 2.23% Floor), 02/19/2038, Series 2023-FL2, Class A (1)(2) | | | 1,739 | | | | 1,740 | |
ACRES Commercial Realty 2021-FL2 Ltd. | | | | | | | | |
6.84% (1 Month Term SOFR + 1.51%, 1.51% Floor), 01/15/2037, Series 2021-FL2, Class A (1)(2) | | | 4,290 | | | | 4,253 | |
Ajax Mortgage Loan Trust 2019-F | | | | | | | | |
2.86%, 07/25/2059, Series 2019-F, Class A1 (1)(3) | | | 9,298 | | | | 8,760 | |
Ajax Mortgage Loan Trust 2021-F | | | | | | | | |
1.88%, 06/25/2061, Series 2021-F, Class A (1)(3) | | | 525 | | | | 509 | |
Alen 2021-ACEN Mortgage Trust | | | | | | | | |
6.59% (1 Month Term SOFR + 1.26%, 1.15% Floor), 04/15/2034, Series 2021-ACEN, Class A (1)(2) | | | 11,160 | | | | 10,161 | |
Alternative Loan Trust 2003-22CB | | | | | | | | |
5.75%, 12/25/2033, Series 2003-22CB, Class 1A1 | | | 280 | | | | 273 | |
6.00%, 12/25/2033, Series 2003-22CB, Class 3A1 | | | 84 | | | | 84 | |
Alternative Loan Trust 2004-16CB | | | | | | | | |
5.50%, 07/25/2034, Series 2004-16CB, Class 1A1 | | | 139 | | | | 134 | |
5.50%, 08/25/2034, Series 2004-16CB, Class 3A1 | | | 125 | | | | 121 | |
Alternative Loan Trust 2005-56 | | | | | | | | |
6.92% (1 Month Term SOFR + 1.57%, 1.46% Floor), 11/25/2035, Series 2005-56, Class 1A1 (2) | | | 2,936 | | | | 2,623 | |
Alternative Loan Trust 2005-74T1 | | | | | | | | |
6.00%, 01/25/2036, Series 2005-74T1, Class A1 | | | 8,187 | | | | 4,566 | |
Alternative Loan Trust 2006-13T1 | | | | | | | | |
6.00%, 05/25/2036, Series 2006-13T1, Class A3 | | | 937 | | | | 454 | |
Alternative Loan Trust 2006-HY12 | | | | | | | | |
4.47%, 08/25/2036, Series 2006-HY12, Class A5 (5) | | | 120 | | | | 108 | |
Alternative Loan Trust 2006-OA17 | | | | | | | | |
5.65% (1 Month Term SOFR + 0.31%, 0.20% Floor), 12/20/2046, Series 2006-OA17, Class 1A1A (2) | | | 9,186 | | | | 7,843 | |
Alternative Loan Trust 2006-OA22 | | | | | | | | |
5.88% (1 Month Term SOFR + 0.53%, 0.42% Floor), 02/25/2047, Series 2006-OA22, Class A2 (2) | | | 7,973 | | | | 6,994 | |
Alternative Loan Trust 2006-OA3 | | | | | | | | |
5.86% (1 Month Term SOFR + 0.51%, 0.40% Floor), 05/25/2036, Series 2006-OA3, Class 1A1 (2) | | | 3,718 | | | | 3,160 | |
Alternative Loan Trust 2006-OA7 | | | | | | | | |
6.09% (12 Month U.S. Treasury Average + 0.94%, 0.94% Floor), 06/25/2046, Series 2006-OA7, Class 2A1 (2) | | | 7,762 | | | | 6,370 | |
Alternative Loan Trust 2006-OC5 | | | | | | | | |
5.98% (1 Month Term SOFR + 0.63%, 0.52% Floor), 06/25/2046, Series 2006-OC5, Class 2A3 (2) | | | 5,495 | | | | 4,458 | |
Alternative Loan Trust 2007-5CB | | | | | | | | |
6.00%, 04/25/2037, Series 2007-5CB, Class 1A4 | | | 12,260 | | | | 6,472 | |
Alternative Loan Trust 2007-HY7C | | | | | | | | |
5.74% (1 Month Term SOFR + 0.39%, 0.28% Floor), 08/25/2037, Series 2007-HY7C, Class A1 (2) | | | 1,578 | | | | 1,344 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Alternative Loan Trust 2007-OA2 | | | | | | | | |
5.72% (1 Month Term SOFR + 0.37%, 0.26% Floor), 03/25/2047, Series 2007-OA2, Class 2A1 (2) | | $ | 8,795 | | | $ | 6,581 | |
5.99% (12 Month U.S. Treasury Average + 0.84%, 0.84% Floor), 03/25/2047, Series 2007-OA2, Class 1A1 (2) | | | 12,708 | | | | 10,467 | |
Alternative Loan Trust 2007-OA4 | | | | | | | | |
5.80% (1 Month Term SOFR + 0.45%, 0.34% Floor), 05/25/2047, Series 2007-OA4, Class A1 (2) | | | 1,123 | | | | 938 | |
American Home Mortgage Investment Trust 2007-1 | | | | | | | | |
5.65% (1 Month Term SOFR + 0.30%, 0.19% Floor), 05/25/2047, Series 2007-1, Class GA1C (2) | | | 747 | | | | 425 | |
Angel Oak Mortgage Trust 2020-5 | | | | | | | | |
2.04%, 05/25/2065, Series 2020-5, Class A3 (1)(5) | | | 417 | | | | 391 | |
2.97%, 05/25/2065, Series 2020-5, Class M1 (1)(5) | | | 2,480 | | | | 2,191 | |
Angel Oak Mortgage Trust 2021-1 | | | | | | | | |
1.22%, 01/25/2066, Series 2021-1, Class A3 (1)(5) | | | 2,223 | | | | 1,878 | |
Angel Oak Mortgage Trust 2021-3 | | | | | | | | |
1.31%, 05/25/2066, Series 2021-3, Class A2 (1)(5) | | | 2,561 | | | | 2,147 | |
Angel Oak Mortgage Trust 2021-7 | | | | | | | | |
1.98%, 10/25/2066, Series 2021-7, Class A1 (1)(5) | | | 6,004 | | | | 4,993 | |
Angel Oak Mortgage Trust 2022-2 | | | | | | | | |
3.35%, 01/25/2067, Series 2022-2, Class A1 (1)(5) | | | 32,633 | | | | 29,997 | |
Angel Oak Mortgage Trust 2023-7 | | | | | | | | |
4.80%, 11/25/2067, Series 2023-7, Class A1 (1)(3) | | | 11,994 | | | | 11,621 | |
Angel Oak Mortgage Trust 2024-1 | | | | | | | | |
5.21%, 08/25/2068, Series 2024-1, Class A1 (1)(3) | | | 665 | | | | 652 | |
Angel Oak Mortgage Trust 2024-4 | | | | | | | | |
6.20%, 01/25/2069, Series 2024-4, Class A1 (1)(3) | | | 9,194 | | | | 9,199 | |
Angel Oak Mortgage Trust I LLC 2019-2 | | | | | | | | |
4.07%, 03/25/2049, Series 2019-2, Class M1 (1)(5) | | | 739 | | | | 733 | |
AOMT 2024-6 | | | | | | | | |
4.65%, 11/25/2067, Series 2024-6, Class A3 (1)(3) | | | 5,592 | | | | 5,308 | |
Arbor Multifamily Mortgage Securities Trust 2021-MF3 | | | | | | | | |
2.57%, 10/15/2054, Series 2021-MF3, Class A5 (1) | | | 525 | | | | 441 | |
Arbor Multifamily Mortgage Securities Trust 2022-MF4 | | | | | | | | |
2.92%, 02/15/2055, Series 2022-MF4, Class A3 (1) | | | 6,700 | | | | 6,168 | |
Arbor Realty Commercial Real Estate Notes 2021-FL1 Ltd. | | | | | | | | |
6.41% (1 Month Term SOFR + 1.08%, 0.97% Floor), 12/15/2035, Series 2021-FL1, Class A (1)(2) | | | 96 | | | | 95 | |
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. | | | | | | | | |
7.99% (1 Month Term SOFR + 2.66%, 2.66% Floor), 08/15/2034, Series 2021-FL3, Class E (1)(2) | | | 3,000 | | | | 2,892 | |
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd. | | | | | | | | |
6.79% (1 Month Term SOFR + 1.46%, 1.46% Floor), 11/15/2036, Series 2021-FL4, Class A (1)(2) | | | 8,090 | | | | 8,072 | |
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd. | | | | | | | | |
6.78% (30-day Average SOFR + 1.45%, 1.45% Floor), 01/15/2037, Series 2022-FL1, Class A (1)(2) | | | 8,329 | | | | 8,294 | |
Arbor Realty Commercial Real Estate Notes 2022-FL2 Ltd. | | | | | | | | |
7.18% (1 Month Term SOFR + 1.85%, 1.85% Floor), 05/15/2037, Series 2022-FL2, Class A (1)(2) | | | 2,732 | | | | 2,732 | |
AREIT 2022-CRE6 Trust | | | | | | | | |
6.58% (30-day Average SOFR + 1.25%, 1.25% Floor), 01/20/2037, Series 2022-CRE6, Class A (1)(2) | | | 7,583 | | | | 7,522 | |
AREIT 2023-CRE8 LLC | | | | | | | | |
7.44% (1 Month Term SOFR + 2.11%, 2.11% Floor), 08/17/2041, Series 2023-CRE8, Class A (1)(2) | | | 3,316 | | | | 3,312 | |
AREIT 2024-CRE9 Ltd. | | | | | | | | |
7.02% (1 Month Term SOFR + 1.69%, 1.69% Floor), 05/17/2041, Series 2024-CRE9, Class A (1)(2) | | | 8,660 | | | | 8,644 | |
ARES Commercial Mortgage Trust 2024-IND | | | | | | | | |
7.01% (1 Month Term SOFR + 1.69%, 1.69% Floor), 07/15/2041, Series 2024-IND, Class A (1)(2) | | | 3,200 | | | | 3,193 | |
Ashford Hospitality Trust 2018-ASHF | | | | | | | | |
7.60% (1 Month Term SOFR + 2.27%, 2.23% Floor), 04/15/2035, Series 2018-ASHF, Class D (1)(2) | | | 266 | | | | 259 | |
Ashford Hospitality Trust 2018-KEYS | | | | | | | | |
7.08% (1 Month Term SOFR + 1.62%, 1.45% Floor), 06/15/2035, Series 2018-KEYS, Class B (1)(2) | | | 3,000 | | | | 2,958 | |
Atlas Funding 2024-1 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 2.20%), 09/20/2061, Series 1, Class D (18) | | GBP | 119 | | | | 150 | |
0.00% (Sterling Overnight Index Average + 1.55%), 09/20/2061, Series 1, Class C (18) | | | 181 | | | | 228 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Austin Fairmont Hotel Trust 2019-FAIR | | | | | | | | |
6.63% (1 Month Term SOFR + 1.30%, 1.25% Floor), 09/15/2032, Series 2019-FAIR, Class B (1)(2) | | $ | 2,155 | | | $ | 2,151 | |
6.83% (1 Month Term SOFR + 1.50%, 1.45% Floor), 09/15/2032, Series 2019-FAIR, Class C (1)(2) | | | 5,500 | | | | 5,488 | |
7.18% (1 Month Term SOFR + 1.85%, 1.80% Floor), 09/15/2032, Series 2019-FAIR, Class D (1)(2) | | | 10,145 | | | | 10,120 | |
Aventura Mall Trust | | | | | | | | |
4.25%, 07/05/2040, Series 2018-AVM, Class A (1)(5) | | | 5,325 | | | | 5,033 | |
BAMLL Commercial Mortgage Securities Trust 2018-PARK | | | | | | | | |
4.23%, 08/10/2038, Series 2018-PARK, Class A (1)(5) | | | 6,110 | | | | 5,652 | |
BAMLL Re-REMIC Trust 2016-RRLD11 | | | | | | | | |
6.01%, 06/17/2050, Series 2016-LD11, Class AJB (1)(5) | | | 100 | | | | 22 | |
Banc of America Funding 2007-1 Trust | | | | | | | | |
5.75%, 01/25/2037, Series 2007-1, Class 1A6 | | | 144 | | | | 115 | |
Banc of America Funding 2015-R9 Trust | | | | | | | | |
5.66% (1 Month Term SOFR + 0.32%, 0.21% Floor), 02/26/2037, Series 2015-R9, Class 2A1 (1)(2) | | | 918 | | | | 912 | |
BANK 2021-BNK35 | | | | | | | | |
2.46%, 06/15/2064, Series 2021-BN35, Class AS | | | 6,770 | | | | 5,507 | |
BANK5 Trust 2024-5YR6 | | | | | | | | |
6.23%, 05/15/2057, Series 2024-5YR6, Class A3 | | | 2,550 | | | | 2,635 | |
Barclays Mortgage Loan Trust 2022-NQM1 | | | | | | | | |
4.55%, 07/25/2052, Series 2022-NQM1, Class A1 (1)(3) | | | 1,846 | | | | 1,801 | |
Barclays Mortgage Trust 2022-RPL1 | | | | | | | | |
4.25%, 02/25/2028, Series 2022-RPL1, Class A (1)(3) | | | 4,926 | | | | 5,088 | |
Bayview MSR Opportunity Master Fund Trust 2021-INV4 | | | | | | | | |
2.50%, 10/25/2051, Series 2021-4, Class A20 (1)(5) | | | 4,864 | | | | 3,807 | |
BBCCRE Trust 2015-GTP | | | | | | | | |
4.70%, 08/10/2033, Series 2015-GTP, Class C (1)(5) | | | 2,715 | | | | 2,431 | |
BBCMS 2018-TALL Mortgage Trust | | | | | | | | |
6.25% (1 Month Term SOFR + 0.92%, 0.87% Floor), 03/15/2037, Series 2018-TALL, Class A (1)(2) | | | 139 | | | | 131 | |
6.50% (1 Month Term SOFR + 1.17%, 1.12% Floor), 03/15/2037, Series 2018-TALL, Class B (1)(2) | | | 1,779 | | | | 1,619 | |
BBCMS Mortgage Trust 2023-5C23 | | | | | | | | |
7.70%, 12/15/2056, Series 2023-5C23, Class D (1)(5) | | | 191 | | | | 186 | |
BBSG 2016-MRP Mortgage Trust | | | | | | | | |
3.28%, 06/05/2036, Series 2016-MRP, Class A (1) | | | 2,045 | | | | 1,523 | |
BB-UBS Trust | | | | | | | | |
2.89%, 06/05/2030, Series 2012-TFT, Class A (1) | | | 923 | | | | 856 | |
BCAP LLC 2014-RR2 | | | | | | | | |
3.03% (1 Month Term SOFR + 0.35%, 0.24% Floor), 10/26/2036, Series 2014-RR2, Class 6A8 (1)(2) | | | 6,853 | | | | 6,583 | |
BDS 2021-FL10 Ltd. | | | | | | | | |
6.80% (1 Month Term SOFR + 1.46%, 1.46% Floor), 12/16/2036, Series 2021-FL10, Class A (1)(2) | | | 6,242 | | | | 6,185 | |
BDS 2021-FL7 Ltd. | | | | | | | | |
6.52% (1 Month Term SOFR + 1.18%, 1.07% Floor), 06/16/2036, Series 2021-FL7, Class A (1)(2) | | | 5,866 | | | | 5,822 | |
BDS 2022-FL11 LLC | | | | | | | | |
7.14% (1 Month Term SOFR + 1.80%, 1.80% Floor), 03/19/2039, Series 2022-FL11, Class ATS (1)(2) | | | 2,871 | | | | 2,863 | |
BDS 2022-FL12 LLC | | | | | | | | |
7.48% (1 Month Term SOFR + 2.14%, 2.14% Floor), 08/19/2038, Series 2022-FL12, Class A (1)(2) | | | 1,030 | | | | 1,032 | |
Bear Stearns ALT-A Trust 2005-1 | | | | | | | | |
6.58% (1 Month Term SOFR + 1.24%, 1.13% Floor, 11.50% Cap), 01/25/2035, Series 2005-1, Class M2 (2) | | | 5,153 | | | | 4,699 | |
Bear Stearns ARM Trust 2003-3 | | | | | | | | |
6.64%, 05/25/2033, Series 2003-3, Class 3A1 (5) | | | 280 | | | | 257 | |
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24 | | | | | | | | |
5.66%, 10/12/2041, Series 2006-T24, Class B (1)(5) | | | 303 | | | | 288 | |
Bear Stearns Mortgage Funding Trust 2007-AR4 | | | | | | | | |
5.67% (1 Month Term SOFR + 0.32%, 0.21% Floor, 10.50% Cap), 06/25/2037, Series 2007-AR4, Class 2A1 (2) | | | 7,995 | | | | 7,375 | |
Benchmark 2018-B1 Mortgage Trust | | | | | | | | |
3.88%, 01/15/2051, Series 2018-B1, Class AM (5) | | | 2,050 | | | | 1,888 | |
BFLD 2024-VICT Mortgage Trust | | | | | | | | |
7.19% (1 Month Term SOFR + 1.89%, 1.89% Floor), 07/15/2041, Series VICT, Class A (1)(2) | | | 1,535 | | | | 1,531 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
BFLD Trust 2020-EYP | | | | | | | | |
7.54% (1 Month Term SOFR + 2.21%, 2.10% Floor), 10/15/2035, Series 2020-EYP, Class C (1)(2) | | $ | 5,140 | | | $ | 1,149 | |
BHMS 2018-ATLS | | | | | | | | |
6.88% (1 Month Term SOFR + 1.55%, 1.50% Floor), 07/15/2035, Series 2018-ATLS, Class A (1)(2) | | | 546 | | | | 545 | |
BINOM Securitization Trust 2022-RPL1 | | | | | | | | |
3.00%, 02/25/2061, Series 2022-RPL1, Class M1 (1)(5) | | | 8,591 | | | | 6,718 | |
BLP Commercial Mortgage Trust 2023-IND | | | | | | | | |
7.02% (1 Month Term SOFR + 1.69%, 1.69% Floor), 03/15/2040, Series 2023-IND, Class A (1)(2) | | | 1,152 | | | | 1,150 | |
BMO 2023-C5 Mortgage Trust | | | | | | | | |
0.95%, 06/15/2056, Series 2023-C5, Class XA (5) | | | 5,688 | | | | 284 | |
BMP 2024-MF23 | | | | | | | | |
8.72% (1 Month Term SOFR + 3.39%, 3.39% Floor), 06/15/2041, Series 2024-MF23, Class E (1)(2) | | | 917 | | | | 910 | |
BOCA Commercial Mortgage Trust 2022-BOCA | | | | | | | | |
7.10% (1 Month Term SOFR + 1.77%, 1.77% Floor), 05/15/2039, Series 2022-BOCA, Class A (1)(2) | | | 824 | | | | 823 | |
BPCRE 2022-FL2 Ltd. | | | | | | | | |
7.73% (1 Month Term SOFR + 2.40%, 2.40% Floor), 01/16/2037, Series 2022-FL2, Class A (1)(2) | | | 814 | | | | 815 | |
BPR Trust 2021-NRD | | | | | | | | |
7.45% (1 Month Term SOFR + 2.12%, 2.12% Floor), 12/15/2038, Series 2021-NRD, Class B (1)(2) | | | 2,865 | | | | 2,785 | |
7.75% (1 Month Term SOFR + 2.42%, 2.42% Floor), 12/15/2038, Series 2021-NRD, Class C (1)(2) | | | 2,920 | | | | 2,825 | |
9.05% (1 Month Term SOFR + 3.72%, 3.72% Floor), 12/15/2038, Series 2021-NRD, Class D (1)(2) | | | 1,770 | | | | 1,685 | |
BPR Trust 2022-OANA | | | | | | | | |
7.23% (1 Month Term SOFR + 1.90%, 1.90% Floor), 04/15/2037, Series 2022-OANA, Class A (1)(2) | | | 25,012 | | | | 25,012 | |
BPR Trust 2022-STAR | | | | | | | | |
8.56% (1 Month Term SOFR + 3.23%, 3.23% Floor), 08/15/2039, Series 2022-STAR, Class A (1)(2) | | | 8,395 | | | | 8,402 | |
Braemar Hotels & Resorts Trust 2018-Prime | | | | | | | | |
6.55% (1 Month Term SOFR + 1.22%, 1.18% Floor), 06/15/2035, Series 2018-PRME, Class B (1)(2) | | | 3,000 | | | | 2,980 | |
BRAVO Residential Funding Trust 2022-NQM3 | | | | | | | | |
3.63%, 09/25/2061, Series 2022-NQM1, Class A1 (1)(5) | | | 3,345 | | | | 3,160 | |
BSPRT 2021-FL7 Issuer Ltd. | | | | | | | | |
6.76% (1 Month Term SOFR + 1.43%, 1.43% Floor), 12/15/2038, Series 2021-FL7, Class A (1)(2) | | | 8,507 | | | | 8,456 | |
BSST 2021-SSCP Mortgage Trust | | | | | | | | |
6.19% (1 Month Term SOFR + 0.86%, 0.75% Floor), 04/15/2036, Series 2021-SSCP, Class A (1)(2) | | | 1,166 | | | | 1,151 | |
BX 2021-MFM1 | | | | | | | | |
6.64% (1 Month Term SOFR + 1.31%, 1.20% Floor), 01/15/2034, Series 2021-MFM1, Class C (1)(2) | | | 1,506 | | | | 1,484 | |
BX 2024-PALM | | | | | | | | |
6.84% (1 Month Term SOFR + 1.54%, 1.54% Floor), 06/15/2037, Series 2024-PALM, Class A (1)(2) | | | 5,240 | | | | 5,215 | |
BX Commercial Mortgage Trust 2020-VIV3 | | | | | | | | |
3.66%, 03/09/2044, Series 2020-VIV3, Class B (1)(5) | | | 69 | | | | 61 | |
BX Commercial Mortgage Trust 2020-VIV4 | | | | | | | | |
2.84%, 03/09/2044, Series 2020-VIV4, Class A (1) | | | 2,622 | | | | 2,271 | |
BX Commercial Mortgage Trust 2020-VIVA | | | | | | | | |
3.67%, 03/11/2044, Series 2020-VIVA, Class D (1)(5) | | | 17,976 | | | | 15,405 | |
BX Commercial Mortgage Trust 2020-VKNG | | | | | | | | |
6.37% (1 Month Term SOFR + 1.04%, 0.93% Floor), 10/15/2037, Series 2020-VKNG, Class A (1)(2) | | | 111 | | | | 110 | |
BX Commercial Mortgage Trust 2022-AHP | | | | | | | | |
7.17% (1 Month Term SOFR + 1.84%, 1.84% Floor), 01/17/2039, Series 2022-AHP, Class B (1)(2) | | | 6,753 | | | | 6,647 | |
BX Commercial Mortgage Trust 2022-CSMO | | | | | | | | |
7.44% (1 Month Term SOFR + 2.11%, 2.12% Floor), 06/15/2027, Series 2022-CSMO, Class A (1)(2) | | | 20,460 | | | | 20,498 | |
8.47% (1 Month Term SOFR + 3.14%, 3.14% Floor), 06/15/2027, Series 2022-CSMO, Class B (1)(2) | | | 18,615 | | | | 18,644 | |
BX Commercial Mortgage Trust 2023-VLT3 | | | | | | | | |
7.27% (1 Month Term SOFR + 1.94%, 1.94% Floor), 11/15/2028, Series 2023-VLT3, Class A (1)(2) | | | 590 | | | | 586 | |
BX Commercial Mortgage Trust 2023-XL3 | | | | | | | | |
7.09% (1 Month Term SOFR + 1.76%, 1.76% Floor), 12/09/2040, Series 2023-XL3, Class A (1)(2) | | | 1,982 | | | | 1,983 | |
BX Commercial Mortgage Trust 2024-KING | | | | | | | | |
6.87% (1 Month Term SOFR + 1.54%, 1.54% Floor), 05/15/2034, Series 2024-KING, Class A (1)(2) | | | 1,520 | | | | 1,521 | |
BX Commercial Mortgage Trust 2024-MDHS | | | | | | | | |
6.97% (1 Month Term SOFR + 1.64%, 1.64% Floor), 05/15/2041, Series 2024-MDHS, Class A (1)(2) | | | 5,983 | | | | 5,968 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
BX Commercial Mortgage Trust 2024-MF | | | | | | | | |
6.77% (1 Month Term SOFR + 1.44%, 1.44% Floor), 02/15/2039, Series 2024-MF, Class A (1)(2) | | $ | 530 | | | $ | 528 | |
BX Commercial Mortgage Trust 2024-XL4 | | | | | | | | |
6.77% (1 Month Term SOFR + 1.44%, 1.44% Floor), 02/15/2039, Series 2024-XL4, Class A (1)(2) | | | 1,113 | | | | 1,109 | |
8.47% (1 Month Term SOFR + 3.14%, 3.14% Floor), 02/15/2039, Series 2024-XL4, Class D (1)(2) | | | 3,270 | | | | 3,262 | |
9.52% (1 Month Term SOFR + 4.19%, 4.19% Floor), 02/15/2039, Series 2024-XL4, Class E (1)(2) | | | 1,773 | | | | 1,743 | |
BX Trust 2018-GW | | | | | | | | |
6.43% (1 Month Term SOFR + 1.10%, 0.80% Floor), 05/15/2035, Series 2018-GW, Class A (1)(2) | | | 2,485 | | | | 2,473 | |
BX Trust 2019-OC11 | | | | | | | | |
3.20%, 12/09/2041, Series 2019-OC11, Class A (1) | | | 7,400 | | | | 6,580 | |
4.08%, 12/09/2041, Series 2019-OC11, Class E (1)(5) | | | 7,750 | | | | 6,557 | |
BX Trust 2021-ARIA | | | | | | | | |
6.34% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/15/2036, Series 2021-ARIA, Class A (1)(2) | | | 1,256 | | | | 1,240 | |
6.74% (1 Month Term SOFR + 1.41%, 1.30% Floor), 10/15/2036, Series 2021-ARIA, Class B (1)(2) | | | 2,950 | | | | 2,908 | |
7.09% (1 Month Term SOFR + 1.76%, 1.65% Floor), 10/15/2036, Series 2021-ARIA, Class C (1)(2) | | | 150 | | | | 147 | |
BX Trust 2021-LBA | | | | | | | | |
6.24% (1 Month Term SOFR + 0.91%, 0.80% Floor), 02/15/2036, Series 2021-LBA, Class AV (1)(2) | | | 301 | | | | 298 | |
6.24% (1 Month Term SOFR + 0.91%, 0.80% Floor), 02/15/2036, Series 2021-LBA, Class AJV (1)(2) | | | 881 | | | | 870 | |
BX Trust 2021-RISE | | | | | | | | |
7.19% (1 Month Term SOFR + 1.86%, 1.75% Floor), 11/15/2036, Series 2021-RISE, Class D (1)(2) | | | 12,616 | | | | 12,355 | |
BX Trust 2022-GPA | | | | | | | | |
7.49% (1 Month Term SOFR + 2.17%, 2.17% Floor), 08/15/2039, Series 2022-GPA, Class A (1)(2) | | | 6,662 | | | | 6,664 | |
7.99% (1 Month Term SOFR + 2.66%, 2.66% Floor), 08/15/2041, Series 2022-GPA, Class B (1)(2) | | | 198 | | | | 198 | |
9.39% (1 Month Term SOFR + 4.06%, 4.06% Floor), 08/15/2043, Series 2022-GPA, Class D (1)(2) | | | 405 | | | | 406 | |
BX Trust 2022-LBA6 | | | | | | | | |
6.33% (1 Month Term SOFR + 1.00%, 1.00% Floor), 01/15/2039, Series 2022-LBA6, Class A (1)(2) | | | 405 | | | | 400 | |
BX Trust 2022-VAMF | | | | | | | | |
6.18% (1 Month Term SOFR + 0.85%, 0.85% Floor), 01/15/2039, Series 2022-VAMF, Class A (1)(2) | | | 519 | | | | 512 | |
BX Trust 2023-DELC | | | | | | | | |
8.02% (1 Month Term SOFR + 2.69%, 2.69% Floor), 05/15/2038, Series 2023-DELC, Class A (1)(2) | | | 3,912 | | | | 3,922 | |
BX Trust 2024-CNYN | | | | | | | | |
6.77% (1 Month Term SOFR + 1.44%, 1.44% Floor), 04/15/2029, Series 2024-CNYN, Class A (1)(2) | | | 1,997 | | | | 1,998 | |
8.02% (1 Month Term SOFR + 2.69%, 2.69% Floor), 04/15/2029, Series 2024-CNYN, Class D (1)(2) | | | 775 | | | | 767 | |
BX Trust 2024-PAT | | | | | | | | |
7.42% (1 Month Term SOFR + 2.09%, 2.09% Floor), 03/15/2041, Series 2024-PAT, Class A (1)(2) | | | 1,290 | | | | 1,288 | |
9.77% (1 Month Term SOFR + 4.44%, 4.44% Floor), 03/15/2041, Series 2024-PAT, Class C (1)(2) | | | 2,759 | | | | 2,731 | |
10.72% (1 Month Term SOFR + 5.39%, 5.39% Floor), 03/15/2041, Series 2024-PAT, Class D (1)(2) | | | 1,322 | | | | 1,306 | |
BX Trust 2024-VLT4 | | | | | | | | |
6.81% (1 Month Term SOFR + 1.49%, 1.49% Floor), 07/15/2029, Series 2024-VLT4, Class A (1)(2) | | | 9,140 | | | | 9,129 | |
8.21% (1 Month Term SOFR + 2.89%, 2.89% Floor), 07/15/2029, Series 2024-VLT4, Class E (1)(2) | | | 1,090 | | | | 1,085 | |
9.26% (1 Month Term SOFR + 3.94%, 3.94% Floor), 07/15/2029, Series 2024-VLT4, Class F (1)(2) | | | 2,800 | | | | 2,776 | |
BXHPP Trust 2021-FILM | | | | | | | | |
6.09% (1 Month Term SOFR + 0.76%, 0.65% Floor), 08/15/2036, Series 2021-FILM, Class A (1)(2) | | | 8,000 | | | | 7,684 | |
BXP Trust 2017-GM | | | | | | | | |
3.38%, 06/13/2039, Series 2017-GM, Class A (1) | | | 3,800 | | | | 3,531 | |
CAFL 2021-RTL1 Issuer LLC | | | | | | | | |
2.24%, 03/28/2029, Series 2021-RTL1, Class A1 (1)(3) | | | 10,446 | | | | 10,180 | |
CAFL 2023-RTL1 Issuer LLC | | | | | | | | |
7.55%, 12/28/2030, Series 2023-RTL1, Class A1 (1)(3) | | | 7,075 | | | | 7,110 | |
Cassia 2022-1 SRL | | | | | | | | |
6.32% (3 Month EURIBOR + 2.50%, 2.50% Floor), 05/22/2034, Series 2022-1A, Class A (1)(2) | | EUR | 2,488 | | | | 2,660 | |
CD 2017-CD6 Mortgage Trust | | | | | | | | |
3.91%, 11/13/2050, Series 2017-CD6, Class B (5) | | $ | 193 | | | | 169 | |
CENT Trust 2023-CITY | | | | | | | | |
7.95% (1 Month Term SOFR + 2.62%, 2.62% Floor), 09/15/2038, Series 2023-CITY, Class A (1)(2) | | | 3,074 | | | | 3,089 | |
Century Plaza Towers 2019-CPT | | | | | | | | |
2.87%, 11/13/2039, Series 2019-CPT, Class A (1) | | | 3,205 | | | | 2,746 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
CFMT 2024-HB14 LLC | | | | | | | | |
3.00%, 06/25/2034, Series 2024-HB14, Class M2 (1)(5) | | $ | 100 | | | $ | 88 | |
3.00%, 06/25/2034, Series 2024-HB14, Class M3 (1)(5) | | | 238 | | | | 197 | |
Chase Home Lending Mortgage Trust 2023-RPL1 | | | | | | | | |
3.50%, 06/25/2062, Series 2023-RPL1, Class A1 (1)(5) | | | 12,136 | | | | 10,903 | |
Chase Home Lending Mortgage Trust 2023-RPL3 | | | | | | | | |
3.25%, 09/25/2063, Series 2023-RPL3, Class A1 (1)(5) | | | 20,096 | | | | 17,825 | |
Chase Home Lending Mortgage Trust Series 2024-RPL2 | | | | | | | | |
3.25%, 08/25/2064, Series 2024-RPL2, Class A1A (1)(5) | | | 8,638 | | | | 7,507 | |
CHL Mortgage Pass-Through Trust Resecuritization 2008-3R | | | | | | | | |
6.00%, 08/25/2037, Series 2008-3R, Class 1A1 (1) | | | 4,401 | | | | 2,179 | |
CHNGE Mortgage Trust 2022-4 | | | | | | | | |
6.00%, 10/25/2057, Series 2022-4, Class A1 (1)(3) | | | 216 | | | | 214 | |
CIM Trust 2019-R3 | | | | | | | | |
2.63%, 06/25/2058, Series 2019-R3, Class A (1)(5) | | | 8,800 | | | | 7,901 | |
CIM Trust 2019-R4 | | | | | | | | |
3.00%, 10/25/2059, Series 2019-R4, Class A1 (1)(5) | | | 11,595 | | | | 10,552 | |
CIM Trust 2020-R1 | | | | | | | | |
2.85%, 10/27/2059, Series 2020-R1, Class A1 (1)(5) | | | 16,884 | | | | 14,658 | |
CIM Trust 2020-R6 | | | | | | | | |
2.25%, 12/25/2060, Series 2020-R6, Class A1A (1)(5) | | | 9,603 | | | | 8,299 | |
CIM Trust 2020-R7 | | | | | | | | |
2.25%, 12/27/2061, Series 2020-R7, Class A1A (1)(5) | | | 14,785 | | | | 12,856 | |
CIM Trust 2021-INV1 | | | | | | | | |
2.50%, 07/01/2051, Series 2021-INV1, Class A8 (1)(5) | | | 4,026 | | | | 3,477 | |
CIM Trust 2021-R1 | | | | | | | | |
2.40%, 08/25/2056, Series 2021-R1, Class A2 (1)(5) | | | 14,736 | | | | 12,893 | |
CIM Trust 2021-R2 | | | | | | | | |
2.50%, 01/25/2057, Series 2021-R2, Class A2 (1)(5) | | | 6,350 | | | | 5,665 | |
CIM Trust 2021-R3 | | | | | | | | |
1.95%, 06/25/2057, Series 2021-R3, Class A1A (1)(5) | | | 21,919 | | | | 19,622 | |
1.95%, 06/25/2057, Series 2021-R3, Class A1 (1)(5) | | | 41,933 | | | | 36,809 | |
CIM Trust 2021-R4 | | | | | | | | |
2.00%, 05/01/2061, Series 2021-R4, Class A1A (1)(5) | | | 23,255 | | | | 20,344 | |
CIM Trust 2021-R5 | | | | | | | | |
2.00%, 08/25/2061, Series 2021-R5, Class A1A (1)(5) | | | 20,545 | | | | 17,011 | |
CIM Trust 2021-R6 | | | | | | | | |
1.43%, 07/25/2061, Series 2021-R6, Class A1 (1)(5) | | | 2,892 | | | | 2,489 | |
CIM Trust 2022-I1 | | | | | | | | |
4.35%, 02/25/2067, Series 2022-I1, Class A1 (1)(5) | | | 17,856 | | | | 17,434 | |
CIM TRUST 2022-R2 | | | | | | | | |
3.75%, 12/25/2061, Series 2022-R2, Class A1 (1)(5) | | | 29,246 | | | | 27,063 | |
CIM TRUST 2022-R3 | | | | | | | | |
4.50%, 03/25/2062, Series 2022-R3, Class A1 (1)(5) | | | 37,808 | | | | 36,359 | |
CIM Trust 2023-R1 | | | | | | | | |
5.40%, 04/25/2062, Series 2023-R1, Class A1A (1)(5) | | | 36,227 | | | | 35,384 | |
CIM Trust 2023-R3 | | | | | | | | |
4.50%, 01/25/2063, Series 2023-R3, Class A1A (1)(5) | | | 30,623 | | | | 28,852 | |
Citigroup Commercial Mortgage Trust 2013-375P | | | | | | | | |
3.63%, 05/10/2035, Series 2013-375P, Class C (1)(5) | | | 9,030 | | | | 8,579 | |
Citigroup Commercial Mortgage Trust 2015-P1 | | | | | | | | |
3.23%, 09/15/2048, Series 2015-P1, Class D (1) | | | 350 | | | | 310 | |
Citigroup Commercial Mortgage Trust 2017-P7 | | | | | | | | |
3.92%, 04/14/2050, Series 2017-P7, Class AS | | | 1,418 | | | | 1,302 | |
Citigroup Mortgage Loan Trust 2019-RP1 | | | | | | | | |
3.50%, 01/25/2066, Series 2019-RP1, Class A1 (1)(5) | | | 1,088 | | | | 1,039 | |
Citigroup Mortgage Loan Trust, Inc. | | | | | | | | |
2.50%, 08/25/2050, Series 2020-EXP2, Class A4 (1)(5) | | | 965 | | | | 802 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
COAST Commercial Mortgage Trust 2023-2HTL | | | | | | | | |
9.77% (1 Month Term SOFR + 4.44%, 4.44% Floor), 08/15/2036, Series 2023-2HTL, Class D (1)(2) | | $ | 1,494 | | | $ | 1,488 | |
Cold Storage Trust 2020-ICE5 | | | | | | | | |
6.34% (1 Month Term SOFR + 1.01%, 0.90% Floor), 11/15/2037, Series 2020-ICE5, Class A (1)(2) | | | 1,028 | | | | 1,024 | |
7.09% (1 Month Term SOFR + 1.76%, 1.65% Floor), 11/15/2037, Series 2020-ICE5, Class C (1)(2)(18) | | | 3,534 | | | | 3,521 | |
7.54% (1 Month Term SOFR + 2.21%, 2.10% Floor), 11/15/2037, Series 2020-ICE5, Class D (1)(2)(18) | | | 934 | | | | 930 | |
8.93% (1 Month Term SOFR + 3.61%, 3.49% Floor), 11/15/2037, Series 2020-ICE5, Class F (1)(2) | | | 973 | | | | 972 | |
COLT 2020-3 Mortgage Loan Trust | | | | | | | | |
1.51%, 04/27/2065, Series 2020-3, Class A1 (1)(5) | | | 280 | | | | 266 | |
COLT 2021-5 Mortgage Loan Trust | | | | | | | | |
1.73%, 11/26/2066, Series 2021-5, Class A1 (1)(5) | | | 13,616 | | | | 11,669 | |
COLT 2021-6 Mortgage Loan Trust | | | | | | | | |
1.91%, 12/25/2066, Series 2021-6, Class A1 (1)(5) | | | 13,334 | | | | 11,567 | |
COLT 2021-RPL1 Trust | | | | | | | | |
1.67%, 09/25/2061, Series 2021-RPL1, Class A1 (1)(5) | | | 17,078 | | | | 15,249 | |
COLT 2022-4 Mortgage Loan Trust | | | | | | | | |
4.30%, 03/25/2067, Series 2022-4, Class A1 (1)(5) | | | 22,390 | | | | 21,699 | |
COLT 2022-5 Mortgage Loan Trust | | | | | | | | |
4.55%, 04/25/2067, Series 2022-5, Class A1 (1)(5) | | | 28,274 | | | | 28,027 | |
4.70%, 03/25/2067, Series 5, Class B1 (1) | | | 877 | | | | 763 | |
COLT 2022-6 Mortgage Loan Trust | | | | | | | | |
4.65%, 06/27/2067, Series 2022-6, Class A1 (1)(3) | | | 6,407 | | | | 6,261 | |
COLT 2024-INV2 Mortgage Loan Trust | | | | | | | | |
6.42%, 05/25/2069, Series 2024-INV2, Class A1 (1)(3) | | | 988 | | | | 995 | |
Comm 2013-CCRE13 Mortgage Trust | | | | | | | | |
5.11%, 11/10/2046, Series 2013-CR13, Class C (5) | | | 2,595 | | | | 2,432 | |
COMM 2015-CCRE24 Mortgage Trust | | | | | | | | |
3.70%, 08/10/2048, Series 2015-CR24, Class A5 | | | 1,990 | | | | 1,945 | |
COMM 2015-DC1 Mortgage Trust | | | | | | | | |
3.72%, 02/10/2048, Series 2015-DC1, Class AM | | | 2,495 | | | | 2,382 | |
COMM 2015-LC19 Mortgage Trust | | | | | | | | |
3.83%, 02/10/2048, Series 2015-LC19, Class B (5) | | | 169 | | | | 160 | |
COMM 2016-787S Mortgage Trust | | | | | | | | |
3.55%, 02/10/2036, Series 2016-787S, Class A (1) | | | 2,000 | | | | 1,890 | |
3.96%, 02/10/2036, Series 2016-787S, Class C (1)(5) | | | 1,000 | | | | 922 | |
3.96%, 02/10/2036, Series 2016-787S, Class B (1)(5) | | | 1,700 | | | | 1,589 | |
COMM 2017-COR2 Mortgage Trust | | | | | | | | |
3.51%, 09/10/2050, Series 2017-COR2, Class A3 | | | 3,110 | | | | 2,911 | |
COMM 2017-PANW Mortgage Trust | | | | | | | | |
3.53%, 10/10/2029, Series 2017-PANW, Class B (1)(5) | | | 1,285 | | | | 1,175 | |
COMM 2020-CBM Mortgage Trust | | | | | | | | |
3.40%, 02/10/2037, Series 2020-CBM, Class C (1) | | | 5,150 | | | | 4,971 | |
COMM 2024-WCL1 MORTGAGE TRUST | | | | | | | | |
7.14% (1 Month Term SOFR + 1.84%, 1.84% Floor), 06/15/2041, Series 2024-WCL1, Class A (1)(2) | | | 2,940 | | | | 2,924 | |
7.89% (1 Month Term SOFR + 2.59%, 2.59% Floor), 06/15/2041, Series 2024-WCL1, Class B (1)(2) | | | 883 | | | | 883 | |
9.79% (1 Month Term SOFR + 4.49%, 4.49% Floor), 06/15/2041, Series 2024-WCL1, Class E (1)(2) | | | 1,166 | | | | 1,163 | |
Commercial Mortgage Pass-Through Certificate | | | | | | | | |
7.12%, 07/12/2028 (1) | | | 734 | | | | 760 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
3.40%, 10/05/2030, Series 2012-LTRT, Class A2 (1) | | | 560 | | | | 538 | |
Connecticut Avenue Securities Trust 2022-R06 | | | | | | | | |
8.09% (30-day Average SOFR + 2.75%), 05/25/2042, Series 2022-R06, Class 1M1 (1)(2) | | | 2,234 | | | | 2,297 | |
Connecticut Avenue Securities Trust 2023-R02 | | | | | | | | |
7.64% (30-day Average SOFR + 2.30%), 01/25/2043, Series 2023-R02, Class 1M1 (1)(2) | | | 5,758 | | | | 5,905 | |
Connecticut Avenue Securities Trust 2023-R08 | | | | | | | | |
6.84% (30-day Average SOFR + 1.50%), 10/25/2043, Series 2023-R08, Class 1M1 (1)(2) | | | 1,504 | | | | 1,514 | |
Cross 2023-H2 Mortgage Trust | | | | | | | | |
7.14%, 11/25/2068, Series 2023-H2, Class A1A (1)(3) | | | 1,065 | | | | 1,080 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Cross 2024-H3 Mortgage Trust | | | | | | | | |
6.27%, 06/25/2069, Series 2024-H3, Class A1 (1)(3) | | $ | 9,893 | | | $ | 9,918 | |
CRSNT Trust 2021-MOON | | | | | | | | |
6.64% (1 Month Term SOFR + 1.31%, 1.20% Floor), 04/15/2036, Series 2021-MOON, Class B (1)(2) | | | 20,000 | | | | 19,001 | |
6.99% (1 Month Term SOFR + 1.66%, 1.55% Floor), 04/15/2036, Series 2021-MOON, Class C (1)(2) | | | 12,000 | | | | 11,425 | |
CSAIL 2019-C17 Commercial Mortgage Trust | | | | | | | | |
2.76%, 09/15/2052, Series 2019-C17, Class A4 | | | 6,050 | | | | 5,395 | |
3.28%, 09/15/2052, Series 2019-C17, Class AS | | | 2,625 | | | | 2,277 | |
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 | | | | | | | | |
5.75%, 11/25/2033, Series 2003-27, Class 4A4 | | | 55 | | | | 54 | |
CSMC 2014-USA OA LLC | | | | | | | | |
4.18%, 09/15/2037, Series 2014-USA, Class B (1) | | | 5,255 | | | | 4,553 | |
4.34%, 09/15/2037, Series 2014-USA, Class C (1) | | | 400 | | | | 316 | |
4.37%, 09/15/2037, Series 2014-USA, Class D (1) | | | 6,175 | | | | 4,694 | |
CSMC 2019-RP10 Trust | | | | | | | | |
3.18%, 12/26/2059, Series 2019-RP10, Class A1 (1)(5) | | | 24,315 | | | | 24,634 | |
CSMC 2020-NET | | | | | | | | |
2.26%, 08/15/2037, Series 2020-NET, Class A (1) | | | 2,467 | | | | 2,334 | |
3.53%, 08/15/2037, Series 2020-NET, Class C (1) | | | 4,405 | | | | 4,115 | |
CSMC 2020-RPL2 Trust | | | | | | | | |
3.64%, 02/25/2060, Series 2020-RPL2, Class A12 (1)(5) | | | 698 | | | | 707 | |
CSMC 2020-RPL3 Trust | | | | | | | | |
4.08%, 03/25/2060, Series 2020-RPL3, Class A1 (1)(5) | | | 6,831 | | | | 6,802 | |
CSMC 2020-RPL5 Trust | | | | | | | | |
4.71%, 08/25/2060, Series 2020-RPL5, Class A1 (1)(5) | | | 5,445 | | | | 5,420 | |
CSMC 2021-ADV | | | | | | | | |
7.74% (1 Month Term SOFR + 2.41%, 2.30% Floor), 07/15/2038, Series 2021-ADV, Class C (1)(2) | | | 3,400 | | | | 1,712 | |
CSMC 2021-BHAR | | | | | | | | |
6.59% (1 Month Term SOFR + 1.26%, 1.15% Floor), 11/15/2038, Series 2021-BHAR, Class A (1)(2) | | | 124 | | | | 123 | |
6.94% (1 Month Term SOFR + 1.61%, 1.50% Floor), 11/15/2038, Series 2021-BHAR, Class B (1)(2) | | | 380 | | | | 378 | |
7.44% (1 Month Term SOFR + 2.11%, 2.00% Floor), 11/15/2038, Series 2021-BHAR, Class C (1)(2) | | | 625 | | | | 620 | |
CSMC 2021-NQM8 | | | | | | | | |
1.84%, 10/25/2066, Series 2021-NQM8, Class A1 (1)(5) | | | 11,071 | | | | 9,597 | |
3.26%, 10/25/2066, Series 2021-NQM8, Class M1 (1)(5) | | | 523 | | | | 367 | |
CSMC 2021-RPL11 Trust | | | | | | | | |
3.75%, 10/25/2061, Series 2021-RP11, Class PT (1)(5) | | | 24,952 | | | | 16,836 | |
CSMC 2021-RPL6 Trust | | | | | | | | |
2.75%, 10/25/2060, Series 2021-RPL6, Class M1 (1) | | | 8,505 | | | | 6,445 | |
CSMC 2021-RPL9 Trust | | | | | | | | |
2.44%, 02/25/2061, Series 2021-RPL9, Class A1 (1)(5) | | | 13,099 | | | | 13,012 | |
CSMC 2022-ATH3 | | | | | | | | |
4.99%, 08/25/2067, Series 2022-ATH3, Class A1 (1)(5) | | | 8,208 | | | | 8,094 | |
CSMC 2022-NQM1 | | | | | | | | |
2.27%, 11/25/2066, Series 2022-NQM1, Class A1 (1)(5) | | | 14,089 | | | | 12,363 | |
CSMC 2022-NQM3 Trust | | | | | | | | |
4.27%, 03/25/2067, Series 2022-NQM3, Class A1B (1)(5) | | | 1,314 | | | | 1,227 | |
CSMC 2022-NQM6 Trust | | | | | | | | |
9.26%, 12/25/2067, Series 2022-NQM6, Class PT (1)(5) | | | 4,529 | | | | 4,488 | |
CSMC 2022-NWPT | | | | | | | | |
8.47% (1 Month Term SOFR + 3.14%, 3.14% Floor), 09/09/2024, Series 2022-NWPT, Class A (1)(2) | | | 1,867 | | | | 1,877 | |
CSMC 2022-RPL1 Trust | | | | | | | | |
4.65%, 04/25/2061, Series 2022-RPL1, Class PT (1)(5) | | | 26,762 | | | | 22,920 | |
CSMC 2022-RPL3 Trust | | | | | | | | |
3.85%, 03/25/2061, Series 2022-RPL3, Class A1 (1)(5) | | | 32,666 | | | | 34,003 | |
CSMC Mortgage-Backed Trust Series 2006-4 | | | | | | | | |
6.00%, 05/25/2036, Series 2006-4, Class 1A3 | | | 107 | | | | 58 | |
CSMC Series 2015-6R | | | | | | | | |
3.97% (1 Month Term SOFR + 0.29%, 0.18% Floor), 03/27/2036, Series 2015-6R, Class 5A2 (1)(2) | | | 547 | | | | 407 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
CSMCM 2021-RPL11 Trust | | | | | | | | |
3.78%, 10/27/2061, Series 2021-RP11, Class CERT (1) | | $ | 1,064 | | | $ | 828 | |
CSMCM 2022-RPL1 Trust | | | | | | | | |
4.23%, 04/25/2061, Series RPL1, Class CERT (1) | | | 1,154 | | | | 973 | |
DBCG 2017-BBG Mortgage Trust | | | | | | | | |
8.50% (PRIME + 0.00%), 06/15/2034, Series 2017-BBG, Class A (1)(2) | | | 2,578 | | | | 2,577 | |
DBSG 2024-ALTA Mortgage Trust | | | | | | | | |
6.14%, 06/10/2037, Series 2024-ALTA, Class A (1)(5) | | | 898 | | | | 899 | |
DBUBS 2017-BRBK Mortgage Trust | | | | | | | | |
3.65%, 10/10/2034, Series 2017-BRBK, Class D (1)(5) | | | 2,540 | | | | 2,210 | |
DBWF 2024-LCRS Mortgage Trust | | | | | | | | |
7.07% (1 Month Term SOFR + 1.74%, 1.74% Floor), 04/15/2037, Series 2024-LCRS, Class A (1)(2) | | | 245 | | | | 244 | |
DC Commercial Mortgage Trust 2023-DC | | | | | | | | |
6.80%, 09/12/2040, Series 2023-DC, Class B (1) | | | 6,265 | | | | 6,398 | |
DC Office Trust 2019-MTC | | | | | | | | |
2.97%, 09/15/2045, Series 2019-MTC, Class A (1) | | | 12,545 | | | | 10,696 | |
DC Trust 2024-HLTN | | | | | | | | |
5.93%, 04/13/2028, Series 2024-HLTN, Class A (1)(5) | | | 290 | | | | 286 | |
Deephaven Residential Mortgage Trust 2021-1 | | | | | | | | |
3.10%, 05/25/2065, Series 2021-1, Class B1 (1)(5) | | | 1,226 | | | | 1,084 | |
Deephaven Residential Mortgage Trust 2021-2 | | | | | | | | |
0.90%, 04/25/2066, Series 2021-2, Class A1 (1)(5) | | | 3,338 | | | | 2,877 | |
1.21%, 04/25/2066, Series 2021-2, Class A2 (1)(5) | | | 1,651 | | | | 1,435 | |
Deephaven Residential Mortgage Trust 2022-2 | | | | | | | | |
4.30%, 03/25/2067, Series 2022-2, Class A1 (1)(5) | | | 8,452 | | | | 8,015 | |
4.33%, 03/25/2067, Series 2022-2, Class M1 (1)(5) | | | 526 | | | | 440 | |
Deephaven Residential Mortgage Trust 2022-3 | | | | | | | | |
5.27%, 07/25/2067, Series 2022-3, Class M1 (1)(5) | | | 2,188 | | | | 1,972 | |
Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust Series 2005-2 | | | | | | | | |
5.86% (1 Month Term SOFR + 0.51%, 0.40% Floor), 04/25/2035, Series 2005-2, Class 1A1 (2) | | | 2,347 | | | | 2,056 | |
DK Trust 2024-SPBX | | | | | | | | |
6.83% (1 Month Term SOFR + 1.50%, 1.50% Floor), 03/15/2034, Series 2024-SPBX, Class A (1)(2) | | | 1,670 | | | | 1,660 | |
DOLP Trust 2021-NYC | | | | | | | | |
2.96%, 05/10/2041, Series 2021-NYC, Class A (1) | | | 11,500 | | | | 9,572 | |
Eleven Madison Trust 2015-11MD Mortgage Trust | | | | | | | | |
3.67%, 09/10/2035, Series 2015-11MD, Class A (1)(5) | | | 870 | | | | 831 | |
Ellington Financial Mortgage Trust 2019-2 | | | | | | | | |
2.74%, 11/25/2059, Series 2019-2, Class A1 (1)(5) | | | 894 | | | | 848 | |
3.05%, 11/25/2059, Series 2019-2, Class A3 (1)(5) | | | 549 | | | | 517 | |
Ellington Financial Mortgage Trust 2020-2 | | | | | | | | |
1.18%, 10/25/2065, Series 2020-2, Class A1 (1)(5) | | | 2,199 | | | | 1,969 | |
Ellington Financial Mortgage Trust 2021-2 | | | | | | | | |
1.09%, 06/25/2066, Series 2021-2, Class A2 (1)(5) | | | 3,747 | | | | 3,060 | |
Ellington Financial Mortgage Trust 2021-3 | | | | | | | | |
1.24%, 09/25/2066, Series 2021-3, Class A1 (1)(5) | | | 3,981 | | | | 3,170 | |
Ellington Financial Mortgage Trust 2022-1 | | | | | | | | |
2.21%, 01/25/2067, Series 2022-1, Class A1 (1)(5) | | | 13,427 | | | | 11,401 | |
Ellington Financial Mortgage Trust 2022-4 | | | | | | | | |
5.90%, 09/25/2067, Series 2022-4, Class A1 (1)(3) | | | 67,457 | | | | 67,102 | |
5.95%, 09/25/2067, Series 2022-4, Class B2 (1)(5) | | | 837 | | | | 700 | |
ELM Trust 2024-ELM | | | | | | | | |
0.23%, 06/10/2039, Series 2024-ELM, Class XP10 (1)(5) | | | 17,902 | | | | 77 | |
1.56%, 06/10/2039, Series 2024-ELM, Class XP15 (1)(5) | | | 16,215 | | | | 460 | |
5.80%, 06/10/2039, Series 2024-ELM, Class A15 (1)(5) | | | 1,690 | | | | 1,691 | |
5.80%, 06/10/2039, Series 2024-ELM, Class A10 (1)(5) | | | 1,690 | | | | 1,691 | |
7.79%, 06/10/2039, Series 2024-ELM, Class E10 (1)(5) | | | 2,217 | | | | 2,218 | |
Eurosail-UK 2007-5np Plc | | | | | | | | |
6.12% (Sterling Overnight Index Average + 0.89%), 09/13/2045, Series 2007-5X, Class A1A (2) | | GBP | 5,737 | | | | 6,939 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Eurosail-UK 2007-6nc Plc | | | | | | | | |
6.05% (Sterling Overnight Index Average + 0.82%), 09/13/2045, Series 2007-6NCX, Class A3A (2) | | GBP | 115 | | | $ | 144 | |
Exmoor Funding 2024-1 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 2.80%), 03/25/2094, Series 1, Class D (18) | | | 111 | | | | 140 | |
0.00% (Sterling Overnight Index Average + 1.90%), 03/25/2094, Series 1, Class C (18) | | | 194 | | | | 245 | |
Extended Stay America Trust 2021-ESH | | | | | | | | |
6.52% (1 Month Term SOFR + 1.19%, 1.08% Floor), 07/15/2038, Series 2021-ESH, Class A (1)(2) | | $ | 69,664 | | | | 69,403 | |
6.82% (1 Month Term SOFR + 1.49%, 1.38% Floor), 07/15/2038, Series 2021-ESH, Class B (1)(2) | | | 6,404 | | | | 6,379 | |
7.69% (1 Month Term SOFR + 2.36%, 2.25% Floor), 07/15/2038, Series 2021-ESH, Class D (1)(2) | | | 9,014 | | | | 9,009 | |
8.29% (1 Month Term SOFR + 2.96%, 2.85% Floor), 07/15/2038, Series 2021-ESH, Class E (1)(2) | | | 4,539 | | | | 4,530 | |
9.14% (1 Month Term SOFR + 3.81%, 3.70% Floor), 07/15/2038, Series 2021-ESH, Class F(1)(2) | | | 636 | | | | 634 | |
Fannie Mae | | | | | | | | |
1.50%, 07/01/2036(13) | | | 5,457 | | | | 4,665 | |
1.50%, 07/01/2051(13) | | | 5,225 | | | | 3,895 | |
2.00%, 07/01/2039(13) | | | 19,869 | | | | 17,457 | |
2.00%, 07/01/2054(13) | | | 152,058 | | | | 118,902 | |
2.50%, 07/01/2039(13) | | | 11,025 | | | | 9,954 | |
2.50%, 07/01/2043(13) | | | 228,452 | | | | 186,519 | |
3.00%, 07/01/2039(13) | | | 366 | | | | 339 | |
3.00%, 07/01/2054(13) | | | 157,313 | | | | 133,802 | |
3.50%, 07/01/2039(13) | | | 121 | | | | 114 | |
3.50%, 07/01/2054(13) | | | 240,481 | | | | 212,826 | |
3.50%, 08/01/2054(13) | | | 198,000 | | | | 175,261 | |
4.00%, 07/01/2039(13) | | | 2,935 | | | | 2,822 | |
4.00%, 07/01/2054(13) | | | 473,674 | | | | 433,393 | |
4.50%, 07/01/2039(13) | | | 6,330 | | | | 6,192 | |
4.50%, 07/01/2042(13) | | | 237,577 | | | | 223,963 | |
5.00%, 07/01/2054(13) | | | 489,001 | | | | 472,575 | |
5.00%, 08/01/2054(13) | | | 693,200 | | | | 669,860 | |
5.50%, 07/01/2054(13) | | | 150,846 | | | | 148,766 | |
5.50%, 08/01/2054(13) | | | 879,400 | | | | 867,206 | |
6.00%, 07/01/2054(13) | | | 58,579 | | | | 58,741 | |
6.00%, 08/01/2054(13) | | | 1,023,375 | | | | 1,025,815 | |
6.50%, 07/01/2054(13) | | | 407,136 | | | | 414,356 | |
6.50%, 08/01/2054(13) | | | 436,000 | | | | 443,495 | |
7.00%, 08/01/2038(13) | | | 16,400 | | | | 16,857 | |
7.00%, 07/01/2054(13) | | | 40 | | | | 41 | |
Fannie Mae Interest Strip | | | | | | | | |
3.00%, 07/25/2052, Series 437, Class C11 | | | 3,564 | | | | 633 | |
Fannie Mae Pool | | | | | | | | |
1.50%, 12/01/2035 | | | 415 | | | | 357 | |
1.50%, 03/01/2036 | | | 616 | | | | 531 | |
1.50%, 05/01/2036 | | | 1,014 | | | | 875 | |
1.50%, 06/01/2036 | | | 3,567 | | | | 3,069 | |
1.50%, 12/01/2036 | | | 2,442 | | | | 2,099 | |
1.50%, 02/01/2037 | | | 1,036 | | | | 893 | |
1.50%, 11/01/2041 | | | 34,743 | | | | 28,000 | |
1.50%, 12/01/2041 | | | 17,779 | | | | 14,328 | |
1.50%, 10/01/2050 | | | 4,553 | | | | 3,414 | |
1.50%, 11/01/2050 | | | 3,964 | | | | 2,973 | |
1.50%, 03/01/2051 | | | 5,327 | | | | 3,982 | |
2.00%, 06/01/2035 | | | 460 | | | | 408 | |
2.00%, 06/01/2035 | | | 965 | | | | 857 | |
2.00%, 09/01/2035 | | | 468 | | | | 414 | |
2.00%, 02/01/2036 | | | 760 | | | | 673 | |
2.00%, 03/01/2036 | | | 828 | | | | 733 | |
2.00%, 04/01/2036 | | | 1,123 | | | | 997 | |
2.00%, 05/01/2036 | | | 775 | | | | 688 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
2.00%, 07/01/2036 | | $ | 1,280 | | | $ | 1,134 | |
2.00%, 09/01/2036 | | | 1,235 | | | | 1,087 | |
2.00%, 09/01/2036 | | | 1,365 | | | | 1,203 | |
2.00%, 11/01/2036 | | | 577 | | | | 512 | |
2.00%, 01/01/2037 | | | 566 | | | | 503 | |
2.00%, 02/01/2037 | | | 243 | | | | 215 | |
2.00%, 02/01/2037 | | | 566 | | | | 500 | |
2.00%, 02/01/2037 | | | 1,280 | | | | 1,130 | |
2.00%, 03/01/2037 | | | 679 | | | | 600 | |
2.00%, 03/01/2037 | | | 3,088 | | | | 2,730 | |
2.00%, 03/01/2037 | | | 3,144 | | | | 2,779 | |
2.00%, 04/01/2037 | | | 1,735 | | | | 1,534 | |
2.00%, 10/01/2040 | | | 875 | | | | 737 | |
2.00%, 05/01/2041 | | | 5,813 | | | | 4,862 | |
2.00%, 06/01/2041 | | | 23,126 | | | | 19,534 | |
2.00%, 12/01/2041 | | | 2,716 | | | | 2,272 | |
2.00%, 02/01/2042 | | | 1,184 | | | | 990 | |
2.00%, 02/01/2042 | | | 1,287 | | | | 1,076 | |
2.00%, 03/01/2042 | | | 12,324 | | | | 10,298 | |
2.00%, 04/01/2042 | | | 1,944 | | | | 1,617 | |
2.00%, 08/01/2050 | | | 1,491 | | | | 1,178 | |
2.00%, 09/01/2050 | | | 2,258 | | | | 1,783 | |
2.00%, 10/01/2050 | | | 4,062 | | | | 3,206 | |
2.00%, 12/01/2050 | | | 953 | | | | 759 | |
2.00%, 12/01/2050 | | | 3,024 | | | | 2,408 | |
2.00%, 01/01/2051 | | | 27,408 | | | | 21,686 | |
2.00%, 02/01/2051 | | | 3,399 | | | | 2,681 | |
2.00%, 03/01/2051 | | | 1,112 | | | | 886 | |
2.00%, 03/01/2051 | | | 2,004 | | | | 1,596 | |
2.00%, 04/01/2051 | | | 654 | | | | 521 | |
2.00%, 04/01/2051 | | | 1,210 | | | | 965 | |
2.00%, 04/01/2051 | | | 1,954 | | | | 1,556 | |
2.00%, 04/01/2051 | | | 2,236 | | | | 1,780 | |
2.00%, 05/01/2051 | | | 55,720 | | | | 43,820 | |
2.00%, 08/01/2051 | | | 6,189 | | | | 4,910 | |
2.00%, 08/01/2051 | | | 8,362 | | | | 6,578 | |
2.00%, 08/01/2051 | | | 9,655 | | | | 7,584 | |
2.00%, 09/01/2051 | | | 14,266 | | | | 11,227 | |
2.00%, 10/01/2051 | | | 40,479 | | | | 31,783 | |
2.00%, 11/01/2051 | | | 1,174 | | | | 937 | |
2.00%, 11/01/2051 | | | 1,489 | | | | 1,189 | |
2.00%, 11/01/2051 | | | 2,723 | | | | 2,172 | |
2.00%, 11/01/2051 | | | 4,030 | | | | 3,171 | |
2.00%, 11/01/2051 | | | 4,537 | | | | 3,613 | |
2.00%, 11/01/2051 | | | 5,158 | | | | 4,050 | |
2.00%, 11/01/2051 | | | 22,657 | | | | 17,780 | |
2.00%, 12/01/2051 | | | 664 | | | | 537 | |
2.00%, 12/01/2051 | | | 1,102 | | | | 864 | |
2.00%, 12/01/2051 | | | 1,557 | | | | 1,240 | |
2.00%, 12/01/2051 | | | 2,333 | | | | 1,859 | |
2.00%, 12/01/2051 | | | 3,514 | | | | 2,787 | |
2.00%, 12/01/2051 | | | 3,553 | | | | 2,829 | |
2.00%, 12/01/2051 | | | 31,383 | | | | 24,602 | |
2.00%, 12/01/2051 | | | 63,069 | | | | 49,467 | |
2.00%, 01/01/2052 | | | 884 | | | | 695 | |
2.00%, 01/01/2052 | | | 2,499 | | | | 1,993 | |
2.00%, 01/01/2052 | | | 2,763 | | | | 2,204 | |
2.00%, 01/01/2052 | | | 3,248 | | | | 2,591 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
2.00%, 01/01/2052 | | $ | 4,235 | | | $ | 3,411 | |
2.00%, 01/01/2052 | | | 99,472 | | | | 78,013 | |
2.00%, 02/01/2052 | | | 1,632 | | | | 1,303 | |
2.00%, 02/01/2052 | | | 1,959 | | | | 1,562 | |
2.00%, 02/01/2052 | | | 3,760 | | | | 2,998 | |
2.00%, 02/01/2052 | | | 5,594 | | | | 4,389 | |
2.00%, 02/01/2052 | | | 8,377 | | | | 6,659 | |
2.00%, 02/01/2052 | | | 15,896 | | | | 12,634 | |
2.00%, 02/01/2052 | | | 38,636 | | | | 30,269 | |
2.00%, 03/01/2052 | | | 2,083 | | | | 1,658 | |
2.00%, 03/01/2052 | | | 2,990 | | | | 2,378 | |
2.00%, 03/01/2052 | | | 5,475 | | | | 4,335 | |
2.00%, 04/01/2052 | | | 40,988 | | | | 32,119 | |
2.00%, 04/01/2052 | | | 80,354 | | | | 62,913 | |
2.46%, 04/01/2040 | | | 8,775 | | | | 6,230 | |
2.50%, 01/01/2032 | | | 554 | | | | 520 | |
2.50%, 02/01/2035 | | | 1,481 | | | | 1,379 | |
2.50%, 03/01/2036 | | | 3,623 | | | | 3,297 | |
2.50%, 07/01/2050 | | | 2,876 | | | | 2,407 | |
2.50%, 07/01/2050 | | | 4,467 | | | | 3,717 | |
2.50%, 07/01/2050 | | | 4,533 | | | | 3,772 | |
2.50%, 07/01/2050 | | | 4,576 | | | | 3,809 | |
2.50%, 08/01/2050 | | | 1,452 | | | | 1,208 | |
2.50%, 08/01/2050 | | | 4,734 | | | | 3,940 | |
2.50%, 08/01/2050 | | | 5,729 | | | | 4,767 | |
2.50%, 11/01/2050 | | | 1,014 | | | | 851 | |
2.50%, 11/01/2050 | | | 3,311 | | | | 2,779 | |
2.50%, 01/01/2051 | | | 827 | | | | 688 | |
2.50%, 02/01/2051 | | | 4,219 | | | | 3,458 | |
2.50%, 02/01/2051 | | | 19,889 | | | | 16,308 | |
2.50%, 02/01/2051 | | | 27,589 | | | | 22,633 | |
2.50%, 02/01/2051 | | | 75,596 | | | | 62,122 | |
2.50%, 09/01/2051 | | | 12,627 | | | | 10,475 | |
2.50%, 11/01/2051 | | | 2,117 | | | | 1,771 | |
2.50%, 11/01/2051 | | | 15,077 | | | | 12,402 | |
2.50%, 12/01/2051 | | | 44,735 | | | | 36,672 | |
2.50%, 01/01/2052 | | | 2,364 | | | | 1,964 | |
2.50%, 01/01/2052 | | | 3,976 | | | | 3,291 | |
2.50%, 01/01/2052 | | | 4,086 | | | | 3,387 | |
2.50%, 01/01/2052 | | | 4,175 | | | | 3,480 | |
2.50%, 01/01/2052 | | | 5,077 | | | | 4,223 | |
2.50%, 01/01/2052 | | | 5,073 | | | | 4,234 | |
2.50%, 01/01/2052 | | | 5,685 | | | | 4,738 | |
2.50%, 01/01/2052 | | | 6,347 | | | | 5,265 | |
2.50%, 01/01/2052 | | | 7,654 | | | | 6,349 | |
2.50%, 01/01/2052 | | | 9,553 | | | | 7,947 | |
2.50%, 02/01/2052 | | | 845 | | | | 709 | |
2.50%, 02/01/2052 | | | 1,263 | | | | 1,056 | |
2.50%, 02/01/2052 | | | 4,569 | | | | 3,806 | |
2.50%, 02/01/2052 | | | 5,395 | | | | 4,486 | |
2.50%, 02/01/2052 | | | 50,590 | | | | 41,448 | |
2.50%, 04/01/2052 | | | 13,433 | | | | 10,999 | |
2.50%, 04/01/2052 | | | 19,636 | | | | 16,101 | |
3.00%, 09/01/2030 | | | 723 | | | | 689 | |
3.00%, 04/01/2031 | | | 3,364 | | | | 3,193 | |
3.00%, 10/01/2032 | | | 3,031 | | | | 2,860 | |
3.00%, 12/01/2032 | | | 870 | | | | 821 | |
3.00%, 12/01/2032 | | | 1,825 | | | | 1,733 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
3.00%, 10/01/2033 | | $ | 816 | | | $ | 761 | |
3.00%, 11/01/2033 | | | 2,442 | | | | 2,306 | |
3.00%, 02/01/2034 | | | 1,358 | | | | 1,282 | |
3.00%, 12/01/2034 | | | 2,065 | | | | 1,929 | |
3.00%, 01/01/2035 | | | 779 | | | | 725 | |
3.00%, 01/01/2035 | | | 1,404 | | | | 1,307 | |
3.00%, 02/01/2035 | | | 1,227 | | | | 1,146 | |
3.00%, 02/01/2035 | | | 1,923 | | | | 1,817 | |
3.00%, 11/01/2035 | | | 2,965 | | | | 2,809 | |
3.00%, 11/01/2036 | | | 652 | | | | 599 | |
3.00%, 11/01/2036 | | | 861 | | | | 793 | |
3.00%, 12/01/2036 | | | 880 | | | | 809 | |
3.00%, 03/01/2038 | | | 678 | | | | 621 | |
3.00%, 01/01/2043 | | | 1,095 | | | | 966 | |
3.00%, 02/01/2043 | | | 1,636 | | | | 1,443 | |
3.00%, 04/01/2043 | | | 1,226 | | | | 1,081 | |
3.00%, 06/01/2043 | | | 1,339 | | | | 1,181 | |
3.00%, 08/01/2043 | | | 3,716 | | | | 3,277 | |
3.00%, 09/01/2043 | | | 625 | | | | 551 | |
3.00%, 07/01/2045 | | | 2,500 | | | | 2,199 | |
3.00%, 05/01/2046 | | | 3,100 | | | | 2,711 | |
3.00%, 07/01/2046 | | | 732 | | | | 640 | |
3.00%, 09/01/2046 | | | 2,454 | | | | 2,165 | |
3.00%, 10/01/2046 | | | 864 | | | | 755 | |
3.00%, 11/01/2046 | | | 187 | | | | 163 | |
3.00%, 11/01/2046 | | | 687 | | | | 600 | |
3.00%, 11/01/2046 | | | 855 | | | | 747 | |
3.00%, 11/01/2046 | | | 853 | | | | 750 | |
3.00%, 11/01/2046 | | | 933 | | | | 815 | |
3.00%, 11/01/2046 | | | 2,054 | | | | 1,795 | |
3.00%, 01/01/2047 | | | 935 | | | | 815 | |
3.00%, 01/01/2047 | | | 6,657 | | | | 5,818 | |
3.00%, 04/01/2047 | | | 859 | | | | 747 | |
3.00%, 04/01/2047 | | | 1,097 | | | | 958 | |
3.00%, 06/01/2047 | | | 1,212 | | | | 1,065 | |
3.00%, 08/01/2047 | | | 5,366 | | | | 4,690 | |
3.00%, 11/01/2047 | | | 2,218 | | | | 1,933 | |
3.00%, 04/01/2048 | | | 9,764 | | | | 8,612 | |
3.00%, 09/01/2048 | | | 724 | | | | 632 | |
3.00%, 02/01/2049 | | | 1,020 | | | | 892 | |
3.00%, 08/01/2049 | | | 958 | | | | 838 | |
3.00%, 08/01/2049 | | | 19,948 | | | | 17,222 | |
3.00%, 09/01/2049 | | | 12,943 | | | | 11,257 | |
3.00%, 09/01/2049 | | | 16,083 | | | | 13,944 | |
3.00%, 10/01/2049 | | | 26,967 | | | | 23,306 | |
3.00%, 11/01/2049 | | | 19,528 | | | | 16,930 | |
3.00%, 03/01/2050 | | | 1,021 | | | | 880 | |
3.00%, 03/01/2050 | | | 6,752 | | | | 5,829 | |
3.00%, 07/01/2050 | | | 1,890 | | | | 1,616 | |
3.00%, 07/01/2050 | | | 22,220 | | | | 19,202 | |
3.00%, 08/01/2050 | | | 882 | | | | 757 | |
3.00%, 08/01/2050 | | | 1,719 | | | | 1,479 | |
3.00%, 10/01/2050 | | | 3,189 | | | | 2,749 | |
3.00%, 04/01/2051 | | | 8,039 | | | | 6,946 | |
3.00%, 03/01/2052 | | | 110 | | | | 94 | |
3.00%, 03/01/2052 | | | 249 | | | | 212 | |
3.00%, 03/01/2052 | | | 899 | | | | 765 | |
3.00%, 03/01/2052 | | | 39,958 | | | | 34,039 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
3.00%, 04/01/2052 | | $ | 31 | | | $ | 27 | |
3.00%, 04/01/2052 | | | 244 | | | | 208 | |
3.00%, 04/01/2052 | | | 333 | | | | 283 | |
3.00%, 04/01/2052 | | | 514 | | | | 438 | |
3.00%, 04/01/2052 | | | 1,981 | | | | 1,687 | |
3.00%, 04/01/2052 | | | 2,062 | | | | 1,758 | |
3.00%, 04/01/2052 | | | 6,961 | | | | 5,927 | |
3.00%, 04/01/2052 | | | 65,495 | | | | 55,788 | |
3.00%, 05/01/2052 | | | 383 | | | | 326 | |
3.00%, 05/01/2052 | | | 903 | | | | 769 | |
3.00%, 05/01/2052 | | | 910 | | | | 775 | |
3.00%, 05/01/2052 | | | 947 | | | | 807 | |
3.00%, 05/01/2052 | | | 1,082 | | | | 921 | |
3.00%, 05/01/2052 | | | 9,924 | | | | 8,453 | |
3.00%, 06/01/2052 | | | 46 | | | | 39 | |
3.00%, 06/01/2052 | | | 356 | | | | 305 | |
3.00%, 06/01/2052 | | | 441 | | | | 376 | |
3.00%, 06/01/2052 | | | 470 | | | | 400 | |
3.00%, 06/01/2052 | | | 603 | | | | 513 | |
3.00%, 06/01/2052 | | | 649 | | | | 552 | |
3.00%, 06/01/2052 | | | 924 | | | | 786 | |
3.00%, 06/01/2052 | | | 1,020 | | | | 868 | |
3.00%, 06/01/2052 | | | 2,022 | | | | 1,722 | |
3.00%, 06/01/2052 | | | 4,405 | | | | 3,751 | |
3.00%, 06/01/2052 | | | 63,193 | | | | 53,790 | |
3.00%, 07/01/2052 | | | 1,064 | | | | 906 | |
3.00%, 07/01/2052 | | | 1,987 | | | | 1,690 | |
3.00%, 07/01/2052 | | | 2,051 | | | | 1,747 | |
3.00%, 07/01/2052 | | | 42,420 | | | | 36,127 | |
3.00%, 08/01/2052 | | | 15,059 | | | | 12,824 | |
3.50%, 11/01/2032 | | | 464 | | | | 448 | |
3.50%, 09/01/2033 | | | 2,004 | | | | 1,914 | |
3.50%, 12/01/2033 | | | 1,739 | | | | 1,671 | |
3.50%, 07/01/2034 | | | 1,479 | | | | 1,430 | |
3.50%, 01/01/2038 | | | 1,693 | | | | 1,584 | |
3.50%, 09/01/2042 | | | 62 | | | | 56 | |
3.50%, 12/01/2042 | | | 428 | | | | 392 | |
3.50%, 12/01/2042 | | | 590 | | | | 540 | |
3.50%, 06/01/2043 | | | 637 | | | | 580 | |
3.50%, 06/01/2043 | | | 816 | | | | 746 | |
3.50%, 08/01/2043 | | | 42 | | | | 38 | |
3.50%, 01/01/2044 | | | 1,951 | | | | 1,785 | |
3.50%, 04/01/2045 | | | 8 | | | | 7 | |
3.50%, 06/01/2045 | | | 656 | | | | 594 | |
3.50%, 06/01/2045 | | | 794 | | | | 719 | |
3.50%, 07/01/2045 | | | 879 | | | | 796 | |
3.50%, 09/01/2045 | | | 1,421 | | | | 1,296 | |
3.50%, 11/01/2045 | | | 1,741 | | | | 1,578 | |
3.50%, 02/01/2046 | | | 3,345 | | | | 3,030 | |
3.50%, 06/01/2046 | | | 1,042 | | | | 947 | |
3.50%, 06/01/2046 | | | 1,311 | | | | 1,188 | |
3.50%, 06/01/2046 | | | 1,414 | | | | 1,282 | |
3.50%, 09/01/2046 | | | 1,516 | | | | 1,374 | |
3.50%, 12/01/2046 | | | 556 | | | | 503 | |
3.50%, 01/01/2047 | | | 1,812 | | | | 1,640 | |
3.50%, 01/01/2047 | | | 5,697 | | | | 5,166 | |
3.50%, 02/01/2047 | | | 368 | | | | 333 | |
3.50%, 07/01/2047 | | | 2,425 | | | | 2,186 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
3.50%, 08/01/2047 | | $ | 5,202 | | | $ | 4,714 | |
3.50%, 11/01/2047 | | | 2,528 | | | | 2,287 | |
3.50%, 12/01/2047 | | | 1,076 | | | | 973 | |
3.50%, 12/01/2047 | | | 1,381 | | | | 1,243 | |
3.50%, 12/01/2047 | | | 1,573 | | | | 1,423 | |
3.50%, 12/01/2047 | | | 1,614 | | | | 1,461 | |
3.50%, 01/01/2048 | | | 1,573 | | | | 1,423 | |
3.50%, 01/01/2048 | | | 3,153 | | | | 2,851 | |
3.50%, 01/01/2048 | | | 4,127 | | | | 3,714 | |
3.50%, 02/01/2048 | | | 648 | | | | 588 | |
3.50%, 02/01/2048 | | | 4,061 | | | | 3,672 | |
3.50%, 12/01/2048 | | | 8,614 | | | | 7,797 | |
3.50%, 06/01/2049 | | | 4,647 | | | | 4,187 | |
3.50%, 09/01/2049 | | | 1,911 | | | | 1,713 | |
3.50%, 07/01/2050 | | | 3,913 | | | | 3,517 | |
3.50%, 01/01/2051 | | | 11,351 | | | | 10,162 | |
3.50%, 07/01/2051 | | | 2,634 | | | | 2,346 | |
3.50%, 06/01/2052 | | | 27,678 | | | | 24,682 | |
3.50%, 04/01/2053 | | | 24,654 | | | | 21,831 | |
4.00%, 02/01/2039 | | | 71 | | | | 68 | |
4.00%, 11/01/2040 | | | 899 | | | | 854 | |
4.00%, 01/01/2042 | | | 1,040 | | | | 980 | |
4.00%, 03/01/2042 | | | 1,165 | | | | 1,100 | |
4.00%, 06/01/2042 | | | 4,166 | | | | 3,914 | |
4.00%, 08/01/2042 | | | 889 | | | | 833 | |
4.00%, 02/01/2043 | | | 131 | | | | 122 | |
4.00%, 12/01/2043 | | | 928 | | | | 871 | |
4.00%, 06/01/2045 | | | 1,899 | | | | 1,751 | |
4.00%, 10/01/2045 | | | 876 | | | | 816 | |
4.00%, 12/01/2045 | | | 1,416 | | | | 1,326 | |
4.00%, 03/01/2046 | | | 4,318 | | | | 4,045 | |
4.00%, 09/01/2046 | | | 451 | | | | 419 | |
4.00%, 12/01/2046 | | | 1,714 | | | | 1,604 | |
4.00%, 02/01/2047 | | | 856 | | | | 801 | |
4.00%, 02/01/2047 | | | 1,309 | | | | 1,225 | |
4.00%, 03/01/2047 | | | 541 | | | | 502 | |
4.00%, 04/01/2047 | | | 78 | | | | 73 | |
4.00%, 04/01/2047 | | | 133 | | | | 124 | |
4.00%, 04/01/2047 | | | 557 | | | | 521 | |
4.00%, 05/01/2047 | | | 14 | | | | 13 | |
4.00%, 05/01/2047 | | | 616 | | | | 576 | |
4.00%, 06/01/2047 | | | 595 | | | | 556 | |
4.00%, 07/01/2047 | | | 540 | | | | 504 | |
4.00%, 08/01/2047 | | | 13 | | | | 12 | |
4.00%, 08/01/2047 | | | 629 | | | | 586 | |
4.00%, 08/01/2047 | | | 895 | | | | 839 | |
4.00%, 08/01/2047 | | | 5,046 | | | | 4,716 | |
4.00%, 09/01/2047 | | | 98 | | | | 91 | |
4.00%, 10/01/2047 | | | 2,765 | | | | 2,586 | |
4.00%, 01/01/2048 | | | 36 | | | | 34 | |
4.00%, 01/01/2048 | | | 2,822 | | | | 2,631 | |
4.00%, 03/01/2048 | | | 111 | | | | 103 | |
4.00%, 04/01/2048 | | | 57 | | | | 53 | |
4.00%, 04/01/2048 | | | 173 | | | | 161 | |
4.00%, 05/01/2048 | | | 201 | | | | 187 | |
4.00%, 06/01/2048 | | | 3,109 | | | | 2,880 | |
4.00%, 07/01/2048 | | | 132 | | | | 123 | |
4.00%, 07/01/2048 | | | 143 | | | | 133 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
4.00%, 07/01/2048 | | $ | 2,327 | | | $ | 2,159 | |
4.00%, 08/01/2048 | | | 9 | | | | 8 | |
4.00%, 08/01/2048 | | | 40 | | | | 37 | |
4.00%, 08/01/2048 | | | 151 | | | | 141 | |
4.00%, 09/01/2048 | | | 14 | | | | 13 | |
4.00%, 09/01/2048 | | | 58 | | | | 54 | |
4.00%, 09/01/2048 | | | 91 | | | | 85 | |
4.00%, 09/01/2048 | | | 1,003 | | | | 932 | |
4.00%, 09/01/2048 | | | 9,189 | | | | 8,667 | |
4.00%, 10/01/2048 | | | 420 | | | | 389 | |
4.00%, 11/01/2048 | | | 21 | | | | 20 | |
4.00%, 11/01/2048 | | | 171 | | | | 158 | |
4.00%, 12/01/2048 | | | 57 | | | | 53 | |
4.00%, 12/01/2048 | | | 127 | | | | 118 | |
4.00%, 12/01/2048 | | | 508 | | | | 471 | |
4.00%, 01/01/2049 | | | 2,582 | | | | 2,440 | |
4.00%, 02/01/2049 | | | 2,123 | | | | 1,997 | |
4.00%, 03/01/2049 | | | 295 | | | | 274 | |
4.00%, 06/01/2049 | | | 2,521 | | | | 2,336 | |
4.00%, 08/01/2049 | | | 76 | | | | 71 | |
4.00%, 09/01/2049 | | | 3,786 | | | | 3,495 | |
4.00%, 10/01/2049 | | | 71 | | | | 65 | |
4.00%, 11/01/2049 | | | 299 | | | | 277 | |
4.00%, 11/01/2049 | | | 578 | | | | 535 | |
4.00%, 12/01/2049 | | | 337 | | | | 312 | |
4.00%, 12/01/2049 | | | 441 | | | | 408 | |
4.00%, 02/01/2050 | | | 3,890 | | | | 3,624 | |
4.00%, 03/01/2050 | | | 1,648 | | | | 1,524 | |
4.00%, 03/01/2050 | | | 4,142 | | | | 3,833 | |
4.00%, 04/01/2050 | | | 116 | | | | 107 | |
4.00%, 04/01/2050 | | | 649 | | | | 602 | |
4.00%, 05/01/2050 | | | 559 | | | | 518 | |
4.00%, 05/01/2050 | | | 1,536 | | | | 1,424 | |
4.00%, 06/01/2050 | | | 2,176 | | | | 2,012 | |
4.00%, 08/01/2050 | | | 686 | | | | 634 | |
4.00%, 08/01/2050 | | | 53,450 | | | | 49,507 | |
4.00%, 11/01/2050 | | | 51 | | | | 47 | |
4.00%, 11/01/2050 | | | 159 | | | | 147 | |
4.00%, 01/01/2051 | | | 185 | | | | 170 | |
4.00%, 01/01/2051 | | | 7,965 | | | | 7,379 | |
4.00%, 03/01/2051 | | | 1,023 | | | | 948 | |
4.00%, 10/01/2051 | | | 849 | | | | 789 | |
4.00%, 05/01/2052 | | | 3,266 | | | | 3,037 | |
4.00%, 05/01/2052 | | | 3,474 | | | | 3,185 | |
4.50%, 11/01/2035 | | | 110 | | | | 107 | |
4.50%, 11/01/2040 | | | 769 | | | | 747 | |
4.50%, 05/01/2041 | | | 1,262 | | | | 1,226 | |
4.50%, 05/01/2041 | | | 2,060 | | | | 1,997 | |
4.50%, 06/01/2045 | | | 133 | | | | 128 | |
4.50%, 02/01/2046 | | | 725 | | | | 701 | |
4.50%, 03/01/2046 | | | 615 | | | | 595 | |
4.50%, 09/01/2046 | | | 1,005 | | | | 971 | |
4.50%, 02/01/2047 | | | 2,944 | | | | 2,860 | |
4.50%, 05/01/2047 | | | 1,684 | | | | 1,636 | |
4.50%, 11/01/2047 | | | 1,135 | | | | 1,092 | |
4.50%, 04/01/2048 | | | 598 | | | | 571 | |
4.50%, 05/01/2048 | | | 1,617 | | | | 1,547 | |
4.50%, 05/01/2048 | | | 3,992 | | | | 3,822 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
4.50%, 08/01/2048 | | $ | 336 | | | $ | 321 | |
4.50%, 08/01/2048 | | | 2,713 | | | | 2,586 | |
4.50%, 09/01/2048 | | | 890 | | | | 851 | |
4.50%, 11/01/2048 | | | 474 | | | | 453 | |
4.50%, 12/01/2048 | | | 1,158 | | | | 1,108 | |
4.50%, 05/01/2049 | | | 1,918 | | | | 1,832 | |
4.50%, 09/01/2049 | | | 4,200 | | | | 4,022 | |
4.50%, 01/01/2050 | | | 2,366 | | | | 2,239 | |
4.50%, 07/01/2052 | | | 717 | | | | 677 | |
4.50%, 08/01/2052 | | | 7,354 | | | | 6,994 | |
4.50%, 10/01/2052 | | | 958 | | | | 905 | |
4.50%, 10/01/2052 | | | 971 | | | | 917 | |
4.50%, 10/01/2052 | | | 19,880 | | | | 18,769 | |
4.50%, 11/01/2052 | | | 20,909 | | | | 19,721 | |
4.50%, 02/01/2053 | | | 4,672 | | | | 4,410 | |
4.50%, 05/01/2053 | | | 676 | | | | 637 | |
4.50%, 05/01/2053 | | | 85,585 | | | | 80,696 | |
4.50%, 08/01/2053 | | | 84,611 | | | | 79,821 | |
4.50%, 09/01/2053 | | | 972 | | | | 917 | |
5.00%, 11/01/2044 | | | 1,170 | | | | 1,154 | |
5.00%, 07/01/2052 | | | 1,296 | | | | 1,269 | |
5.00%, 07/01/2052 | | | 1,553 | | | | 1,523 | |
5.00%, 07/01/2052 | | | 2,215 | | | | 2,156 | |
5.00%, 12/01/2052 | | | 723 | | | | 701 | |
5.00%, 01/01/2053 | | | 915 | | | | 887 | |
5.00%, 01/01/2053 | | | 5,540 | | | | 5,362 | |
5.00%, 04/01/2053 | | | 6,030 | | | | 5,859 | |
5.00%, 08/01/2053 | | | 50,298 | | | | 48,631 | |
5.50%, 05/01/2034 | | | 639 | | | | 642 | |
5.50%, 12/01/2039 | | | 120 | | | | 120 | |
5.50%, 03/01/2040 | | | 712 | | | | 715 | |
5.50%, 06/01/2041 | | | 105 | | | | 106 | |
5.50%, 02/01/2042 | | | 448 | | | | 450 | |
5.50%, 10/01/2043 | | | 216 | | | | 217 | |
5.50%, 05/01/2044 | | | 2,661 | | | | 2,670 | |
5.50%, 12/01/2052 | | | 368 | | | | 364 | |
5.50%, 12/01/2052 | | | 672 | | | | 663 | |
5.50%, 01/01/2053 | | | 133 | | | | 131 | |
5.50%, 01/01/2053 | | | 511 | | | | 506 | |
5.50%, 01/01/2053 | | | 1,393 | | | | 1,378 | |
5.50%, 01/01/2053 | | | 1,885 | | | | 1,865 | |
5.50%, 02/01/2053 | | | 1,099 | | | | 1,085 | |
5.50%, 02/01/2053 | | | 2,310 | | | | 2,281 | |
5.50%, 02/01/2053 | | | 3,243 | | | | 3,206 | |
5.50%, 02/01/2053 | | | 10,092 | | | | 9,960 | |
5.50%, 03/01/2053 | | | 340 | | | | 336 | |
5.50%, 03/01/2053 | | | 1,614 | | | | 1,593 | |
5.50%, 03/01/2053 | | | 2,829 | | | | 2,793 | |
5.50%, 04/01/2053 | | | 958 | | | | 946 | |
5.50%, 05/01/2053 | | | 901 | | | | 891 | |
5.50%, 05/01/2053 | | | 922 | | | | 912 | |
5.50%, 05/01/2053 | | | 3,576 | | | | 3,537 | |
5.50%, 05/01/2053 | | | 3,595 | | | | 3,555 | |
5.50%, 05/01/2053 | | | 4,565 | | | | 4,516 | |
5.50%, 05/01/2053 | | | 56,798 | | | | 56,042 | |
5.50%, 06/01/2053 | | | 231 | | | | 228 | |
5.50%, 06/01/2053 | | | 3,185 | | | | 3,151 | |
5.50%, 06/01/2053 | | | 62,252 | | | | 61,424 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
5.50%, 07/01/2053 | | $ | 1,431 | | | $ | 1,413 | |
5.50%, 07/01/2053 | | | 3,823 | | | | 3,777 | |
5.50%, 09/01/2053 | | | 438 | | | | 432 | |
5.50%, 10/01/2053 | | | 13,376 | | | | 13,194 | |
5.50%, 11/01/2053 | | | 1,313 | | | | 1,298 | |
5.50%, 02/01/2054 | | | 2,291 | | | | 2,265 | |
5.50%, 02/01/2054 | | | 4,437 | | | | 4,377 | |
5.50%, 03/01/2054 | | | 1,315 | | | | 1,297 | |
5.81%, 06/01/2031 | | | 1,914 | | | | 1,948 | |
6.00%, 07/01/2041 | | | 2,419 | | | | 2,472 | |
6.00%, 11/01/2052 | | | 579 | | | | 581 | |
6.00%, 12/01/2052 | | | 29,190 | | | | 29,353 | |
6.00%, 01/01/2053 | | | 3,654 | | | | 3,675 | |
6.00%, 04/01/2053 | | | 2,016 | | | | 2,030 | |
6.00%, 04/01/2053 | | | 7,960 | | | | 8,015 | |
6.00%, 05/01/2053 | | | 534 | | | | 538 | |
6.00%, 05/01/2053 | | | 1,124 | | | | 1,132 | |
6.00%, 05/01/2053 | | | 3,311 | | | | 3,334 | |
6.00%, 07/01/2053 | | | 3,354 | | | | 3,365 | |
6.00%, 07/01/2053 | | | 4,919 | | | | 4,953 | |
6.00%, 08/01/2053 | | | 9,421 | | | | 9,488 | |
6.00%, 10/01/2053 | | | 227,532 | | | | 228,210 | |
6.00%, 01/01/2054 | | | 365 | | | | 367 | |
6.00%, 01/01/2054 | | | 620 | | | | 625 | |
6.00%, 01/01/2054 | | | 685 | | | | 690 | |
6.00%, 01/01/2054 | | | 692 | | | | 697 | |
6.00%, 03/01/2054 | | | 354 | | | | 357 | |
6.00%, 04/01/2054 | | | 969 | | | | 976 | |
6.50%, 09/01/2053 | | | 291 | | | | 296 | |
6.50%, 09/01/2053 | | | 1,446 | | | | 1,481 | |
6.50%, 09/01/2053 | | | 11,869 | | | | 12,081 | |
6.50%, 10/01/2053 | | | 279 | | | | 285 | |
6.50%, 10/01/2053 | | | 1,491 | | | | 1,518 | |
6.50%, 10/01/2053 | | | 1,633 | | | | 1,684 | |
6.50%, 10/01/2053 | | | 3,762 | | | | 3,847 | |
6.50%, 10/01/2053 | | | 29,608 | | | | 30,149 | |
6.50%, 11/01/2053 | | | 59 | | | | 60 | |
6.50%, 11/01/2053 | | | 10,356 | | | | 10,553 | |
6.50%, 11/01/2053 | | | 61,934 | | | | 63,047 | |
6.50%, 12/01/2053 | | | 156 | | | | 159 | |
6.50%, 12/01/2053 | | | 190 | | | | 194 | |
6.50%, 12/01/2053 | | | 3,584 | | | | 3,685 | |
6.50%, 12/01/2053 | | | 7,929 | | | | 8,075 | |
6.50%, 12/01/2053 | | | 12,333 | | | | 12,556 | |
6.50%, 01/01/2054 | | | 708 | | | | 724 | |
6.50%, 01/01/2054 | | | 63,815 | | | | 64,957 | |
6.50%, 02/01/2054 | | | 129 | | | | 131 | |
6.50%, 02/01/2054 | | | 8,470 | | | | 8,663 | |
6.50%, 03/01/2054 | | | 167 | | | | 171 | |
6.50%, 03/01/2054 | | | 4,987 | | | | 5,076 | |
Fannie Mae REMICS | | | | | | | | |
3.00%, 09/25/2049, Series 2019-52, Class PA | | | 313 | | | | 270 | |
3.50%, 03/25/2042, Series 2012-20, Class ZT | | | 1,941 | | | | 1,792 | |
3.50%, 06/25/2047, Series 2018-38, Class PA | | | 2,437 | | | | 2,330 | |
4.00%, 05/25/2047, Series 2018-86, Class JA | | | 695 | | | | 679 | |
5.95% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 01/25/2050, Series 2019-79, Class FA (2) | | | 1,797 | | | | 1,764 | |
6.23% (30-day Average SOFR + 0.90%, 0.90% Floor), 12/25/2050, Series 2024-10, Class AF (2) | | | 3,577 | | | | 3,677 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
First Horizon Alternative Mortgage Securities Trust 2005-AA12 | | | | | | | | |
5.63%, 02/25/2036, Series 2005-AA12, Class 2A1 (5) | | $ | 151 | | | $ | 96 | |
Flagstar Mortgage Trust 2017-2 | | | | | | | | |
3.98%, 10/25/2047, Series 2017-2, Class B1 (1)(5) | | | 1,114 | | | | 995 | |
Flagstar Mortgage Trust 2020-1NV | | | | | | | | |
6.00% (1 Month Term SOFR + 0.96%, 6.00% Cap), 03/25/2050, Series 2020-1INV, Class A11 (1)(2) | | | 674 | | | | 635 | |
Flagstar Mortgage Trust 2021-5INV | | | | | | | | |
2.50%, 07/25/2051, Series 2021-5INV, Class A16 (1)(5) | | | 3,499 | | | | 2,738 | |
2.50%, 07/25/2051, Series 2021-5INV, Class A2 (1)(5) | | | 5,136 | | | | 4,078 | |
Fontainebleau Miami Beach Trust 2019-FBLU | | | | | | | | |
3.75%, 12/10/2036, Series 2019-FBLU, Class C (1) | | | 7,500 | | | | 7,360 | |
Formentera Issuer Plc | | | | | | | | |
5.98% (Sterling Overnight Index Average + 0.80%), 07/28/2047, Series 2022-1, Class A (2) | | GBP | 19,014 | | | | 24,046 | |
Freddie Mac Gold Pool | | | | | | | | |
3.00%, 02/01/2038 | | $ | 1,003 | | | | 917 | |
3.00%, 04/01/2046 | | | 53 | | | | 46 | |
3.00%, 06/01/2046 | | | 1,943 | | | | 1,701 | |
3.00%, 08/01/2046 | | | 2,408 | | | | 2,107 | |
3.00%, 09/01/2046 | | | 7,289 | | | | 6,376 | |
3.00%, 10/01/2046 | | | 2,354 | | | | 2,058 | |
3.00%, 11/01/2046 | | | 2,624 | | | | 2,294 | |
3.00%, 12/01/2046 | | | 1,795 | | | | 1,569 | |
3.00%, 01/01/2047 | | | 3,280 | | | | 2,866 | |
3.00%, 02/01/2047 | | | 3,262 | | | | 2,854 | |
3.00%, 03/01/2047 | | | 1,940 | | | | 1,694 | |
3.00%, 04/01/2047 | | | 1,187 | | | | 1,036 | |
3.50%, 07/01/2043 | | | 144 | | | | 132 | |
3.50%, 10/01/2045 | | | 4,327 | | | | 3,927 | |
3.50%, 06/01/2046 | | | 1,690 | | | | 1,531 | |
3.50%, 08/01/2046 | | | 2,649 | | | | 2,418 | |
3.50%, 08/01/2046 | | | 7,836 | | | | 7,107 | |
3.50%, 11/01/2046 | | | 638 | | | | 578 | |
3.50%, 02/01/2047 | | | 317 | | | | 287 | |
3.50%, 04/01/2047 | | | 1,233 | | | | 1,118 | |
3.50%, 09/01/2047 | | | 4,241 | | | | 3,840 | |
3.50%, 10/01/2047 | | | 924 | | | | 838 | |
3.50%, 11/01/2047 | | | 632 | | | | 571 | |
3.50%, 11/01/2047 | | | 1,040 | | | | 941 | |
3.50%, 12/01/2047 | | | 14,085 | | | | 12,765 | |
3.50%, 01/01/2048 | | | 753 | | | | 681 | |
3.50%, 01/01/2048 | | | 9,788 | | | | 8,851 | |
3.50%, 02/01/2048 | | | 667 | | | | 604 | |
4.00%, 01/01/2045 | | | 725 | | | | 685 | |
4.00%, 12/01/2045 | | | 1,483 | | | | 1,391 | |
4.00%, 03/01/2048 | | | 3,452 | | | | 3,238 | |
4.00%, 07/01/2048 | | | 3,725 | | | | 3,493 | |
4.00%, 11/01/2048 | | | 14,605 | | | | 13,697 | |
4.50%, 05/01/2044 | | | 127 | | | | 123 | |
4.50%, 06/01/2045 | | | 323 | | | | 314 | |
4.50%, 02/01/2046 | | | 343 | | | | 333 | |
4.50%, 05/01/2046 | | | 360 | | | | 350 | |
4.50%, 06/01/2046 | | | 364 | | | | 352 | |
4.50%, 02/01/2047 | | | 287 | | | | 279 | |
4.50%, 12/01/2047 | | | 959 | | | | 923 | |
4.50%, 10/01/2048 | | | 2,213 | | | | 2,122 | |
5.00%, 07/01/2048 | | | 443 | | | | 437 | |
5.00%, 08/01/2048 | | | 208 | | | | 205 | |
5.00%, 09/01/2048 | | | 138 | | | | 136 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
5.00%, 10/01/2048 | | $ | 615 | | | $ | 607 | |
5.00%, 11/01/2048 | | | 848 | | | | 837 | |
5.50%, 08/01/2041 | | | 2,613 | | | | 2,629 | |
8.00%, 04/01/2032 | | | 84 | | | | 88 | |
Freddie Mac Multifamily Structured Pass-Through Certificates | | | | | | | | |
0.93%, 01/25/2031, Series KLU1, Class X1 (5) | | | 214,059 | | | | 3,216 | |
1.05%, 04/25/2034, Series K-1512, Class X1 (5) | | | 18,741 | | | | 1,079 | |
3.10%, 10/25/2046, Series Q010, Class APT3 (5) | | | 193 | | | | 185 | |
3.75%, 04/25/2033, Series K155, Class A3 | | | 5,505 | | | | 5,072 | |
5.03%, 10/25/2031, Series KJ48, Class A2 | | | 805 | | | | 808 | |
7.49%, 12/25/2047, Series Q010, Class APT2 (5) | | | 52 | | | | 52 | |
Freddie Mac Pool | | | | | | | | |
1.50%, 04/01/2036 | | | 782 | | | | 674 | |
1.50%, 04/01/2036 | | | 4,874 | | | | 4,218 | |
1.50%, 05/01/2036 | | | 1,067 | | | | 918 | |
1.50%, 08/01/2050 | | | 1,725 | | | | 1,296 | |
1.50%, 10/01/2050 | | | 4,367 | | | | 3,277 | |
2.00%, 09/01/2035 | | | 1,378 | | | | 1,221 | |
2.00%, 01/01/2036 | | | 2,909 | | | | 2,579 | |
2.00%, 02/01/2036 | | | 1,577 | | | | 1,401 | |
2.00%, 02/01/2036 | | | 3,018 | | | | 2,672 | |
2.00%, 03/01/2036 | | | 552 | | | | 488 | |
2.00%, 05/01/2036 | | | 3,273 | | | | 2,908 | |
2.00%, 06/01/2036 | | | 3,447 | | | | 3,051 | |
2.00%, 07/01/2036 | | | 1,472 | | | | 1,306 | |
2.00%, 04/01/2037 | | | 1,098 | | | | 972 | |
2.00%, 09/01/2040 | | | 8,707 | | | | 7,354 | |
2.00%, 10/01/2040 | | | 6,878 | | | | 5,809 | |
2.00%, 05/01/2041 | | | 1,551 | | | | 1,310 | |
2.00%, 02/01/2042 | | | 793 | | | | 663 | |
2.00%, 03/01/2042 | | | 2,934 | | | | 2,451 | |
2.00%, 04/01/2042 | | | 831 | | | | 687 | |
2.00%, 04/01/2042 | | | 4,772 | | | | 3,993 | |
2.00%, 08/01/2050 | | | 606 | | | | 481 | |
2.00%, 09/01/2050 | | | 878 | | | | 693 | |
2.00%, 11/01/2050 | | | 1,093 | | | | 872 | |
2.00%, 02/01/2051 | | | 35,273 | | | | 27,694 | |
2.00%, 03/01/2051 | | | 7,096 | | | | 5,573 | |
2.00%, 04/01/2051 | | | 3,617 | | | | 2,883 | |
2.00%, 04/01/2051 | | | 73,762 | | | | 58,134 | |
2.00%, 05/01/2051 | | | 1,969 | | | | 1,568 | |
2.00%, 05/01/2051 | | | 75,271 | | | | 59,284 | |
2.00%, 07/01/2051 | | | 7,775 | | | | 6,245 | |
2.00%, 09/01/2051 | | | 457 | | | | 364 | |
2.00%, 09/01/2051 | | | 2,306 | | | | 1,830 | |
2.00%, 10/01/2051 | | | 613 | | | | 480 | |
2.00%, 10/01/2051 | | | 7,544 | | | | 5,977 | |
2.00%, 12/01/2051 | | | 367 | | | | 296 | |
2.00%, 12/01/2051 | | | 912 | | | | 726 | |
2.00%, 12/01/2051 | | | 1,903 | | | | 1,515 | |
2.00%, 12/01/2051 | | | 2,395 | | | | 1,911 | |
2.00%, 01/01/2052 | | | 4,220 | | | | 3,399 | |
2.00%, 01/01/2052 | | | 5,745 | | | | 4,582 | |
2.00%, 01/01/2052 | | | 18,396 | | | | 14,648 | |
2.00%, 02/01/2052 | | | 244 | | | | 194 | |
2.00%, 02/01/2052 | | | 799 | | | | 627 | |
2.00%, 02/01/2052 | | | 2,094 | | | | 1,670 | |
2.00%, 05/01/2052 | | | 40,657 | | | | 31,847 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
2.00%, 06/01/2052 | | $ | 31,361 | | | $ | 24,569 | |
2.50%, 01/01/2035 | | | 11,277 | | | | 10,292 | |
2.50%, 01/01/2036 | | | 915 | | | | 833 | |
2.50%, 01/01/2036 | | | 1,657 | | | | 1,508 | |
2.50%, 07/01/2050 | | | 782 | | | | 650 | |
2.50%, 02/01/2051 | | | 6,754 | | | | 5,648 | |
2.50%, 05/01/2051 | | | 3,958 | | | | 3,334 | |
2.50%, 05/01/2051 | | | 18,162 | | | | 15,141 | |
2.50%, 11/01/2051 | | | 3,874 | | | | 3,241 | |
2.50%, 11/01/2051 | | | 17,494 | | | | 14,575 | |
2.50%, 12/01/2051 | | | 9,817 | | | | 8,168 | |
2.50%, 01/01/2052 | | | 11,953 | | | | 9,893 | |
2.50%, 01/01/2052 | | | 12,475 | | | | 10,363 | |
2.50%, 01/01/2052 | | | 34,558 | | | | 28,321 | |
2.50%, 02/01/2052 | | | 72,961 | | | | 59,769 | |
2.50%, 04/01/2052 | | | 19,312 | | | | 15,811 | |
2.50%, 04/01/2052 | | | 19,332 | | | | 16,063 | |
2.50%, 05/01/2052 | | | 45,293 | | | | 37,011 | |
3.00%, 05/01/2031 | | | 2,598 | | | | 2,473 | |
3.00%, 11/01/2034 | | | 718 | | | | 670 | |
3.00%, 09/01/2046 | | | 6,220 | | | | 5,434 | |
3.00%, 05/01/2047 | | | 2,473 | | | | 2,164 | |
3.00%, 09/01/2049 | | | 1,082 | | | | 946 | |
3.00%, 11/01/2049 | | | 7,672 | | | | 6,671 | |
3.00%, 01/01/2050 | | | 6,137 | | | | 5,304 | |
3.00%, 01/01/2050 | | | 23,809 | | | | 20,642 | |
3.00%, 02/01/2050 | | | 2,975 | | | | 2,488 | |
3.00%, 02/01/2050 | | | 6,605 | | | | 5,726 | |
3.00%, 04/01/2050 | | | 4,582 | | | | 3,959 | |
3.00%, 07/01/2050 | | | 20,515 | | | | 17,728 | |
3.00%, 08/01/2050 | | | 4,064 | | | | 3,511 | |
3.00%, 12/01/2050 | | | 7,042 | | | | 6,105 | |
3.00%, 01/01/2052 | | | 43 | | | | 36 | |
3.00%, 02/01/2052 | | | 70 | | | | 59 | |
3.00%, 03/01/2052 | | | 873 | | | | 744 | |
3.00%, 03/01/2052 | | | 62,099 | | | | 52,861 | |
3.00%, 04/01/2052 | | | 46 | | | | 39 | |
3.00%, 04/01/2052 | | | 428 | | | | 364 | |
3.00%, 04/01/2052 | | | 813 | | | | 692 | |
3.00%, 04/01/2052 | | | 898 | | | | 765 | |
3.00%, 04/01/2052 | | | 945 | | | | 804 | |
3.00%, 04/01/2052 | | | 28,318 | | | | 24,093 | |
3.00%, 05/01/2052 | | | 33 | | | | 28 | |
3.00%, 05/01/2052 | | | 903 | | | | 769 | |
3.00%, 05/01/2052 | | | 1,389 | | | | 1,182 | |
3.00%, 05/01/2052 | | | 4,978 | | | | 4,239 | |
3.00%, 06/01/2052 | | | 40 | | | | 34 | |
3.00%, 06/01/2052 | | | 278 | | | | 237 | |
3.00%, 06/01/2052 | | | 968 | | | | 824 | |
3.00%, 06/01/2052 | | | 1,154 | | | | 983 | |
3.00%, 06/01/2052 | | | 1,408 | | | | 1,199 | |
3.00%, 06/01/2052 | | | 12,341 | | | | 10,504 | |
3.00%, 06/01/2052 | | | 52,489 | | | | 44,698 | |
3.00%, 07/01/2052 | | | 42 | | | | 35 | |
3.00%, 07/01/2052 | | | 878 | | | | 748 | |
3.00%, 07/01/2052 | | | 2,176 | | | | 1,854 | |
3.00%, 07/01/2052 | | | 3,178 | | | | 2,705 | |
3.00%, 07/01/2052 | | | 244,235 | | | | 207,965 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
3.00%, 08/01/2052 | | $ | 6,135 | | | $ | 5,220 | |
3.00%, 01/01/2053 | | | 54,993 | | | | 46,803 | |
3.50%, 06/01/2033 | | | 2,642 | | | | 2,539 | |
3.50%, 06/01/2042 | | | 26 | | | | 24 | |
3.50%, 06/01/2046 | | | 266 | | | | 241 | |
3.50%, 11/01/2047 | | | 11,273 | | | | 10,201 | |
3.50%, 12/01/2047 | | | 135 | | | | 122 | |
3.50%, 03/01/2048 | | | 3,135 | | | | 2,847 | |
3.50%, 08/01/2049 | | | 1,953 | | | | 1,751 | |
3.50%, 01/01/2050 | | | 378 | | | | 339 | |
3.50%, 11/01/2050 | | | 1,879 | | | | 1,684 | |
3.50%, 05/01/2052 | | | 184 | | | | 163 | |
3.50%, 06/01/2052 | | | 50,840 | | | | 45,023 | |
3.50%, 11/01/2052 | | | 47,956 | | | | 42,467 | |
4.00%, 08/01/2038 | | | 279 | | | | 267 | |
4.00%, 11/01/2042 | | | 292 | | | | 273 | |
4.00%, 05/01/2047 | | | 155 | | | | 145 | |
4.00%, 04/01/2048 | | | 54 | | | | 51 | |
4.00%, 04/01/2048 | | | 174 | | | | 162 | |
4.00%, 07/01/2048 | | | 9 | | | | 8 | |
4.00%, 07/01/2048 | | | 196 | | | | 183 | |
4.00%, 07/01/2048 | | | 441 | | | | 412 | |
4.00%, 11/01/2048 | | | 257 | | | | 239 | |
4.00%, 12/01/2048 | | | 232 | | | | 215 | |
4.00%, 12/01/2049 | | | 1,470 | | | | 1,362 | |
4.00%, 01/01/2050 | | | 1,806 | | | | 1,670 | |
4.00%, 02/01/2050 | | | 1,197 | | | | 1,114 | |
4.00%, 03/01/2050 | | | 59 | | | | 54 | |
4.00%, 03/01/2050 | | | 138 | | | | 128 | |
4.00%, 03/01/2050 | | | 4,276 | | | | 3,999 | |
4.00%, 05/01/2050 | | | 31 | | | | 28 | |
4.00%, 05/01/2050 | | | 61 | | | | 56 | |
4.00%, 06/01/2050 | | | 79 | | | | 73 | |
4.00%, 06/01/2050 | | | 509 | | | | 470 | |
4.00%, 02/01/2051 | | | 1,772 | | | | 1,650 | |
4.00%, 05/01/2051 | | | 186 | | | | 170 | |
4.00%, 09/01/2051 | | | 55 | | | | 51 | |
4.00%, 06/01/2052 | | | 4,032 | | | | 3,758 | |
4.00%, 07/01/2052 | | | 7,814 | | | | 7,162 | |
4.00%, 10/01/2052 | | | 63,948 | | | | 58,519 | |
4.50%, 03/01/2050 | | | 1,328 | | | | 1,270 | |
4.50%, 07/01/2052 | | | 679 | | | | 641 | |
4.50%, 07/01/2052 | | | 4,060 | | | | 3,833 | |
4.50%, 08/01/2052 | | | 1,332 | | | | 1,257 | |
4.50%, 08/01/2052 | | | 48,715 | | | | 45,931 | |
4.50%, 10/01/2052 | | | 974 | | | | 920 | |
4.50%, 11/01/2052 | | | 1,966 | | | | 1,856 | |
4.50%, 06/01/2053 | | | 979 | | | | 923 | |
4.50%, 07/01/2053 | | | 54,575 | | | | 51,481 | |
4.50%, 08/01/2053 | | | 969 | | | | 914 | |
4.50%, 09/01/2053 | | | 971 | | | | 915 | |
5.00%, 12/01/2041 | | | 513 | | | | 508 | |
5.00%, 03/01/2042 | | | 139 | | | | 140 | |
5.00%, 06/01/2052 | | | 160 | | | | 156 | |
5.00%, 07/01/2052 | | | 2,206 | | | | 2,159 | |
5.00%, 08/01/2052 | | | 6,406 | | | | 6,234 | |
5.00%, 09/01/2052 | | | 230 | | | | 224 | |
5.00%, 10/01/2052 | | | 755 | | | | 733 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
5.00%, 10/01/2052 | | $ | 50,506 | | | $ | 48,916 | |
5.00%, 11/01/2052 | | | 1,549 | | | | 1,500 | |
5.00%, 12/01/2052 | | | 1,697 | | | | 1,644 | |
5.00%, 12/01/2052 | | | 1,967 | | | | 1,906 | |
5.00%, 12/01/2052 | | | 3,203 | | | | 3,102 | |
5.00%, 01/01/2053 | | | 2,046 | | | | 1,982 | |
5.00%, 02/01/2053 | | | 651 | | | | 630 | |
5.00%, 06/01/2053 | | | 37,502 | | | | 36,248 | |
5.50%, 08/01/2026 (14) | | | 0 | | | | 0 | |
5.50%, 09/01/2052 | | | 563 | | | | 556 | |
5.50%, 01/01/2053 | | | 468 | | | | 463 | |
5.50%, 01/01/2053 | | | 474 | | | | 467 | |
5.50%, 01/01/2053 | | | 2,188 | | | | 2,164 | |
5.50%, 01/01/2053 | | | 17,151 | | | | 16,939 | |
5.50%, 02/01/2053 | | | 620 | | | | 613 | |
5.50%, 02/01/2053 | | | 1,317 | | | | 1,303 | |
5.50%, 03/01/2053 | | | 43 | | | | 42 | |
5.50%, 03/01/2053 | | | 3,994 | | | | 3,950 | |
5.50%, 03/01/2053 | | | 5,047 | | | | 4,981 | |
5.50%, 04/01/2053 | | | 14,511 | | | | 14,323 | |
5.50%, 05/01/2053 | | | 956 | | | | 945 | |
5.50%, 05/01/2053 | | | 3,784 | | | | 3,741 | |
5.50%, 05/01/2053 | | | 4,352 | | | | 4,305 | |
5.50%, 06/01/2053 | | | 172,803 | | | | 170,453 | |
5.50%, 07/01/2053 | | | 922 | | | | 912 | |
5.50%, 07/01/2053 | | | 2,062 | | | | 2,034 | |
5.50%, 07/01/2053 | | | 10,962 | | | | 10,836 | |
5.50%, 07/01/2053 | | | 17,038 | | | | 16,827 | |
5.50%, 08/01/2053 | | | 671 | | | | 663 | |
5.50%, 11/01/2053 | | | 146,068 | | | | 144,082 | |
5.50%, 12/01/2053 | | | 5,920 | | | | 5,839 | |
6.00%, 11/01/2052 | | | 537 | | | | 540 | |
6.00%, 01/01/2053 | | | 2,631 | | | | 2,646 | |
6.00%, 01/01/2053 | | | 9,278 | | | | 9,320 | |
6.00%, 02/01/2053 | | | 1,412 | | | | 1,419 | |
6.00%, 03/01/2053 | | | 877 | | | | 883 | |
6.00%, 04/01/2053 | | | 1,602 | | | | 1,611 | |
6.00%, 05/01/2053 | | | 1,386 | | | | 1,395 | |
6.00%, 05/01/2053 | | | 3,646 | | | | 3,667 | |
6.00%, 06/01/2053 | | | 3,116 | | | | 3,138 | |
6.00%, 08/01/2053 | | | 4,467 | | | | 4,480 | |
6.00%, 10/01/2053 | | | 27,253 | | | | 27,334 | |
6.00%, 11/01/2053 | | | 2,817 | | | | 2,841 | |
6.50%, 10/01/2053 | | | 295 | | | | 304 | |
6.50%, 10/01/2053 | | | 1,695 | | | | 1,725 | |
6.50%, 10/01/2053 | | | 5,237 | | | | 5,354 | |
6.50%, 11/01/2053 | | | 50 | | | | 51 | |
6.50%, 11/01/2053 | | | 399 | | | | 407 | |
6.50%, 11/01/2053 | | | 1,752 | | | | 1,792 | |
6.50%, 12/01/2053 | | | 55 | | | | 57 | |
6.50%, 12/01/2053 | | | 246 | | | | 250 | |
6.50%, 12/01/2053 | | | 23,918 | | | | 24,402 | |
6.50%, 12/01/2053 | | | 116,819 | | | | 118,918 | |
6.50%, 01/01/2054 | | | 580 | | | | 592 | |
6.50%, 01/01/2054 | | | 227,975 | | | | 232,057 | |
6.50%, 02/01/2054 | | | 4,866 | | | | 4,954 | |
6.50%, 03/01/2054 | | | 1,803 | | | | 1,836 | |
6.50%, 03/01/2054 | | | 2,678 | | | | 2,730 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Freddie Mac REMICS | | | | | | | | |
3.00%, 01/15/2049, Series 4896, Class DA | | $ | 571 | | | $ | 498 | |
3.00%, 04/15/2049, Series 4879, Class BC | | | 1,915 | | | | 1,672 | |
3.50%, 03/25/2051, Series 5081, Class AI | | | 697 | | | | 130 | |
Freddie Mac STACR REMIC Trust 2021-DNA5 | | | | | | | | |
6.99% (30-day Average SOFR + 1.65%), 01/25/2034, Series 2021-DNA5, Class M2 (1)(2) | | | 1,980 | | | | 1,993 | |
Freddie Mac STACR REMIC Trust 2021-DNA6 | | | | | | | | |
6.84% (30-day Average SOFR + 1.50%), 10/25/2041, Series 2021-DNA6, Class M2 (1)(2) | | | 18,350 | | | | 18,441 | |
Freddie Mac STACR REMIC Trust 2021-HQA3 | | | | | | | | |
6.19% (30-day Average SOFR + 0.85%), 09/25/2041, Series 2021-HQA3, Class M1 (1)(2) | | | 5,829 | | | | 5,816 | |
Freddie Mac STACR REMIC Trust 2022-DNA7 | | | | | | | | |
10.34% (30-day Average SOFR + 5.00%), 03/25/2052, Series 2022-DNA7, Class M1B (1)(2) | | | 9,000 | | | | 9,923 | |
Freddie Mac STACR REMIC Trust 2023-DNA2 | | | | | | | | |
7.44% (30-day Average SOFR + 2.10%), 04/25/2043, Series 2023-DNA2, Class M1A (1)(2) | | | 3,383 | | | | 3,462 | |
Freddie Mac STACR Trust 2018-DNA2 | | | | | | | | |
6.40% (30-day Average SOFR + 1.06%), 12/25/2030, Series 2018-DNA2, Class M2AS (1)(2) | | | 1,455 | | | | 1,455 | |
Freddie Mac STACR Trust 2018-DNA3 | | | | | | | | |
6.35% (30-day Average SOFR + 1.01%), 09/25/2048, Series 2018-DNA3, Class M2AS (1)(2) | | | 698 | | | | 698 | |
Freddie Mac Strips | | | | | | | | |
3.00%, 09/15/2044, Series 337, Class 300 | | | 33,024 | | | | 29,548 | |
Freddie Mac Whole Loan Securities Trust | | | | | | | | |
3.65%, 12/25/2046, Series 2017-SC01, Class M1 (1)(5) | | | 692 | | | | 669 | |
FREMF 2019-K736 Mortgage Trust | | | | | | | | |
3.88%, 07/25/2026, Series 2019-K736, Class B (1)(5) | | | 5,440 | | | | 5,219 | |
FREMF 2019-K94 Mortgage Trust | | | | | | | | |
4.10%, 07/25/2052, Series 2019-K94, Class B (1)(5) | | | 2,800 | | | | 2,613 | |
FREMF 2019-K98 Mortgage Trust | | | | | | | | |
3.86%, 10/25/2052, Series 2019-K98, Class B (1)(5) | | | 2,895 | | | | 2,668 | |
FS Rialto 2022-Fl4 Issuer LLC | | | | | | | | |
7.23% (30-day Average SOFR + 1.90%, 1.90% Floor), 01/19/2039, Series 2022-FL4, Class A (1)(2) | | | 4,908 | | | | 4,926 | |
FS Rialto 2022-FL6 Issuer LLC | | | | | | | | |
7.92% (1 Month Term SOFR + 2.58%, 2.58% Floor), 08/17/2037, Series 2022-FL6, Class A (1)(2) | | | 3,607 | | | | 3,616 | |
FS Rialto 2022-FL7 Issuer LLC | | | | | | | | |
8.23% (1 Month Term SOFR + 2.90%, 2.90% Floor), 10/19/2039, Series 2022-FL7, Class A (1)(2) | | | 1,583 | | | | 1,593 | |
Galton Funding Mortgage Trust 2018-2 | | | | | | | | |
4.00%, 10/25/2058, Series 2018-2, Class A22 (1)(5) | | | 286 | | | | 261 | |
Galton Funding Mortgage Trust 2019-1 | | | | | | | | |
4.00%, 02/25/2059, Series 2019-1, Class A22 (1)(5) | | | 254 | | | | 235 | |
Galton Funding Mortgage Trust 2019-H1 | | | | | | | | |
2.96%, 10/25/2059, Series 2019-H1, Class A3 (1)(5) | | | 1,000 | | | | 984 | |
GCAT 2019-RPL1 Trust | | | | | | | | |
2.65%, 10/25/2068, Series 2019-RPL1, Class A1 (1)(5) | | | 1,359 | | | | 1,285 | |
GCAT 2021-NQM3 Trust | | | | | | | | |
3.47%, 05/25/2066, Series 2021-NQM3, Class B1 (1)(5) | | | 578 | | | | 415 | |
GCAT 2022-CM1 Trust | | | | | | | | |
2.89%, 12/27/2066, Series 2022-HX1, Class A1 (1)(5) | | | 151 | | | | 137 | |
GCAT 2022-NQM4 Trust | | | | | | | | |
5.27%, 08/25/2067, Series 2022-NQM4, Class A1 (1)(3) | | | 1,835 | | | | 1,816 | |
GCAT 2023-NQM4 Trust | | | | | | | | |
4.25%, 05/25/2067, Series 2023-NQM4, Class A1 (1)(5) | | | 2,194 | | | | 2,027 | |
GCT Commercial Mortgage Trust 2021-GCT | | | | | | | | |
7.14% (1 Month Term SOFR + 1.81%, 1.70% Floor), 02/15/2038, Series 2021-GCT, Class C (1)(2) | | | 3,000 | | | | 378 | |
Ginnie Mae | | | | | | | | |
1.05%, 01/16/2061, Series 2021-17, Class IO (5) | | | 12,560 | | | | 958 | |
1.25%, 01/16/2061, Series 2021-31, Class B | | | 9,540 | | | | 6,920 | |
1.25%, 09/16/2062, Series 2020-193, Class AC | | | 4,567 | | | | 3,328 | |
1.29%, 03/16/2063, Series 2021-36, Class IO (5) | | | 58,647 | | | | 4,743 | |
1.34%, 06/16/2063, Series 2021-14, Class AB | | | 5,471 | | | | 4,082 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
1.40%, 06/16/2063, Series 2021-21, Class AH | | $ | 8,777 | | | $ | 6,487 | |
1.50%, 06/16/2063, Series 2021-2, Class AH | | | 12,869 | | | | 9,552 | |
2.00%, 07/01/2054 (13) | | | 51,837 | | | | 41,943 | |
2.25%, 04/16/2065, Series 2023-119, Class AD | | | 874 | | | | 692 | |
2.50%, 07/01/2054 (13) | | | 141,633 | | | | 119,043 | |
3.00%, 07/20/2049, Series 2019-90, Class HE | | | 153 | | | | 133 | |
3.00%, 09/20/2049, Series 2019-119, Class JE | | | 1,172 | | | | 1,019 | |
3.00%, 08/20/2050, Series 2021-97, Class LI | | | 4,063 | | | | 639 | |
3.00%, 02/20/2051, Series 2021-58, Class IY | | | 3,352 | | | | 526 | |
3.00%, 05/20/2051, Series 2022-85, Class IK | | | 2,468 | | | | 387 | |
3.00%, 05/20/2051, Series 2021-83, Class PI | | | 3,178 | | | | 499 | |
3.00%, 05/20/2051, Series 2021-78, Class IP | | | 3,921 | | | | 614 | |
3.00%, 08/20/2051, Series 2021-140, Class JI | | | 272 | | | | 43 | |
3.00%, 08/20/2051, Series 2022-78, Class IO | | | 2,639 | | | | 423 | |
3.00%, 07/01/2054 (13) | | | 21,024 | | | | 18,316 | |
3.50%, 08/20/2048, Series 2018-115, Class DE | | | 2,120 | | | | 1,905 | |
3.50%, 09/20/2048, Series 2018-124, Class NW | | | 1,511 | | | | 1,360 | |
3.50%, 12/20/2048, Series 2019-44, Class CA | | | 2 | | | | 2 | |
3.50%, 08/01/2054 (13) | | | 657 | | | | 590 | |
3.75%, 05/16/2065, Series 2023-118, Class BA (5) | | | 450 | | | | 423 | |
4.00%, 07/01/2054 (13) | | | 15,349 | | | | 14,183 | |
4.50%, 07/01/2054 (13) | | | 115,213 | | | | 109,524 | |
5.00%, 07/01/2054 (13) | | | 164,912 | | | | 160,568 | |
5.50%, 07/01/2038 (13) | | | 97,128 | | | | 96,361 | |
6.00%, 07/01/2054 (13) | | | 23,031 | | | | 23,127 | |
6.03% (30-day Average SOFR + 0.70%, 0.70% Floor, 10.50% Cap), 02/20/2074, Series 2024-H04, Class FA (2) | | | 1,094 | | | | 1,091 | |
6.10% (1 Month Term SOFR + 0.77%, 0.66% Floor, 7.50% Cap), 12/20/2065, Series 2015-H33, Class FA (2) | | | 577 | | | | 575 | |
6.50%, 07/01/2042 (13) | | | 17,036 | | | | 17,279 | |
6.50% (30-day Average SOFR + 1.30%, 1.30% Floor, 6.50% Cap), 02/20/2054, Series 2024-30, Class DF (2) | | | 3,949 | | | | 3,942 | |
Ginnie Mae I Pool | | | | | | | | |
4.50%, 05/15/2041 | | | 214 | | | | 205 | |
5.00%, 09/15/2041 | | | 94 | | | | 96 | |
5.00%, 07/15/2044 | | | 63 | | | | 62 | |
7.50%, 08/15/2033 | | | 50 | | | | 51 | |
Ginnie Mae II Pool | | | | | | | | |
2.00%, 08/20/2050 | | | 12,568 | | | | 10,171 | |
2.00%, 11/20/2050 | | | 1,680 | | | | 1,362 | |
2.00%, 01/20/2051 | | | 20,153 | | | | 16,324 | |
2.00%, 02/20/2051 | | | 1,495 | | | | 1,210 | |
2.50%, 04/20/2051 | | | 2,985 | | | | 2,509 | |
2.50%, 10/20/2051 | | | 48,522 | | | | 40,785 | |
2.50%, 12/20/2051 | | | 14,321 | | | | 12,039 | |
3.00%, 02/20/2043 | | | 1,047 | | | | 913 | |
3.00%, 06/20/2045 | | | 11,108 | | | | 9,869 | |
3.00%, 10/20/2045 | | | 2,214 | | | | 1,964 | |
3.00%, 05/20/2046 | | | 3,490 | | | | 3,086 | |
3.00%, 07/20/2046 | | | 4,279 | | | | 3,783 | |
3.00%, 10/20/2046 | | | 669 | | | | 591 | |
3.00%, 12/20/2046 | | | 1,644 | | | | 1,452 | |
3.00%, 03/20/2047 | | | 437 | | | | 386 | |
3.00%, 09/20/2047 | | | 4,374 | | | | 3,860 | |
3.00%, 11/20/2047 | | | 1,523 | | | | 1,343 | |
3.00%, 01/20/2048 | | | 1,935 | | | | 1,708 | |
3.00%, 10/20/2049 | | | 4,154 | | | | 3,557 | |
3.00%, 03/20/2050 | | | 2,080 | | | | 1,799 | |
3.00%, 04/20/2050 | | | 110 | | | | 95 | |
3.00%, 04/20/2051 | | | 10,189 | | | | 8,901 | |
3.00%, 07/20/2051 | | | 20,046 | | | | 17,497 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
3.00%, 01/20/2052 | | $ | 800 | | | $ | 697 | |
3.00%, 03/20/2052 | | | 3,000 | | | | 2,614 | |
3.00%, 04/20/2052 | | | 9,000 | | | | 7,841 | |
3.50%, 06/20/2043 | | | 697 | | | | 640 | |
3.50%, 07/20/2043 | | | 706 | | | | 647 | |
3.50%, 01/20/2045 | | | 880 | | | | 799 | |
3.50%, 12/20/2045 | | | 816 | | | | 744 | |
3.50%, 01/20/2046 | | | 563 | | | | 513 | |
3.50%, 03/20/2046 | | | 6,118 | | | | 5,577 | |
3.50%, 04/20/2046 | | | 2,043 | | | | 1,861 | |
3.50%, 05/20/2046 | | | 931 | | | | 848 | |
3.50%, 06/20/2046 | | | 1,319 | | | | 1,202 | |
3.50%, 12/20/2046 | | | 1,399 | | | | 1,274 | |
3.50%, 01/20/2047 | | | 1,706 | | | | 1,551 | |
3.50%, 04/20/2047 | | | 2,258 | | | | 2,053 | |
3.50%, 05/20/2047 | | | 99 | | | | 90 | |
3.50%, 06/20/2047 | | | 5,912 | | | | 5,372 | |
3.50%, 07/20/2047 | | | 1,715 | | | | 1,561 | |
3.50%, 08/20/2047 | | | 1,529 | | | | 1,389 | |
3.50%, 09/20/2047 | | | 3,866 | | | | 3,512 | |
3.50%, 10/20/2047 | | | 307 | | | | 278 | |
3.50%, 11/20/2047 | | | 5,311 | | | | 4,820 | |
3.50%, 12/20/2047 | | | 3,500 | | | | 3,175 | |
3.50%, 01/20/2048 | | | 2,418 | | | | 2,194 | |
3.50%, 02/20/2048 | | | 1,212 | | | | 1,100 | |
3.50%, 02/20/2048 | | | 3,534 | | | | 3,215 | |
3.50%, 02/20/2048 | | | 5,569 | | | | 5,051 | |
3.50%, 04/20/2048 | | | 9,809 | | | | 8,873 | |
3.50%, 05/20/2048 | | | 2,750 | | | | 2,498 | |
3.50%, 06/20/2049 | | | 187 | | | | 166 | |
3.50%, 07/20/2049 | | | 1,121 | | | | 997 | |
3.50%, 03/20/2050 | | | 407 | | | | 368 | |
3.50%, 02/20/2051 | | | 8,499 | | | | 7,690 | |
3.50%, 08/20/2051 | | | 8,307 | | | | 7,483 | |
3.50%, 11/20/2052 | | | 600 | | | | 539 | |
4.00%, 09/20/2045 | | | 606 | | | | 571 | |
4.00%, 03/20/2047 | | | 440 | | | | 413 | |
4.00%, 04/20/2047 | | | 917 | | | | 859 | |
4.00%, 05/20/2047 | | | 722 | | | | 674 | |
4.00%, 06/20/2047 | | | 813 | | | | 759 | |
4.00%, 09/20/2047 | | | 1,142 | | | | 1,071 | |
4.00%, 11/20/2047 | | | 806 | | | | 755 | |
4.00%, 12/20/2047 | | | 780 | | | | 731 | |
4.00%, 01/20/2048 | | | 1,049 | | | | 982 | |
4.00%, 06/20/2048 | | | 4,113 | | | | 3,846 | |
4.00%, 08/20/2048 | | | 1,514 | | | | 1,415 | |
4.00%, 09/20/2048 | | | 878 | | | | 821 | |
4.00%, 10/20/2048 | | | 341 | | | | 319 | |
4.00%, 10/20/2050 | | | 7,347 | | | | 6,863 | |
4.00%, 12/20/2052 | | | 8,617 | | | | 7,963 | |
4.50%, 07/20/2045 | | | 1,316 | | | | 1,277 | |
4.50%, 09/20/2046 | | | 1,598 | | | | 1,528 | |
4.50%, 01/20/2047 | | | 1,023 | | | | 992 | |
4.50%, 05/20/2047 | | | 1,754 | | | | 1,691 | |
4.50%, 06/20/2047 | | | 2,420 | | | | 2,336 | |
4.50%, 08/20/2047 | | | 699 | | | | 675 | |
4.50%, 09/20/2047 | | | 673 | | | | 651 | |
4.50%, 08/20/2048 | | | 2,837 | | | | 2,729 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
4.50%, 09/20/2048 | | $ | 311 | | | $ | 299 | |
4.50%, 10/20/2052 | | | 54,304 | | | | 51,794 | |
5.00%, 12/20/2044 | | | 121 | | | | 121 | |
5.00%, 06/20/2047 | | | 1,215 | | | | 1,203 | |
5.00%, 09/20/2047 | | | 695 | | | | 688 | |
5.00%, 12/20/2047 | | | 492 | | | | 486 | |
5.00%, 01/20/2048 | | | 585 | | | | 579 | |
5.00%, 02/20/2048 | | | 482 | | | | 481 | |
5.00%, 08/20/2048 | | | 1,007 | | | | 993 | |
5.00%, 10/20/2048 | | | 905 | | | | 894 | |
5.50%, 05/20/2048 | | | 815 | | | | 825 | |
5.50%, 11/20/2048 | | | 497 | | | | 501 | |
5.50%, 03/20/2049 | | | 665 | | | | 671 | |
Great Wolf Trust 2024-WOLF | | | | | | | | |
6.87% (1 Month Term SOFR + 1.54%, 1.54% Floor), 03/15/2039, Series 2024-WOLF, Class A (1)(2) | | | 1,050 | | | | 1,048 | |
Greystone Commercial Real Estate Notes 2019-FL2 Ltd. | | | | | | | | |
6.62% (1 Month Term SOFR + 1.29%, 1.18% Floor), 09/15/2037, Series 2019-FL2, Class A (1)(2) | | | 145 | | | | 145 | |
Greystone CRE Notes 2021-FL3 Ltd. | | | | | | | | |
6.46% (1 Month Term SOFR + 1.13%, 1.02% Floor), 07/15/2039, Series 2021-FL3, Class A (1)(2) | | | 548 | | | | 547 | |
Grifonas Finance No 1 Plc | | | | | | | | |
4.18% (6 Month EURIBOR + 0.28%), 08/28/2039, Series 1, Class A (2) | | EUR | 2,302 | | | | 2,373 | |
GS Mortgage Securities Corp. II | | | | | | | | |
7.68%, 09/10/2038, Series 2023-SHIP, Class E (1)(5) | | $ | 5,428 | | | | 5,385 | |
GS Mortgage Securities Corp. Trust 2012-BWTR | | | | | | | | |
2.95%, 11/05/2034, Series 2012-BWTR, Class A (1) | | | 4,120 | | | | 3,328 | |
GS Mortgage Securities Corp. Trust 2012-TMSQ | | | | | | | | |
3.84%, 04/10/2031, Series 2013-G1, Class B (1)(5) | | | 1,759 | | | | 1,620 | |
GS Mortgage Securities Corp. Trust 2013-PEMB | | | | | | | | |
3.67%, 03/05/2033, Series 2013-PEMB, Class D (1)(5) | | | 5,150 | | | | 2,736 | |
3.67%, 03/05/2033, Series 2013-PEMB, Class A (1)(5) | | | 4,610 | | | | 3,880 | |
GS Mortgage Securities Corp. Trust 2017-SLP | | | | | | | | |
3.92%, 10/10/2032, Series 2017-SLP, Class C (1) | | | 8,029 | | | | 7,875 | |
GS Mortgage Securities Corp. Trust 2021-DM | | | | | | | | |
6.33% (1 Month Term SOFR + 1.00%, 0.89% Floor), 11/15/2036, Series 2021-DM, Class A (1)(2) | | | 8,981 | | | | 8,877 | |
GS Mortgage Securities Corp. Trust 2022-AGSS | | | | | | | | |
7.52% (1 Month Term SOFR + 2.19%, 2.20% Floor), 08/15/2039, Series 2022-ECI, Class A (1)(2) | | | 1,740 | | | | 1,741 | |
8.02% (1 Month Term SOFR + 2.69%, 2.79% Floor), 11/15/2027, Series 2022-AGSS, Class A (1)(2) | | | 2,716 | | | | 2,713 | |
GS Mortgage Securities Corportation Trust 2021-IP | | | | | | | | |
6.39% (1 Month Term SOFR + 1.06%, 0.95% Floor), 10/15/2036, Series 2021-IP, Class A (1)(2) | | | 1,110 | | | | 1,096 | |
GS Mortgage Securities Trust 2011-GC5 | | | | | | | | |
5.30%, 08/10/2044, Series 2011-GC5, Class D (1)(5) | | | 266 | | | | 126 | |
GS Mortgage-Backed Securities Corp. Trust 2021-NQM1 | | | | | | | | |
1.02%, 07/25/2061, Series 2021-NQM1, Class A1 (1)(5) | | | 12,875 | | | | 11,193 | |
GS Mortgage-Backed Securities Trust 2020-INV1 | | | | | | | | |
2.92%, 10/25/2050, Series 2020-INV1, Class A14 (1)(5) | | | 3,409 | | | | 2,839 | |
GS Mortgage-Backed Securities Trust 2021-GR1 | | | | | | | | |
2.50%, 11/25/2051, Series 2021-GR1, Class A4 (1)(5) | | | 5,253 | | | | 4,118 | |
GS Mortgage-Backed Securities Trust 2021-GR2 | | | | | | | | |
2.50%, 02/25/2052, Series 2021-GR2, Class A4 (1)(5) | | | 3,291 | | | | 2,580 | |
2.50%, 02/25/2052, Series 2021-GR2, Class A6 (1)(5) | | | 9,411 | | | | 8,144 | |
GS Mortgage-Backed Securities Trust 2021-PJ6 | | | | | | | | |
2.50%, 11/25/2051, Series 2021-PJ6, Class A2 (1)(5) | | | 9,845 | | | | 7,804 | |
GS Mortgage-Backed Securities Trust 2022-NQM1 | | | | | | | | |
4.00%, 05/25/2062, Series 2022-NQM1, Class A4 (1)(5) | | | 224 | | | | 203 | |
GWT 2024-WLF2 | | | | | | | | |
7.02% (1 Month Term SOFR + 1.69%), 05/15/2041, Series 2024-WLF2, Class A (1)(2) | | | 6,455 | | | | 6,451 | |
HarborView Mortgage Loan Trust 2005-9 | | | | | | | | |
6.35% (1 Month Term SOFR + 1.01%, 0.90% Floor, 11.00% Cap), 06/20/2035, Series 2005-9, Class 2A1C (2) | | | 4,212 | | | | 3,792 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
HarborView Mortgage Loan Trust 2006-10 | | | | | | | | |
5.83% (1 Month Term SOFR + 0.51%, 0.40% Floor), 11/19/2036, Series 2006-10, Class 1A1A (2) | | $ | 6,663 | | | $ | 5,226 | |
HarborView Mortgage Loan Trust 2006-12 | | | | | | | | |
5.86% (1 Month Term SOFR + 0.52%, 0.41% Floor), 12/19/2036, Series 2006-12, Class 1A1A (2) | | | 23,652 | | | | 18,140 | |
HarborView Mortgage Loan Trust 2006-7 | | | | | | | | |
5.85% (1 Month Term SOFR + 0.51%, 0.40% Floor), 09/19/2046, Series 2006-7, Class 2A1A (2) | | | 2,022 | | | | 1,724 | |
HarborView Mortgage Loan Trust 2007-6 | | | | | | | | |
5.65% (1 Month Term SOFR + 0.31%, 10.50% Cap), 08/19/2037, Series 2007-6, Class 1A1A (2) | | | 5,425 | | | | 4,508 | |
Harbour No 1 Plc | | | | | | | | |
6.03% (Sterling Overnight Index Average + 0.80%), 01/28/2054, Series 1, Class A1 (2) | | GBP | 536 | | | | 678 | |
Harvest Commercial Capital Loan Trust 2019-1 | | | | | | | | |
3.29%, 09/25/2046, Series 2019-1, Class A (1)(5) | | $ | 891 | | | | 880 | |
Harvest Commercial Capital Loan Trust 2024-1 | | | | | | | | |
6.16%, 10/25/2056, Series 2024-1, Class A | | | 6,000 | | | | 6,000 | |
Hawaii Hotel Trust 2019-MAUI | | | | | | | | |
7.08% (1 Month Term SOFR + 1.75%, 1.70% Floor), 05/15/2038, Series 2019-MAUI, Class B (1)(2) | | | 1,155 | | | | 1,150 | |
HIG RCP 2023-FL1 LLC | | | | | | | | |
7.60% (1 Month Term SOFR + 2.27%, 2.27% Floor), 09/19/2038, Series 2023-FL1, Class A (1)(2) | | | 1,408 | | | | 1,409 | |
HILT Commercial Mortgage Trust 2024-ORL | | | | | | | | |
6.87% (1 Month Term SOFR + 1.54%, 1.54% Floor), 05/15/2037, Series 2024-ORL, Class A (1)(2) | | | 1,841 | | | | 1,836 | |
8.52% (1 Month Term SOFR + 3.19%, 3.19% Floor), 05/15/2037, Series 2024-ORL, Class D (1)(2) | | | 2,093 | | | | 2,088 | |
HIT Trust 2022-HI32 | | | | | | | | |
7.72% (1 Month Term SOFR + 2.39%, 2.39% Floor), 07/15/2024, Series 2022-HI32, Class A (1)(2) | | | 378 | | | | 378 | |
HLTN Commercial Mortgage Trust 2024-DPLO | | | | | | | | |
6.97% (1 Month Term SOFR + 1.64%, 1.64% Floor), 06/15/2041, Series 2024-DPLO, Class A (1)(2) | | | 960 | | | | 955 | |
Homeward Opportunities Fund Trust 2022-1 | | | | | | | | |
5.04%, 07/25/2067, Series 2022-1, Class M1 (1)(5) | | | 2,331 | | | | 2,173 | |
5.08%, 07/25/2067, Series 2022-1, Class A1 (1)(3) | | | 3,359 | | | | 3,319 | |
HONO 2021-LULU Mortgage Trust | | | | | | | | |
6.59% (1 Month Term SOFR + 1.26%, 1.15% Floor), 10/15/2036, Series 2021-LULU, Class A (1)(2) | | | 2,446 | | | | 2,364 | |
HPLY Trust 2019-HIT | | | | | | | | |
7.04% (1 Month Term SOFR + 1.71%, 1.60% Floor), 11/15/2036, Series 2019-HIT, Class C (1)(2) | | | 7,448 | | | | 7,350 | |
HSI Asset Securitization Corp. Trust 2005-NC1 | | | | | | | | |
6.42% (1 Month Term SOFR + 1.07%, 0.96% Floor), 07/25/2035, Series 2005-NC1, Class M3 (2) | | | 5,522 | | | | 5,266 | |
HTL Commercial Mortgage Trust 2024-T53 | | | | | | | | |
6.07%, 05/10/2039, Series 2024-T53, Class A (1)(5) | | | 630 | | | | 629 | |
Hudsons Bay Simon JV Trust 2015-HBS | | | | | | | | |
3.91%, 08/05/2034, Series 2015-HB7, Class A7 (1) | | | 716 | | | | 706 | |
4.15%, 08/05/2034, Series 2015-HB10, Class A10 (1) | | | 3,540 | | | | 3,309 | |
ILPT Commercial Mortgage Trust 2022-LPF2 | | | | | | | | |
7.57% (1 Month Term SOFR + 2.25%, 2.25% Floor), 10/15/2039, Series 2022-LPF2, Class A (1)(2) | | | 2,822 | | | | 2,804 | |
ILPT Trust 2019-SURF | | | | | | | | |
4.15%, 02/11/2041, Series 2019-SURF, Class A (1) | | | 7,575 | | | | 7,086 | |
Impac CMB Trust Series 2004-7 | | | | | | | | |
6.10% (1 Month Term SOFR + 0.75%, 11.25% Cap), 11/25/2034, Series 2004-7, Class 2A (2) | | | 1,448 | | | | 1,392 | |
Impac Secured Assets Corp. Series 2004-4 | | | | | | | | |
7.11% (1 Month Term SOFR + 1.76%, 1.65% Floor, 11.25% Cap), 02/25/2035, Series 2004-4, Class M5 (2) | | | 2,273 | | | | 2,099 | |
Imperial Fund Mortgage Trust 2021-NQM2 | | | | | | | | |
1.07%, 09/25/2056, Series 2021-NQM2, Class A1 (1)(5) | | | 2,453 | | | | 2,001 | |
Independence Plaza Trust 2018-INDP | | | | | | | | |
3.76%, 07/10/2035, Series 2018-INDP, Class A (1) | | | 3,265 | | | | 3,118 | |
IndyMac INDX Mortgage Loan Trust 2006-AR19 | | | | | | | | |
3.93%, 08/25/2036, Series 2006-AR19, Class 5A2 (5) | | | 13,473 | | | | 9,458 | |
IndyMac INDX Mortgage Loan Trust 2007-AR15 | | | | | | | | |
4.17%, 08/25/2037, Series 2007-AR15, Class 1A1 (5) | | | 3,030 | | | | 2,036 | |
INTOWN 2022-STAY Mortgage Trust | | | | | | | | |
7.82% (1 Month Term SOFR + 2.49%, 2.49% Floor), 08/15/2039, Series 2022-STAY, Class A (1)(2) | | | 1,920 | | | | 1,924 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | | | | | | | | |
3.69%, 12/15/2047, Series 2012-LC9, Class D (1)(5) | | $ | 215 | | | $ | 186 | |
3.69%, 12/15/2047, Series 2012-LC9, Class C (1)(5) | | | 3,442 | | | | 3,170 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2 | | | | | | | | |
3.06%, 08/15/2049, Series 2016-JP2, Class AS | | | 1,993 | | | | 1,821 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2016-NINE | | | | | | | | |
2.95%, 09/06/2038, Series 2016-NINE, Class B (1)(5) | | | 1,193 | | | | 1,098 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2018-ASH8 | | | | | | | | |
6.43% (1 Month Term SOFR + 1.10%, 0.84% Floor), 02/15/2035, Series 2018-ASH8, Class A (1)(2) | | | 6,361 | | | | 6,329 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT | | | | | | | | |
4.25%, 07/05/2033, Series 2018-WPT, Class AFX (1) | | | 965 | | | | 893 | |
5.35%, 07/05/2033, Series 2018-WPT, Class DFX (1) | | | 10,060 | | | | 7,545 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2019-OSB | | | | | | | | |
3.40%, 06/05/2039, Series 2019-OSB, Class A (1) | | | 8,013 | | | | 7,082 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2021-1440 | | | | | | | | |
6.74% (1 Month Term SOFR + 1.41%, 1.30% Floor), 03/15/2036, Series 2021-1440, Class A (1)(2) | | | 5,000 | | | | 4,435 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5 | | | | | | | | |
7.41% (1 Month Term SOFR + 2.08%, 1.97% Floor), 11/15/2038, Series 2021-HTL5, Class C (1)(2) | | | 8,700 | | | | 8,605 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC | | | | | | | | |
6.49% (1 Month Term SOFR + 1.16%, 0.80% Floor), 04/15/2038, Series 2021-MHC, Class A (1)(2) | | | 142 | | | | 142 | |
6.99% (1 Month Term SOFR + 1.66%, 1.30% Floor), 04/15/2038, Series 2021-MHC, Class C (1)(2) | | | 1,000 | | | | 990 | |
7.39% (1 Month Term SOFR + 2.06%, 1.70% Floor), 04/15/2038, Series 2021-MHC, Class D (1)(2) | | | 4,263 | | | | 4,223 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2022-NXSS | | | | | | | | |
7.51% (1 Month Term SOFR + 2.18%, 2.18% Floor), 09/15/2039, Series 2022-NXSS, Class A (1)(2) | | | 3,120 | | | | 3,123 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2023-CCDC | | | | | | | | |
7.24%, 10/05/2040, Series 2023-CCDC, Class A (1) | | | 5,800 | | | | 6,095 | |
JP Morgan Mortgage Trust 2019-7 | | | | | | | | |
2.97%, 02/25/2050, Series 2019-7, Class B2A (1)(5) | | | 4,870 | | | | 4,050 | |
JP Morgan Mortgage Trust 2019-INV1 | | | | | | | | |
4.93%, 10/25/2049, Series 2019-INV1, Class B3 (1)(5) | | | 1,433 | | | | 1,338 | |
JP Morgan Mortgage Trust 2019-INV3 | | | | | | | | |
3.50%, 05/25/2050, Series 2019-INV3, Class A15 (1)(5) | | | 730 | | | | 646 | |
3.50%, 05/25/2050, Series 2019-INV3, Class A3 (1)(5) | | | 854 | | | | 757 | |
JP Morgan Mortgage Trust 2020-7 | | | | | | | | |
3.00%, 01/25/2051, Series 2020-7, Class A15 (1)(5) | | | 2,737 | | | | 2,289 | |
JP Morgan Mortgage Trust 2020-INV1 | | | | | | | | |
3.50%, 08/25/2050, Series 2020-INV1, Class A3 (1)(5) | | | 715 | | | | 623 | |
JP Morgan Mortgage Trust 2020-INV2 | | | | | | | | |
3.00%, 10/25/2050, Series 2020-INV2, Class A15 (1)(5) | | | 1,132 | | | | 949 | |
JP Morgan Mortgage Trust 2020-LTV1 | | | | | | | | |
3.26%, 06/25/2050, Series 2020-LTV1, Class B1A (1)(5) | | | 4,547 | | | | 3,797 | |
JP Morgan Mortgage Trust 2021-13 | | | | | | | | |
2.50%, 04/25/2052, Series 2021-13, Class A3 (1)(5) | | | 34,820 | | | | 27,689 | |
JP Morgan Mortgage Trust 2021-14 | | | | | | | | |
2.50%, 05/25/2052, Series 2021-14, Class A3 (1)(5) | | | 16,143 | | | | 12,826 | |
JP Morgan Mortgage Trust 2022-1 | | | | | | | | |
3.00%, 07/25/2052, Series 2022-1, Class A2 (1)(5) | | | 6,833 | | | | 5,657 | |
JP Morgan Seasoned Mortgage Trust 2010-1 | | | | | | | | |
0.00%, 03/25/2050, Series 2010-1, Class B (1)(5) | | | 4,166 | | | | 3,439 | |
JP Morgan Trust 2015-1 | | | | | | | | |
6.65%, 12/25/2044, Series 2015-1, Class B4 (1)(5) | | | 557 | | | | 533 | |
JPMBB Commercial Mortgage Securities Trust 2015-C30 | | | | | | | | |
3.82%, 07/15/2048, Series 2015-C30, Class A5 | | | 1,841 | | | | 1,782 | |
JPMCC Commercial Mortgage Securities Trust 2017-JP5 | | | | | | | | |
3.88%, 03/15/2050, Series 2017-JP5, Class AS (5) | | | 4,990 | | | | 4,621 | |
JPMDB Commercial Mortgage Securities Trust 2016-C4 | | | | | | | | |
3.38%, 12/15/2049, Series 2016-C4, Class AS | | | 4,040 | | | | 3,668 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
JPMDB Commercial Mortgage Securities Trust 2018-C8 | | | | | | | | |
4.42%, 06/15/2051, Series 2018-C8, Class AS | | $ | 64 | | | $ | 59 | |
JW Commercial Mortgage Trust 2024-MRCO | | | | | | | | |
6.94% (1 Month Term SOFR + 1.62%, 1.62% Floor), 06/15/2039, Series 2024-MRCO, Class A (1)(2) | | | 1,000 | | | | 996 | |
8.51% (1 Month Term SOFR + 3.19%, 3.19% Floor), 06/15/2039, Series 2024-MRCO, Class D (1)(2) | | | 756 | | | | 752 | |
Kinbane 2022-RPL 1 DAC | | | | | | | | |
4.72% (1 Month EURIBOR + 0.85%), 09/25/2062, Series 2022-RPL1A, Class A (1)(2) | | EUR | 12,836 | | | | 13,711 | |
KREF 2022-FL3 Ltd. | | | | | | | | |
6.79% (1 Month Term SOFR + 1.45%, 1.45% Floor), 02/17/2039, Series 2022-FL3, Class A (1)(2) | | $ | 3,240 | | | | 3,226 | |
KSL Commercial Mortgage Trust 2023-HT | | | | | | | | |
7.62% (1 Month Term SOFR + 2.29%, 2.29% Floor), 12/15/2036, Series 2023-HT, Class A (1)(2) | | | 2,216 | | | | 2,222 | |
LBA Trust 2024-BOLT | | | | | | | | |
6.92% (1 Month Term SOFR + 1.59%, 1.59% Floor), 06/15/2026, Series 2024-BOLT, Class A (1)(2) | | | 4,470 | | | | 4,449 | |
9.77% (1 Month Term SOFR + 4.44%, 4.44% Floor), 06/15/2026, Series 2024-BOLT, Class F (1)(2) | | | 368 | | | | 367 | |
Legacy Mortgage Asset Trust 2021-GS2 | | | | | | | | |
4.75%, 04/25/2061, Series 2021-GS2, Class A1 (1)(3) | | | 3,746 | | | | 3,677 | |
Legacy Mortgage Asset Trust 2021-GS3 | | | | | | | | |
4.75%, 07/25/2061, Series 2021-GS3, Class A1 (1)(3) | | | 7,804 | | | | 7,594 | |
Legacy Mortgage Asset Trust 2021-GS4 | | | | | | | | |
1.65%, 11/25/2060, Series 2021-GS4, Class A1 (1)(3) | | | 8,875 | | | | 8,646 | |
Legacy Mortgage Asset Trust 2021-GS5 | | | | | | | | |
2.25%, 07/25/2067, Series 2021-GS5, Class A1 (1)(3) | | | 6,243 | | | | 6,076 | |
Lehman XS Trust Series 2005-5N | | | | | | | | |
5.82% (1 Month Term SOFR + 0.47%, 0.36% Floor), 11/25/2035, Series 2005-5N, Class 3A2 (2) | | | 9,084 | | | | 7,968 | |
Life 2021-BMR Mortgage Trust | | | | | | | | |
7.79% (1 Month Term SOFR + 2.46%, 2.35% Floor), 03/15/2038, Series 2021-BMR, Class F (1)(2) | | | 9,830 | | | | 9,425 | |
8.39% (1 Month Term SOFR + 3.06%, 2.95% Floor), 03/15/2038, Series 2021-BMR, Class G (1)(2) | | | 9,214 | | | | 8,873 | |
LoanCore 2022-CRE7 Issuer Ltd. | | | | | | | | |
6.88% (30-day Average SOFR + 1.55%, 1.55% Floor), 01/17/2037, Series 2022-CRE7, Class A (1)(2) | | | 10,818 | | | | 10,764 | |
Ludgate Funding Plc | | | | | | | | |
5.95% (Sterling Overnight Index Average + 0.72%), 01/01/2061, Series 2008-W1X, Class A1 (2) | | GBP | 352 | | | | 437 | |
LUX 2023-LION | | | | | | | | |
8.02% (1 Month Term SOFR + 2.69%, 2.69% Floor), 08/15/2040, Series 2023-LION, Class A (1)(2) | | $ | 741 | | | | 745 | |
Mansard Mortgages 2007-1 Plc | | | | | | | | |
5.53% (Sterling Overnight Index Average + 0.30%), 04/15/2047, Series 2007-1X, Class A2 (2) | | GBP | 3,438 | | | | 4,274 | |
5.65% (Sterling Overnight Index Average + 0.42%), 04/15/2049, Series 2007-1X, Class M1 (2) | | | 3,508 | | | | 4,238 | |
MCR 2024-HTL Mortgage Trust | | | | | | | | |
7.09% (1 Month Term SOFR + 1.76%, 1.76% Floor), 02/15/2037, Series 2024-HTL, Class A (1)(2) | | $ | 103 | | | | 103 | |
8.44% (1 Month Term SOFR + 3.11%, 3.11% Floor), 02/15/2037, Series 2024-HTL, Class C (1)(2) | | | 1,338 | | | | 1,338 | |
MCR 2024-TWA Mortgage Trust | | | | | | | | |
0.92%, 06/12/2039, Series 2024-TWA, Class XA (1) | | | 5,829 | | | | 120 | |
5.92%, 06/12/2039, Series 2024-TWA, Class A (1) | | | 1,260 | | | | 1,258 | |
8.73%, 06/12/2039, Series 2024-TWA, Class E (1) | | | 1,059 | | | | 1,055 | |
Med Trust 2021-MDLN | | | | | | | | |
6.39% (1 Month Term SOFR + 1.06%, 0.95% Floor), 11/15/2038, Series 2021-MDLN, Class A (1)(2) | | | 5,275 | | | | 5,263 | |
6.89% (1 Month Term SOFR + 1.56%, 1.45% Floor), 11/15/2038, Series 2021-MDLN, Class B (1)(2) | | | 6,384 | | | | 6,374 | |
7.24% (1 Month Term SOFR + 1.91%, 1.80% Floor), 11/15/2038, Series 2021-MDLN, Class C (1)(2) | | | 6,195 | | | | 6,193 | |
7.44% (1 Month Term SOFR + 2.11%, 2.00% Floor), 11/15/2038, Series 2021-MDLN, Class D (1)(2) | | | 2,831 | | | | 2,830 | |
8.59% (1 Month Term SOFR + 3.26%, 3.15% Floor), 11/15/2038, Series 2021-MDLN, Class E (1)(2) | | | 100 | | | | 99 | |
10.69% (1 Month Term SOFR + 5.36%, 5.25% Floor), 11/15/2038, Series 2021-MDLN, Class G (1)(2) | | | 567 | | | | 567 | |
Mello Mortgage Capital Acceptance 2021-INV4 | | | | | | | | |
2.50%, 12/25/2051, Series 2021-INV4, Class A3 (1)(5) | | | 8,827 | | | | 6,997 | |
Merrill Lynch Alternative Note Asset Trust Series 2007-A3 | | | | | | | | |
5.88% (1 Month Term SOFR + 0.53%, 0.42% Floor), 04/25/2037, Series 2007-A3, Class A1 (2) | | | 27,300 | | | | 4,898 | |
Merrill Lynch Mortgage Investors Trust Series 2006-AF2 | | | | | | | | |
5.78% (1 Month Term SOFR + 0.43%, 0.32% Floor), 09/25/2037, Series 2006-AF2, Class AV1 (2) | | | 246 | | | | 132 | |
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-HB1 | | | | | | | | |
4.92%, 04/25/2029, Series 2004-HB1, Class A3 (5) | | | 207 | | | | 179 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Metlife Securitization Trust 2018-1 | | | | | | | | |
3.75%, 03/25/2057, Series 2018-1A, Class A (1)(5) | | $ | 6,012 | | | $ | 5,655 | |
MF1 2020-FL4 Ltd. | | | | | | | | |
7.14% (1 Month Term SOFR + 1.81%, 1.70% Floor), 11/15/2035, Series 2020-FL4, Class A (1)(2) | | | 10,483 | | | | 10,463 | |
MF1 2021-FL6 Ltd. | | | | | | | | |
6.55% (1 Month Term SOFR + 1.21%, 1.10% Floor), 07/16/2036, Series 2021-FL6, Class A (1)(2) | | | 13,147 | | | | 13,040 | |
MF1 2021-FL7 Ltd. | | | | | | | | |
6.53% (1 Month Term SOFR + 1.19%, 1.08% Floor), 10/16/2036, Series 2021-FL7, Class A (1)(2) | | | 15,930 | | | | 15,840 | |
MF1 2021-W10X | | | | | | | | |
6.40% (1 Month Term SOFR + 1.07%, 1.07% Floor), 12/15/2034, Series 2021-W10, Class A (1)(2) | | | 5,140 | | | | 5,096 | |
MF1 2022-FL10 LLC | | | | | | | | |
7.97% (1 Month Term SOFR + 2.64%, 2.64% Floor), 09/17/2037, Series 2022-FL10, Class A (1)(2) | | | 793 | | | | 795 | |
MF1 2022-FL8 Ltd. | | | | | | | | |
6.69% (1 Month Term SOFR + 1.35%, 1.35% Floor), 02/19/2037, Series 2022-FL8, Class A (1)(2) | | | 5,860 | | | | 5,816 | |
MF1 2022-FL9 LLC | | | | | | | | |
7.49% (1 Month Term SOFR + 2.15%, 2.15% Floor), 06/19/2037, Series 2022-FL9, Class A (1)(2) | | | 1,546 | | | | 1,548 | |
MF1 2023-FL12 LLC | | | | | | | | |
7.40% (1 Month Term SOFR + 2.07%, 2.07% Floor), 10/19/2038, Series 2023-FL12, Class A (1)(2) | | | 724 | | | | 725 | |
MF1 2024-FL14 LLC | | | | | | | | |
7.08% (1 Month Term SOFR + 1.74%, 1.74% Floor), 03/19/2039, Series 2024-FL14, Class A (1)(2) | | | 610 | | | | 610 | |
MF1 Multifamily Housing Mortgage Loan Trust | | | | | | | | |
6.64% (1 Month Term SOFR + 1.31%, 1.31% Floor), 07/15/2036, Series 2021-FL5, Class AS (1)(2) | | | 15,000 | | | | 14,754 | |
MFA 2021-NQM2 Trust | | | | | | | | |
1.03%, 11/25/2064, Series 2021-NQM2, Class A1 (1)(5) | | | 2,186 | | | | 1,882 | |
MFA 2022-INV3 Trust | | | | | | | | |
4.26%, 12/25/2066, Series 2022-NQM1, Class M1 (1)(5) | | | 1,603 | | | | 1,379 | |
MFA 2022-NQM3 Trust | | | | | | | | |
5.57%, 09/25/2067, Series 2022-NQM3, Class A1 (1)(3) | | | 15,776 | | | | 15,611 | |
MFA 2022-RPL1 Trust | | | | | | | | |
3.30%, 08/25/2061, Series 2022-RPL1, Class A1 (1)(5) | | | 25,621 | | | | 23,500 | |
MHC Commercial Mortgage Trust 2021-MHC | | | | | | | | |
6.24% (1 Month Term SOFR + 0.92%, 0.80% Floor), 04/15/2038, Series 2021-MHC, Class A (1)(2) | | | 156 | | | | 155 | |
6.79% (1 Month Term SOFR + 1.47%, 1.35% Floor), 04/15/2038, Series 2021-MHC, Class C (1)(2) | | | 2,936 | | | | 2,907 | |
MHC Trust 2021-MHC2 | | | | | | | | |
7.39% (1 Month Term SOFR + 2.06%, 1.95% Floor), 05/15/2038, Series 2021-MHC2, Class E (1)(2) | | | 1,640 | | | | 1,611 | |
7.84% (1 Month Term SOFR + 2.51%, 2.40% Floor), 05/15/2038, Series 2021-MHC2, Class F (1)(2) | | | 2,400 | | | | 2,334 | |
Mill City Mortgage Loan Trust 2018-1 | | | | | | | | |
3.25%, 05/25/2062, Series 2018-1, Class A1 (1)(5) | | | 776 | | | | 758 | |
Mill City Mortgage Loan Trust 2018-2 | | | | | | | | |
3.75%, 05/25/2058, Series 2018-2, Class M1 (1)(5) | | | 494 | | | | 473 | |
Mill City Mortgage Loan Trust 2018-3 | | | | | | | | |
3.50%, 08/25/2058, Series 2018-3, Class A1 (1)(5) | | | 698 | | | | 675 | |
Mill City Mortgage Loan Trust 2019-1 | | | | | | | | |
3.50%, 10/25/2069, Series 2019-1, Class M1 (1)(5) | | | 1,188 | | | | 1,091 | |
Mill City Mortgage Loan Trust 2019-GS1 | | | | | | | | |
2.75%, 07/25/2059, Series 2019-GS1, Class A1 (1)(5) | | | 1,743 | | | | 1,664 | |
3.25%, 07/25/2059, Series 2019-GS1, Class M2 (1)(5) | | | 1,115 | | | | 959 | |
Mill City Mortgage Loan Trust 2019-GS2 | | | | | | | | |
2.75%, 08/25/2059, Series 2019-GS2, Class A1 (1)(5) | | | 4,816 | | | | 4,553 | |
Mill City Mortgage Loan Trust 2021-NMR1 | | | | | | | | |
2.50%, 11/25/2060, Series 2021-NMR1, Class M2 (1)(5) | | | 1,000 | | | | 836 | |
Miltonia Mortgage Finance Srl | | | | | | | | |
5.09% (3 Month EURIBOR + 1.30%), 04/28/2062, Series 1, Class B (2)(18) | | EUR | 619 | | | | 649 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 | | | | | | | | |
4.21%, 08/15/2046, Series 2013-C11, Class B (5) | | $ | 1,563 | | | | 955 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 | | | | | | | | |
4.96%, 10/15/2046, Series 2013-C12, Class C (5) | | | 800 | | | | 734 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 | | | | | | | | |
4.46%, 08/15/2047, Series 2014-C17, Class B (5) | | $ | 112 | | | $ | 111 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 | | | | | | | | |
3.73%, 05/15/2048, Series 2015-C24, Class A4 | | | 6,000 | | | | 5,857 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 | | | | | | | | |
2.86%, 09/15/2049, Series 2016-C30, Class A5 | | | 3,220 | | | | 3,018 | |
Morgan Stanley Capital I Trust 2011-C2 | | | | | | | | |
5.39%, 06/15/2044, Series 2011-C2, Class E (1)(5) | | | 1,415 | | | | 1,117 | |
Morgan Stanley Capital I Trust 2018-H4 | | | | | | | | |
4.31%, 12/15/2051, Series 2018-H4, Class A4 | | | 1,361 | | | | 1,302 | |
Morgan Stanley Capital I Trust 2018-SUN | | | | | | | | |
7.03% (1 Month Term SOFR + 1.70%, 1.65% Floor), 07/15/2035, Series 2018-SUN, Class C (1)(2) | | | 16,000 | | | | 15,975 | |
Morgan Stanley Capital I Trust 2019-H6 | | | | | | | | |
3.00%, 06/15/2052, Series 2019-H6, Class D (1) | | | 212 | | | | 163 | |
Morgan Stanley Capital I Trust 2021-230P | | | | | | | | |
7.24% (1 Month Term SOFR + 1.91%, 1.80% Floor), 12/15/2038, Series 2021-230P, Class C (1)(2) | | | 9,974 | | | | 9,100 | |
MRCD 2019-MARK Mortgage Trust | | | | | | | | |
2.72%, 12/15/2036, Series 2019-PARK, Class D (1) | | | 3,000 | | | | 2,010 | |
MSBAM Commercial Mortgage Securities Trust 2012-CKSV | | | | | | | | |
3.28%, 10/15/2030, Series 2012-CKSV, Class A2 (1) | | | 669 | | | | 609 | |
MSWF Commercial Mortgage Trust 2023-2 | | | | | | | | |
1.14%, 12/15/2056, Series 2023-2, Class XA (5) | | | 19,462 | | | | 1,252 | |
6.01%, 12/15/2056, Series 2023-2, Class A5 (5) | | | 210 | | | | 221 | |
MTN Commercial Mortgage Trust 2022-LPFL | | | | | | | | |
6.73% (1 Month Term SOFR + 1.40%, 1.40% Floor), 03/15/2039, Series 2022-LPFL, Class A (1)(2) | | | 14,830 | | | | 14,649 | |
New Orleans Hotel Trust 2019-HNLA | | | | | | | | |
6.36% (1 Month Term SOFR + 1.04%, 0.99% Floor), 04/15/2032, Series 2019-HNLA, Class A (1)(2) | | | 5,000 | | | | 4,910 | |
6.66% (1 Month Term SOFR + 1.34%, 1.29% Floor), 04/15/2032, Series 2019-HNLA, Class B (1)(2) | | | 6,425 | | | | 6,191 | |
New Residential Mortgage Loan Trust 2019-RPL3 | | | | | | | | |
2.75%, 07/25/2059, Series 2019-RPL3, Class A1 (1)(5) | | | 14,658 | | | | 13,757 | |
New Residential Mortgage Loan Trust 2020-NQM | | | | | | | | |
3.89%, 05/24/2060, Series 2020-NQM2, Class M1 (1)(5) | | | 8,812 | | | | 7,683 | |
New Residential Mortgage Loan Trust 2020-NQM1 | | | | | | | | |
2.46%, 01/26/2060, Series 2020-NQM1, Class A1 (1)(5) | | | 846 | | | | 776 | |
New Residential Mortgage Loan Trust 2021-INV1 | | | | | | | | |
2.50%, 06/25/2051, Series 2021-INV1, Class A6 (1)(5) | | | 5,292 | | | | 4,609 | |
New Residential Mortgage Loan Trust 2021-NQM1R | | | | | | | | |
1.10%, 07/25/2055, Series 2021-NQ1R, Class A2 (1)(5) | | | 861 | | | | 760 | |
1.20%, 07/25/2055, Series 2021-NQ1R, Class A3 (1)(5) | | | 1,058 | | | | 934 | |
New Residential Mortgage Loan Trust 2023-NQM1 | | | | | | | | |
6.86%, 10/25/2063, Series 2023-NQM1, Class A1A (1)(3) | | | 36,956 | | | | 37,380 | |
New Residential Mortgage Loan Trust 2024-RPL1 | | | | | | | | |
3.80%, 01/25/2064, Series 2024-RPL1, Class A (1)(5) | | | 15,416 | | | | 14,261 | |
New Residential Mortgage Loan Trust 2024-RTL1 | | | | | | | | |
0.00%, 03/25/2039, Series 2024-RTL1, Class A1 (1)(3) | | | 8,965 | | | | 8,985 | |
Newgate Funding Plc | | | | | | | | |
5.52% (Sterling Overnight Index Average + 0.29%), 12/01/2050, Series 2006-2, Class A3A (2) | | GBP | 5,244 | | | | 6,536 | |
NJ Trust 2023-GSP | | | | | | | | |
6.70%, 01/06/2029, Series 2023-GSP, Class A (1)(5) | | $ | 840 | | | | 866 | |
NLT 2021-INV3 Trust | | | | | | | | |
0.00%, 11/25/2056, Series 2021-INV3, Class PT (1)(5) | | | 17,619 | | | | 15,959 | |
NLT 2023-1 Trust | | | | | | | | |
3.20%, 10/25/2062, Series 2023-1, Class A1 (1)(5) | | | 8,549 | | | | 7,559 | |
NYMT Loan Trust Series 2024-BPL2 | | | | | | | | |
6.51%, 05/25/2039, Series 2024-BPL2, Class A1 (1)(3) | | | 7,165 | | | | 7,191 | |
NYO Commercial Mortgage Trust 2021-1290 | | | | | | | | |
6.54% (1 Month Term SOFR + 1.21%, 1.10% Floor), 11/15/2038, Series 2021-1290, Class A (1)(2) | | | 10,900 | | | | 10,464 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
OBX 2018-EXP1 Trust | | | | | | | | |
4.00%, 04/25/2048, Series 2018-EXP1, Class 1A3 (1)(5) | | $ | 214 | | | $ | 196 | |
6.31% (1 Month Term SOFR + 0.96%, 0.85% Floor), 04/25/2048, Series 2018-EXP1, Class 2A1 (1)(2) | | | 25 | | | | 25 | |
OBX 2019-EXP2 Trust | | | | | | | | |
4.00%, 06/25/2059, Series 2019-EXP2, Class 1A3 (1)(5) | | | 633 | | | | 584 | |
OBX 2019-EXP3 Trust | | | | | | | | |
3.50%, 10/25/2059, Series 2019-EXP3, Class 1A8 (1)(5) | | | 410 | | | | 363 | |
OBX 2020-EXP1 Trust | | | | | | | | |
3.50%, 02/25/2060, Series 2020-EXP1, Class 1A8 (1)(5) | | | 963 | | | | 845 | |
6.21% (1 Month Term SOFR + 0.86%), 02/25/2060, Series 2020-EXP1, Class 2A1 (1)(2) | | | 175 | | | | 168 | |
OBX 2020-EXP2 Trust | | | | | | | | |
3.00%, 05/25/2060, Series 2020-EXP2, Class A8 (1)(5) | | | 2,261 | | | | 1,894 | |
OBX 2020-EXP3 Trust | | | | | | | | |
3.00%, 01/25/2060, Series 2020-EXP3, Class 1A9 (1)(5) | | | 1,803 | | | | 1,551 | |
OBX 2020-INV1 Trust | | | | | | | | |
3.50%, 12/25/2049, Series 2020-INV1, Class A5 (1)(5) | | | 1,048 | | | | 912 | |
OBX 2021-NQM3 Trust | | | | | | | | |
1.05%, 07/25/2061, Series 2021-NQM3, Class A1 (1)(5) | | | 7,398 | | | | 5,783 | |
1.26%, 07/25/2061, Series 2021-NQM3, Class A2 (1)(5) | | | 2,095 | | | | 1,617 | |
OBX 2023-NQM3 Trust | | | | | | | | |
5.95%, 02/25/2063, Series 2023-NQM3, Class A1 (1)(3) | | | 21,788 | | | | 21,696 | |
OBX 2023-NQM4 Trust | | | | | | | | |
6.11%, 03/25/2063, Series 2023-NQM4, Class A1 (1)(3) | | | 11,334 | | | | 11,334 | |
OBX 2023-NQM5 Trust | | | | | | | | |
6.57%, 06/25/2063, Series 2023-NQM5, Class A1A (1)(3) | | | 9,626 | | | | 9,697 | |
OBX 2023-NQM8 Trust | | | | | | | | |
7.05%, 09/25/2063, Series 2023-NQM8, Class A1 (1)(3) | | | 7,422 | | | | 7,547 | |
ONE 2021-PARK Mortgage Trust | | | | | | | | |
6.54% (1 Month Term SOFR + 1.21%, 1.10% Floor), 03/15/2036, Series 2021-PARK, Class C (1)(2) | | | 2,175 | | | | 2,061 | |
One Bryant Park Trust 2019-OBP | | | | | | | | |
2.52%, 09/15/2054, Series 2019-OBP, Class A (1) | | | 8,024 | | | | 6,794 | |
One Market Plaza Trust 2017-1MKT | | | | | | | | |
3.61%, 02/10/2032, Series 2017-1MKT, Class A (1) | | | 7,017 | | | | 6,275 | |
One New York Plaza Trust 2020-1NYP | | | | | | | | |
6.39% (1 Month Term SOFR + 1.06%, 0.95% Floor), 01/15/2036, Series 2020-1NYP, Class A (1)(2) | | | 10,921 | | | | 10,625 | |
6.69% (1 Month Term SOFR + 1.36%, 1.25% Floor), 01/15/2036, Series 2020-1NYP, Class AJ (1)(2) | | | 1,815 | | | | 1,730 | |
OPEN Trust 2023-AIR | | | | | | | | |
8.42% (1 Month Term SOFR + 3.09%, 3.09% Floor), 10/15/2028, Series 2023-AIR, Class A (1)(2) | | | 1,819 | | | | 1,840 | |
PFP 2022-9 Ltd. | | | | | | | | |
7.60% (1 Month Term SOFR + 2.27%, 2.27% Floor), 08/19/2035, Series 2022-9, Class A (1)(2) | | | 1,770 | | | | 1,768 | |
PGA Trust 2024-RSR2 | | | | | | | | |
7.22% (1 Month Term SOFR + 1.89%, 1.89% Floor), 06/15/2039, Series 2024-RSR2, Class A (1)(2) | | | 22,141 | | | | 22,086 | |
PRET 2024-RN2 LLC | | | | | | | | |
7.12%, 04/25/2054, Series 2024-RN2, Class A1 (1)(3) | | | 6,000 | | | | 6,019 | |
PRKCM 2021-AFC2 Trust | | | | | | | | |
2.07%, 11/25/2056, Series 2021-AFC2, Class A1 (1)(5) | | | 475 | | | | 400 | |
PRKCM 2022-AFC1 Trust | | | | | | | | |
4.10%, 04/25/2057, Series 2022-AFC1, Class A1A (1)(5) | | | 253 | | | | 243 | |
PRKCM 2022-AFC2 Trust | | | | | | | | |
5.34%, 08/25/2057, Series 2022-AFC2, Class A1 (1)(5) | | | 1,886 | | | | 1,855 | |
PRKCM 2024-AFC1 Trust | | | | | | | | |
6.33%, 03/25/2059, Series 2024-AFC1, Class A1 (1)(3) | | | 6,018 | | | | 6,031 | |
PRPM 2020-4 LLC | | | | | | | | |
5.61%, 10/25/2025, Series 2020-4, Class A1 (1)(3) | | | 1,898 | | | | 1,897 | |
PRPM 2021-10 LLC | | | | | | | | |
2.49%, 10/25/2026, Series 2021-10, Class A1 (1)(3) | | | 11,166 | | | | 11,049 | |
PRPM 2023-RCF1 LLC | | | | | | | | |
4.00%, 06/25/2053, Series 2023-RCF1, Class A1 (1)(3) | | | 6,445 | | | | 6,219 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
PRPM 2023-RCF2 LLC | | | | | | | | |
4.00%, 11/25/2053, Series 2023-RCF2, Class A1 (1)(3) | | $ | 746 | | | $ | 717 | |
PRPM 2024-2 LLC | | | | | | | | |
7.03%, 03/25/2029, Series 2024-2, Class A1 (1)(3) | | | 5,235 | | | | 5,255 | |
PRPM 2024-3 | | | | | | | | |
6.99%, 05/25/2029, Series 2024-3, Class A1 (1)(3) | | | 5,922 | | | | 5,922 | |
PRPM 2024-NQM1 Trust | | | | | | | | |
6.27%, 12/25/2068, Series 2024-NQM1, Class A1 (1)(3) | | | 2,221 | | | | 2,221 | |
PRPM 2024-NQM2 Trust | | | | | | | | |
6.33%, 06/25/2069, Series 2024-NQM2, Class A1 (1)(3) | | | 2,100 | | | | 2,101 | |
PRPM 2024-RCF1 LLC | | | | | | | | |
4.00%, 01/25/2054, Series 2024-RCF1, Class A1 (1)(3) | | | 1,576 | | | | 1,511 | |
PRPM 2024-RCF2 LLC | | | | | | | | |
3.75%, 03/25/2054, Series 2024-RCF2, Class A1 (1)(3) | | | 5,631 | | | | 5,373 | |
PRPM LLC | | | | | | | | |
5.50%, 08/25/2067, Series 2022-NQM1, Class A1 (1)(3) | | | 16,599 | | | | 16,392 | |
RALI Series 2006-QS9 Trust | | | | | | | | |
6.00%, 07/25/2036, Series 2006-QS9, Class 1A3 | | | 2,245 | | | | 1,739 | |
RALI Series 2007-QH8 Trust | | | | | | | | |
6.02%, 10/25/2037, Series 2007-QH8, Class A (5) | | | 721 | | | | 587 | |
RALI Series 2007-QS2 Trust | | | | | | | | |
6.25%, 01/25/2037, Series 2007-QS2, Class A4 | | | 11,970 | | | | 9,583 | |
RATE Mortgage Trust 2021-HB1 | | | | | | | | |
2.50%, 12/25/2051, Series 2021-HB1, Class A1 (1)(5) | | | 14,912 | | | | 11,848 | |
RCKT Mortgage Trust 2021-6 | | | | | | | | |
2.50%, 12/25/2051, Series 2021-6, Class A1 (1)(5) | | | 14,494 | | | | 11,507 | |
RCKT Mortgage Trust 2022-1 | | | | | | | | |
2.50%, 01/25/2052, Series 2022-1, Class A1 (1)(5) | | | 8,848 | | | | 7,025 | |
Ready Capital Mortgage Financing 2022-FL10 LLC | | | | | | | | |
7.90% (1 Month Term SOFR + 2.55%, 2.55% Floor), 10/25/2039, Series 2022-FL10, Class A (1)(2) | | | 2,644 | | | | 2,649 | |
Ready Capital Mortgage Financing 2022-FL9 LLC | | | | | | | | |
7.81% (1 Month Term SOFR + 2.47%, 2.47% Floor), 06/25/2037, Series 2022-FL9, Class A (1)(2) | | | 466 | | | | 467 | |
Ready Capital Mortgage Financing 2023-FL11 LLC | | | | | | | | |
7.72% (1 Month Term SOFR + 2.37%, 2.37% Floor), 10/25/2039, Series 2023-FL11, Class A (1)(2) | | | 1,462 | | | | 1,466 | |
Residential Mortgage Loan Trust 2020-1 | | | | | | | | |
3.95%, 01/26/2060, Series 2020-1, Class B1 (1)(5) | | | 2,250 | | | | 2,055 | |
RIAL 2022-FL8 Issuer Ltd. | | | | | | | | |
7.58% (1 Month Term SOFR + 2.25%, 2.25% Floor), 01/19/2037, Series 2022-FL8, Class A (1)(2) | | | 3,298 | | | | 3,282 | |
Ripon Mortgages Plc | | | | | | | | |
5.92% (Sterling Overnight Index Average + 0.70%), 08/28/2056, Series 1RA, Class A (1)(2) | | GBP | 31,163 | | | | 39,382 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL5 | | | | | | | | |
7.76%, 04/25/2030, Series 2024-RTL5, Class A1 (1)(3) | | $ | 3,000 | | | | 3,022 | |
SCOTT Trust 2023-SFS | | | | | | | | |
5.91%, 03/10/2040, Series 2023-SFS, Class A (1) | | | 5,330 | | | | 5,356 | |
Seasoned Loans Structured Transaction Trust Series 2020-3 | | | | | | | | |
4.75%, 04/26/2060, Series 2020-3, Class M1 (1)(5) | | | 212 | | | | 206 | |
Sequoia Mortgage Trust 2003-2 | | | | | | | | |
6.11% (1 Month Term SOFR + 0.77%, 0.66% Floor, 11.50% Cap), 06/20/2033, Series 2003-2, Class A1 (2) | | | 102 | | | | 99 | |
Sequoia Mortgage Trust 2004-9 | | | | | | | | |
6.42% (6 Month Term SOFR + 1.15%, 0.72% Floor, 11.50% Cap), 10/20/2034, Series 2004-9, Class A2 (2) | | | 649 | | | | 584 | |
Sequoia Mortgage Trust 2013-4 | | | | | | | | |
3.44%, 04/25/2043, Series 2013-4, Class B1 (5) | | | 365 | | | | 342 | |
Sequoia Mortgage Trust 2017-CH1 | | | | | | | | |
4.00%, 08/25/2047, Series 2017-CH1, Class A1 (1)(5) | | | 342 | | | | 317 | |
Sequoia Mortgage Trust 2017-CH2 | | | | | | | | |
4.00%, 12/25/2047, Series 2017-CH2, Class A1 (1)(5) | | | 144 | | | | 131 | |
4.00%, 12/25/2047, Series 2017-CH2, Class A19 (1)(5) | | | 149 | | | | 135 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Sequoia Mortgage Trust 2018-CH1 | | | | | | | | |
3.50%, 03/25/2048, Series 2018-CH1, Class A2 (1)(5) | | $ | 37 | | | $ | 33 | |
Sequoia Mortgage Trust 2018-CH2 | | | | | | | | |
4.00%, 06/25/2048, Series 2018-CH2, Class A21 (1)(5) | | | 126 | | | | 115 | |
Sequoia Mortgage Trust 2018-CH3 | | | | | | | | |
4.00%, 08/25/2048, Series 2018-CH3, Class A2 (1)(5) | | | 107 | | | | 103 | |
4.50%, 08/25/2048, Series 2018-CH3, Class A19 (1)(5) | | | 45 | | | | 44 | |
4.50%, 08/25/2048, Series 2018-CH3, Class A13 (1)(5) | | | 265 | | | | 258 | |
Sequoia Mortgage Trust 2019-CH3 | | | | | | | | |
4.00%, 09/25/2049, Series 2019-CH3, Class A1 (1)(5) | | | 174 | | | | 159 | |
SFO Commercial Mortgage Trust 2021-555 | | | | | | | | |
6.59% (1 Month Term SOFR + 1.26%, 1.15% Floor), 05/15/2038, Series 2021-555, Class A (1)(2) | | | 4,900 | | | | 4,634 | |
7.24% (1 Month Term SOFR + 1.91%, 1.80% Floor), 05/15/2038, Series 2021-555, Class C (1)(2) | | | 6,550 | | | | 5,960 | |
SG Residential Mortgage Trust 2019-3 | | | | | | | | |
4.08%, 09/25/2059, Series 2019-3, Class B1 (1)(5) | | | 4,593 | | | | 4,192 | |
SG Residential Mortgage Trust 2022-2 | | | | | | | | |
5.35%, 08/25/2062, Series 2022-2, Class A1 (1)(3) | | | 391 | | | | 386 | |
SHER Trust 2024-DAL | | | | | | | | |
6.97% (1 Month Term SOFR + 1.64%, 1.64% Floor), 04/15/2037, Series 2024-DAL, Class A (1)(2) | | | 984 | | | | 977 | |
SMRT 2022-MINI | | | | | | | | |
6.33% (1 Month Term SOFR + 1.00%, 1.00% Floor), 01/15/2039, Series 2022-MINI, Class A (1)(2) | | | 5,200 | | | | 5,135 | |
7.28% (1 Month Term SOFR + 1.95%, 1.95% Floor), 01/15/2039, Series 2022-MINI, Class D (1)(2) | | | 1,120 | | | | 1,098 | |
Spruce Hill Mortgage Loan Trust 2022-SH1 | | | | | | | | |
4.10%, 07/25/2057, Series 2022-SH1, Class A3 (1)(3) | | | 659 | | | | 589 | |
SREIT Trust 2021-MFP2 | | | | | | | | |
6.81% (1 Month Term SOFR + 1.49%, 1.37% Floor), 11/15/2036, Series 2021-MFP2, Class C (1)(2) | | | 680 | | | | 671 | |
Starwood Mortgage Residential Trust 2020-INV | | | | | | | | |
2.50%, 11/25/2055, Series 2020-INV1, Class M1 (1) | | | 1,545 | | | | 1,348 | |
Stratton Mortgage Funding 2024-1 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 1.75%), 06/20/2060, Series 1A, Class B (1) | | GBP | 19,600 | | | | 24,865 | |
0.00% (Sterling Overnight Index Average + 1.15%), 06/20/2060, Series 1A, Class A (1) | | | 39,980 | | | | 50,673 | |
Stratton Mortgage Funding 2024-3 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 1.50%), 06/25/2049, Series 3, Class C (18) | | | 171 | | | | 215 | |
STWD 2019-FL1 Ltd. | | | | | | | | |
6.52% (1 Month Term SOFR + 1.19%, 1.19% Floor), 07/15/2038, Series 2019-FL1, Class A (1)(2) | | $ | 938 | | | | 932 | |
STWD 2021-LIH Mortgage Trust | | | | | | | | |
7.40% (1 Month Term SOFR + 2.07%, 1.96% Floor), 11/15/2036, Series 2021-LIH, Class C (1)(2) | | | 16,200 | | | | 15,901 | |
8.35% (1 Month Term SOFR + 3.02%, 2.90% Floor), 11/15/2036, Series 2021-LIH, Class E (1)(2) | | | 6,877 | | | | 6,737 | |
STWD Trust 2021-FLWR | | | | | | | | |
7.37% (1 Month Term SOFR + 2.04%, 1.92% Floor), 07/15/2036, Series 2021-FLWR, Class E (1)(2) | | | 9,325 | | | | 9,196 | |
Taubman Centers Commercial Mortgage Trust 2022-DPM | | | | | | | | |
7.51% (1 Month Term SOFR + 2.19%, 2.19% Floor), 05/15/2037, Series 2022-DPM, Class A (1)(2) | | | 2,691 | | | | 2,704 | |
THPT 2023-THL Mortgage Trust | | | | | | | | |
7.23%, 12/10/2034, Series 2023-THL, Class A (1)(5) | | | 557 | | | | 565 | |
Towd Point Mortgage Funding | | | | | | | | |
6.58% (Sterling Overnight Index Average + 1.35%), 07/20/2045, Series 2019-A13A, Class A1 (1)(2) | | GBP | 46,758 | | | | 59,136 | |
Towd Point Mortgage Funding 2024 – Granite 6 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 0.93%), 07/20/2053, Series GR6A, Class A1 (1) | | | 34,500 | | | | 43,666 | |
Towd Point Mortgage Trust 2015-4 | | | | | | | | |
3.75%, 04/25/2055, Series 2015-4, Class M2 (1)(5) | | $ | 35 | | | | 35 | |
Towd Point Mortgage Trust 2016-3 | | | | | | | | |
4.13%, 04/25/2056, Series 2016-3, Class B4 (1)(5) | | | 4,497 | | | | 3,694 | |
Towd Point Mortgage Trust 2017-1 | | | | | | | | |
3.75%, 10/25/2056, Series 2017-1, Class M1 (1)(5) | | | 6,315 | | | | 6,041 | |
Towd Point Mortgage Trust 2017-3 | | | | | | | | |
3.00%, 07/25/2057, Series 2017-3, Class A2 (1)(5) | | | 320 | | | | 307 | |
Towd Point Mortgage Trust 2017-4 | | | | | | | | |
3.25%, 06/25/2057, Series 2017-4, Class M2 (1)(5) | | | 3,873 | | | | 3,295 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Towd Point Mortgage Trust 2017-5 | | | | | | | | |
6.06% (1 Month Term SOFR + 0.71%), 02/25/2057, Series 2017-5, Class A1 (1)(2) | | $ | 51 | | | $ | 53 | |
6.63% (1 Month Term SOFR + 2.61%), 02/25/2057, Series 2017-5, Class B4 (1)(2) | | | 1,354 | | | | 1,264 | |
Towd Point Mortgage Trust 2018-3 | | | | | | | | |
3.75%, 05/25/2058, Series 2018-3, Class A1 (1)(5) | | | 2,262 | | | | 2,185 | |
Towd Point Mortgage Trust 2018-4 | | | | | | | | |
3.00%, 06/25/2058, Series 2018-4, Class A2 (1)(5) | | | 1,015 | | | | 841 | |
Towd Point Mortgage Trust 2018-5 | | | | | | | | |
3.25%, 07/25/2058, Series 2018-5, Class M1 (1)(5) | | | 2,250 | | | | 1,872 | |
3.25%, 07/25/2058, Series 2018-5, Class A1 (1)(5) | | | 9,665 | | | | 9,067 | |
Towd Point Mortgage Trust 2019-1 | | | | | | | | |
3.75%, 03/25/2058, Series 2019-1, Class A1 (1)(5) | | | 4,484 | | | | 4,268 | |
Towd Point Mortgage Trust 2019-2 | | | | | | | | |
3.75%, 12/25/2058, Series 2019-2, Class M1 (1)(5) | | | 9,810 | | | | 8,361 | |
Towd Point Mortgage Trust 2019-4 | | | | | | | | |
2.90%, 10/25/2059, Series 2019-4, Class A1 (1)(5) | | | 43,993 | | | | 41,118 | |
3.50%, 10/25/2059, Series 2019-4, Class M1 (1)(5) | | | 1,155 | | | | 992 | |
Towd Point Mortgage Trust 2020-1 | | | | | | | | |
3.25%, 01/25/2060, Series 2020-1, Class A2B (1)(5) | | | 575 | | | | 487 | |
Towd Point Mortgage Trust 2020-2 | | | | | | | | |
3.00%, 04/25/2060, Series 2020-2, Class A2B (1)(5) | | | 310 | | | | 254 | |
Towd Point Mortgage Trust 2021-SJ2 | | | | | | | | |
2.25%, 12/25/2061, Series 2021-SJ2, Class A1A (1)(5) | | | 22,527 | | | | 21,411 | |
Towd Point Mortgage Trust 2022-1 | | | | | | | | |
3.75%, 07/25/2062, Series 2022-1, Class A1 (1)(5) | | | 7,908 | | | | 7,353 | |
Tower Bridge Funding 2024-2 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 0.88%), 05/20/2066, Series 2A, Class A (1) | | GBP | 4,500 | | | | 5,700 | |
Trinity Square 2021-1 Plc | | | | | | | | |
0.00% (Sterling Overnight Index Average + 0.90%), 07/15/2059, Series 1A, Class AR (1) | | | 2,100 | | | | 2,652 | |
TRK 2021-INV1 Trust | | | | | | | | |
1.15%, 07/25/2056, Series 2021-INV1, Class A1 (1)(5) | | $ | 3,018 | | | | 2,593 | |
3.29%, 07/25/2056, Series 2021-INV1, Class B1 (1)(5) | | | 255 | | | | 191 | |
TRK 2022-INV1 Trust | | | | | | | | |
2.58%, 02/25/2057, Series 2022-INV1, Class A1 (1)(5) | | | 8,974 | | | | 8,006 | |
TYSN 2023-CRNR Mortgage Trust | | | | | | | | |
6.80%, 12/10/2033, Series 2023-CRNR, Class A (1)(5) | | | 770 | | | | 795 | |
UK Logistics 2024-1 DAC | | | | | | | | |
0.00% (Sterling Overnight Index Average + 1.65%), 05/17/2034, Series 1X, Class A (18) | | GBP | 407 | | | | 515 | |
Uropa Securities Plc | | | | | | | | |
4.10% (3 Month EURIBOR + 0.20%), 10/10/2040, Series 2007-1, Class A3B (2) | | EUR | 1,218 | | | | 1,264 | |
UWM Mortgage Trust 2021-INV2 | | | | | | | | |
2.50%, 09/25/2051, Series 2021-INV2, Class A15 (1)(5) | | $ | 5,606 | | | | 4,388 | |
VASA Trust 2021-VASA | | | | | | | | |
6.69% (1 Month Term SOFR + 1.36%, 1.25% Floor), 07/15/2039, Series 2021-VASA, Class B (1)(2) | | | 14,000 | | | | 11,682 | |
7.19% (1 Month Term SOFR + 1.86%, 1.75% Floor), 07/15/2039, Series 2021-VASA, Class C (1)(2) | | | 12,000 | | | | 8,730 | |
Velocity Commercial Capital Loan Trust 2020-1 | | | | | | | | |
2.61%, 02/25/2050, Series 2020-1, Class AFX (1)(5) | | | 1,347 | | | | 1,217 | |
Velocity Commercial Capital Loan Trust 2024-1 | | | | | | | | |
6.55%, 01/25/2054, Series 2024-1, Class A (1)(5) | | | 2,581 | | | | 2,587 | |
Velocity Commercial Capital Loan Trust 2024-2 | | | | | | | | |
6.65%, 06/25/2054, Series 2024-3, Class A (1)(5) | | | 5,973 | | | | 6,005 | |
7.23%, 06/25/2054, Series 2024-3, Class M2 (1)(5) | | | 1,694 | | | | 1,702 | |
Verus Securitization Trust 2019-4 | | | | | | | | |
3.64%, 11/25/2059, Series 2019-4, Class A1 (1)(3) | | | 454 | | | | 441 | |
3.85%, 11/25/2059, Series 2019-4, Class A2 (1)(3) | | | 624 | | | | 605 | |
4.00%, 11/25/2059, Series 2019-4, Class A3 (1)(3) | | | 926 | | | | 899 | |
Verus Securitization Trust 2019-INV2 | | | | | | | | |
4.12%, 07/25/2059, Series 2019-INV2, Class A2 (1)(5) | | | 676 | | | | 663 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Verus Securitization Trust 2019-INV3 | | | | | | | | |
3.69%, 11/25/2059, Series 2019-INV3, Class A1 (1)(5) | | $ | 1,056 | | | $ | 1,025 | |
Verus Securitization Trust 2020-1 | | | | | | | | |
3.72%, 01/25/2060, Series 2020-1, Class A3 (1)(3) | | | 1,824 | | | | 1,751 | |
Verus Securitization Trust 2021-1 | | | | | | | | |
1.16%, 01/25/2066, Series 2021-1, Class A3 (1)(5) | | | 1,814 | | | | 1,589 | |
Verus Securitization Trust 2021-3 | | | | | | | | |
1.05%, 06/25/2066, Series 2021-3, Class A1 (1)(5) | | | 7,351 | | | | 6,166 | |
Verus Securitization Trust 2021-5 | | | | | | | | |
1.01%, 09/25/2066, Series 2021-5, Class A1 (1)(5) | | | 22,002 | | | | 18,296 | |
Verus Securitization Trust 2021-7 | | | | | | | | |
1.83%, 10/25/2066, Series 2021-7, Class A1 (1)(3) | | | 9,048 | | | | 7,912 | |
Verus Securitization Trust 2021-8 | | | | | | | | |
1.82%, 11/25/2066, Series 2021-8, Class A1 (1)(5) | | | 11,882 | | | | 10,410 | |
Verus Securitization Trust 2021-R1 | | | | | | | | |
1.26%, 10/25/2063, Series 2021-R1, Class A3 (1)(5) | | | 983 | | | | 909 | |
Verus Securitization Trust 2021-R2 | | | | | | | | |
1.23%, 02/25/2064, Series 2021-R2, Class A3 (1)(5) | | | 1,825 | | | | 1,624 | |
Verus Securitization Trust 2022-2 | | | | | | | | |
4.26%, 02/25/2067, Series 2022-2, Class A1 (1)(3) | | | 31,260 | | | | 28,599 | |
Verus Securitization Trust 2022-3 | | | | | | | | |
4.07%, 02/25/2067, Series 2022-3, Class B1 (1)(5) | | | 1,334 | | | | 1,027 | |
4.13%, 02/25/2067, Series 2022-3, Class A1 (1)(3) | | | 19,193 | | | | 17,879 | |
Verus Securitization Trust 2022-4 | | | | | | | | |
4.47%, 04/25/2067, Series 2022-4, Class A1 (1)(3) | | | 11,163 | | | | 10,899 | |
Verus Securitization Trust 2022-7 | | | | | | | | |
5.15%, 07/25/2067, Series 2022-7, Class A1 (1)(3) | | | 13,702 | | | | 13,537 | |
Verus Securitization Trust 2023-4 | | | | | | | | |
5.81%, 05/25/2068, Series 2023-4, Class A1 (1)(3) | | | 6,652 | | | | 6,614 | |
Verus Securitization Trust 2023-5 | | | | | | | | |
6.48%, 06/25/2068, Series 2023-5, Class A1 (1)(3) | | | 5,106 | | | | 5,114 | |
Verus Securitization Trust 2023-7 | | | | | | | | |
7.07%, 10/25/2068, Series 2023-7, Class A1 (1)(3) | | | 15,258 | | | | 15,508 | |
Verus Securitization Trust 2024-3 | | | | | | | | |
6.34%, 04/25/2069, Series 2024-3, Class A1 (1)(3) | | | 7,065 | | | | 7,097 | |
Verus Securitization Trust 2024-INV1 | | | | | | | | |
6.12%, 03/25/2069, Series 2024-INV1, Class A1 (1)(3) | | | 13,511 | | | | 13,507 | |
Visio 2022-1 Trust | | | | | | | | |
6.17%, 08/25/2057, Series 2022-1, Class B1 (1)(5) | | | 412 | | | | 359 | |
Vista Point Securitization Trust 2020-1 | | | | | | | | |
3.20%, 03/25/2065, Series 2020-1, Class A3 (1)(5) | | | 3,337 | | | | 3,252 | |
Vista Point Securitization Trust 2020-2 | | | | | | | | |
1.48%, 04/25/2065, Series 2020-2, Class A1 (1)(5) | | | 716 | | | | 656 | |
WaMu Mortgage Pass-Through Certificates Series 2005-AR11 Trust | | | | | | | | |
6.10% (1 Month Term SOFR + 0.75%, 0.64% Floor, 10.50% Cap), 08/25/2045, Series 2005-AR11, Class A1A (2) | | | 1,143 | | | | 1,098 | |
WaMu Mortgage Pass-Through Certificates Series 2005-AR13 Trust | | | | | | | | |
6.04% (1 Month Term SOFR + 0.69%, 0.58% Floor, 10.50% Cap), 10/25/2045, Series 2005-AR13, Class A1A1 (2) | | | 1,517 | | | | 1,454 | |
WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust | | | | | | | | |
5.98% (1 Month Term SOFR + 0.63%, 0.52% Floor, 10.50% Cap), 11/25/2045, Series 2005-AR15, Class A1A1 (2) | | | 2,804 | | | | 2,553 | |
WaMu Mortgage Pass-Through Certificates Series 2005-AR2 Trust | | | | | | | | |
6.12% (1 Month Term SOFR + 0.77%, 0.66% Floor, 10.50% Cap), 01/25/2045, Series 2005-AR2, Class 1A1A (2) | | | 2,789 | | | | 2,638 | |
WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust | | | | | | | | |
6.22% (12 Month U.S. Treasury Average + 1.07%, 1.07% Floor), 01/25/2046, Series 2006-AR1, Class 2A1A (2) | | | 17,101 | | | | 15,494 | |
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust | | | | | | | | |
5.09%, 03/25/2037, Series 2007-HY3, Class 4A1 (5) | | | 206 | | | | 183 | |
WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust | | | | | | | | |
5.90% (12 Month U.S. Treasury Average + 0.75%, 0.75% Floor), 06/25/2047, Series 2007-OA5, Class 1A (2) | | | 7,814 | | | | 6,212 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Mortgage-Backed Obligations – 44.56% – (continued) | | | | | | | | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust | | | | | | | | |
5.50%, 04/25/2037, Series 2007-2, Class 2A1 | | $ | 4,175 | | | $ | 3,857 | |
Wells Fargo Commercial Mortgage Trust 2013-LC12 | | | | | | | | |
4.08%, 07/15/2046, Series 2013-LC12, Class B (5) | | | 1,337 | | | | 1,228 | |
Wells Fargo Commercial Mortgage Trust 2016-C33 | | | | | | | | |
3.16%, 03/15/2059, Series 2016-C33, Class A3 | | | 840 | | | | 810 | |
4.51%, 03/15/2059, Series 2016-C33, Class B (5) | | | 4,317 | | | | 4,141 | |
Wells Fargo Commercial Mortgage Trust 2016-C35 | | | | | | | | |
3.18%, 07/15/2048, Series 2016-C35, Class AS | | | 3,155 | | | | 2,962 | |
Wells Fargo Commercial Mortgage Trust 2016-C36 | | | | | | | | |
3.42%, 11/15/2059, Series 2016-C36, Class AS | | | 4,341 | | | | 4,042 | |
Wells Fargo Commercial Mortgage Trust 2016-LC24 | | | | | | | | |
3.37%, 10/15/2049, Series 2016-LC24, Class AS | | | 6,000 | | | | 5,421 | |
Wells Fargo Commercial Mortgage Trust 2019-JWDR | | | | | | | | |
2.58%, 09/15/2031, Series 2019-JWDR, Class A (1)(5) | | | 21,560 | | | | 20,078 | |
3.14%, 09/15/2031, Series 2019-JWDR, Class C (1)(5) | | | 290 | | | | 271 | |
3.44%, 09/15/2031, Series 2019-JWDR, Class D (1)(5) | | | 10,000 | | | | 9,366 | |
3.99%, 09/15/2031, Series 2019-JWDR, Class E (1)(5) | | | 6,766 | | | | 6,339 | |
Wells Fargo Commercial Mortgage Trust 2020-C55 | | | | | | | | |
2.73%, 02/15/2053, Series 2020-C55, Class A5 | | | 5,200 | | | | 4,547 | |
Wells Fargo Commercial Mortgage Trust 2024-1CHI | | | | | | | | |
5.31%, 07/15/2035, Series 2024-1CHI, Class A (1)(5) | | | 1,018 | | | | 999 | |
Wells Fargo Commercial Mortgage Trust 2024-BPRC | | | | | | | | |
0.31%, 07/15/2043, Series BPRC, Class X (1) | | | 12,388 | | | | 120 | |
6.22%, 07/15/2043, Series BPRC, Class B (1) | | | 1,570 | | | | 1,586 | |
6.43%, 07/15/2043, Series BPRC, Class C (1) | | | 999 | | | | 999 | |
7.08%, 07/15/2043, Series BPRC, Class D (1) | | | 420 | | | | 416 | |
Wells Fargo Commercial Mortgage Trust 2024-SVEN | | | | | | | | |
6.26%, 06/10/2037, Series 2024-SVEN, Class B (1)(5) | | | 11,010 | | | | 11,127 | |
Wells Fargo Mortgage Backed Securities 2021-RR1 Trust | | | | | | | | |
2.50%, 12/25/2050, Series 2021-RR1, Class A1 (1)(5) | | | 4,987 | | | | 3,960 | |
WFRBS Commercial Mortgage Trust 2013-C15 | | | | | | | | |
4.33%, 08/15/2046, Series 2013-C15, Class B (5) | | | 1,525 | | | | 1,332 | |
WFRBS Commercial Mortgage Trust 2014-C20 | | | | | | | | |
4.38%, 05/15/2047, Series 2014-C20, Class B | | | 2,365 | | | | 2,064 | |
WFRBS Commercial Mortgage Trust 2014-C22 | | | | | | | | |
4.07%, 09/15/2057, Series 2014-C22, Class AS (5) | | | 4,250 | | | | 3,917 | |
WFRBS Commercial Mortgage Trust 2014-C24 | | | | | | | | |
4.20%, 11/15/2047, Series 2014-C24, Class B (5) | | | 825 | | | | 771 | |
WMRK Commercial Mortgage Trust 2022-WMRK | | | | | | | | |
8.12% (1 Month Term SOFR + 2.79%, 2.79% Floor), 11/15/2027, Series 2022-WMRK, Class A (1)(2) | | | 2,158 | | | | 2,161 | |
Worldwide Plaza Trust 2017-WWP | | | | | | | | |
3.53%, 11/10/2036, Series 2017-WWP, Class A (1) | | | 1,740 | | | | 1,274 | |
3.72%, 11/10/2036, Series 2017-WWP, Class C (1)(5) | | | 320 | | | | 85 | |
| | | | | | | | |
Total Mortgage-Backed Obligations
(Cost: $15,909,659) | | | | | | | 15,309,102 | |
| | | | | | | | |
| U.K. Treasury Bonds – 0.17% | | | | | | | | |
United Kingdom Gilt | | | | | | | | |
0.25%, 01/31/2025 | | GBP | 39,020 | | | | 48,165 | |
4.38%, 07/31/2054 (18) | | | 8,553 | | | | 10,307 | |
| | | | | | | | |
Total U.K. Treasury Bonds
(Cost: $58,781) | | | | | | | 58,472 | |
| | | | | | | | |
Total Bonds & Notes
(Cost: $39,062,394) | | | | 37,478,009 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
BANK LOANS – 0.73% | | | | | | | | |
1011778 BC ULC | | | | | | | | |
7.09% (CME Term SOFR + 1.75%), 09/20/2030 (2) | | $ | 1,730 | | | $ | 1,723 | |
8th Avenue Food & Provisions, Inc. | | | | | | | | |
9.21% (CME Term SOFR + 3.75%), 10/01/2025 (2) | | | 196 | | | | 186 | |
AAdvantage Loyality IP Ltd. | | | | | | | | |
10.34% (CME Term SOFR + 4.75%), 04/20/2028 (2) | | | 1,797 | | | | 1,854 | |
Acrisure LLC | | | | | | | | |
5.34% (CME Term SOFR + 3.00%), 09/20/2024 (2) | | | 3,042 | | | | 3,037 | |
AI Mansart | | | | | | | | |
11.98% (CME Term SOFR + 6.75%), 09/01/2028 (2)(15)(18) | | | 215 | | | | 209 | |
AI Silk Midco Ltd. | | | | | | | | |
8.79% (EURIBOR + 5.00%), 03/04/2031 (2) | | EUR | 3,700 | | | | 3,915 | |
Altice France SA | | | | | | | | |
3.69% (EURIBOR + 5.50%), 10/15/2024 (2)(4) | | | 100 | | | | 79 | |
10.83% (CME Term SOFR + 5.50%), 08/15/2028 (2) | | $ | 5,135 | | | | 3,757 | |
Amentum Government Services Holdings LLC | | | | | | | | |
9.46% (CME Term SOFR + 4.00%), 01/29/2027 (2) | | | 666 | | | | 667 | |
AmSurg LLC | | | | | | | | |
11.19% (CME Term SOFR + 5.75%), 07/20/2026 (2)(15) | | | 2,697 | | | | 2,556 | |
14.31% (CME Term SOFR + 8.88%), 11/03/2028 (2)(15) | | | 9,362 | | | | 9,362 | |
AmWINS Group, Inc. | | | | | | | | |
7.71% (CME Term SOFR + 2.25%), 02/19/2028 (2) | | | 5,015 | | | | 5,008 | |
Arches Buyer, Inc. | | | | | | | | |
8.69% (CME Term SOFR + 3.25%), 12/06/2027 (2) | | | 722 | | | | 690 | |
Artera Services LLC | | | | | | | | |
9.83% (CME Term SOFR + 4.50%), 02/15/2031 (2) | | | 1,126 | | | | 1,130 | |
ASP Blade Holdings, Inc. | | | | | | | | |
9.60% (CME Term SOFR + 4.00%), 10/13/2028 (2) | | | 248 | | | | 187 | |
Asurion LLC | | | | | | | | |
8.71% (CME Term SOFR + 3.25%), 12/23/2026 (2) | | | 2,431 | | | | 2,409 | |
10.71% (CME Term SOFR + 5.25%), 01/20/2029 (2) | | | 525 | | | | 483 | |
Athena Health Group, Inc. | | | | | | | | |
8.59% (CME Term SOFR + 3.25%), 02/15/2029 (2) | | | 1,793 | | | | 1,785 | |
Avolon TLB Borrower 1 (US) LLC | | | | | | | | |
7.34% (CME Term SOFR + 2.00%), 06/22/2028 (2) | | | 1,720 | | | | 1,721 | |
Bausch + Lomb Corp. | | | | | | | | |
8.69% (CME Term SOFR + 3.25%), 05/10/2027 (2) | | | 1,141 | | | | 1,128 | |
9.34% (CME Term SOFR + 4.00%), 09/29/2028 (2) | | | 719 | | | | 717 | |
Berry Global, Inc. | | | | | | | | |
7.19% (CME Term SOFR + 1.75%), 07/01/2029 (2) | | | 6,659 | | | | 6,660 | |
Boost Newco Borrower LLC | | | | | | | | |
5.25% (CME Term SOFR + 2.50%), 01/31/2031 (2) | | | 537 | | | | 537 | |
8.33% (CME Term SOFR + 3.00%), 01/31/2031 (2) | | | 1,845 | | | | 1,845 | |
BrewCo Borrower LLC | | | | | | | | |
9.09% (CME Term SOFR + 3.50%), 04/05/2028 (2) | | | 1,013 | | | | 925 | |
10.59% (CME Term SOFR + 5.00%), 04/05/2028 (2) | | | 1,609 | | | | 1,271 | |
11.58% (CME Term SOFR + 6.25%), 04/05/2028 (2) | | | 422 | | | | 424 | |
Buzz Finco LLC | | | | | | | | |
8.19% (CME Term SOFR + 2.75%), 01/29/2027 (2) | | | 686 | | | | 686 | |
Caesars Entertainment, Inc. | | | | | | | | |
8.10% (CME Term SOFR + 2.75%), 02/06/2031 (2) | | | 1,994 | | | | 1,992 | |
Carestream Dental Technology Parent Ltd. | | | | | | | | |
8.71% (LIBOR + 3.25%), 09/01/2024 (2) | | | 1,648 | | | | 1,417 | |
9.94% (CME Term SOFR + 4.50%), 09/01/2024 (2) | | | 505 | | | | 415 | |
Catalent Pharma Solutions, Inc. | | | | | | | | |
7.46% (CME Term SOFR + 2.00%), 02/22/2028 (2) | | | 2,031 | | | | 2,029 | |
CCI Buyer, Inc. | | | | | | | | |
9.33% (CME Term SOFR + 4.00%), 12/17/2027 (2) | | | 905 | | | | 906 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
BANK LOANS – 0.73% – (continued) | | | | | | | | |
Central Parent LLC | | | | | | | | |
8.58% (CME Term SOFR + 3.25%), 07/06/2029 (2) | | $ | 1,220 | | | $ | 1,202 | |
Charter Communications Operating LLC | | | | | | | | |
7.05% (CME Term SOFR + 1.75%), 02/01/2027 (2) | | | 477 | | | | 477 | |
Chemours Co. | | | | | | | | |
8.84% (CME Term SOFR + 3.50%), 08/18/2028 (2) | | | 1,960 | | | | 1,950 | |
Clean Harbors, Inc. | | | | | | | | |
7.21% (CME Term SOFR + 1.75%), 10/08/2028 (2) | | | 1,929 | | | | 1,936 | |
Commscope, Inc. | | | | | | | | |
8.71% (CME Term SOFR + 3.25%), 04/06/2026 (2) | | | 3,340 | | | | 2,997 | |
ConnectWise LLC | | | | | | | | |
9.10% (CME Term SOFR + 3.50%), 09/29/2028 (2) | | | 413 | | | | 409 | |
CSC Holdings LLC | | | | | | | | |
7.94% (CME Term SOFR + 2.50%), 04/15/2027 (2) | | | 1,293 | | | | 1,071 | |
Deerfield Dakota Holding LLC | | | | | | | | |
8.84% (CME Term SOFR + 3.50%), 04/09/2027 (2) | | | 1,735 | | | | 1,733 | |
DIRECTV Financing LLC | | | | | | | | |
10.46% (CME Term SOFR + 5.00%), 08/02/2027 (2) | | | 1,052 | | | | 1,054 | |
DTI Holdco, Inc. | | | | | | | | |
10.09% (CME Term SOFR + 4.75%), 04/26/2029 (2) | | | 283 | | | | 284 | |
EagleView Technology Corp. | | | | | | | | |
8.83% (CME Term SOFR + 3.50%), 08/14/2025 (2) | | | 3,153 | | | | 3,021 | |
Elanco Animal Health, Inc. | | | | | | | | |
7.18% (CME Term SOFR + 1.75%), 08/01/2027 (2) | | | 5,841 | | | | 5,816 | |
Element Materials Technology Group U.S. Holdings, Inc. | | | | | | | | |
9.68% (CME Term SOFR + 4.25%), 07/06/2029 (2) | | | 280 | | | | 280 | |
9.68% (CME Term SOFR + 4.25%), 07/06/2029 (2) | | | 606 | | | | 607 | |
Envalior Finance GmbH | | | | | | | | |
9.37% (EURIBOR + 5.50%), 03/29/2030 (2) | | EUR | 4,100 | | | | 4,200 | |
10.83% (CME Term SOFR + 5.50%), 03/29/2030 (2) | | $ | 8,098 | | | | 7,615 | |
Fertitta Entertainment LLC | | | | | | | | |
9.08% (CME Term SOFR + 3.75%), 01/27/2029 (2) | | | 1,212 | | | | 1,213 | |
Finastra USA, Inc. | | | | | | | | |
1.78% (CME Term SOFR + 7.25%), 09/13/2029 (2)(4) | | | 28 | | | | 28 | |
12.46% (CME Term SOFR + 7.25%), 09/13/2029 (2) | | | 2,530 | | | | 2,530 | |
First Brands Group LLC | | | | | | | | |
10.59% (CME Term SOFR + 5.00%), 03/30/2027 (2) | | | 439 | | | | 435 | |
Froneri International Ltd. | | | | | | | | |
7.69% (CME Term SOFR + 2.25%), 01/29/2027 (2) | | | 986 | | | | 985 | |
Frontier Communications Holdings LLC | | | | | | | | |
9.21% (CME Term SOFR + 3.75%), 10/08/2027 (2) | | | 2,125 | | | | 2,121 | |
Gainwell Acquisition Corp. | | | | | | | | |
9.43% (CME Term SOFR + 4.00%), 10/01/2027 (2) | | | 2,437 | | | | 2,357 | |
Gen Digital, Inc. | | | | | | | | |
6.94% (CME Term SOFR + 1.50%), 09/10/2027 (2) | | | 2,170 | | | | 2,167 | |
Gray Television, Inc. | | | | | | | | |
8.44% (CME Term SOFR + 3.00%), 12/01/2028 (2) | | | 2 | | | | 2 | |
Grifols Worldwide Operations Ltd. | | | | | | | | |
7.44% (CME Term SOFR + 2.00%), 11/15/2027 (2) | | | 4,479 | | | | 4,400 | |
Hanesbrands, Inc. | | | | | | | | |
7.44% (CME Term SOFR + 2.10%), 11/19/2026 (2) | | | 1,191 | | | | 1,170 | |
Healthpeak Properties, Inc. | | | | | | | | |
(CME Term SOFR + 1.60%), 02/22/2027 | | | 1,665 | | | | 1,644 | |
(CME Term SOFR + 1.60%), 08/20/2027 | | | 1,665 | | | | 1,644 | |
Hilton Garden Inn Waikiki | | | | | | | | |
3.50% (CME Term SOFR + 3.50%), 05/31/2029 (2)(18) | | | 5,100 | | | | 5,082 | |
Invitation Homes Operating Partnership LP | | | | | | | | |
6.44% (CME Term SOFR + 1.00%), 01/31/2025 (2) | | | 1,020 | | | | 1,011 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
BANK LOANS – 0.73% – (continued) | | | | | | | | |
Iron Mountain Information Management LLC | | | | | | | | |
7.59% (CME Term SOFR + 2.25%), 01/31/2031 (2) | | $ | 1,732 | | | $ | 1,722 | |
Jane Street Group LLC | | | | | | | | |
7.83% (CME Term SOFR + 2.50%), 01/26/2028 (2) | | | 1,610 | | | | 1,608 | |
Jazz Pharmaceuticals Plc | | | | | | | | |
8.46% (CME Term SOFR + 3.00%), 05/05/2028 (2) | | | 3,674 | | | | 3,674 | |
Jazz Pharmaceuticals, Inc. | | | | | | | | |
7.59% (CME Term SOFR + 2.25%), 05/05/2028 (2) | | | 5,231 | | | | 5,231 | |
KFC Holding Co. | | | | | | | | |
7.20% (CME Term SOFR + 1.75%), 03/15/2028 (2) | | | 1,131 | | | | 1,129 | |
Lealand Finance Co. BV | | | | | | | | |
6.44% (CME Term SOFR + 1.00%), 12/31/2027 (2) | | | 694 | | | | 309 | |
8.46% (CME Term SOFR + 3.00%), 06/30/2027 (2) | | | 149 | | | | 71 | |
Magnite, Inc. | | | | | | | | |
9.84% (CME Term SOFR + 4.50%), 02/06/2031 (2) | | | 452 | | | | 453 | |
Market Bidco Ltd. | | | | | | | | |
8.58% (EURIBOR + 4.75%), 11/04/2027 (2) | | EUR | 5,669 | | | | 6,047 | |
Match Group, Inc. | | | | | | | | |
7.24% (CME Term SOFR + 1.75%), 02/13/2027 (2) | | $ | 330 | | | | 329 | |
Mativ Holdings, Inc. | | | | | | | | |
7.94% (CME Term SOFR + 2.50%), 05/06/2027 (2) | | | 773 | | | | 763 | |
Medline Borrower LP | | | | | | | | |
8.09% (CME Term SOFR + 2.75%), 10/23/2028 (2) | | | 2,214 | | | | 2,217 | |
MH Sub I LLC | | | | | | | | |
9.59% (CME Term SOFR + 4.25%), 05/03/2028 (2) | | | 515 | | | | 514 | |
Modivcare, Inc. | | | | | | | | |
10.08% (CME Term SOFR + 4.75%), 06/20/2031 (2) | | | 4,503 | | | | 4,413 | |
Naked Juice LLC | | | | | | | | |
8.68% (CME Term SOFR + 3.25%), 01/24/2029 (2) | | | 6,046 | | | | 5,598 | |
11.43% (CME Term SOFR + 6.00%), 01/24/2030 (2) | | | 778 | | | | 621 | |
Osmosis Buyer Ltd. | | | | | | | | |
9.33% (CME Term SOFR + 3.50%), 07/31/2028 (2) | | | 1,861 | | | | 1,864 | |
Patriot Container Corp. | | | | | | | | |
9.19% (CME Term SOFR + 3.75%), 03/20/2025 (2) | | | 380 | | | | 370 | |
Peer Holding III BV | | | | | | | | |
8.33% (CME Term SOFR + 3.00%), 09/30/2024 (2) | | | 1,561 | | | | 1,562 | |
Penn Entertainment, Inc. | | | | | | | | |
8.19% (CME Term SOFR + 2.75%), 05/03/2029 (2) | | | 662 | | | | 663 | |
Peraton Corp. | | | | | | | | |
9.19% (CME Term SOFR + 3.75%), 02/01/2028 (2) | | | 1,278 | | | | 1,277 | |
Poseidon Bidco | | | | | | | | |
8.72% (EURIBOR + 5.00%), 03/13/2030 (2) | | EUR | 15,000 | | | | 15,015 | |
Pre-Paid Legal Services, Inc. | | | | | | | | |
9.21% (CME Term SOFR + 3.75%), 12/15/2028 (2) | | $ | 801 | | | | 799 | |
Renaissance Holding Corp. | | | | | | | | |
9.60% (CME Term SOFR + 4.25%), 04/05/2030 (2) | | | 1,037 | | | | 1,035 | |
Research Now Group LLC | | | | | | | | |
10.44% (CME Term SOFR + 5.11%), 07/15/2028 (2) | | | 32 | | | | 32 | |
11.09% (CME Term SOFR + 7.50%), 12/20/2024 (2) | | | 881 | | | | 654 | |
SBA Senior Finance II LLC | | | | | | | | |
7.35% (CME Term SOFR + 2.00%), 01/25/2031 (2) | | | 2,804 | | | | 2,806 | |
Spin Holdco, Inc. | | | | | | | | |
9.60% (CME Term SOFR + 4.00%), 03/04/2028 (2) | | | 2,607 | | | | 2,209 | |
Star Parent, Inc. | | | | | | | | |
9.08% (CME Term SOFR + 3.75%), 09/27/2030 (2) | | | 1,285 | | | | 1,283 | |
SVF II Finco LP | | | | | | | | |
6.00% (FIXED + 6.00%), 12/23/2025 (2)(15) | | | 7,056 | | | | 7,056 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
BANK LOANS – 0.73% – (continued) | | | | | | | | |
Syniverse Holdings LLC | | | | | | | | |
12.33% (CME Term SOFR + 7.00%), 05/13/2027 (2) | | $ | 286 | | | $ | 278 | |
Telenet Financing USD LLC | | | | | | | | |
7.44% (CME Term SOFR + 2.00%), 04/30/2028 (2) | | | 796 | | | | 756 | |
Trans Union LLC | | | | | | | | |
7.09% (CME Term SOFR + 1.75%), 06/24/2031 (2) | | | 485 | | | | 484 | |
7.34% (CME Term SOFR + 2.00%), 12/01/2028 (2) | | | 981 | | | | 980 | |
TransDigm, Inc. | | | | | | | | |
8.55% (CME Term SOFR + 3.25%), 08/24/2028 (2) | | | 38,051 | | | | 38,106 | |
8.55% (CME Term SOFR + 3.25%), 03/22/2030 (2) | | | 2,055 | | | | 2,059 | |
Triton Water Holdings, Inc. | | | | | | | | |
8.55% (CME Term SOFR + 3.25%), 03/31/2028 (2) | | | 815 | | | | 815 | |
TruGreen LP | | | | | | | | |
9.44% (CME Term SOFR + 4.00%), 11/02/2027 (2) | | | 785 | | | | 755 | |
U.S. Renal Care, Inc. | | | | | | | | |
10.44% (CME Term SOFR + 5.00%), 06/28/2028 (2) | | | 948 | | | | 825 | |
United Natural Foods, Inc. | | | | | | | | |
10.09% (CME Term SOFR + 4.75%), 05/01/2031 (2) | | | 1,715 | | | | 1,715 | |
Whatabrands LLC | | | | | | | | |
8.09% (CME Term SOFR + 2.75%), 08/03/2028 (2) | | | 823 | | | | 823 | |
William Morris Endeavor Entertainment LLC | | | | | | | | |
8.21% (CME Term SOFR + 2.75%), 05/18/2025 (2) | | | 819 | | | | 820 | |
Windstream Services LLC | | | | | | | | |
9.44% (CME Term SOFR + 4.00%), 02/23/2027 (2) | | | 4,210 | | | | 4,199 | |
11.69% (CME Term SOFR + 6.25%), 09/21/2027 (2) | | | 71 | | | | 71 | |
Zayo Group Holdings, Inc. | | | | | | | | |
8.46% (CME Term SOFR + 3.00%), 03/09/2027 (2) | | | 5,111 | | | | 4,436 | |
9.59% (CME Term SOFR + 4.25%), 03/09/2027 (2) | | | 1,089 | | | | 956 | |
| | | | | | | | |
Total Bank Loans
(Cost: $253,403) | | | | 252,553 | |
| | | | | | | | |
| | |
| | | Shares
(000s) | | | Value
(000s) | |
COMMON STOCKS – 0.09% | | | | | | | | |
| Communications – 0.06% | | | | | | | | |
Clear Channel Outdoor Holdings, Inc. – Class A (9) | | | 2,065 | | | | 2,912 | |
iHeartMedia, Inc. – Class A (9) | | | 499 | | | | 544 | |
iHeartMedia, Inc. – Class B (9)(15) | | | 365 | | | | 358 | |
Intelsat SA (9)(18) | | | 447 | | | | 16,427 | |
Windstream Holdings II LLC (9)(15) | | | 9 | | | | 81 | |
| | | | | | | | |
Total Communications | | | | 20,322 | |
| | | | | | | | |
| Consumer Discretionary – 0.02% | | | | | | | | |
Neiman Marcus Group, Inc. (9)(15)(18) | | | 62 | | | | 8,421 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 8,421 | |
| | | | | | | | |
| Financials – 0.00% (10) | | | | | | | | |
Voyager Aviation Holdings LLC (1)(9)(14)(15) | | | 0 | | | | — | |
| | | | | | | | |
Total Financials | | | | — | |
| | | | | | | | |
| Healthcare – 0.01% | | | | | | | | |
AmSurg Corp. (9)(15)(18) | | | 91 | | | | 3,882 | |
| | | | | | | | |
Total Healthcare | | | | 3,882 | |
| | | | | | | | |
Total Common Stocks
(Cost: $56,376) | | | | 32,625 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
CONVERTIBLE PREFERRED STOCKS – 0.02% | | | | | | | | |
| Financials – 0.02% | | | | | | | | |
Bank of America Corp., 7.25% | | | 5 | | | $ | 6,275 | |
Wells Fargo & Co., 7.50% (14) | | | 0 | | | | 57 | |
| | | | | | | | |
Total Financials | | | | 6,332 | |
| | | | | | | | |
Total Convertible Preferred Stocks
(Cost: $7,182) | | | | 6,332 | |
| | | | | | | | |
PREFERRED STOCKS – 0.00% (10) | | | | | | | | |
| Financials – 0.00% (10) | | | | | | | | |
Cayenne Aviation Holdings LLC (1)(9)(14)(15) | | | 0 | | | | — | |
| | | | | | | | |
Total Financials | | | | — | |
| | | | | | | | |
Total Preferred Stocks
(Cost: $61) | | | | — | |
| | | | | | | | |
WARRANTS – 0.00% (10) | | | | | | | | |
| Communications – 0.00% (10) | | | | | | | | |
Intelsat SA, expires 02/17/2027 (9)(14)(15) | | | 1 | | | | — | |
Intelsat SA, expires 02/17/2027 (9)(14)(15) | | | 4 | | | | — | |
| | | | | | | | |
Total Communications | | | | — | |
| | | | | | | | |
Total Warrants
(Cost: $8,349) | | | | — | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 12.55% | | | | | | | | |
| Money Market Funds – 6.69% | | | | | | | | |
Fidelity Institutional Money Market Government Fund – Class I, 5.25% (16) | | | 2,299,925 | | | | 2,299,925 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $2,299,925) | | | | | | | 2,299,925 | |
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Government Related – 1.00% | | | | | | | | |
Federal Home Loan Bank Discount Notes, 5.15%, 11/01/2024 | | $ | 250,000 | | | | 245,545 | |
Federal Home Loan Bank Discount Notes, 5.16%, 10/30/2024 | | | 25,000 | | | | 24,556 | |
Federal Home Loan Bank Discount Notes, 5.17%, 11/08/2024 | | | 75,000 | | | | 73,590 | |
| | | | | | | | |
Total Government Related
(Cost: $343,956) | | | | | | | 343,691 | |
| | | | | | | | |
Corporate Bonds – 0.00% (10) | | | | | | | | |
| Consumer, Cyclical – 0.00% (10) | | | | | | | | |
Gol Finance SA | | | | | | | | |
15.83% (1 Month Term SOFR + 10.50%), 01/29/2025 (1)(2) | | | 304 | | | | 328 | |
| | | | | | | | |
Total Consumer, Cyclical | | | | 328 | |
| | | | | | | | |
Total Corporate Bonds
(Cost: $295) | | | | | | | 328 | |
| | | | | | | | |
Commercial Paper – 0.04% | | | | | | | | |
Entergy Corp., 0.00%, 07/02/2024 | | | 3,300 | | | | 3,298 | |
Entergy Corp., 0.00%, 07/18/2024 | | | 4,400 | | | | 4,387 | |
Entergy Corp., 0.00%, 07/24/2024 | | | 3,600 | | | | 3,586 | |
Entergy Corp., 0.00%, 07/25/2024 | | | 3,500 | | | | 3,485 | |
| | | | | | | | |
Total Commercial Paper
(Cost: $14,762) | | | | | | | 14,756 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Repurchase Agreements – 4.45% | | | | | | | | |
BNP Paribas S.A., 5.34% dated 06/28/2024, due 07/01/2024, repurchase price $597,689 (collateralized by U.S. Treasury Note, value $607,390, 3.50%, 04/30/2030) | | $ | 597,600 | | | $ | 597,600 | |
BNP Paribas S.A., 5.38% dated 06/28/2024, due 07/01/2024, repurchase price $677,201 (collateralized by U.S. Treasury Note, value $690,597, 2.00-2.25%, 08/15/2025-08/15/2027) | | | 677,100 | | | | 677,100 | |
Bank of America Securities, Inc., 5.39% dated 06/28/2024, due 07/01/2024, repurchase price $254,938 (collateralized by U.S. Treasury Note, value $259,156, 3.75%, 05/31/2030) | | | 254,900 | | | | 254,900 | |
| | | | | | | | |
Total Repurchase Agreements
(Cost: $1,529,600) | | | | | | | 1,529,600 | |
| | | | | | | | |
| U.S. Treasury Bills – 0.26% | | | | | | | | |
U.S. Treasury Bill, 0.00%, 07/25/2024 (12) | | | 1,291 | | | | 1,286 | |
U.S. Treasury Bill, 0.00%, 09/12/2024 | | | 38,120 | | | | 37,715 | |
U.S. Treasury Bill, 0.00%, 09/19/2024 | | | 50,000 | | | | 49,421 | |
| | | | | | | | |
Total U.S. Treasury Bills
(Cost: $88,446) | | | | | | | 88,422 | |
| | | | | | | | |
| Time Deposits – 0.11% | | | | | | | | |
ANZ, Hong Kong, 4.09% due 07/01/2024 | | NZD | 549 | | | | 334 | |
BNP Paribas, Paris, 3.36% due 07/01/2024 | | AUD | 5,070 | | | | 3,382 | |
Brown Brothers Harriman, 3.38% due 07/01/2024 (14) | | NOK | 0 | | | | 0 | |
Brown Brothers Harriman, 6.33% due 07/01/2024 | | ZAR | 8,811 | | | | 484 | |
Citibank, London, 2.84% due 07/01/2024 | | EUR | 3,403 | | | | 3,645 | |
HSBC, Hong Kong, 3.93% due 07/02/2024 | | HKD | 430 | | | | 55 | |
HSBC, Singapore, 2.60% due 07/01/2024 (14) | | SGD | 0 | | | | 0 | |
JP Morgan, New York, 4.83% due 07/01/2024 | | $ | 7,831 | | | | 7,831 | |
Royal Bank of Canada, London, 4.40% due 07/01/2024 | | GBP | 6,836 | | | | 8,640 | |
Royal Bank of Canada, Toronto, 3.77% due 07/02/2024 | | CAD | 3,721 | | | | 2,720 | |
Skandinaviska Enskilda Banken AB, Stockholm, 0.32% due 07/01/2024 | | CHF | 197 | | | | 219 | |
Skandinaviska Enskilda Banken AB, Stockholm, 2.76% due 07/01/2024 | | SEK | 6 | | | | 1 | |
Skandinaviska Enskilda Banken AB, Stockholm, 4.83% due 07/01/2024 | | $ | 9,482 | | | | 9,482 | |
Sumitomo Trust Bank, London, 4.83% due 07/01/2024 | | | 142 | | | | 142 | |
Sumitomo, Tokyo, -0.14% due 07/01/2024 | | JPY | 21,217 | | | | 132 | |
| | | | | | | | |
Total Time Deposits
(Cost: $37,067) | | | | | | | 37,067 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $4,314,051) | | | | 4,313,789 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 122.47%
(Cost: $43,701,816) | | | | | | | 42,083,308 | |
| | | | | | | | |
TBA SALE COMMITMENTS – (0.90)% | | | | | | | | |
| Mortgage-Backed Obligations – (0.90)% | | | | | | | | |
Fannie Mae | | | | | | | | |
2.50%, 07/01/2043 (17) | | $ | (51,600 | ) | | | (42,129 | ) |
2.50%, 08/01/2054 (17) | | | (51,600 | ) | | | (42,173 | ) |
3.00%, 07/01/2039 (17) | | | (7,083 | ) | | | (6,552 | ) |
3.00%, 08/01/2054 (17) | | | (221,350 | ) | | | (188,440 | ) |
3.50%, 07/01/2039 (17) | | | (1,014 | ) | | | (959 | ) |
3.50%, 07/01/2054 (17) | | | (24,100 | ) | | | (21,329 | ) |
Ginnie Mae | | | | | | | | |
3.50%, 08/01/2054 (17) | | | (7,869 | ) | | | (7,065 | ) |
| | | | | | | | |
Total Mortgage-Backed Obligations
(Proceeds Received: $(309,991)) | | | | (308,647 | ) |
| | | | | | | | |
Total TBA Sale Commitments
(Proceeds Received: $(309,991)) | | | | (308,647 | ) |
| | | | | | | | |
LIABILITIES IN EXCESS OF OTHER ASSETS – (21.57)% | | | | | | | (7,413,411 | ) |
| | | | | | | | |
TOTAL NET ASSETS – 100.00% | | | | | | $ | 34,361,250 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
REIT Real Estate Investment Trust
| DOP | | Dominican Republic Peso |
| (1) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $9,067,839, which represents 26.39% of total net assets. |
| (2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2024. |
| (3) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2024. |
| (4) | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. |
| (5) | Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2024. |
| (6) | Adjustable rate security. The rate reported is the rate in effect as of June 30, 2024. |
| (7) | Payment in-kind security for which part of the income earned may be paid as additional principal. |
| (8) | Security in default as of June 30, 2024. The value of these securities totals $7,789, which represents 0.02% of total net assets. |
| (9) | Non-income producing security. |
| (10) | | Amount calculated is less than 0.005%. |
| (11) | | Inflation protected security. The value of these securities totals $572,537, which represents 1.67% of total net assets. |
| (12) | | All or a portion of the security assigned as collateral for certain futures and swap contracts. The value of these pledged issues totals $160,483, which represents 0.47% of total net assets. |
| (13) | | Delayed delivery purchase commitment security. The value of these securities totals $6,248,750, which represents 18.19% of total net assets. |
| (14) | | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (15) | | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $31,925 which represents 0.09% of total net assets. |
| (16) | | Represents annualized seven-day yield as of the close of the reporting period. |
| (17) | | Delayed delivery sale commitment security. The value of these securities totals $(308,647), which represents (0.90)% of total net assets. |
| (18) | | Security that is restricted at June 30, 2024. The value of these securities totals $176,400, which represents 0.51% of total net assets. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Open Futures Contracts
| | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 36 | | 3 Month SOFR Future | | Sep. 2024 | | $ | 8,523 | | | $ | 8,518 | | | $ | (5 | ) |
| 27 | | 3 Month SONIA Future | | Dec. 2024 | | GBP | 6,498 | | | | 8,130 | | | | (84 | ) |
| 275 | | Australian 10 Year Bond Future | | Sep. 2024 | | AUD | 31,299 | | | | 20,835 | | | | (45 | ) |
| 7,297 | | U.S. 5 Year Note Future | | Sep. 2024 | | $ | 773,770 | | | | 777,701 | | | | 3,931 | |
| 802 | | U.S. 10 Year Note Future | | Sep. 2024 | | | 88,253 | | | | 88,207 | | | | (46 | ) |
| 782 | | U.S. Long Bond Future | | Sep. 2024 | | | 91,752 | | | | 92,520 | | | | 768 | |
| 11,273 | | U.S. Treasury 2 Year Note Future | | Sep. 2024 | | | 2,298,036 | | | | 2,302,158 | | | | 4,122 | |
| 23,290 | | U.S. Ultra 10 Year Note Future | | Sep. 2024 | | | 2,621,985 | | | | 2,644,143 | | | | 22,158 | |
| 1,437 | | U.S. Ultra Bond Future | | Sep. 2024 | | | 177,712 | | | | 180,119 | | | | 2,407 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 33,206 | |
| | | | | | | | | | | | | | | | |
| | | | | |
Number of Contracts
Sold | | Reference Entity | | Expiration
Date | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| (631) | | Canadian 10 Year Bond Future | | Sep. 2024 | | CAD | (76,171 | ) | | $ | (55,381 | ) | | $ | 297 | |
| (58) | | Euro-Bobl Future | | Sep. 2024 | | EUR | (6,721 | ) | | | (7,233 | ) | | | (35 | ) |
| (463) | | Euro-Bund Future | | Sep. 2024 | | | (60,324 | ) | | | (65,264 | ) | | | (659 | ) |
| (55) | | Euro-Buxl 30 Year Bond Future | | Sep. 2024 | | | (7,004 | ) | | | (7,671 | ) | | | (171 | ) |
| (1,616) | | U.S. 5 Year Note Future | | Sep. 2024 | | $ | (171,135 | ) | | | (172,230 | ) | | | (1,095 | ) |
| (840) | | U.S. 10 Year Note Future | | Sep. 2024 | | | (91,936 | ) | | | (92,387 | ) | | | (451 | ) |
| (1,112) | | U.S. Long Bond Future | | Sep. 2024 | | | (130,150 | ) | | | (131,564 | ) | | | (1,414 | ) |
| (896) | | U.S. Ultra 10 Year Note Future | | Sep. 2024 | | | (100,648 | ) | | | (101,724 | ) | | | (1,076 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | (4,604 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 28,602 | |
| | | | | | | | | | | | | | | | |
Over-the-Counter Forward Foreign Currency Exchange Contracts
| | | | | | | | | | | | | | | | | | |
Currency Purchased | | | Currency Sold | | | Settlement
Date | | Counterparty | | Unrealized
Appreciation/
(Depreciation) | |
| AUD | | | 5,548 | | | USD | | | 3,696 | | | 07/02/24 | | BNP Paribas | | $ | 4 | |
| CLP | | | 339,419 | | | USD | | | 360 | | | 07/26/24 | | Citibank | | | 1 | |
| EUR | | | 4,845 | | | USD | | | 5,187 | | | 07/01/24 | | Goldman Sachs | | | 1 | |
| EUR | | | 212,052 | | | USD | | | 226,811 | | | 07/02/24 | | BNP Paribas | | | 286 | |
| EUR | | | 1,298 | | | USD | | | 1,389 | | | 07/02/24 | | Goldman Sachs | | | 2 | |
| EUR | | | 1,660 | | | USD | | | 1,776 | | | 07/02/24 | | J.P. Morgan | | | 1 | |
| EUR | | | 3,308 | | | USD | | | 3,547 | | | 08/02/24 | | J.P. Morgan | | | 1 | |
| IDR | | | 13,691,680 | | | USD | | | 830 | | | 07/26/24 | | Deutsche Bank | | | 7 | |
| INR | | | 3,299,201 | | | USD | | | 39,385 | | | 09/24/24 | | Bank of America | | | 77 | |
| INR | | | 727,998 | | | USD | | | 8,689 | | | 09/24/24 | | J.P. Morgan | | | 19 | |
| INR | | | 208,958 | | | USD | | | 2,499 | | | 09/24/24 | | Morgan Stanley (1) | | | 0 | |
| KRW | | | 24,969 | | | USD | | | 18 | | | 07/22/24 | | J.P. Morgan (1) | | | 0 | |
| KRW | | | 721,287 | | | USD | | | 520 | | | 07/26/24 | | Barclays Bank | | | 3 | |
| MXN | | | 15,924 | | | USD | | | 860 | | | 07/26/24 | | Goldman Sachs | | | 7 | |
| MXN | | | 28,116 | | | USD | | | 1,520 | | | 07/26/24 | | J.P. Morgan | | | 11 | |
| MXN | | | 744,281 | | | USD | | | 39,934 | | | 09/18/24 | | BNP Paribas | | | 247 | |
| PLN | | | 4,761 | | | USD | | | 1,180 | | | 07/26/24 | | Bank of America | | | 2 | |
| THB | | | 9,343 | | | USD | | | 255 | | | 07/26/24 | | Goldman Sachs (1) | | | 0 | |
| TRY | | | 507,723 | | | USD | | | 14,334 | | | 07/09/24 | | BNP Paribas | | | 1,100 | |
| TRY | | | 191,842 | | | USD | | | 5,637 | | | 07/12/24 | | J.P. Morgan | | | 175 | |
| TRY | | | 77,420 | | | USD | | | 2,266 | | | 07/16/24 | | Goldman Sachs | | | 68 | |
| TRY | | | 245,577 | | | USD | | | 7,280 | | | 07/19/24 | | Goldman Sachs | | | 100 | |
| TRY | | | 51,029 | | | USD | | | 1,500 | | | 07/26/24 | | Barclays Bank | | | 21 | |
| TRY | | | 17,233 | | | USD | | | 510 | | | 07/26/24 | | UBS | | | 4 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)
| | | | | | | | | | | | | | | | | | |
Currency Purchased | | | Currency Sold | | | Settlement
Date | | Counterparty | | Unrealized
Appreciation/
(Depreciation) | |
| TRY | | | 1,100 | | | USD | | | 32 | | | 07/29/24 | | BNP Paribas (1) | | $ | 0 | |
| TRY | | | 697,743 | | | USD | | | 20,483 | | | 08/02/24 | | Bank of America | | | 151 | |
| TRY | | | 14,473 | | | USD | | | 425 | | | 08/02/24 | | Morgan Stanley | | | 3 | |
| TRY | | | 88,995 | | | USD | | | 2,603 | | | 08/07/24 | | J.P. Morgan | | | 14 | |
| TRY | | | 348,244 | | | USD | | | 10,084 | | | 08/08/24 | | BNP Paribas | | | 142 | |
| TRY | | | 40,261 | | | USD | | | 1,121 | | | 08/08/24 | | J.P. Morgan | | | 61 | |
| TRY | | | 326,081 | | | USD | | | 9,380 | | | 08/12/24 | | J.P. Morgan | | | 150 | |
| TRY | | | 313,024 | | | USD | | | 9,097 | | | 08/15/24 | | J.P. Morgan | | | 20 | |
| TRY | | | 39,769 | | | USD | | | 1,142 | | | 08/20/24 | | Morgan Stanley | | | 9 | |
| TRY | | | 289,765 | | | USD | | | 8,275 | | | 08/23/24 | | Bank of America | | | 87 | |
| TRY | | | 182,063 | | | USD | | | 5,207 | | | 08/23/24 | | BNP Paribas | | | 46 | |
| TRY | | | 59,166 | | | USD | | | 1,622 | | | 08/26/24 | | J.P. Morgan | | | 80 | |
| TRY | | | 25,471 | | | USD | | | 726 | | | 08/28/24 | | J.P. Morgan | | | 5 | |
| TRY | | | 122,087 | | | USD | | | 3,302 | | | 09/03/24 | | Deutsche Bank | | | 179 | |
| TRY | | | 31,995 | | | USD | | | 902 | | | 09/10/24 | | Goldman Sachs | | | 4 | |
| USD | | | 239,463 | | | EUR | | | 220,561 | | | 07/02/24 | | Bank of America | | | 3,253 | |
| USD | | | 940 | | | BRL | | | 5,223 | | | 07/02/24 | | Barclays Bank | | | 5 | |
| USD | | | 11,799 | | | EUR | | | 10,899 | | | 07/02/24 | | BNP Paribas | | | 127 | |
| USD | | | 301,038 | | | GBP | | | 235,664 | | | 07/02/24 | | BNP Paribas | | | 3,136 | |
| USD | | | 107,060 | | | BRL | | | 595,136 | | | 07/02/24 | | Deutsche Bank | | | 598 | |
| USD | | | 110,595 | | | BRL | | | 601,148 | | | 07/02/24 | | Goldman Sachs | | | 3,057 | |
| USD | | | 973 | | | EUR | | | 896 | | | 07/02/24 | | Morgan Stanley | | | 14 | |
| USD | | | 191 | | | NOK | | | 2,016 | | | 07/02/24 | | Morgan Stanley | | | 2 | |
| USD | | | 780 | | | NZD | | | 1,274 | | | 07/02/24 | | Morgan Stanley | | | 4 | |
| USD | | | 19,716 | | | EUR | | | 18,138 | | | 07/12/24 | | Bank of America | | | 282 | |
| USD | | | 109 | | | EUR | | | 100 | | | 07/17/24 | | Barclays Bank | | | 1 | |
| USD | | | 4,862 | | | IDR | | | 77,412,581 | | | 07/17/24 | | Barclays Bank | | | 130 | |
| USD | | | 904 | | | EUR | | | 837 | | | 07/17/24 | | Deutsche Bank | | | 7 | |
| USD | | | 675 | | | EUR | | | 623 | | | 07/17/24 | | Morgan Stanley | | | 7 | |
| USD | | | 467 | | | PEN | | | 1,783 | | | 07/18/24 | | Barclays Bank | | | 3 | |
| USD | | | 1,384 | | | PEN | | | 5,236 | | | 07/18/24 | | Citibank | | | 21 | |
| USD | | | 319 | | | EUR | | | 294 | | | 07/18/24 | | Morgan Stanley | | | 4 | |
| USD | | | 469 | | | PEN | | | 1,783 | | | 07/18/24 | | Morgan Stanley | | | 5 | |
| USD | | | 642 | | | EUR | | | 599 | | | 07/24/24 | | Morgan Stanley | | | 1 | |
| USD | | | 1,354 | | | EUR | | | 1,260 | | | 07/26/24 | | Bank of America | | | 3 | |
| USD | | | 670 | | | SEK | | | 6,981 | | | 07/26/24 | | Bank of America | | | 11 | |
| USD | | | 255 | | | THB | | | 9,336 | | | 07/26/24 | | Citibank (1) | | | 0 | |
| USD | | | 22,249 | | | IDR | | | 363,793,399 | | | 07/26/24 | | Deutsche Bank | | | 15 | |
| USD | | | 990 | | | CNH | | | 7,197 | | | 07/26/24 | | J.P. Morgan | | | 2 | |
| USD | | | 6,864 | | | IDR | | | 111,828,288 | | | 07/26/24 | | J.P. Morgan | | | 29 | |
| USD | | | 1,620 | | | PLN | | | 6,504 | | | 07/26/24 | | J.P. Morgan | | | 4 | |
| USD | | | 310 | | | MXN | | | 5,613 | | | 07/26/24 | | Morgan Stanley | | | 4 | |
| USD | | | 340 | | | ZAR | | | 6,189 | | | 07/26/24 | | UBS (1) | | | 0 | |
| USD | | | 286,258 | | | GBP | | | 226,342 | | | 08/02/24 | | BNP Paribas | | | 85 | |
| USD | | | 776 | | | NZD | | | 1,274 | | | 08/02/24 | | J.P. Morgan (1) | | | 0 | |
| USD | | | 189 | | | NOK | | | 2,015 | | | 08/02/24 | | Morgan Stanley (1) | | | 0 | |
| USD | | | 2,383 | | | CZK | | | 54,206 | | | 08/29/24 | | Morgan Stanley | | | 63 | |
| USD | | | 18,799 | | | TWD | | | 604,861 | | | 09/13/24 | | BNP Paribas | | | 143 | |
| USD | | | 9,474 | | | TWD | | | 305,317 | | | 09/13/24 | | Goldman Sachs | | | 57 | |
| USD | | | 12,449 | | | TWD | | | 400,811 | | | 09/13/24 | | J.P. Morgan | | | 87 | |
| USD | | | 4,970 | | | TWD | | | 159,445 | | | 09/13/24 | | Morgan Stanley | | | 52 | |
| USD | | | 49,894 | | | BRL | | | 272,474 | | | 09/18/24 | | Barclays Bank | | | 1,585 | |
| USD | | | 375 | | | EUR | | | 347 | | | 09/18/24 | | Barclays Bank | | | 2 | |
| USD | | | 5,422 | | | BRL | | | 29,700 | | | 09/18/24 | | Citibank | | | 157 | |
| USD | | | 121 | | | GBP | | | 95 | | | 09/18/24 | | Citibank | | | 1 | |
| USD | | | 3,034 | | | JPY | | | 472,636 | | | 09/18/24 | | Citibank | | | 61 | |
| USD | | | 15,994 | | | EUR | | | 14,860 | | | 09/18/24 | | Deutsche Bank | | | 18 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)
| | | | | | | | | | | | | | | | | | |
Currency Purchased | | | Currency Sold | | | Settlement
Date | | Counterparty | | Unrealized
Appreciation/
(Depreciation) | |
| USD | | | 11,475 | | | GBP | | | 8,959 | | | 09/18/24 | | Deutsche Bank | | $ | 143 | |
| USD | | | 12,941 | | | PEN | | | 48,495 | | | 09/18/24 | | Deutsche Bank | | | 325 | |
| USD | | | 5,990 | | | BRL | | | 33,240 | | | 09/18/24 | | Goldman Sachs | | | 97 | |
| USD | | | 6,377 | | | EUR | | | 5,927 | | | 09/18/24 | | Goldman Sachs | | | 5 | |
| USD | | | 64,646 | | | EUR | | | 59,580 | | | 09/18/24 | | J.P. Morgan | | | 594 | |
| USD | | | 387 | | | GBP | | | 304 | | | 09/18/24 | | J.P. Morgan | | | 3 | |
| USD | | | 172 | | | EUR | | | 160 | | | 09/18/24 | | UBS (1) | | | 0 | |
| USD | | | 14,184 | | | JPY | | | 2,191,463 | | | 09/18/24 | | UBS | | | 397 | |
| USD | | | 964 | | | EUR | | | 895 | | | 10/01/24 | | J.P. Morgan | | | 1 | |
| USD | | | 1,570 | | | BRL | | | 7,988 | | | 10/02/24 | | J.P. Morgan | | | 156 | |
| USD | | | 104,649 | | | BRL | | | 543,000 | | | 01/03/25 | | Goldman Sachs | | | 9,488 | |
| USD | | | 950 | | | KWD | | | 276 | | | 05/03/29 | | BNP Paribas | | | 28 | |
| USD | | | 13,930 | | | KWD | | | 4,052 | | | 05/07/29 | | BNP Paribas | | | 412 | |
| USD | | | 1,980 | | | KWD | | | 576 | | | 07/02/29 | | BNP Paribas | | | 60 | |
| ZAR | | | 79,612 | | | USD | | | 4,255 | | | 07/02/24 | | Morgan Stanley | | | 121 | |
| ZAR | | | 7,954 | | | USD | | | 430 | | | 07/26/24 | | Barclays Bank | | | 6 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Total Unrealized Appreciation | | | 27,960 | |
| | | | | | | | | | | | | | | | | | |
| BRL | | | 5,223 | | | USD | | | 1,010 | | | 07/02/24 | | Barclays Bank | | | (76 | ) |
| BRL | | | 595,136 | | | USD | | | 117,804 | | | 07/02/24 | | Deutsche Bank | | | (11,343 | ) |
| BRL | | | 601,148 | | | USD | | | 108,142 | | | 07/02/24 | | Goldman Sachs | | | (604 | ) |
| BRL | | | 5,571 | | | USD | | | 1,010 | | | 08/02/24 | | Goldman Sachs | | | (17 | ) |
| BRL | | | 601,393 | | | USD | | | 109,585 | | | 10/02/24 | | Goldman Sachs | | | (3,129 | ) |
| CLP | | | 797,615 | | | USD | | | 850 | | | 07/26/24 | | Morgan Stanley | | | (3 | ) |
| COP | | | 2,100,603 | | | USD | | | 510 | | | 07/26/24 | | Barclays Bank | | | (6 | ) |
| CZK | | | 11,835 | | | USD | | | 510 | | | 07/26/24 | | Deutsche Bank | | | (4 | ) |
| EUR | | | 16,477 | | | USD | | | 17,948 | | | 07/02/24 | | Bank of America | | | (302 | ) |
| EUR | | | 895 | | | USD | | | 959 | | | 07/02/24 | | J.P. Morgan | | | (1 | ) |
| EUR | | | 3 | | | USD | | | 3 | | | 07/17/24 | | Morgan Stanley (1) | | | (0 | ) |
| EUR | | | 610 | | | USD | | | 655 | | | 07/26/24 | | Barclays Bank | | | (1 | ) |
| GBP | | | 231,811 | | | USD | | | 293,139 | | | 07/02/24 | | BNP Paribas | | | (107 | ) |
| GBP | | | 1,764 | | | USD | | | 2,234 | | | 07/02/24 | | Goldman Sachs | | | (5 | ) |
| GBP | | | 2,089 | | | USD | | | 2,657 | | | 07/02/24 | | J.P. Morgan | | | (16 | ) |
| HUF | | | 191,806 | | | USD | | | 520 | | | 07/26/24 | | Goldman Sachs (1) | | | (0 | ) |
| IDR | | | 51,261,743 | | | USD | | | 3,151 | | | 07/17/24 | | Barclays Bank | | | (17 | ) |
| IDR | | | 25,534,115 | | | USD | | | 1,564 | | | 07/17/24 | | J.P. Morgan | | | (3 | ) |
| IDR | | | 479,936,979 | | | USD | | | 29,396 | | | 07/26/24 | | BNP Paribas | | | (64 | ) |
| IDR | | | 1,147,768 | | | USD | | | 70 | | | 09/18/24 | | Barclays Bank (1) | | | (0 | ) |
| JPY | | | 14,880,569 | | | USD | | | 95,188 | | | 07/02/24 | | BNP Paribas | | | (2,699 | ) |
| JPY | | | 80,540 | | | USD | | | 510 | | | 07/26/24 | | J.P. Morgan | | | (8 | ) |
| JPY | | | 14,758,140 | | | USD | | | 92,483 | | | 08/02/24 | | J.P. Morgan | | | (307 | ) |
| KRW | | | 34,370 | | | USD | | | 25 | | | 07/22/24 | | Bank of America (1) | | | (0 | ) |
| KRW | | | 37,015 | | | USD | | | 27 | | | 07/22/24 | | BNP Paribas (1) | | | (0 | ) |
| KRW | | | 20,230 | | | USD | | | 15 | | | 07/22/24 | | Deutsche Bank (1) | | | (0 | ) |
| MXN | | | 44,101 | | | USD | | | 2,415 | | | 07/26/24 | | Citibank | | | (14 | ) |
| NOK | | | 2,016 | | | USD | | | 189 | | | 07/02/24 | | Morgan Stanley (1) | | | (0 | ) |
| PEN | | | 4,644 | | | USD | | | 1,215 | | | 07/18/24 | | Citibank | | | (6 | ) |
| PEN | | | 1,870 | | | USD | | | 490 | | | 07/26/24 | | Citibank | | | (3 | ) |
| PLN | | | 2,244 | | | USD | | | 560 | | | 07/26/24 | | Deutsche Bank | | | (3 | ) |
| USD | | | 4,508 | | | ZAR | | | 84,639 | | | 07/02/24 | | Citibank | | | (144 | ) |
| USD | | | 3,683 | | | AUD | | | 5,548 | | | 07/02/24 | | Deutsche Bank | | | (18 | ) |
| USD | | | 28 | | | EUR | | | 26 | | | 07/02/24 | | Goldman Sachs (1) | | | (0 | ) |
| USD | | | 269 | | | ZAR | | | 4,932 | | | 07/02/24 | | UBS | | | (2 | ) |
| USD | | | 5,190 | | | EUR | | | 4,845 | | | 07/12/24 | | Goldman Sachs | | | (1 | ) |
| USD | | | 1,706 | | | MXN | | | 31,717 | | | 07/17/24 | | Barclays Bank | | | (24 | ) |
| USD | | | 69 | | | ZAR | | | 1,265 | | | 07/19/24 | | BNP Paribas (1) | | | (0 | ) |
| USD | | | 14,935 | | | ZAR | | | 273,246 | | | 07/19/24 | | Goldman Sachs | | | (64 | ) |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)
| | | | | | | | | | | | | | | | | | | | | | |
Currency Purchased | | | Currency Sold | | | Settlement
Date | | | Counterparty | | Unrealized
Appreciation/
(Depreciation) | |
| USD | | | 28,116 | | | | ZAR | | | | 517,587 | | | | 07/19/24 | | | J.P. Morgan | | | (295 | ) |
| USD | | | 2,389 | | | | EUR | | | | 2,237 | | | | 07/24/24 | | | J.P. Morgan | | | (9 | ) |
| USD | | | 520 | | | | KRW | | | | 716,924 | | | | 07/26/24 | | | Barclays Bank (1) | | | (0 | ) |
| USD | | | 5,211 | | | | MXN | | | | 96,382 | | | | 07/26/24 | | | Barclays Bank | | | (37 | ) |
| USD | | | 333 | | | | TRY | | | | 11,317 | | | | 07/26/24 | | | Barclays Bank | | | (5 | ) |
| USD | | | 520 | | | | CLP | | | | 496,907 | | | | 07/26/24 | | | Morgan Stanley | | | (8 | ) |
| USD | | | 1,370 | | | | COP | | | | 5,734,450 | | | | 07/26/24 | | | Morgan Stanley | | | (5 | ) |
| USD | | | 1,467 | | | | PLN | | | | 5,917 | | | | 07/26/24 | | | UBS | | | (3 | ) |
| USD | | | 3,700 | | | | AUD | | | | 5,548 | | | | 08/02/24 | | | BNP Paribas | | | (4 | ) |
| USD | | | 227,142 | | | | EUR | | | | 212,052 | | | | 08/02/24 | | | BNP Paribas | | | (298 | ) |
| USD | | | 711 | | | | AUD | | | | 1,066 | | | | 08/02/24 | | | Morgan Stanley (1) | | | (0 | ) |
| USD | | | 2,325 | | | | COP | | | | 9,771,460 | | | | 08/26/24 | | | Citibank | | | (8 | ) |
| USD | | | 3,001 | | | | ZAR | | | | 55,716 | | | | 09/03/24 | | | Morgan Stanley | | | (46 | ) |
| USD | | | 4,824 | | | | MXN | | | | 91,996 | | | | 09/18/24 | | | Barclays Bank | | | (143 | ) |
| USD | | | 17 | | | | INR | | | | 1,430 | | | | 09/24/24 | | | J.P. Morgan (1) | | | (0 | ) |
| ZAR | | | 9,959 | | | | USD | | | | 550 | | | | 07/02/24 | | | J.P. Morgan | | | (3 | ) |
| ZAR | | | 82,789 | | | | USD | | | | 4,553 | | | | 07/19/24 | | | BNP Paribas | | | (8 | ) |
| ZAR | | | 6,150 | | | | USD | | | | 340 | | | | 07/26/24 | | | UBS | | | (3 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Total Unrealized Depreciation | | | (19,866 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Net Unrealized Appreciation | | $ | 8,094 | |
| | | | | | | | | | | | | | | | | | | | | | |
| (1) | | A zero balance may reflect actual amounts rounding to less than one thousand. |
Centrally Cleared Credit Default Swaps – Buy Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Entity | | Fixed Annual Rate Paid by Fund | | Payment
Frequency | | | Maturity
Date | | | Implied Credit
Spread at
June 30,
2024 | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
iTraxx Europe Crossover
Series 41 Version 1 | | 5.00% | | | Quarterly | | | | 6/20/2029 | | | | 3.21% | | | EUR | 6,330 | | | $ | (611 | ) | | $ | 99 | | | $ | (512 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | (611 | ) | | $ | 99 | | | $ | (512 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Centrally Cleared Credit Default Swaps – Sell Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Entity | | Fixed Annual
Rate Received
by Fund | | Payment
Frequency | | | Maturity
Date | | | Implied Credit
Spread at
June 30,
2024 | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
| AT&T, Inc. | | 1.00% | | | Quarterly | | | | 12/20/2024 | | | | 0.28% | | | $ | 5,200 | | | $ | 3 | | | $ | 16 | | | $ | 19 | |
| AT&T, Inc. | | 1.00 | | | Quarterly | | | | 6/20/2026 | | | | 0.40 | | | | 2,700 | | | | 511 | | | | (479 | ) | | | 32 | |
| AT&T, Inc. | | 1.00 | | | Quarterly | | | | 6/20/2028 | | | | 0.56 | | | | 1,300 | | | | (7 | ) | | | 28 | | | | 21 | |
| CDX.EM.32 | | 1.00 | | | Quarterly | | | | 12/20/2024 | | | | 0.42 | | | | 13,000 | | | | (422 | ) | | | 456 | | | | 34 | |
| CDX.EM.34 | | 1.00 | | | Quarterly | | | | 12/20/2025 | | | | 1.67 | | | | 3,100 | | | | (185 | ) | | | 158 | | | | (27 | ) |
| CDX.EM.36 | | 1.00 | | | Quarterly | | | | 12/20/2026 | | | | 1.21 | | | | 28,000 | | | | (515 | ) | | | 401 | | | | (114 | ) |
| CDX.EM.38 | | 1.00 | | | Quarterly | | | | 12/20/2027 | | | | 1.46 | | | | 2,400 | | | | (119 | ) | | | 86 | | | | (33 | ) |
| CDX.EM.39 | | 1.00 | | | Quarterly | | | | 6/20/2028 | | | | 1.50 | | | | 800 | | | | (227 | ) | | | 213 | | | | (14 | ) |
| CDX.EM.40 | | 1.00 | | | Quarterly | | | | 12/20/2028 | | | | 1.63 | | | | 4,200 | | | | (193 | ) | | | 90 | | | | (103 | ) |
| CDX.EM.41 | | 1.00 | | | Quarterly | | | | 6/20/2029 | | | | 1.75 | | | | 1,000 | | | | (37 | ) | | | 6 | | | | (31 | ) |
| CDX.NA.HY.35 | | 5.00 | | | Quarterly | | | | 12/20/2025 | | | | 1.54 | | | | 485 | | | | 39 | | | | (14 | ) | | | 25 | |
| CDX.NA.HY.39 | | 5.00 | | | Quarterly | | | | 12/20/2027 | | | | 2.97 | | | | 882 | | | | (17 | ) | | | 73 | | | | 56 | |
| CDX.NA.HY.40 | | 5.00 | | | Quarterly | | | | 6/20/2028 | | | | 3.13 | | | | 1,584 | | | | 271 | | | | (169 | ) | | | 102 | |
| CDX.NA.HY.41 | | 5.00 | | | Quarterly | | | | 12/20/2028 | | | | 3.28 | | | | 80,700 | | | | (3,072 | ) | | | 8,297 | | | | 5,225 | |
| CDX.NA.HY.42 | | 5.00 | | | Quarterly | | | | 6/20/2029 | | | | 3.44 | | | | 153,500 | | | | 9,986 | | | | (106 | ) | | | 9,880 | |
| CDX.NA.HY.42 | | 5.00 | | | Quarterly | | | | 6/20/2029 | | | | 3.44 | | | | 164,325 | | | | 10,307 | | | | 270 | | | | 10,577 | |
| Ford Motor Credit Co. LLC (1) | | 5.00 | | | Quarterly | | | | 12/20/2024 | | | | 0.27 | | | | 1,700 | | | | 0 | | | | 41 | | | | 41 | |
| Ford Motor Credit Co. LLC | | 5.00 | | | Quarterly | | | | 6/20/2025 | | | | 0.30 | | | | 700 | | | | 27 | | | | 5 | | | | 32 | |
| Ford Motor Credit Co. LLC | | 5.00 | | | Quarterly | | | | 12/20/2025 | | | | 0.50 | | | | 600 | | | | 23 | | | | 16 | | | | 39 | |
| Ford Motor Credit Co. LLC | | 5.00 | | | Quarterly | | | | 6/20/2026 | | | | 0.60 | | | | 19,400 | | | | 3 | | | | 1,637 | | | | 1,640 | |
| Rolls-Royce PLC | | 1.00 | | | Quarterly | | | | 6/20/2025 | | | | 0.29 | | | EUR | 14,300 | | | | (282 | ) | | | 392 | | | | 110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 16,094 | | | $ | 11,417 | | | $ | 27,511 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
Over-the-Counter Credit Default Swaps – Buy Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Reference Entity | | Fixed Annual
Rate Paid by Fund | | Payment
Frequency | | Maturity
Date | | | Implied Credit
Spread at
June 30,
2024 | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
| J.P. Morgan | | Abbott
Laboratories | | 1.00% | | Quarterly | | | 6/20/2029 | | | 0.43% | | $ | 2,433 | | | $ | (58 | ) | | $ | (4 | ) | | $ | (62 | ) |
Bank of
America | | American
Electric
Power Co.,
Inc. | | 1.00 | | Quarterly | | | 6/20/2029 | | | 0.39 | | | 3,488 | | | | (93 | ) | | | (3 | ) | | | (96 | ) |
Bank of
America | | American
Electric
Power Co.,
Inc. | | 1.00 | | Quarterly | | | 6/20/2029 | | | 0.39 | | | 2,783 | | | | (81 | ) | | | 4 | | | | (77 | ) |
Goldman
Sachs | | American
Electric
Power Co.,
Inc. | | 1.00 | | Quarterly | | | 6/20/2029 | | | 0.39 | | | 6,460 | | | | (172 | ) | | | (6 | ) | | | (178 | ) |
Goldman
Sachs | | American
Express Co. | | 1.00 | | Quarterly | | | 6/20/2029 | | | 0.33 | | | 6,460 | | | | (184 | ) | | | (12 | ) | | | (196 | ) |
Bank of
America | | Brazilian
Government
International | | 1.00 | | Quarterly | | | 6/20/2029 | | | 1.69 | | | 709 | | | | 20 | | | | 1 | | | | 21 | |
Bank of
America | | Brazilian
Government
International | | 1.00 | | Quarterly | | | 6/20/2029 | | | 1.69 | | | 2,328 | | | | 39 | | | | 31 | | | | 70 | |
Barclays
Bank | | Brazilian
Government
International | | 1.00 | | Quarterly | | | 12/20/2024 | | | 0.42 | | | 975 | | | | 15 | | | | (18 | ) | | | (3 | ) |
Barclays
Bank | | Brazilian
Government
International | | 1.00 | | Quarterly | | | 12/20/2024 | | | 0.42 | | | 974 | | | | 15 | | | | (18 | ) | | | (3 | ) |
Barclays
Bank | | Brazilian
Government
International | | 1.00 | | Quarterly | | | 12/20/2024 | | | 0.42 | | | 970 | | | | 15 | | | | (18 | ) | | | (3 | ) |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Over-the-Counter Credit Default Swaps – Buy Protection (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Reference Entity | | Fixed Annual
Rate Paid by Fund | | Payment
Frequency | | Maturity
Date | | | Implied Credit
Spread at
June 30,
2024 | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
Barclays
Bank | | Brazilian Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.42 | | | | 976 | | | | 15 | | | | (18 | ) | | | (3 | ) |
Barclays
Bank | | Brazilian Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.42 | | | | 1,370 | | | | 21 | | | | (25 | ) | | | (4 | ) |
Barclays
Bank | | Brazilian Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.42 | | | | 586 | | | | 9 | | | | (11 | ) | | | (2 | ) |
Barclays
Bank | | Brazilian Government International (1) | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.69 | | | | 516 | | | | 15 | | | | 0 | | | | 15 | |
Barclays
Bank | | Brazilian Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.69 | | | | 1,031 | | | | 30 | | | | 1 | | | | 31 | |
Barclays
Bank | | Brazilian Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.69 | | | | 536 | | | | 15 | | | | 1 | | | | 16 | |
Goldman
Sachs | | Brazilian Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.69 | | | | 436 | | | | 12 | | | | 1 | | | | 13 | |
Goldman
Sachs | | Brazilian Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.69 | | | | 436 | | | | 11 | | | | 2 | | | | 13 | |
Goldman
Sachs | | Brazilian Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.69 | | | | 1,117 | | | | 31 | | | | 2 | | | | 33 | |
| Citibank | | Chile Government International (1) | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 0.57 | | | | 888 | | | | (18 | ) | | | 0 | | | | (18 | ) |
| Citibank | | Chile Government International (1) | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 0.57 | | | | 888 | | | | (18 | ) | | | 0 | | | | (18 | ) |
| Citibank | | Chile Government International (1) | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 0.57 | | | | 2,026 | | | | (40 | ) | | | 0 | | | | (40 | ) |
J.P.
Morgan | | Colombia Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 1.95 | | | | 1,697 | | | | 60 | | | | 9 | | | | 69 | |
Goldman
Sachs | | Dominion Energy, Inc. | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 0.48 | | | | 6,326 | | | | (119 | ) | | | (27 | ) | | | (146 | ) |
| Citibank | | Republic Of South Africa | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.08 | | | | 942 | | | | 58 | | | | (15 | ) | | | 43 | |
| Citibank | | Republic Of South Africa | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.08 | | | | 838 | | | | 52 | | | | (13 | ) | | | 39 | |
Morgan
Stanley | | Republic Of South Africa | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.08 | | | | 603 | | | | 40 | | | | (12 | ) | | | 28 | |
Morgan
Stanley | | Republic Of South Africa | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.08 | | | | 374 | | | | 25 | | | | (7 | ) | | | 18 | |
Bank of
America | | Turkiye Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.75 | | | | 346 | | | | 31 | | | | (6 | ) | | | 25 | |
Goldman
Sachs | | Turkiye Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.75 | | | | 865 | | | | 89 | | | | (26 | ) | | | 63 | |
Goldman
Sachs | | Turkiye Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.75 | | | | 865 | | | | 89 | | | | (25 | ) | | | 64 | |
Goldman
Sachs | | Turkiye Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.75 | | | | 761 | | | | 79 | | | | (23 | ) | | | 56 | |
Goldman
Sachs | | Turkiye Government International | | 1.00 | | Quarterly | | | 6/20/2029 | | | | 2.75 | | | | 1,338 | | | | 114 | | | | (16 | ) | | | 98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 117 | | | $ | (251 | ) | | $ | (134 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Over-the-Counter Credit Default Swaps – Sell Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Reference Entity | | Fixed Annual
Rate Received by Fund | | Payment
Frequency | | Maturity
Date | | | Implied Credit
Spread at
June 30,
2024 | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
Goldman
Sachs | | Brazilian Government International | | 1.00% | | Quarterly | | | 12/20/2024 | | | | 0.42% | | | $ | 3,200 | | | $ | (5 | ) | | $ | 15 | | | $ | 10 | |
BNP
Paribas | | Colombia Government International | | 1.00 | | Quarterly | | | 12/20/2027 | | | | 1.40 | | | | 600 | | | | (54 | ) | | | 46 | | | | (8 | ) |
Goldman
Sachs | | Colombia Government International (1) | | 1.00 | | Quarterly | | | 6/20/2027 | | | | 1.18 | | | | 1,900 | | | | 0 | | | | (9 | ) | | | (9 | ) |
Goldman
Sachs | | Colombia Government International | | 1.00 | | Quarterly | | | 12/20/2027 | | | | 1.40 | | | | 800 | | | | (71 | ) | | | 61 | | | | (10 | ) |
J.P.
Morgan | | Colombia Government International | | 1.00 | | Quarterly | | | 12/20/2026 | | | | 1.05 | | | | 1,400 | | | | (66 | ) | | | 64 | | | | (2 | ) |
J.P.
Morgan | | Colombia Government International | | 1.00 | | Quarterly | | | 6/20/2027 | | | | 1.18 | | | | 400 | | | | (15 | ) | | | 14 | | | | (1 | ) |
Morgan
Stanley | | Colombia Government International (1) | | 1.00 | | Quarterly | | | 6/20/2027 | | | | 1.18 | | | | 900 | | | | 0 | | | | (4 | ) | | | (4 | ) |
Morgan
Stanley | | Colombia Government International | | 1.00 | | Quarterly | | | 12/20/2027 | | | | 1.40 | | | | 1,000 | | | | (89 | ) | | | 77 | | | | (12 | ) |
Goldman
Sachs | | Mexico Government International (1) | | 1.00 | | Quarterly | | | 12/20/2028 | | | | 1.01 | | | | 200 | | | | (2 | ) | | | 2 | | | | 0 | |
J.P.
Morgan | | Mexico Government International | | 1.00 | | Quarterly | | | 6/20/2026 | | | | 0.50 | | | | 100 | | | | (1 | ) | | | 2 | | | | 1 | |
Morgan
Stanley | | Mexico Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.22 | | | | 300 | | | | 0 | | | | 1 | | | | 1 | |
Morgan
Stanley | | Mexico Government International | | 1.00 | | Quarterly | | | 12/20/2026 | | | | 0.61 | | | | 500 | | | | 262 | | | | (257 | ) | | | 5 | |
Morgan
Stanley | | Mexico Government International | | 1.00 | | Quarterly | | | 6/20/2027 | | | | 0.69 | | | | 400 | | | | (4 | ) | | | 8 | | | | 4 | |
Morgan
Stanley | | Mexico Government International | | 1.00 | | Quarterly | | | 6/20/2028 | | | | 0.89 | | | | 300 | | | | (7 | ) | | | 9 | | | | 2 | |
Morgan
Stanley | | Mexico Government International | | 1.00 | | Quarterly | | | 12/20/2028 | | | | 1.01 | | | | 1,100 | | | | (12 | ) | | | 11 | | | | (1 | ) |
Bank of
America | | Turkey Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.62 | | | | 1,300 | | | | (1 | ) | | | 3 | | | | 2 | |
BNP
Paribas | | Turkey Government International (1) | | 1.00 | | Quarterly | | | 6/20/2025 | | | | 0.94 | | | | 200 | | | | (34 | ) | | | 34 | | | | 0 | |
Goldman
Sachs | | Turkey Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.62 | | | | 900 | | | | (96 | ) | | | 98 | | | | 2 | |
Morgan
Stanley | | Turkey Government International | | 1.00 | | Quarterly | | | 12/20/2024 | | | | 0.62 | | | | 3,700 | | | | (36 | ) | | | 44 | | | | 8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | (231 | ) | | $ | 219 | | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Centrally Cleared Interest Rate Swaps
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Annual Rate | | Floating Rate Index | | Floating Rate
Paid or
Received | | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
| (0.40)% | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 12/30/2024 | | | EUR | 1,200 | | | $ | — | | | $ | 29 | | | $ | 29 | |
| (0.36) | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 6/30/2025 | | | | 2,300 | | | | — | | | | 94 | | | | 94 | |
| (0.33) | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 12/30/2025 | | | | 1,400 | | | | — | | | | 83 | | | | 83 | |
| (0.29) | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 6/30/2026 | | | | 700 | | | | — | | | | 51 | | | | 51 | |
| (0.15) | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 3/18/2030 | | | | 16,100 | | | | 169 | | | | 2,741 | | | | 2,910 | |
| 0.50 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 6/17/2050 | | | | 9,000 | | | | (252) | | | | 4,060 | | | | 3,808 | |
| 0.83 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 12/9/2052 | | | | 158,000 | | | | 949 | | | | 9,288 | | | | 10,237 | |
| 1.25 | | 3 Month SOFR | | | Received | | | | Quarterly | | | | 12/16/2050 | | | $ | 48,900 | | | | 4,884 | | | | 17,749 | | | | 22,633 | |
| 1.50 | | 3 Month SOFR | | | Received | | | | Quarterly | | | | 6/17/2050 | | | | 81,200 | | | | (14,796) | | | | 48,763 | | | | 33,967 | |
| 1.75 | | 1 Year SOFR | | | Paid | | | | Annual | | | | 6/15/2029 | | | | 3,570 | | | | 1,189 | | | | (1,559) | | | | (370) | |
| 2.25 | | 3 Month SOFR | | | Received | | | | Quarterly | | | | 3/12/2050 | | | | 3,200 | | | | (10) | | | | 939 | | | | 929 | |
| 2.43 | | 6 Month EURIBOR (1) | | | Received | | | | Semi-Annual | | | | 6/19/2054 | | | EUR | 2,942 | | | | 0 | | | | 78 | | | | 78 | |
| 2.43 | | 6 Month EURIBOR (1) | | | Received | | | | Semi-Annual | | | | 6/20/2054 | | | | 2,849 | | | | 0 | | | | 75 | | | | 75 | |
| 2.44 | | 6 Month EURIBOR (1) | | | Paid | | | | Semi-Annual | | | | 6/24/2054 | | | | 2,007 | | | | 0 | | | | (47) | | | | (47) | |
| 2.46 | | 6 Month EURIBOR (1) | | | Received | | | | Semi-Annual | | | | 3/22/2054 | | | | 3,021 | | | | 0 | | | | 78 | | | | 78 | |
| 2.49 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 2/19/2054 | | | | 14,265 | | | | 1 | | | | 286 | | | | 287 | |
| 2.51 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 2/20/2054 | | | | 14,265 | | | | 1 | | | | 234 | | | | 235 | |
| 2.51 | | 6 Month EURIBOR (1) | | | Received | | | | Semi-Annual | | | | 3/1/2054 | | | | 7,193 | | | | 0 | | | | 106 | | | | 106 | |
| 2.51 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 2/20/2054 | | | | 14,072 | | | | 1 | | | | 207 | | | | 208 | |
| 2.54 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 4/22/2054 | | | | 11,690 | | | | (24) | | | | 79 | | | | 55 | |
| 2.75 | | 6 Month EURIBOR | | | Paid | | | | Semi-Annual | | | | 9/18/2029 | | | | 256,300 | | | | 3,044 | | | | (3,968) | | | | (924) | |
| 2.75 | | 6 Month EURIBOR | | | Received | | | | Semi-Annual | | | | 9/18/2034 | | | | 38,300 | | | | (771) | | | | 988 | | | | 217 | |
| 2.75 | | 1 Year SOFR | | | Received | | | | Annual | | | | 6/21/2053 | | | $ | 91,000 | | | | 8,494 | | | | 7,038 | | | | 15,532 | |
| 3.00 | | 6 Month Australian Bank Bill | | | Paid | | | | Semi-Annual | | | | 3/21/2027 | | | AUD | 109,400 | | | | 345 | | | | (3,331) | | | | (2,986) | |
| 3.00 | | 3 Month SOFR | | | Paid | | | | Quarterly | | | | 6/19/2029 | | | $ | 6,100 | | | | 484 | | | | (853) | | | | (369) | |
| 3.25 | | 1 Year SOFR | | | Paid | | | | Annual | | | | 6/21/2028 | | | | 7,700 | | | | (97) | | | | (160) | | | | (257) | |
| 3.25 | | 1 Year SOFR | | | Received | | | | Annual | | | | 12/20/2053 | | | | 129,000 | | | | 6,328 | | | | 5,721 | | | | 12,049 | |
| 3.50 | | 1 Year SOFR | | | Received | | | | Annual | | | | 6/20/2054 | | | | 87,200 | | | | 6,945 | | | | (3,696) | | | | 3,249 | |
| 3.52 | | 1 Year SOFR | | | Received | | | | Annual | | | | 12/20/2053 | | | | 52,517 | | | | — | | | | 2,337 | | | | 2,337 | |
| 3.75 | | 1 Year SOFR | | | Received | | | | Annual | | | | 6/20/2029 | | | | 107,900 | | | | (767) | | | | 2,303 | | | | 1,536 | |
| 3.75 | | 1 Year SOFR | | | Received | | | | Annual | | | | 6/20/2031 | | | | 346,300 | | | | 3,125 | | | | 1,593 | | | | 4,718 | |
| 3.75 | | 1 Year SOFR | | | Paid | | | | Annual | | | | 6/20/2034 | | | | 17,120 | | | | (562) | | | | 305 | | | | (257) | |
| 3.75 | | 1 Year SOFR | | | Paid | | | | Annual | | | | 6/20/2034 | | | | 37,140 | | | | (976) | | | | 419 | | | | (557) | |
| 3.75 | | Sterling Overnight Index Average | | | Received | | | | Annual | | | | 9/18/2034 | | | GBP | 15,900 | | | | (247) | | | | 392 | | | | 145 | |
| 3.75 | | 1 Year SOFR | | | Paid | | | | Annual | | | | 12/18/2034 | | | $ | 550 | | | | 1 | | | | (5) | | | | (4) | |
| 3.75 | | Sterling Overnight Index Average | | | Received | | | | Annual | | | | 9/18/2054 | | | GBP | 600 | | | | (12) | | | | 34 | | | | 22 | |
| 4.00 | | Sterling Overnight Index Average | | | Paid | | | | Annual | | | | 9/18/2029 | | | | 216,000 | | | | 2,223 | | | | (1,115) | | | | 1,108 | |
| 4.14 | | 1 Year SOFR (1) | | | Received | | | | Annual | | | | 10/18/2034 | | | $ | 20,585 | | | | 0 | | | | (442) | | | | (442) | |
| 4.25 | | 1 Year SOFR | | | Received | | | | Annual | | | | 3/20/2031 | | | | 4,130 | | | | (182) | | | | 129 | | | | (53) | |
| 4.50 | | 6 Month Australian Bank Bill | | | Paid | | | | Semi-Annual | | | | 3/20/2034 | | | AUD | 61,100 | | | | (127) | | | | 45 | | | | (82) | |
| 4.54 | | 1 Year SOFR (1) | | | Paid | | | | Annual | | | | 10/3/2025 | | | $ | 211,300 | | | | 0 | | | | (442) | | | | (442) | |
| 4.68 | | 3 Month CZK PRIBOR (1) | | | Received | | | | Quarterly | | | | 3/20/2025 | | | CZK | 116,654 | | | | 0 | | | | (62) | | | | (62) | |
| 4.75 | | 3 Month FRA New Zealand Bank Bill | | | Paid | | | | Quarterly | | | | 6/19/2029 | | | NZD | 41,300 | | | | 296 | | | | 20 | | | | 316 | |
| 4.84 | | 1 Year SOFR | | | Paid | | | | Annual | | | | 10/18/2025 | | | $ | 172,660 | | | | 1 | | | | 204 | | | | 205 | |
| 5.14 | | 6 Month PLN WIBOR (1) | | | Received | | | | Semi-Annual | | | | 12/20/2025 | | | PLN | 8,777 | | | | 0 | | | | (41) | | | | (41) | |
| 5.16 | | Mexico Interbank TIIE 28 Day | | | Paid | | | | Lunar | | | | 6/6/2025 | | | MXN | 1,700 | | | | — | | | | (5) | | | | (5) | |
| 5.54 | | Mexico Interbank TIIE 28 Day (1) | | | Paid | | | | Lunar | | | | 5/4/2027 | | | | 3,400 | | | | 0 | | | | (21) | | | | (21) | |
| 7.15 | | Mexico Interbank TIIE 28 Day | | | Paid | | | | Lunar | | | | 6/11/2027 | | | | 25,800 | | | | (10) | | | | (94) | | | | (104) | |
| 7.36 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 8/21/2037 | | | | 900 | | | | 3 | | | | 5 | | | | 8 | |
| 7.37 | | Mexico Interbank TIIE 28 Day | | | Paid | | | | Lunar | | | | 10/11/2027 | | | | 40,300 | | | | (1) | | | | (153) | | | | (154) | |
| 7.38 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 8/14/2037 | | | | 1,300 | | | | 4 | | | | 8 | | | | 12 | |
| 7.50 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 1/14/2032 | | | | 5,900 | | | | 24 | | | | 10 | | | | 34 | |
| 7.50 | | Mexico Interbank TIIE 28 Day (1) | | | Received | | | | Lunar | | | | 1/15/2032 | | | | 24,500 | | | | 0 | | | | 141 | | | | 141 | |
| 7.91 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 12/30/2027 | | | | 800 | | | | — | | | | 2 | | | | 2 | |
| 7.97 | | 3 Month ZAR SAJIBOR (1) | | | Received | | | | Quarterly | | | | 6/6/2026 | | | ZAR | 73,339 | | | | 0 | | | | (11) | | | | (11) | |
| 7.98 | | Mexico Interbank TIIE 28 Day (1) | | | Received | | | | Lunar | | | | 12/10/2027 | | | MXN | 3,300 | | | | 0 | | | | 10 | | | | 10 | |
| 7.99 | | Mexico Interbank TIIE 28 Day (1) | | | Received | | | | Lunar | | | | 12/21/2027 | | | | 100 | | | | — | | | | 0 | | | | 0 | |
| 8.01 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 12/21/2027 | | | | 20,200 | | | | (5) | | | | 65 | | | | 60 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Centrally Cleared Interest Rate Swaps (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Annual Rate | | Floating Rate Index | | Floating Rate
Paid or
Received | | | Payment
Frequency | | | Maturity
Date | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
| 8.03 % | | Mexico Interbank TIIE 28 Day (1) | | | Received | | | | Lunar | | | | 1/31/2028 | | | MXN | 1,600 | | | $ | 0 | | | $ | 5 | | | $ | 5 | |
| 8.05 | | Mexico Interbank TIIE 28 Day (1) | | | Received | | | | Lunar | | | | 1/31/2028 | | | | 2,400 | | | | 0 | | | | 7 | | | | 7 | |
| 8.15 | | 3 Month ZAR SAJIBOR (1) | | | Received | | | | Quarterly | | | | 5/7/2026 | | | ZAR | 104,833 | | | | 0 | | | | (25) | | | | (25) | |
| 8.41 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 3/31/2027 | | | MXN | 14,300 | | | | — | | | | 30 | | | | 30 | |
| 8.70 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 3/31/2032 | | | | 14,300 | | | | — | | | | 32 | | | | 32 | |
| 8.73 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 4/6/2027 | | | | 12,100 | | | | — | | | | 21 | | | | 21 | |
| 8.73 | | Mexico Interbank TIIE 28 Day | | | Received | | | | Lunar | | | | 3/30/2032 | | | | 6,000 | | | | — | | | | 13 | | | | 13 | |
| 10.33 | | Overnight Brazilian Interbank Deposit Rate | | | Paid | | | | Daily | | | | 1/4/2027 | | | BRL | 328,346 | | | | — | | | | (2,741) | | | | (2,741) | |
| 10.76 | | Mexico Interbank TIIE 28 Day (1) | | | Paid | | | | Lunar | | | | 6/11/2026 | | | MXN | 21,933 | | | | 0 | | | | 10 | | | | 10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 19,672 | | | $ | 88,056 | | | $ | 107,728 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lunar – payment frequency equal periods of 28 days (a lunar month).
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
Over-the-Counter Interest Rate Swaps
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Counterparty | | Fixed Annual Rate | | | Floating Rate Index | | Floating Rate
Paid or Received | | | Maturity
Date | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Value | |
| J.P. Morgan | | | 4.92 | % | | Chile Indice de Camara Promedio Interbank Overnight Index | | | Received | | | | 4/1/2028 | | | CLP | 2,346,181 | | | $ | — | | | $ | 14 | | | $ | 14 | |
| Goldman Sachs | | | 4.95 | | | Chile Indice de Camara Promedio Interbank Overnight Index | | | Paid | | | | 4/1/2026 | | | | 4,352,985 | | | | — | | | | (10 | ) | | | (10 | ) |
| Goldman Sachs | | | 4.99 | | | Chile Indice de Camara Promedio Interbank Overnight Index | | | Received | | | | 4/1/2028 | | | | 2,444,270 | | | | — | | | | 11 | | | | 11 | |
| J.P. Morgan | | | 8.62 | | | Colombia Overnight Interbank | | | Received | | | | 11/5/2025 | | | COP | 14,570,937 | | | | — | | | | (2 | ) | | | (2 | ) |
| Morgan Stanley | | | 9.73 | | | Colombia Overnight Interbank | | | Received | | | | 5/10/2025 | | | | 5,566,747 | | | | — | | | | 2 | | | | 2 | |
| Citibank | | | 9.77 | | | Brazil Cetip DI Interbank Deposit | | | Paid | | | | 1/4/2027 | | | BRL | 14,895 | | | | — | | | | (142 | ) | | | (142 | ) |
| J.P. Morgan | | | 9.81 | | | Colombia Overnight Interbank | | | Received | | | | 5/10/2025 | | | COP | 8,321,410 | | | | — | | | | 1 | | | | 1 | |
| Goldman Sachs | | | 10.11 | | | Brazil Cetip DI Interbank Deposit | | | Paid | | | | 1/2/2026 | | | BRL | 4,179 | | | | — | | | | (25 | ) | | | (25 | ) |
| Bank of America | | | 10.32 | | | Brazil Cetip DI Interbank Deposit | | | Paid | | | | 1/4/2027 | | | | 212 | | | | — | | | | (1 | ) | | | (1 | ) |
| J.P. Morgan | | | 10.68 | | | Brazil Cetip DI Interbank Deposit (1) | | | Paid | | | | 1/2/2025 | | | | 20,943 | | | | — | | | | 0 | | | | — | |
| Barclays Bank | | | 10.97 | | | Brazil Cetip DI Interbank Deposit | | | Received | | | | 1/4/2027 | | | | 17,381 | | | | — | | | | 60 | | | | 60 | |
| Goldman Sachs | | | 11.40 | | | Brazil Cetip DI Interbank Deposit | | | Paid | | | | 1/4/2027 | | | | 3,981 | | | | — | | | | (7 | ) | | | (7 | ) |
| Bank of America | | | 11.59 | | | Brazil Cetip DI Interbank Deposit | | | Received | | | | 1/4/2027 | | | | 7,700 | | | | — | | | | 7 | | | | 7 | |
| Citibank | | | 11.75 | | | Brazil Cetip DI Interbank Deposit | | | Paid | | | | 1/2/2026 | | | | 10,487 | | | | — | | | | (2 | ) | | | (2 | ) |
| Citibank | | | 11.80 | | | Brazil Cetip DI Interbank Deposit | | | Paid | | | | 1/2/2026 | | | | 10,366 | | | | — | | | | 1 | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | — | | | $ | (93 | ) | | $ | (93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Core Plus Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Centrally Cleared Inflation Linked Swaps
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed Annual Rate | | Floating Rate Index | | Floating Rate
Paid or
Received | | | Maturity
Date | | | Notional
Amount | | | Upfront
Premium
Paid/
(Received) | | | Unrealized
Appreciation
/(Depreciation) | | | Value | |
| 2.13% | | 5-Year EUR Inflation Linked (1) | | | Paid | | | | 6/15/2029 | | | EUR | 33,550 | | | $ | 0 | | | $ | (2 | ) | | $ | (2 | ) |
| 2.46 | | 5-Year USD Inflation Linked (1) | | | Received | | | | 7/1/2029 | | | $ | 18,508 | | | | 0 | | | | 27 | | | | 27 | |
| 3.89 | | 5-Year GBP Inflation Linked (1) | | | Received | | | | 6/15/2029 | | | GBP | 13,810 | | | | 0 | | | | 27 | | | | 27 | |
| 4.00 | | 10-Year GBP Inflation Linked | | | Paid | | | | 9/15/2031 | | | | 7,300 | | | | (6 | ) | | | (1,169 | ) | | | (1,175 | ) |
| 4.06 | | 10-Year GBP Inflation Linked | | | Paid | | | | 9/15/2031 | | | | 6,800 | | | | 28 | | | | (1,071 | ) | | | (1,043 | ) |
| 4.07 | | 10-Year GBP Inflation Linked | | | Paid | | | | 9/15/2031 | | | | 13,100 | | | | (162 | ) | | | (1,827 | ) | | | (1,989 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | (140 | ) | | $ | (4,015 | ) | | $ | (4,155 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| | |
| EURIBOR | | Euro Interbank Offered Rate |
| |
| PRIBOR | | Prague Interbank Offered Rate |
| |
| SAJIBOR | | South African Johannesburg Interbank Offered Rate |
| | |
| SOFR | | Secured Overnight Financing Rate |
| |
| TIIE | | Interbank Equilibrium Interest Rate |
| |
| WIBOR | | Warsaw Interbank Offered Rate |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
MUNICIPAL BONDS – 100.23% | | | | | | | | |
| Alabama – 3.02% | | | | | | | | |
Alabama Federal Aid Highway Finance Authority | | | | | | | | |
5.00%, 09/01/2031 | | $ | 4,845 | | | $ | 4,855 | |
Alabama Housing Finance Authority | | | | | | | | |
5.00%, 06/01/2026 (1) | | | 3,430 | | | | 3,449 | |
Alabama Public School & College Authority | | | | | | | | |
5.00%, 11/01/2025 | | | 5,000 | | | | 5,116 | |
5.00%, 06/01/2035 | | | 4,000 | | | | 4,024 | |
5.00%, 11/01/2035 | | | 6,400 | | | | 7,112 | |
Birmingham Airport Authority | | | | | | | | |
5.00%, 07/01/2028 | | | 700 | | | | 747 | |
5.00%, 07/01/2030 | | | 1,000 | | | | 1,102 | |
5.00%, 07/01/2031 | | | 350 | | | | 386 | |
5.00%, 07/01/2032 | | | 300 | | | | 331 | |
5.00%, 07/01/2034 | | | 800 | | | | 881 | |
Black Belt Energy Gas District | | | | | | | | |
4.00%, 12/01/2025 | | | 1,270 | | | | 1,272 | |
4.00%, 12/01/2049 (1) | | | 22,530 | | | | 22,542 | |
4.00%, 07/01/2052 (1) | | | 3,570 | | | | 3,591 | |
4.00%, 10/01/2052 (1) | | | 20,700 | | | | 20,747 | |
4.00%, 04/01/2053 (1) | | | 8,000 | | | | 8,024 | |
4.23% (SIFMA Municipal Swap Index Yield + 0.35%), 10/01/2052 (2) | | | 1,955 | | | | 1,928 | |
4.53% (SIFMA Municipal Swap Index Yield + 0.65%), 04/01/2053 (2) | | | 22,705 | | | | 22,479 | |
5.00%, 06/01/2027 | | | 1,585 | | | | 1,625 | |
5.00%, 06/01/2028 | | | 2,270 | | | | 2,347 | |
5.25%, 06/01/2027 | | | 1,300 | | | | 1,345 | |
5.25%, 12/01/2027 | | | 1,170 | | | | 1,218 | |
5.25%, 06/01/2028 | | | 1,540 | | | | 1,604 | |
5.25%, 12/01/2028 | | | 1,275 | | | | 1,333 | |
5.25%, 12/01/2053 (1) | | | 10,080 | | | | 10,898 | |
5.25%, 01/01/2054 (1) | | | 8,115 | | | | 8,691 | |
5.25%, 05/01/2055 (1) | | | 15,260 | | | | 16,582 | |
5.50%, 06/01/2049 (1) | | | 6,970 | | | | 7,397 | |
5.50%, 11/01/2053 (1) | | | 18,190 | | | | 19,307 | |
Cooper Green Mercy Health Services Authority | | | | | | | | |
5.00%, 09/01/2024 | | | 440 | | | | 441 | |
5.00%, 09/01/2025 | | | 475 | | | | 482 | |
5.00%, 09/01/2026 | | | 500 | | | | 513 | |
5.00%, 09/01/2028 | | | 550 | | | | 578 | |
County of Jefferson AL Sewer Revenue | | | | | | | | |
5.00%, 10/01/2028 | | | 2,000 | | | | 2,118 | |
5.00%, 10/01/2036 | | | 6,000 | | | | 6,681 | |
5.00%, 10/01/2037 | | | 6,000 | | | | 6,644 | |
5.00%, 10/01/2038 | | | 2,980 | | | | 3,276 | |
5.00%, 10/01/2039 | | | 4,420 | | | | 4,845 | |
5.25%, 10/01/2040 | | | 1,600 | | | | 1,774 | |
Energy Southeast A Cooperative District | | | | | | | | |
5.00%, 12/01/2027 | | | 250 | | | | 255 | |
5.00%, 06/01/2028 | | | 240 | | | | 245 | |
5.00%, 12/01/2029 | | | 1,250 | | | | 1,284 | |
5.00%, 12/01/2030 | | | 120 | | | | 124 | |
5.25%, 07/01/2054 (1) | | | 22,950 | | | | 24,551 | |
5.50%, 11/01/2053 (1) | | | 7,500 | | | | 8,075 | |
5.75%, 04/01/2054 (1) | | | 3,700 | | | | 4,065 | |
Health Care Authority of the City of Huntsville | | | | | | | | |
5.00%, 06/01/2036 | | | 2,600 | | | | 2,762 | |
5.00%, 06/01/2037 | | | 3,300 | | | | 3,490 | |
5.00%, 06/01/2053 (1) | | | 12,255 | | | | 13,080 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Alabama – 3.02% – (continued) | | | | | | | | |
Homewood Educational Building Authority | | | | | | | | |
4.00%, 12/01/2038 | | $ | 1,385 | | | $ | 1,323 | |
5.25%, 10/01/2039 | | | 1,220 | | | | 1,308 | |
5.50%, 10/01/2049 | | | 1,755 | | | | 1,854 | |
5.50%, 10/01/2054 | | | 1,420 | | | | 1,494 | |
Industrial Development Board of the City of Mobile Alabama | | | | | | | | |
1.00%, 06/01/2034 (1) | | | 3,870 | | | | 3,756 | |
Lower Alabama Gas District | | | | | | | | |
4.00%, 12/01/2050 (1) | | | 12,610 | | | | 12,617 | |
Mobile County Board of School Commissioners | | | | | | | | |
4.00%, 03/01/2034 | | | 1,315 | | | | 1,346 | |
4.00%, 03/01/2035 | | | 1,360 | | | | 1,382 | |
4.00%, 03/01/2039 | | | 1,700 | | | | 1,701 | |
4.00%, 03/01/2040 | | | 1,580 | | | | 1,572 | |
5.00%, 03/01/2028 | | | 1,030 | | | | 1,056 | |
5.00%, 03/01/2038 | | | 1,400 | | | | 1,530 | |
5.00%, 03/01/2039 | | | 1,720 | | | | 1,869 | |
Montgomery County Public Facilities Authority | | | | | | | | |
4.00%, 03/01/2038 | | | 685 | | | | 694 | |
4.00%, 03/01/2039 | | | 415 | | | | 419 | |
4.00%, 03/01/2041 | | | 400 | | | | 403 | |
Prichard Water Works & Sewer Board | | | | | | | | |
2.25%, 11/01/2027 | | | 210 | | | | 170 | |
2.38%, 11/01/2028 | | | 550 | | | | 420 | |
Southeast Alabama Gas Supply District | | | | | | | | |
5.00%, 06/01/2049 (1) | | | 30,750 | | | | 32,413 | |
5.00%, 08/01/2054 (1) | | | 32,000 | | | | 34,308 | |
Southeast Energy Authority A Cooperative District | | | | | | | | |
5.00%, 05/01/2053 (1) | | | 13,125 | | | | 13,636 | |
5.00%, 01/01/2054 (1) | | | 16,825 | | | | 17,762 | |
5.50%, 01/01/2053 (1) | | | 12,400 | | | | 13,290 | |
Town of Pike Road AL | | | | | | | | |
5.00%, 03/01/2041 | | | 1,795 | | | | 1,969 | |
5.00%, 03/01/2042 | | | 1,560 | | | | 1,705 | |
5.00%, 03/01/2048 | | | 7,415 | | | | 7,919 | |
Tuscaloosa County Industrial Development Authority | | | | | | | | |
5.25%, 05/01/2044 (3) | | | 2,250 | | | | 2,256 | |
Walker County Economic & Industrial Development Authority | | | | | | | | |
5.00%, 08/01/2063 (1) | | | 2,200 | | | | 2,200 | |
West Jefferson Industrial Development Board | | | | | | | | |
5.05%, 12/01/2038 (1) | | | 11,725 | | | | 11,725 | |
| | | | | | | | |
Total Alabama | | | | 440,313 | |
| | | | | | | | |
| Alaska – 0.15% | | | | | | | | |
Alaska Housing Finance Corp. | | | | | | | | |
3.00%, 06/01/2051 | | | 1,000 | | | | 960 | |
Alaska Industrial Development & Export Authority | | | | | | | | |
5.00%, 10/01/2030 | | | 1,385 | | | | 1,458 | |
Alaska Municipal Bond Bank Authority | | | | | | | | |
5.00%, 12/01/2033 | | | 2,270 | | | | 2,441 | |
5.00%, 12/01/2037 | | | 1,500 | | | | 1,602 | |
5.00%, 12/01/2040 | | | 2,500 | | | | 2,719 | |
5.00%, 12/01/2042 | | | 1,500 | | | | 1,569 | |
5.25%, 12/01/2035 | | | 1,715 | | | | 1,904 | |
5.25%, 12/01/2036 | | | 930 | | | | 1,029 | |
5.25%, 12/01/2037 | | | 975 | | | | 1,072 | |
5.25%, 12/01/2047 | | | 1,620 | | | | 1,694 | |
Borough of North Slope AK | | | | | | | | |
5.00%, 06/30/2026 | | | 500 | | | | 516 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Alaska – 0.15% – (continued) | | | | | | | | |
Municipality of Anchorage AK | | | | | | | | |
4.00%, 09/01/2040 | | $ | 1,500 | | | $ | 1,510 | |
Northern Tobacco Securitization Corp. | | | | | | | | |
4.00%, 06/01/2050 | | | 1,215 | | | | 1,220 | |
4.00%, 06/01/2050 | | | 3,145 | | | | 2,835 | |
| | | | | | | | |
Total Alaska | | | | 22,529 | |
| | | | | | | | |
| Arizona – 1.85% | | | | | | | | |
Arizona Board of Regents | | | | | | | | |
5.00%, 07/01/2042 | | | 500 | | | | 511 | |
Arizona Health Facilities Authority | | | | | | | | |
4.13% (SIFMA Municipal Swap Index Yield + 0.25%), 01/01/2046 (2) | | | 600 | | | | 600 | |
4.13% (SIFMA Municipal Swap Index Yield + 0.25%), 01/01/2046 (2) | | | 3,150 | | | | 3,118 | |
5.00%, 12/01/2039 | | | 1,150 | | | | 1,157 | |
Arizona Industrial Development Authority | | | | | | | | |
2.65%, 07/01/2026 | | | 255 | | | | 246 | |
3.00%, 12/15/2031 (3) | | | 360 | | | | 328 | |
3.63%, 05/20/2033 | | | 2,563 | | | | 2,407 | |
4.00%, 07/01/2031 | | | 275 | | | | 272 | |
4.00%, 07/01/2031 | | | 280 | | | | 276 | |
4.00%, 11/01/2039 | | | 1,140 | | | | 1,135 | |
5.00%, 02/01/2034 | | | 2,585 | | | | 2,876 | |
5.00%, 01/01/2042 (1) | | | 16,805 | | | | 17,141 | |
5.00%, 10/01/2044 (1) | | | 6,120 | | | | 6,227 | |
Chandler Industrial Development Authority | | | | | | | | |
3.80%, 12/01/2035 (1) | | | 13,850 | | | | 13,915 | |
4.00%, 06/01/2049 (1) | | | 8,800 | | | | 8,855 | |
5.00%, 09/01/2052 (1) | | | 20,560 | | | | 21,105 | |
City of Glendale AZ Excise Tax Revenue | | | | | | | | |
5.00%, 07/01/2030 | | | 1,780 | | | | 1,867 | |
City of Glendale AZ Water & Sewer Revenue | | | | | | | | |
5.00%, 07/01/2040 | | | 1,000 | | | | 1,128 | |
5.00%, 07/01/2044 | | | 1,000 | | | | 1,108 | |
City of Mesa AZ | | | | | | | | |
4.00%, 07/01/2028 | | | 1,265 | | | | 1,291 | |
City of Mesa AZ Utility System Revenue | | | | | | | | |
5.00%, 07/01/2043 | | | 2,500 | | | | 2,643 | |
City of Phoenix Civic Improvement Corp. | | | | | | | | |
5.00%, 07/01/2025 | | | 1,295 | | | | 1,317 | |
5.00%, 07/01/2026 | | | 1,675 | | | | 1,715 | |
5.00%, 07/01/2027 | | | 3,000 | | | | 3,103 | |
5.00%, 07/01/2028 | | | 1,070 | | | | 1,128 | |
5.00%, 07/01/2028 | | | 4,440 | | | | 4,646 | |
5.00%, 07/01/2029 | | | 725 | | | | 765 | |
5.00%, 07/01/2030 | | | 1,000 | | | | 1,068 | |
5.00%, 07/01/2031 | | | 725 | | | | 773 | |
5.00%, 07/01/2032 | | | 120 | | | | 128 | |
5.00%, 07/01/2032 | | | 5,595 | | | | 6,134 | |
5.00%, 07/01/2034 | | | 1,650 | | | | 1,902 | |
5.00%, 07/01/2035 | | | 1,885 | | | | 2,171 | |
5.00%, 07/01/2036 | | | 3,000 | | | | 3,125 | |
5.00%, 07/01/2036 | | | 4,210 | | | | 4,262 | |
5.00%, 07/01/2037 | | | 1,765 | | | | 1,787 | |
5.00%, 07/01/2039 | | | 4,700 | | | | 4,816 | |
5.00%, 07/01/2041 | | | 6,250 | | | | 7,014 | |
5.00%, 07/01/2042 | | | 540 | | | | 549 | |
5.00%, 07/01/2045 | | | 635 | | | | 660 | |
Gilbert Water Resource Municipal Property Corp. | | | | | | | | |
5.00%, 07/15/2032 | | | 1,370 | | | | 1,565 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Arizona – 1.85% – (continued) | | | | | | | | |
5.00%, 07/15/2033 | | $ | 1,920 | | | $ | 2,188 | |
5.00%, 07/15/2034 | | | 1,785 | | | | 2,032 | |
Glendale Industrial Development Authority | | | | | | | | |
5.00%, 05/15/2056 | | | 1,375 | | | | 1,232 | |
Industrial Development Authority of the City of Phoenix Arizona | | | | | | | | |
5.00%, 07/01/2033 | | | 415 | | | | 432 | |
5.00%, 07/01/2034 | | | 765 | | | | 795 | |
5.00%, 07/01/2038 | | | 1,295 | | | | 1,335 | |
5.13%, 02/01/2034 | | | 2,505 | | | | 2,358 | |
5.38%, 02/01/2041 | | | 3,580 | | | | 3,280 | |
Industrial Development Authority of the County of Yavapai | | | | | | | | |
4.25%, 03/01/2028 | | | 5,000 | | | | 5,000 | |
5.00%, 09/01/2034 (3) | | | 1,265 | | | | 1,267 | |
Maricopa County & Phoenix Industrial Development Authorities | | | | | | | | |
6.25%, 03/01/2055 | | | 3,125 | | | | 3,452 | |
Maricopa County Industrial Development Authority | | | | | | | | |
4.25%, 12/01/2031 (1) | | | 10,580 | | | | 10,580 | |
5.00%, 12/01/2033 | | | 2,230 | | | | 2,471 | |
5.00%, 12/01/2034 | | | 1,630 | | | | 1,802 | |
5.00%, 12/01/2035 | | | 2,495 | | | | 2,746 | |
5.00%, 12/01/2036 | | | 1,765 | | | | 1,940 | |
5.00%, 12/01/2037 | | | 690 | | | | 754 | |
5.00%, 12/01/2038 | | | 930 | | | | 1,017 | |
5.00%, 01/01/2046 (1) | | | 3,210 | | | | 3,288 | |
5.00%, 07/01/2047 | | | 1,000 | | | | 1,037 | |
5.75%, 01/01/2036 (3) | | | 1,500 | | | | 1,275 | |
6.00%, 01/01/2048 (3) | | | 1,155 | | | | 874 | |
Maricopa County School District No 83-Cartwright Elementary | | | | | | | | |
4.00%, 07/01/2036 | | | 1,315 | | | | 1,353 | |
4.00%, 07/01/2037 | | | 860 | | | | 881 | |
4.00%, 07/01/2038 | | | 500 | | | | 509 | |
4.00%, 07/01/2039 | | | 1,035 | | | | 1,045 | |
4.00%, 07/01/2040 | | | 1,090 | | | | 1,092 | |
Maricopa County Special Health Care District | | | | | | | | |
4.00%, 07/01/2035 | | | 805 | | | | 828 | |
4.00%, 07/01/2038 | | | 19,340 | | | | 19,411 | |
5.00%, 07/01/2025 | | | 5,000 | | | | 5,076 | |
5.00%, 07/01/2026 | | | 7,000 | | | | 7,233 | |
5.00%, 07/01/2033 | | | 6,555 | | | | 7,259 | |
Salt River Project Agricultural Improvement & Power District | | | | | | | | |
4.00%, 01/01/2038 | | | 15,035 | | | | 15,096 | |
4.00%, 01/01/2041 | | | 4,680 | | | | 4,704 | |
5.00%, 01/01/2033 | | | 1,000 | | | | 1,057 | |
5.00%, 12/01/2036 | | | 6,670 | | | | 6,742 | |
5.00%, 01/01/2038 | | | 3,985 | | | | 4,117 | |
University of Arizona | | | | | | | | |
5.00%, 06/01/2038 | | | 1,955 | | | | 2,094 | |
5.00%, 06/01/2046 | | | 2,000 | | | | 2,034 | |
Western Maricopa Education Center District No 402 | | | | | | | | |
5.00%, 07/01/2024 | | | 320 | | | | 320 | |
5.00%, 07/01/2025 | | | 1,410 | | | | 1,430 | |
| | | | | | | | |
Total Arizona | | | | 270,270 | |
| | | | | | | | |
| Arkansas – 0.35% | | | | | | | | |
Arkansas Development Finance Authority | | | | | | | | |
3.13%, 07/01/2036 | | | 180 | | | | 143 | |
4.00%, 07/01/2027 | | | 220 | | | | 216 | |
4.50%, 09/01/2049 (3) | | | 15,680 | | | | 15,425 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Arkansas – 0.35% – (continued) | | | | | | | | |
5.70%, 05/01/2053 | | $ | 3,175 | | | $ | 3,319 | |
6.88%, 07/01/2048 (3) | | | 7,500 | | | | 8,182 | |
7.38%, 07/01/2048 (3) | | | 8,400 | | | | 9,216 | |
City of Batesville AR Sales & Use Tax | | | | | | | | |
5.00%, 02/01/2039 | | | 1,810 | | | | 1,920 | |
County of Pulaski AR | | | | | | | | |
5.00%, 03/01/2036 | | | 1,000 | | | | 1,108 | |
5.00%, 03/01/2040 | | | 500 | | | | 543 | |
5.00%, 03/01/2042 | | | 1,225 | | | | 1,321 | |
Little Rock School District | | | | | | | | |
2.00%, 02/01/2036 | | | 4,275 | | | | 3,303 | |
University of Arkansas | | | | | | | | |
5.00%, 03/01/2033 | | | 5,845 | | | | 5,888 | |
5.00%, 11/01/2047 | | | 1,000 | | | | 1,029 | |
| | | | | | | | |
Total Arkansas | | | | 51,613 | |
| | | | | | | | |
| California – 7.17% | | | | | | | | |
Alameda Corridor Transportation Authority | | | | | | | | |
0.00%, 10/01/2053 | | | 2,620 | | | | 656 | |
5.00%, 10/01/2036 | | | 1,710 | | | | 1,763 | |
Alisal Union School District | | | | | | | | |
5.25%, 08/01/2042 | | | 740 | | | | 780 | |
Bay Area Toll Authority | | | | | | | | |
2.85%, 04/01/2047 (1) | | | 940 | | | | 930 | |
2.95%, 04/01/2047 (1) | | | 1,100 | | | | 1,078 | |
4.29% (SIFMA Municipal Swap Index Yield + 0.41%), 04/01/2056 (2) | | | 15,000 | | | | 14,709 | |
4.33% (SIFMA Municipal Swap Index Yield + 0.45%), 04/01/2056 (2) | | | 10,000 | | | | 9,949 | |
5.13% (SIFMA Municipal Swap Index Yield + 1.25%), 04/01/2036 (2) | | | 1,000 | | | | 1,008 | |
Burbank-Glendale-Pasadena Airport Authority Brick Campaign | | | | | | | | |
5.00%, 07/01/2033 | | | 5,515 | | | | 6,039 | |
5.00%, 07/01/2037 | | | 4,500 | | | | 4,940 | |
5.25%, 07/01/2042 | | | 1,550 | | | | 1,705 | |
California Community Choice Financing Authority | | | | | | | | |
4.00%, 02/01/2052 (1) | | | 1,250 | | | | 1,252 | |
5.00%, 07/01/2053 (1) | | | 12,010 | | | | 12,608 | |
5.25%, 01/01/2054 (1) | | | 14,325 | | | | 15,097 | |
5.50%, 10/01/2054 (1) | | | 5,000 | | | | 5,467 | |
California Community Housing Agency | | | | | | | | |
4.00%, 08/01/2051 (3) | | | 925 | | | | 471 | |
California County Tobacco Securitization Agency | | | | | | | | |
4.00%, 06/01/2034 | | | 400 | | | | 409 | |
4.00%, 06/01/2036 | | | 275 | | | | 280 | |
4.00%, 06/01/2037 | | | 275 | | | | 279 | |
4.00%, 06/01/2038 | | | 275 | | | | 277 | |
5.00%, 06/01/2026 | | | 215 | | | | 220 | |
California Health Facilities Financing Authority | | | | | | | | |
4.00%, 03/01/2033 | | | 11,945 | | | | 11,767 | |
4.00%, 04/01/2035 | | | 1,930 | | | | 1,949 | |
4.00%, 04/01/2045 | | | 2,000 | | | | 1,944 | |
5.00%, 08/15/2034 | | | 125 | | | | 129 | |
5.00%, 10/01/2039 (1) | | | 1,025 | | | | 1,060 | |
5.00%, 11/15/2061 (1) | | | 12,540 | | | | 13,858 | |
5.00%, 11/15/2061 (1) | | | 17,820 | | | | 19,157 | |
California Housing Finance Agency | | | | | | | | |
3.50%, 11/20/2035 | | | 7,721 | | | | 7,379 | |
4.00%, 03/20/2033 | | | 463 | | | | 466 | |
4.38%, 09/20/2036 | | | 3,157 | | | | 3,281 | |
California Infrastructure & Economic Development Bank | | | | | | | | |
1.20%, 12/01/2050 (1) | | | 1,250 | | | | 1,102 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 7.17% – (continued) | | | | | | | | |
3.25%, 08/01/2029 | | $ | 3,980 | | | $ | 3,904 | |
3.95%, 01/01/2050 (1)(3) | | | 45,135 | | | | 45,145 | |
5.00%, 07/01/2040 | | | 1,000 | | | | 1,084 | |
5.00%, 07/01/2041 | | | 4,150 | | | | 4,467 | |
5.00%, 07/01/2042 | | | 3,800 | | | | 4,080 | |
5.00%, 07/01/2043 | | | 2,850 | | | | 3,045 | |
5.00%, 07/01/2044 | | | 4,000 | | | | 4,262 | |
5.00%, 11/01/2044 | | | 555 | | | | 574 | |
5.25%, 07/01/2049 | | | 6,000 | | | | 6,429 | |
California Municipal Finance Authority | | | | | | | | |
3.88%, 03/01/2054 (1) | | | 2,915 | | | | 2,957 | |
4.00%, 07/15/2029 | | | 6,900 | | | | 6,893 | |
4.00%, 05/15/2036 | | | 2,750 | | | | 2,802 | |
4.13%, 10/01/2041 (1) | | | 6,000 | | | | 6,013 | |
4.38%, 09/01/2053 (1) | | | 1,670 | | | | 1,758 | |
5.00%, 08/01/2026 (1) | | | 4,000 | | | | 4,036 | |
5.00%, 08/15/2029 | | | 1,000 | | | | 1,059 | |
5.00%, 11/01/2033 | | | 765 | | | | 850 | |
5.00%, 08/15/2034 | | | 1,065 | | | | 1,125 | |
5.00%, 05/15/2042 | | | 1,180 | | | | 1,221 | |
5.25%, 11/01/2034 | | | 1,000 | | | | 1,121 | |
5.90%, 06/15/2044 (3) | | | 775 | | | | 820 | |
California Pollution Control Financing Authority | | | | | | | | |
4.13%, 07/01/2043 (1)(3) | | | 5,000 | | | | 4,997 | |
4.25%, 12/01/2027 | | | 4,500 | | | | 4,500 | |
California Public Finance Authority | | | | | | | | |
4.00%, 07/15/2041 | | | 2,800 | | | | 2,848 | |
California School Finance Authority | | | | | | | | |
2.00%, 10/01/2024 (3) | | | 285 | | | | 283 | |
3.00%, 10/01/2031 (3) | | | 215 | | | | 198 | |
4.00%, 11/01/2031 (3) | | | 500 | | | | 498 | |
4.00%, 11/01/2041 (3) | | | 980 | | | | 906 | |
California State Public Works Board | | | | | | | | |
5.00%, 08/01/2030 | | | 970 | | | | 1,077 | |
5.00%, 08/01/2033 | | | 1,800 | | | | 2,028 | |
5.00%, 09/01/2039 | | | 10,705 | | | | 10,725 | |
5.00%, 04/01/2042 | | | 1,390 | | | | 1,574 | |
5.00%, 04/01/2044 | | | 3,250 | | | | 3,652 | |
5.00%, 04/01/2045 | | | 3,045 | | | | 3,410 | |
California Statewide Communities Development Authority | | | | | | | | |
1.75%, 09/01/2029 | | | 750 | | | | 657 | |
4.00%, 09/02/2029 | | | 300 | | | | 296 | |
4.00%, 09/02/2031 | | | 300 | | | | 295 | |
4.00%, 05/15/2036 | | | 1,540 | | | | 1,566 | |
4.00%, 05/15/2037 | | | 3,595 | | | | 3,647 | |
4.00%, 05/15/2038 | | | 2,795 | | | | 2,822 | |
4.75%, 09/02/2033 | | | 500 | | | | 503 | |
5.00%, 04/01/2038 (1) | | | 3,000 | | | | 3,249 | |
5.00%, 02/01/2045 (4)(5) | | | 1,072 | | | | 750 | |
5.00%, 04/01/2046 (1) | | | 4,300 | | | | 4,657 | |
California Statewide Financing Authority | | | | | | | | |
6.00%, 05/01/2043 | | | 1,015 | | | | 1,037 | |
Castaic Lake Water Agency | | | | | | | | |
0.00%, 08/01/2028 | | | 2,205 | | | | 1,929 | |
City of Beaumont CA | | | | | | | | |
5.00%, 09/01/2049 | | | 1,000 | | | | 1,027 | |
City of Los Angeles Department of Airports | | | | | | | | |
4.00%, 05/15/2035 | | | 685 | | | | 694 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 7.17% – (continued) | | | | | | | | |
4.00%, 05/15/2036 | | $ | 800 | | | $ | 808 | |
4.00%, 05/15/2037 | | | 850 | | | | 856 | |
4.00%, 05/15/2038 | | | 460 | | | | 473 | |
4.00%, 05/15/2038 | | | 750 | | | | 751 | |
4.00%, 05/15/2038 | | | 8,235 | | | | 8,242 | |
4.00%, 05/15/2039 | | | 775 | | | | 763 | |
4.00%, 05/15/2039 | | | 11,305 | | | | 11,131 | |
4.00%, 05/15/2040 | | | 750 | | | | 737 | |
4.00%, 05/15/2041 | | | 800 | | | | 780 | |
4.75%, 05/15/2035 | | | 8,340 | | | | 8,399 | |
5.00%, 05/15/2026 | | | 520 | | | | 534 | |
5.00%, 05/15/2028 | | | 1,150 | | | | 1,206 | |
5.00%, 05/15/2031 | | | 2,325 | | | | 2,432 | |
5.00%, 05/15/2033 | | | 1,600 | | | | 1,758 | |
5.00%, 05/15/2034 | | | 130 | | | | 142 | |
5.00%, 05/15/2034 | | | 1,860 | | | | 2,007 | |
5.00%, 05/15/2034 | | | 2,295 | | | | 2,494 | |
5.00%, 05/15/2035 | | | 1,510 | | | | 1,594 | |
5.00%, 05/15/2035 | | | 9,725 | | | | 10,080 | |
5.00%, 05/15/2036 | | | 145 | | | | 158 | |
5.00%, 05/15/2036 | | | 2,515 | | | | 2,616 | |
5.00%, 05/15/2036 | | | 2,585 | | | | 2,801 | |
5.00%, 05/15/2037 | | | 2,000 | | | | 2,152 | |
5.00%, 05/15/2038 | | | 3,705 | | | | 3,960 | |
5.00%, 05/15/2040 | | | 1,095 | | | | 1,102 | |
5.00%, 05/15/2041 | | | 2,255 | | | | 2,385 | |
5.00%, 05/15/2041 | | | 9,890 | | | | 10,025 | |
5.25%, 05/15/2031 | | | 4,805 | | | | 5,074 | |
5.25%, 05/15/2032 | | | 1,000 | | | | 1,056 | |
5.50%, 05/15/2036 | | | 3,500 | | | | 3,968 | |
City of Rancho Cordova CA | | | | | | | | |
5.00%, 09/01/2035 | | | 1,155 | | | | 1,282 | |
5.00%, 09/01/2036 | | | 1,255 | | | | 1,391 | |
5.00%, 09/01/2037 | | | 2,705 | | | | 2,984 | |
City of Rocklin CA | | | | | | | | |
4.00%, 09/01/2043 | | | 1,500 | | | | 1,510 | |
City of Sacramento CA North Natomas Community Facilities District No 4 | | | | | | | | |
5.00%, 09/01/2031 | | | 3,270 | | | | 3,625 | |
City of San Mateo CA | | | | | | | | |
5.25%, 09/01/2035 | | | 2,930 | | | | 3,292 | |
Corona Community Facilities District | | | | | | | | |
5.00%, 09/01/2027 | | | 100 | | | | 104 | |
5.25%, 09/01/2034 | | | 185 | | | | 201 | |
County of Los Angeles CA Community Facilities District No 2021-01 | | | | | | | | |
5.00%, 09/01/2029 | | | 150 | | | | 159 | |
5.00%, 09/01/2031 | | | 225 | | | | 241 | |
5.00%, 09/01/2034 | | | 335 | | | | 359 | |
5.00%, 09/01/2036 | | | 560 | | | | 598 | |
County of Placer CA Community Facilities District | | | | | | | | |
4.00%, 09/01/2046 | | | 2,450 | | | | 2,223 | |
County of Sacramento CA Airport System Revenue | | | | | | | | |
5.00%, 07/01/2041 | | | 1,000 | | | | 1,021 | |
CSCDA Community Improvement Authority | | | | | | | | |
3.00%, 09/01/2056 (3) | | | 6,565 | | | | 4,672 | |
3.25%, 04/01/2057 (3) | | | 1,185 | | | | 888 | |
4.00%, 12/01/2059 (3) | | | 255 | | | | 169 | |
Dignity Health | | | | | | | | |
3.81%, 11/01/2024 | | | 1,025 | | | | 1,017 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 7.17% – (continued) | | | | | | | | |
East Bay Municipal Utility District Water System Revenue | | | | | | | | |
5.00%, 06/01/2038 | | $ | 2,500 | | | $ | 2,859 | |
5.00%, 06/01/2044 | | | 1,250 | | | | 1,415 | |
5.00%, 06/01/2049 | | | 2,000 | | | | 2,218 | |
Fontana Unified School District | | | | | | | | |
2.38%, 08/01/2044 | | | 1,500 | | | | 1,048 | |
Foothill-de Anza Community College District | | | | | | | | |
5.00%, 04/01/2035 | | | 250 | | | | 251 | |
5.00%, 04/01/2036 | | | 200 | | | | 201 | |
Golden State Tobacco Securitization Corp. | | | | | | | | |
0.00%, 06/01/2066 | | | 48,125 | | | | 5,350 | |
Hercules Redevelopment Agency Successor Agency | | | | | | | | |
5.00%, 08/01/2037 | | | 2,050 | | | | 2,276 | |
5.00%, 08/01/2042 | | | 630 | | | | 683 | |
Indian Wells Redevelopment Agency Successor Agency | | | | | | | | |
5.00%, 09/01/2033 | | | 2,185 | | | | 2,263 | |
Kern Community College District | | | | | | | | |
5.25%, 08/01/2036 | | | 1,150 | | | | 1,347 | |
Los Angeles Community College District | | | | | | | | |
4.00%, 08/01/2036 | | | 10,020 | | | | 10,050 | |
5.00%, 08/01/2032 | | | 5,000 | | | | 5,764 | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | | | | | | | | |
4.00%, 06/01/2035 | | | 2,500 | | | | 2,628 | |
Los Angeles County Public Works Financing Authority | | | | | | | | |
5.00%, 12/01/2029 | | | 1,200 | | | | 1,228 | |
5.00%, 12/01/2030 | | | 2,520 | | | | 2,578 | |
Los Angeles Department of Water & Power | | | | | | | | |
4.65%, 07/01/2048 (1) | | | 44,100 | | | | 44,100 | |
5.00%, 07/01/2039 | | | 2,500 | | | | 2,815 | |
5.00%, 07/01/2039 | | | 12,645 | | | | 13,949 | |
5.00%, 07/01/2040 | | | 9,185 | | | | 10,064 | |
5.00%, 07/01/2042 | | | 4,495 | | | | 4,583 | |
Los Angeles Unified School District | | | | | | | | |
4.00%, 07/01/2036 | | | 6,190 | | | | 6,434 | |
4.00%, 07/01/2037 | | | 3,000 | | | | 3,101 | |
5.00%, 07/01/2025 | | | 3,115 | | | | 3,171 | |
5.00%, 07/01/2027 | | | 10,000 | | | | 10,566 | |
5.00%, 07/01/2030 | | | 5,210 | | | | 5,801 | |
5.00%, 07/01/2033 | | | 5,450 | | | | 6,327 | |
5.00%, 07/01/2034 | | | 3,560 | | | | 4,199 | |
Madera Unified School District | | | | | | | | |
4.00%, 08/01/2044 | | | 1,250 | | | | 1,252 | |
Mendocino-Lake Community College District | | | | | | | | |
5.00%, 08/01/2027 | | | 1,700 | | | | 1,737 | |
5.00%, 08/01/2028 | | | 1,000 | | | | 1,020 | |
5.00%, 08/01/2029 | | | 775 | | | | 791 | |
5.00%, 08/01/2030 | | | 2,530 | | | | 2,581 | |
Mount Diablo Unified School District | | | | | | | | |
4.00%, 08/01/2026 | | | 1,225 | | | | 1,249 | |
4.00%, 08/01/2030 | | | 1,445 | | | | 1,529 | |
Napa Valley Community College District | | | | | | | | |
4.00%, 08/01/2033 | | | 2,500 | | | | 2,525 | |
Norman Y Mineta San Jose International Airport SJC | | | | | | | | |
5.00%, 03/01/2028 | | | 1,340 | | | | 1,375 | |
5.00%, 03/01/2030 | | | 1,700 | | | | 1,749 | |
5.00%, 03/01/2042 | | | 1,390 | | | | 1,440 | |
Northern California Energy Authority | | | | | | | | |
5.00%, 08/01/2027 | | | 1,000 | | | | 1,028 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 7.17% – (continued) | | | | | | | | |
5.00%, 08/01/2029 | | $ | 1,600 | | | $ | 1,676 | |
5.00%, 08/01/2030 | | | 2,500 | | | | 2,636 | |
5.00%, 12/01/2054 (1) | | | 5,900 | | | | 6,320 | |
Oakland Unified School District/Alameda County | | | | | | | | |
4.00%, 08/01/2046 | | | 2,815 | | | | 2,765 | |
Orange County Sanitation District | | | | | | | | |
5.00%, 02/01/2036 | | | 5,000 | | | | 5,006 | |
Port of Los Angeles | | | | | | | | |
5.00%, 08/01/2027 | | | 1,810 | | | | 1,812 | |
Port of Oakland | | | | | | | | |
5.00%, 05/01/2026 | | | 5 | | | | 5 | |
5.00%, 05/01/2026 | | | 1,165 | | | | 1,193 | |
5.00%, 05/01/2028 | | | 20 | | | | 21 | |
5.00%, 05/01/2028 | | | 1,855 | | | | 1,943 | |
5.00%, 05/01/2029 | | | 5 | | | | 5 | |
5.00%, 05/01/2029 | | | 1,870 | | | | 1,982 | |
5.00%, 11/01/2029 | | | 1,875 | | | | 1,997 | |
Regents of the University of California Medical Center Pooled Revenue | | | | | | | | |
5.00%, 05/15/2039 | | | 15,000 | | | | 16,839 | |
Romoland School District | | | | | | | | |
5.00%, 09/01/2043 | | | 440 | | | | 458 | |
Sacramento City Financing Authority | | | | | | | | |
5.00%, 12/01/2033 | | | 875 | | | | 894 | |
Sacramento City Unified School District | | | | | | | | |
5.00%, 07/01/2031 | | | 1,740 | | | | 1,954 | |
San Diego County Regional Airport Authority | | | | | | | | |
5.00%, 07/01/2030 | | | 205 | | | | 219 | |
5.00%, 07/01/2037 | | | 6,000 | | | | 6,460 | |
5.00%, 07/01/2038 | | | 6,100 | | | | 6,536 | |
5.00%, 07/01/2039 | | | 1,315 | | | | 1,435 | |
5.00%, 07/01/2040 | | | 1,235 | | | | 1,340 | |
San Francisco City & County Airport Comm-San Francisco International Airport | | | | | | | | |
5.00%, 05/01/2028 | | | 19,550 | | | | 20,415 | |
5.00%, 05/01/2032 | | | 3,000 | | | | 3,271 | |
5.00%, 05/01/2033 | | | 40,000 | | | | 43,993 | |
5.00%, 05/01/2037 | | | 945 | | | | 993 | |
5.00%, 05/01/2039 | | | 7,000 | | | | 7,666 | |
5.25%, 05/01/2040 | | | 43,150 | | | | 48,127 | |
5.25%, 05/01/2043 | | | 2,090 | | | | 2,293 | |
5.25%, 05/01/2044 | | | 2,490 | | | | 2,722 | |
San Joaquin Hills Transportation Corridor Agency | | | | | | | | |
5.25%, 01/15/2044 | | | 2,000 | | | | 2,013 | |
5.25%, 01/15/2049 | | | 5,260 | | | | 5,290 | |
Santa Clara Unified School District | | | | | | | | |
3.25%, 07/01/2044 | | | 5,000 | | | | 4,470 | |
Southern California Public Power Authority | | | | | | | | |
5.00%, 04/01/2055 (1) | | | 11,785 | | | | 12,483 | |
State of California | | | | | | | | |
4.00%, 10/01/2025 | | | 2,240 | | | | 2,266 | |
4.00%, 03/01/2026 | | | 375 | | | | 381 | |
4.00%, 10/01/2026 | | | 2,740 | | | | 2,790 | |
4.00%, 10/01/2033 | | | 2,900 | | | | 3,053 | |
4.00%, 10/01/2036 | | | 6,300 | | | | 6,501 | |
4.00%, 11/01/2036 | | | 2,735 | | | | 2,839 | |
5.00%, 10/01/2025 | | | 1,280 | | | | 1,310 | |
5.00%, 09/01/2026 | | | 2,000 | | | | 2,077 | |
5.00%, 08/01/2027 | | | 620 | | | | 631 | |
5.00%, 11/01/2028 | | | 8,000 | | | | 8,628 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 7.17% – (continued) | | | | | | | | |
5.00%, 08/01/2029 | | $ | 935 | | | $ | 966 | |
5.00%, 09/01/2029 | | | 370 | | | | 383 | |
5.00%, 11/01/2029 | | | 3,170 | | | | 3,351 | |
5.00%, 04/01/2030 | | | 5,130 | | | | 5,668 | |
5.00%, 08/01/2030 | | | 3,500 | | | | 3,613 | |
5.00%, 08/01/2030 | | | 3,910 | | | | 4,112 | |
5.00%, 04/01/2035 | | | 980 | | | | 1,053 | |
5.00%, 09/01/2035 | | | 1,365 | | | | 1,564 | |
5.00%, 10/01/2037 | | | 15,000 | | | | 16,831 | |
5.00%, 09/01/2041 | | | 7,200 | | | | 7,960 | |
5.00%, 09/01/2041 | | | 14,000 | | | | 15,917 | |
5.00%, 10/01/2041 | | | 19,860 | | | | 21,848 | |
5.00%, 09/01/2042 | | | 19,300 | | | | 21,507 | |
State of California Department of Water Resources | | | | | | | | |
5.00%, 12/01/2025 | | | 1,500 | | | | 1,543 | |
5.00%, 12/01/2033 | | | 8,530 | | | | 9,650 | |
University of California | | | | | | | | |
4.70%, 05/15/2048 (1) | | | 43,500 | | | | 43,500 | |
5.00%, 05/15/2039 | | | 20,000 | | | | 22,839 | |
5.50%, 05/15/2040 | | | 14,250 | | | | 16,700 | |
| | | | | | | | |
Total California | | | | 1,043,957 | |
| | | | | | | | |
| Colorado – 1.98% | | | | | | | | |
Adams 12 Five Star Schools | | | | | | | | |
5.00%, 12/15/2028 | | | 2,050 | | | | 2,133 | |
5.00%, 12/15/2030 | | | 3,500 | | | | 3,639 | |
Arapahoe County School District No 5 Cherry Creek | | | | | | | | |
2.00%, 12/15/2026 | | | 1,500 | | | | 1,421 | |
2.30%, 12/15/2028 | | | 2,500 | | | | 2,302 | |
Arapahoe County School District No 6 Littleton | | | | | | | | |
5.50%, 12/01/2033 | | | 1,150 | | | | 1,263 | |
5.50%, 12/01/2043 | | | 1,750 | | | | 1,884 | |
Arkansas River Power Authority | | | | | | | | |
5.00%, 10/01/2031 | | | 750 | | | | 771 | |
5.00%, 10/01/2032 | | | 2,645 | | | | 2,719 | |
5.00%, 10/01/2038 | | | 4,665 | | | | 4,779 | |
5.00%, 10/01/2043 | | | 5,000 | | | | 5,085 | |
Boulder Larimer & Weld Counties St Vrain Valley School District Re1J | | | | | | | | |
5.00%, 12/15/2036 | | | 1,500 | | | | 1,566 | |
City & County of Denver CO Airport System Revenue | | | | | | | | |
5.00%, 11/15/2027 | | | 8,200 | | | | 8,517 | |
5.00%, 11/15/2029 | | | 3,105 | | | | 3,223 | |
5.00%, 12/01/2029 | | | 1,130 | | | | 1,187 | |
5.00%, 12/01/2031 | | | 11,885 | | | | 12,388 | |
5.00%, 11/15/2032 | | | 2,175 | | | | 2,419 | |
5.00%, 12/01/2035 | | | 420 | | | | 437 | |
5.00%, 12/01/2043 | | | 5,350 | | | | 5,492 | |
5.50%, 11/15/2031 | | | 6,030 | | | | 6,789 | |
5.50%, 11/15/2032 | | | 1,660 | | | | 1,893 | |
5.50%, 11/15/2033 | | | 1,865 | | | | 2,137 | |
5.50%, 11/15/2035 | | | 4,500 | | | | 5,137 | |
5.50%, 11/15/2038 | | | 1,565 | | | | 1,765 | |
5.50%, 11/15/2042 | | | 2,760 | | | | 3,064 | |
5.75%, 11/15/2034 | | | 960 | | | | 1,123 | |
5.75%, 11/15/2035 | | | 890 | | | | 1,043 | |
5.75%, 11/15/2040 | | | 6,500 | | | | 7,441 | |
5.75%, 11/15/2041 | | | 1,300 | | | | 1,482 | |
City & County of Denver CO Pledged Excise Tax Revenue | | | | | | | | |
5.00%, 08/01/2044 | | | 2,685 | | | | 2,725 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Colorado – 1.98% – (continued) | | | | | | | | |
City of Colorado Springs CO Utilities System Revenue | | | | | | | | |
5.00%, 11/15/2042 | | $ | 1,550 | | | $ | 1,599 | |
Colorado Bridge & Tunnel Enterprise | | | | | | | | |
5.00%, 12/01/2042 | | | 1,300 | | | | 1,435 | |
5.00%, 12/01/2044 | | | 1,250 | | | | 1,368 | |
5.25%, 12/01/2049 | | | 2,340 | | | | 2,587 | |
Colorado Educational & Cultural Facilities Authority | | | | | | | | |
4.00%, 06/01/2026 | | | 535 | | | | 534 | |
4.00%, 06/01/2028 | | | 580 | | | | 579 | |
4.00%, 05/01/2030 | | | 65 | | | | 65 | |
4.00%, 06/01/2030 | | | 325 | | | | 324 | |
4.00%, 06/01/2032 | | | 340 | | | | 338 | |
4.00%, 05/01/2036 | | | 75 | | | | 73 | |
Colorado Health Facilities Authority | | | | | | | | |
2.13%, 05/15/2028 | | | 750 | | | | 719 | |
4.00%, 01/01/2035 | | | 2,495 | | | | 2,525 | |
4.00%, 08/01/2044 | | | 1,520 | | | | 1,479 | |
5.00%, 11/01/2025 | | | 1,715 | | | | 1,747 | |
5.00%, 11/01/2026 | | | 1,330 | | | | 1,368 | |
5.00%, 08/01/2027 | | | 1,000 | | | | 1,047 | |
5.00%, 08/01/2028 | | | 1,000 | | | | 1,063 | |
5.00%, 05/15/2031 | | | 1,000 | | | | 1,118 | |
5.00%, 05/15/2032 | | | 1,000 | | | | 1,133 | |
5.00%, 05/15/2033 | | | 5,500 | | | | 6,198 | |
5.00%, 05/15/2036 | | | 5,800 | | | | 6,515 | |
5.00%, 11/15/2041 | | | 2,500 | | | | 2,533 | |
5.00%, 08/01/2044 | | | 6,110 | | | | 6,291 | |
5.00%, 08/01/2049 (1) | | | 1,330 | | | | 1,356 | |
5.00%, 11/15/2049 (1) | | | 235 | | | | 244 | |
5.00%, 11/15/2049 (1) | | | 2,350 | | | | 2,424 | |
5.00%, 11/15/2057 (1) | | | 23,865 | | | | 26,729 | |
5.00%, 11/15/2059 (1) | | | 4,980 | | | | 5,368 | |
5.00%, 11/15/2059 (1) | | | 5,405 | | | | 5,937 | |
5.00%, 05/15/2062 (1) | | | 3,295 | | | | 3,391 | |
5.00%, 05/15/2062 (1) | | | 4,415 | | | | 4,678 | |
5.25%, 11/01/2038 | | | 1,100 | | | | 1,227 | |
5.25%, 11/01/2039 | | | 1,000 | | | | 1,112 | |
Colorado Housing & Finance Authority | | | | | | | | |
4.25%, 11/01/2049 | | | 285 | | | | 285 | |
4.25%, 11/01/2049 | | | 560 | | | | 559 | |
Denver City & County School District No 1 | | | | | | | | |
5.00%, 12/01/2039 | | | 10,000 | | | | 11,137 | |
Denver Convention Center Hotel Authority | | | | | | | | |
5.00%, 12/01/2030 | | | 1,000 | | | | 1,022 | |
E-470 Public Highway Authority | | | | | | | | |
3.93% (SOFR + 0.35%), 09/01/2039 (2) | | | 2,195 | | | | 2,194 | |
4.33% (SOFR + 0.75%), 09/01/2039 (2) | | | 10,735 | | | | 10,737 | |
Eagle County Airport Terminal Corp. | | | | | | | | |
5.00%, 05/01/2033 | | | 4,000 | | | | 4,089 | |
Fiddlers Business Improvement District | | | | | | | | |
5.00%, 12/01/2032 (3) | | | 1,190 | | | | 1,219 | |
Ground Water Management Subdistrict of Central Colorado Water Conservancy Distributors | | | | | | | | |
4.00%, 12/01/2040 | | | 2,735 | | | | 2,660 | |
Mesa County Valley School District No 51 Grand Junction CO | | | | | | | | |
5.25%, 12/01/2033 | | | 2,000 | | | | 2,125 | |
Morgan Hill Metropolitan District No 3 | | | | | | | | |
3.00%, 12/01/2031 | | | 490 | | | | 412 | |
Reata South Metropolitan District | | | | | | | | |
5.38%, 12/01/2037 | | | 1,915 | | | | 1,942 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Colorado – 1.98% – (continued) | | | | | | | | |
Regional Transportation District | | | | | | | | |
4.00%, 01/15/2033 | | $ | 850 | | | $ | 861 | |
4.00%, 07/15/2033 | | | 270 | | | | 275 | |
4.00%, 07/15/2034 | | | 750 | | | | 760 | |
5.00%, 06/01/2031 | | | 1,315 | | | | 1,418 | |
5.00%, 07/15/2032 | | | 600 | | | | 646 | |
Reunion Metropolitan District | | | | | | | | |
3.63%, 12/01/2044 | | | 1,637 | | | | 1,255 | |
Sierra Ridge Metropolitan District No 2 | | | | | | | | |
4.00%, 12/01/2042 | | | 1,035 | | | | 999 | |
Southlands Metropolitan District No 1 | | | | | | | | |
3.50%, 12/01/2027 | | | 500 | | | | 481 | |
State of Colorado | | | | | | | | |
4.00%, 12/15/2035 | | | 7,400 | | | | 7,600 | |
4.00%, 12/15/2037 | | | 1,800 | | | | 1,819 | |
6.00%, 12/15/2038 | | | 7,700 | | | | 9,249 | |
6.00%, 12/15/2040 | | | 3,630 | | | | 4,326 | |
6.00%, 12/15/2041 | | | 3,370 | | | | 4,000 | |
STC Metropolitan District No 2 | | | | | | | | |
3.00%, 12/01/2025 | | | 555 | | | | 543 | |
University of Colorado | | | | | | | | |
2.00%, 06/01/2051 (1) | | | 1,310 | | | | 1,250 | |
2.00%, 06/01/2051 (1) | | | 1,545 | | | | 1,506 | |
2.00%, 06/01/2054 (1) | | | 5,955 | | | | 5,924 | |
5.00%, 06/01/2047 | | | 500 | | | | 516 | |
University of Colorado Hospital Authority | | | | | | | | |
5.00%, 11/15/2047 (1) | | | 9,530 | | | | 9,546 | |
Vauxmont Metropolitan District | | | | | | | | |
5.00%, 12/01/2024 | | | 200 | | | | 201 | |
5.00%, 12/15/2024 | | | 135 | | | | 136 | |
5.00%, 12/01/2025 | | | 180 | | | | 184 | |
5.00%, 12/15/2025 | | | 85 | | | | 87 | |
5.00%, 12/01/2026 | | | 195 | | | | 202 | |
5.00%, 12/01/2027 | | | 205 | | | | 215 | |
5.00%, 12/01/2028 | | | 210 | | | | 223 | |
5.00%, 12/15/2028 | | | 130 | | | | 135 | |
5.00%, 12/01/2029 | | | 210 | | | | 226 | |
5.00%, 12/15/2029 | | | 5 | | | | 5 | |
5.00%, 12/15/2030 | | | 125 | | | | 129 | |
5.00%, 12/01/2031 | | | 230 | | | | 248 | |
5.00%, 12/01/2032 | | | 250 | | | | 270 | |
5.00%, 12/01/2035 | | | 100 | | | | 108 | |
VDW Metropolitan District No 2 | | | | | | | | |
4.00%, 12/01/2045 | | | 885 | | | | 818 | |
Weld County School District No RE-2 Eaton | | | | | | | | |
5.00%, 12/01/2037 | | | 2,280 | | | | 2,469 | |
Weld County School District No RE-4 | | | | | | | | |
5.00%, 12/01/2042 | | | 1,000 | | | | 1,106 | |
| | | | | | | | |
Total Colorado | | | | 289,045 | |
| | | | | | | | |
| Connecticut – 2.42% | | | | | | | | |
City of Bridgeport CT | | | | | | | | |
4.00%, 06/01/2037 | | | 2,460 | | | | 2,484 | |
4.00%, 09/01/2042 | | | 995 | | | | 990 | |
5.00%, 09/15/2029 | | | 2,600 | | | | 2,817 | |
5.00%, 09/15/2030 | | | 2,250 | | | | 2,438 | |
5.00%, 06/01/2033 | | | 1,985 | | | | 2,165 | |
5.00%, 09/01/2040 | | | 1,380 | | | | 1,481 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Connecticut – 2.42% – (continued) | | | | | | | | |
City of Danbury CT | | | | | | | | |
5.00%, 09/24/2024 (3) | | $ | 8,155 | | | $ | 8,175 | |
City of Hartford CT | | | | | | | | |
5.00%, 07/15/2026 | | | 2,430 | | | | 2,473 | |
City of New Britain CT | | | | | | | | |
5.00%, 03/01/2027 | | | 1,260 | | | | 1,307 | |
5.00%, 03/01/2028 | | | 1,490 | | | | 1,548 | |
5.00%, 03/01/2033 | | | 1,900 | | | | 1,977 | |
City of New Haven CT | | | | | | | | |
4.00%, 08/01/2037 | | | 1,000 | | | | 1,011 | |
5.00%, 08/15/2029 | | | 2,000 | | | | 2,059 | |
5.00%, 08/15/2031 | | | 1,000 | | | | 1,028 | |
City of West Haven CT | | | | | | | | |
4.00%, 09/15/2030 | | | 300 | | | | 308 | |
4.00%, 09/15/2031 | | | 325 | | | | 331 | |
Connecticut Housing Finance Authority | | | | | | | | |
3.00%, 11/15/2050 | | | 4,175 | | | | 4,045 | |
3.00%, 05/15/2051 | | | 6,605 | | | | 6,371 | |
4.40%, 05/15/2066 (1) | | | 6,355 | | | | 6,381 | |
5.00%, 05/15/2025 | | | 1,995 | | | | 2,016 | |
5.00%, 11/15/2025 | | | 1,270 | | | | 1,292 | |
5.00%, 05/15/2026 | | | 1,290 | | | | 1,322 | |
5.00%, 11/15/2026 | | | 600 | | | | 619 | |
5.00%, 05/15/2027 | | | 675 | | | | 702 | |
5.00%, 11/15/2027 | | | 550 | | | | 576 | |
5.00%, 05/15/2028 | | | 700 | | | | 739 | |
5.00%, 11/15/2028 | | | 750 | | | | 793 | |
5.00%, 05/15/2029 | | | 720 | | | | 769 | |
5.00%, 11/15/2029 | | | 1,000 | | | | 1,075 | |
Connecticut State Health & Educational Facilities Authority | | | | | | | | |
0.38%, 07/01/2035 (1) | | | 10,885 | | | | 10,868 | |
1.10%, 07/01/2033 (1) | | | 22,000 | | | | 21,572 | |
1.80%, 07/01/2049 (1) | | | 2,005 | | | | 2,005 | |
2.00%, 07/01/2042 (1) | | | 6,470 | | | | 6,251 | |
2.95%, 07/01/2049 (1) | | | 6,570 | | | | 6,459 | |
3.20%, 07/01/2037 (1) | | | 5,365 | | | | 5,338 | |
4.00%, 07/01/2032 | | | 250 | | | | 259 | |
4.00%, 07/01/2033 | | | 265 | | | | 273 | |
4.00%, 07/01/2034 | | | 275 | | | | 282 | |
4.00%, 07/01/2035 | | | 250 | | | | 256 | |
4.00%, 07/01/2036 | | | 200 | | | | 203 | |
4.00%, 07/01/2046 | | | 880 | | | | 785 | |
5.00%, 11/01/2024 | | | 475 | | | | 477 | |
5.00%, 07/01/2025 (3) | | | 435 | | | | 430 | |
5.00%, 11/01/2028 | | | 1,245 | | | | 1,334 | |
5.00%, 07/01/2029 | | | 150 | | | | 161 | |
5.00%, 07/01/2029 (3) | | | 440 | | | | 424 | |
5.00%, 07/01/2029 | | | 1,000 | | | | 1,053 | |
5.00%, 07/01/2030 | | | 175 | | | | 190 | |
5.00%, 07/01/2031 | | | 250 | | | | 274 | |
5.00%, 07/01/2031 | | | 2,500 | | | | 2,508 | |
5.00%, 07/01/2032 | | | 700 | | | | 755 | |
5.00%, 07/01/2032 | | | 2,000 | | | | 2,127 | |
5.00%, 07/01/2033 | | | 235 | | | | 260 | |
5.00%, 07/01/2033 | | | 600 | | | | 646 | |
5.00%, 07/01/2033 | | | 2,730 | | | | 2,912 | |
5.00%, 07/01/2034 | | | 320 | | | | 353 | |
5.00%, 07/01/2034 | | | 700 | | | | 755 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Connecticut – 2.42% – (continued) | | | | | | | | |
5.00%, 07/01/2035 | | $ | 350 | | | $ | 386 | |
5.00%, 07/01/2035 | | | 950 | | | | 1,023 | |
5.00%, 07/01/2036 | | | 360 | | | | 395 | |
5.00%, 07/01/2036 | | | 1,000 | | | | 1,074 | |
5.00%, 07/01/2037 | | | 390 | | | | 426 | |
5.00%, 07/01/2039 (3) | | | 1,500 | | | | 1,471 | |
5.00%, 07/01/2039 | | | 3,275 | | | | 3,530 | |
5.00%, 07/01/2049 (3) | | | 1,550 | | | | 1,297 | |
5.00%, 07/01/2049 (1) | | | 29,685 | | | | 31,882 | |
5.00%, 07/01/2053 (1) | | | 2,625 | | | | 2,691 | |
5.00%, 07/01/2053 (1) | | | 3,445 | | | | 3,458 | |
Metropolitan District | | | | | | | | |
4.00%, 09/01/2037 | | | 3,980 | | | | 4,101 | |
4.00%, 09/01/2038 | | | 3,000 | | | | 3,061 | |
State of Connecticut | | | | | | | | |
3.00%, 01/15/2032 | | | 3,030 | | | | 2,871 | |
3.00%, 01/15/2039 | | | 1,475 | | | | 1,309 | |
4.00%, 01/15/2036 | | | 2,605 | | | | 2,696 | |
4.00%, 04/15/2037 | | | 3,075 | | | | 3,087 | |
4.00%, 01/15/2039 | | | 5,000 | | | | 5,108 | |
4.00%, 01/15/2039 | | | 8,835 | | | | 8,973 | |
5.00%, 01/15/2026 | | | 850 | | | | 873 | |
5.00%, 04/15/2026 | | | 1,500 | | | | 1,547 | |
5.00%, 08/01/2026 | | | 2,800 | | | | 2,904 | |
5.00%, 06/15/2027 | | | 1,680 | | | | 1,702 | |
5.00%, 08/01/2027 | | | 2,315 | | | | 2,443 | |
5.00%, 09/15/2027 | | | 1,000 | | | | 1,057 | |
5.00%, 04/15/2030 | | | 565 | | | | 610 | |
5.00%, 06/15/2032 | | | 500 | | | | 567 | |
5.00%, 06/15/2032 | | | 710 | | | | 719 | |
5.00%, 09/15/2032 | | | 325 | | | | 370 | |
5.00%, 09/15/2033 | | | 4,500 | | | | 4,835 | |
5.00%, 04/15/2034 | | | 645 | | | | 695 | |
5.00%, 04/15/2035 | | | 225 | | | | 243 | |
5.00%, 04/15/2035 | | | 4,895 | | | | 5,166 | |
5.00%, 06/15/2035 | | | 300 | | | | 339 | |
5.00%, 06/15/2035 | | | 2,500 | | | | 2,645 | |
5.00%, 09/15/2035 | | | 2,000 | | | | 2,122 | |
5.00%, 04/15/2036 | | | 2,300 | | | | 2,475 | |
5.00%, 06/15/2038 | | | 700 | | | | 781 | |
5.00%, 01/15/2040 | | | 8,325 | | | | 8,956 | |
5.00%, 01/15/2042 | | | 8,780 | | | | 9,605 | |
State of Connecticut Special Tax Revenue | | | | | | | | |
4.00%, 05/01/2036 | | | 1,220 | | | | 1,256 | |
4.00%, 05/01/2038 | | | 830 | | | | 847 | |
4.00%, 05/01/2039 | | | 3,680 | | | | 3,733 | |
4.00%, 05/01/2040 | | | 7,545 | | | | 7,583 | |
4.00%, 11/01/2040 | | | 4,240 | | | | 4,265 | |
5.00%, 05/01/2030 | | | 2,000 | | | | 2,205 | |
5.00%, 10/01/2031 | | | 6,440 | | | | 6,847 | |
5.00%, 05/01/2033 | | | 2,250 | | | | 2,473 | |
5.00%, 05/01/2034 | | | 3,400 | | | | 3,735 | |
5.00%, 05/01/2034 | | | 8,900 | | | | 9,916 | |
5.00%, 05/01/2035 | | | 2,800 | | | | 3,113 | |
5.00%, 01/01/2038 | | | 1,500 | | | | 1,571 | |
5.00%, 07/01/2038 | | | 6,500 | | | | 7,298 | |
5.00%, 07/01/2039 | | | 6,000 | | | | 6,721 | |
5.00%, 05/01/2041 | | | 5,515 | | | | 6,013 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Connecticut – 2.42% – (continued) | | | | | | | | |
5.25%, 07/01/2040 | | $ | 3,500 | | | $ | 3,963 | |
5.25%, 07/01/2042 | | | 2,500 | | | | 2,806 | |
Town of Hamden CT | | | | | | | | |
5.00%, 08/15/2026 | | | 500 | | | | 501 | |
5.00%, 08/15/2026 | | | 1,335 | | | | 1,372 | |
5.00%, 08/01/2030 | | | 500 | | | | 543 | |
Town of North Branford CT | | | | | | | | |
5.00%, 08/02/2024 | | | 5,945 | | | | 5,951 | |
Town of Stratford CT | | | | | | | | |
4.00%, 01/01/2038 | | | 1,920 | | | | 1,927 | |
University of Connecticut | | | | | | | | |
5.00%, 11/01/2028 | | | 1,290 | | | | 1,388 | |
5.00%, 05/01/2042 | | | 5,000 | | | | 5,491 | |
5.25%, 11/15/2034 | | | 3,705 | | | | 3,981 | |
| | | | | | | | |
Total Connecticut | | | | 353,494 | |
| | | | | | | | |
| Delaware – 0.16% | | | | | | | | |
Delaware River & Bay Authority | | | | | | | | |
4.00%, 01/01/2042 | | | 185 | | | | 186 | |
4.00%, 01/01/2046 | | | 1,100 | | | | 1,104 | |
5.00%, 01/01/2029 | | | 350 | | | | 378 | |
5.00%, 01/01/2032 | | | 500 | | | | 562 | |
5.00%, 01/01/2035 | | | 350 | | | | 391 | |
Delaware State Economic Development Authority | | | | | | | | |
1.05%, 01/01/2031 (1) | | | 1,130 | | | | 1,097 | |
Delaware State Housing Authority | | | | | | | | |
5.75%, 01/01/2055 | | | 7,710 | | | | 8,318 | |
6.00%, 01/01/2055 | | | 4,485 | | | | 4,902 | |
Delaware Transportation Authority | | | | | | | | |
5.00%, 07/01/2032 | | | 3,210 | | | | 3,561 | |
5.00%, 09/01/2035 | | | 1,000 | | | | 1,104 | |
State of Delaware | | | | | | | | |
3.50%, 03/01/2033 | | | 1,150 | | | | 1,151 | |
Town of Bridgeville DE | | | | | | | | |
5.25%, 07/01/2044 (3) | | | 875 | | | | 913 | |
| | | | | | | | |
Total Delaware | | | | 23,667 | |
| | | | | | | | |
| District of Columbia – 1.67% | | | | | | | | |
District of Columbia | | | | | | | | |
4.00%, 02/01/2037 | | | 2,860 | | | | 2,961 | |
5.00%, 06/01/2034 | | | 1,000 | | | | 1,012 | |
5.00%, 06/01/2034 | | | 2,100 | | | | 2,195 | |
5.00%, 06/01/2037 | | | 3,095 | | | | 3,129 | |
5.00%, 06/01/2038 | | | 3,000 | | | | 3,030 | |
5.00%, 06/01/2042 | | | 2,000 | | | | 2,071 | |
District of Columbia Housing Finance Agency | | | | | | | | |
5.00%, 07/01/2026 (1) | | | 10,000 | | | | 10,077 | |
5.00%, 12/01/2026 (1) | | | 3,725 | | | | 3,766 | |
5.00%, 10/01/2041 (1) | | | 5,500 | | | | 5,593 | |
District of Columbia Income Tax Revenue | | | | | | | | |
5.00%, 10/01/2029 | | | 5,000 | | | | 5,481 | |
5.00%, 12/01/2033 | | | 5,270 | | | | 6,052 | |
5.00%, 03/01/2035 | | | 3,770 | | | | 4,107 | |
District of Columbia Water & Sewer Authority | | | | | | | | |
1.75%, 10/01/2054 (1) | | | 23,840 | | | | 23,666 | |
3.00%, 10/01/2057 (1) | | | 8,715 | | | | 8,527 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| District of Columbia – 1.67% – (continued) | | | | | | | | |
Metropolitan Washington Airports Authority Aviation Revenue | | | | | | | | |
4.00%, 10/01/2037 | | $ | 570 | | | $ | 571 | |
4.00%, 10/01/2038 | | | 635 | | | | 634 | |
5.00%, 10/01/2024 | | | 1,325 | | | | 1,328 | |
5.00%, 10/01/2025 | | | 1,185 | | | | 1,211 | |
5.00%, 10/01/2025 | | | 5,500 | | | | 5,590 | |
5.00%, 10/01/2026 | | | 13,500 | | | | 13,890 | |
5.00%, 10/01/2027 | | | 500 | | | | 519 | |
5.00%, 10/01/2028 | | | 4,150 | | | | 4,348 | |
5.00%, 10/01/2028 | | | 24,875 | | | | 26,053 | |
5.00%, 10/01/2029 | | | 4,155 | | | | 4,345 | |
5.00%, 10/01/2029 | | | 5,325 | | | | 5,619 | |
5.00%, 10/01/2030 | | | 2,530 | | | | 2,697 | |
5.00%, 10/01/2030 | | | 5,280 | | | | 5,472 | |
5.00%, 10/01/2030 | | | 7,500 | | | | 7,996 | |
5.00%, 10/01/2031 | | | 4,305 | | | | 4,631 | |
5.00%, 10/01/2032 | | | 5,000 | | | | 5,107 | |
5.00%, 10/01/2032 | | | 5,000 | | | | 5,226 | |
5.00%, 10/01/2032 | | | 11,490 | | | | 12,360 | |
5.00%, 10/01/2033 | | | 6,230 | | | | 6,701 | |
5.00%, 10/01/2033 | | | 12,925 | | | | 14,125 | |
5.00%, 10/01/2034 | | | 1,520 | | | | 1,635 | |
5.00%, 10/01/2034 | | | 5,100 | | | | 5,531 | |
5.00%, 10/01/2035 | | | 1,350 | | | | 1,450 | |
5.00%, 10/01/2036 | | | 1,075 | | | | 1,152 | |
5.00%, 10/01/2037 | | | 1,000 | | | | 1,032 | |
5.00%, 10/01/2038 | | | 1,855 | | | | 1,985 | |
5.00%, 10/01/2039 | | | 3,130 | | | | 3,359 | |
5.00%, 10/01/2042 | | | 3,000 | | | | 3,198 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | | | | | | | | |
0.00%, 10/01/2032 | | | 3,145 | | | | 2,290 | |
4.00%, 10/01/2038 | | | 415 | | | | 418 | |
5.00%, 10/01/2034 | | | 1,500 | | | | 1,595 | |
Washington Metropolitan Area Transit Authority | | | | | | | | |
5.00%, 07/01/2032 | | | 1,255 | | | | 1,303 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue | | | | | | | | |
5.00%, 07/15/2036 | | | 2,550 | | | | 2,909 | |
5.00%, 07/15/2037 | | | 2,300 | | | | 2,536 | |
5.00%, 07/15/2038 | | | 1,785 | | | | 2,014 | |
5.00%, 07/15/2039 | | | 1,445 | | | | 1,622 | |
| | | | | | | | |
Total District of Columbia | | | | 244,119 | |
| | | | | | | | |
| Florida – 4.95% | | | | | | | | |
Alachua County School Board | | | | | | | | |
5.00%, 07/01/2027 | | | 1,155 | | | | 1,212 | |
5.00%, 07/01/2030 | | | 2,140 | | | | 2,356 | |
Antillia Community Development District | | | | | | | | |
5.60%, 05/01/2044 | | | 710 | | | | 720 | |
Artisan Lakes East Community Development District | | | | | | | | |
2.75%, 05/01/2031 | | | 250 | | | | 227 | |
2.75%, 05/01/2031 (3) | | | 270 | | | | 245 | |
Astonia Community Development District | | | | | | | | |
2.50%, 05/01/2026 (3) | | | 125 | | | | 121 | |
3.00%, 05/01/2031 (3) | | | 205 | | | | 190 | |
Ave Maria Stewardship Community District | | | | | | | | |
2.88%, 05/01/2027 | | | 805 | | | | 783 | |
4.00%, 05/01/2042 | | | 2,500 | | | | 2,212 | |
4.50%, 05/01/2033 (3) | | | 570 | | | | 575 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
Babcock Ranch Community Independent Special District | | | | | | | | |
2.38%, 05/01/2026 | | $ | 60 | | | $ | 58 | |
2.88%, 05/01/2031 | | | 250 | | | | 227 | |
5.00%, 05/01/2042 | | | 1,920 | | | | 1,923 | |
5.00%, 05/01/2053 | | | 1,440 | | | | 1,406 | |
Berry Bay Community Development District | | | | | | | | |
2.63%, 05/01/2026 | | | 100 | | | | 97 | |
Brevard County Health Facilities Authority | | | | | | | | |
5.00%, 04/01/2037 | | | 2,285 | | | | 2,523 | |
5.00%, 04/01/2040 | | | 5,000 | | | | 5,379 | |
Capital Projects Finance Authority | | | | | | | | |
5.00%, 10/01/2024 | | | 550 | | | | 550 | |
5.00%, 10/01/2025 | | | 2,630 | | | | 2,647 | |
5.00%, 10/01/2026 | | | 1,275 | | | | 1,290 | |
5.00%, 10/01/2027 | | | 1,750 | | | | 1,783 | |
Capital Trust Agency, Inc. | | | | | | | | |
5.00%, 12/15/2039 | | | 1,270 | | | | 1,272 | |
5.35%, 07/01/2029 | | | 245 | | | | 245 | |
Celebration Community Development District | | | | | | | | |
2.75%, 05/01/2031 | | | 120 | | | | 112 | |
Central Florida Expressway Authority | | | | | | | | |
4.00%, 07/01/2039 | | | 1,525 | | | | 1,540 | |
5.00%, 07/01/2026 | | | 1,375 | | | | 1,421 | |
5.00%, 07/01/2035 | | | 5,000 | | | | 5,404 | |
CFM Community Development District | | | | | | | | |
2.88%, 05/01/2031 | | | 420 | | | | 381 | |
Charles Cove Community Development District | | | | | | | | |
3.00%, 05/01/2031 | | | 280 | | | | 256 | |
Citizens Property Insurance, Inc. | | | | | | | | |
5.00%, 06/01/2025 | | | 19,595 | | | | 19,714 | |
City of Fort Lauderdale FL Water & Sewer Revenue | | | | | | | | |
4.00%, 03/01/2038 | | | 2,400 | | | | 2,423 | |
5.00%, 09/01/2040 | | | 1,000 | | | | 1,120 | |
City of Gainesville FL Utilities System Revenue | | | | | | | | |
5.00%, 10/01/2044 | | | 3,500 | | | | 3,658 | |
City of Jacksonville FL | | | | | | | | |
5.00%, 10/01/2026 | | | 475 | | | | 494 | |
5.00%, 10/01/2027 | | | 380 | | | | 401 | |
5.00%, 08/15/2028 | | | 3,045 | | | | 3,241 | |
5.00%, 10/01/2028 | | | 755 | | | | 810 | |
5.00%, 08/15/2029 | | | 2,500 | | | | 2,704 | |
5.00%, 10/01/2029 | | | 655 | | | | 714 | |
5.00%, 08/15/2030 | | | 1,700 | | | | 1,829 | |
5.00%, 10/01/2030 | | | 615 | | | | 681 | |
5.00%, 08/15/2031 | | | 2,250 | | | | 2,425 | |
5.00%, 08/15/2032 | | | 1,200 | | | | 1,294 | |
5.00%, 10/01/2032 | | | 565 | | | | 643 | |
5.00%, 08/15/2033 | | | 1,200 | | | | 1,293 | |
City of Miami Beach FL | | | | | | | | |
5.00%, 09/01/2045 | | | 1,650 | | | | 1,660 | |
City of Miami Gardens FL | | | | | | | | |
5.00%, 07/01/2034 | | | 1,725 | | | | 1,725 | |
City of Orlando FL | | | | | | | | |
5.00%, 10/01/2031 | | | 1,120 | | | | 1,211 | |
5.00%, 10/01/2032 | | | 1,300 | | | | 1,340 | |
5.00%, 10/01/2032 | | | 1,680 | | | | 1,819 | |
5.00%, 10/01/2035 | | | 1,200 | | | | 1,299 | |
5.00%, 10/01/2036 | | | 1,000 | | | | 1,081 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
City of Orlando FL Tourist Development Tax Revenue | | | | | | | | |
5.00%, 11/01/2029 | | $ | 2,000 | | | $ | 2,084 | |
City of Palmetto FL | | | | | | | | |
4.25%, 06/01/2027 | | | 160 | | | | 160 | |
5.00%, 06/01/2032 | | | 400 | | | | 418 | |
City Of South Miami Health Facilities Authority, Inc. | | | | | | | | |
5.00%, 08/15/2024 | | | 400 | | | | 401 | |
5.00%, 08/15/2025 | | | 700 | | | | 712 | |
City of Tallahassee FL | | | | | | | | |
5.00%, 12/01/2026 | | | 1,380 | | | | 1,396 | |
City of Tampa FL | | | | | | | | |
4.00%, 07/01/2045 | | | 2,975 | | | | 2,850 | |
5.00%, 07/01/2037 | | | 1,785 | | | | 1,811 | |
5.25%, 05/01/2046 | | | 2,985 | | | | 3,116 | |
Cobblestone Community Development District | | | | | | | | |
3.40%, 05/01/2027 | | | 45 | | | | 44 | |
Collier County Educational Facilities Authority | | | | | | | | |
5.50%, 06/01/2033 | | | 2,625 | | | | 2,756 | |
Collier County Industrial Development Authority | | | | | | | | |
5.00%, 10/01/2054 (1) | | | 670 | | | | 711 | |
5.00%, 10/01/2054 (1) | | | 845 | | | | 910 | |
Collier County Water-Sewer District | | | | | | | | |
4.00%, 07/01/2040 | | | 4,095 | | | | 4,172 | |
Cordova Palms Community Development District | | | | | | | | |
2.40%, 05/01/2026 | | | 95 | | | | 92 | |
2.80%, 05/01/2031 | | | 165 | | | | 149 | |
4.50%, 05/01/2027 | | | 115 | | | | 115 | |
5.10%, 05/01/2032 | | | 170 | | | | 175 | |
5.30%, 05/01/2032 | | | 85 | | | | 87 | |
County of Brevard FL | | | | | | | | |
5.50%, 09/01/2048 | | | 6,615 | | | | 7,264 | |
County of Broward FL Airport System Revenue | | | | | | | | |
5.00%, 10/01/2025 | | | 2,125 | | | | 2,155 | |
5.00%, 10/01/2026 | | | 1,000 | | | | 1,026 | |
5.00%, 10/01/2026 | | | 3,665 | | | | 3,759 | |
5.00%, 10/01/2027 | | | 1,650 | | | | 1,711 | |
5.00%, 10/01/2027 | | | 3,500 | | | | 3,630 | |
5.00%, 10/01/2028 | | | 1,500 | | | | 1,574 | |
5.00%, 10/01/2029 | | | 500 | | | | 507 | |
5.00%, 10/01/2029 | | | 1,150 | | | | 1,217 | |
5.00%, 10/01/2030 | | | 405 | | | | 420 | |
5.00%, 10/01/2031 | | | 1,525 | | | | 1,604 | |
5.00%, 10/01/2036 | | | 1,500 | | | | 1,545 | |
5.00%, 10/01/2038 | | | 1,420 | | | | 1,480 | |
5.00%, 10/01/2040 | | | 12,425 | | | | 12,511 | |
County of Broward FL Port Facilities Revenue | | | | | | | | |
4.00%, 09/01/2036 | | | 1,000 | | | | 1,008 | |
5.00%, 09/01/2030 | | | 310 | | | | 337 | |
5.00%, 09/01/2030 | | | 1,780 | | | | 1,876 | |
5.00%, 09/01/2032 | | | 265 | | | | 286 | |
5.00%, 09/01/2034 | | | 1,925 | | | | 2,028 | |
5.00%, 09/01/2035 | | | 2,000 | | | | 2,105 | |
County of Broward FL Tourist Development Tax Revenue | | | | | | | | |
4.00%, 09/01/2039 | | | 4,500 | | | | 4,538 | |
County of Clay FL Sales Surtax Revenue | | | | | | | | |
5.00%, 10/01/2026 | | | 1,170 | | | | 1,215 | |
5.00%, 10/01/2030 | | | 1,680 | | | | 1,833 | |
5.00%, 10/01/2031 | | | 1,375 | | | | 1,502 | |
5.00%, 10/01/2035 | | | 1,805 | | | | 1,976 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
County of Hillsborough FL Community Investment Tax Revenue | | | | | | | | |
5.00%, 11/01/2025 | | $ | 1,800 | | | $ | 1,839 | |
County of Lee FL Airport Revenue | | | | | | | | |
5.00%, 10/01/2039 | | | 7,240 | | | | 7,691 | |
County of Lee FL Solid Waste System Revenue | | | | | | | | |
5.00%, 10/01/2025 | | | 3,045 | | | | 3,067 | |
County of Miami-Dade FL | | | | | | | | |
5.00%, 07/01/2037 | | | 1,500 | | | | 1,532 | |
5.00%, 07/01/2038 | | | 1,060 | | | | 1,081 | |
County of Miami-Dade FL Aviation Revenue | | | | | | | | |
4.00%, 10/01/2034 | | | 1,600 | | | | 1,636 | |
4.00%, 10/01/2038 | | | 1,900 | | | | 1,906 | |
4.00%, 10/01/2040 | | | 1,450 | | | | 1,451 | |
5.00%, 10/01/2029 | | | 625 | | | | 626 | |
5.00%, 10/01/2030 | | | 250 | | | | 275 | |
5.00%, 10/01/2031 | | | 7,500 | | | | 7,511 | |
5.00%, 10/01/2033 | | | 24,105 | | | | 24,134 | |
5.00%, 10/01/2034 | | | 5,520 | | | | 5,528 | |
5.00%, 10/01/2035 | | | 1,000 | | | | 1,001 | |
5.00%, 10/01/2037 | | | 2,990 | | | | 2,996 | |
5.00%, 10/01/2038 | | | 490 | | | | 493 | |
5.00%, 10/01/2040 | | | 20,320 | | | | 20,670 | |
County of Miami-Dade FL Transit System | | | | | | | | |
5.00%, 07/01/2044 | | | 9,540 | | | | 10,350 | |
County of Miami-Dade FL Water & Sewer System Revenue | | | | | | | | |
3.00%, 10/01/2036 | | | 1,600 | | | | 1,426 | |
4.00%, 10/01/2040 | | | 6,000 | | | | 6,007 | |
County of Miami-Dade Seaport Department | | | | | | | | |
4.00%, 10/01/2038 | | | 1,000 | | | | 1,013 | |
4.00%, 10/01/2039 | | | 7,000 | | | | 7,060 | |
4.00%, 10/01/2040 | | | 6,000 | | | | 5,818 | |
4.00%, 10/01/2041 | | | 10,000 | | | | 9,969 | |
County of Palm Beach FL | | | | | | | | |
5.00%, 05/01/2029 | | | 1,915 | | | | 1,969 | |
County of Pasco FL | | | | | | | | |
5.25%, 09/01/2032 | | | 550 | | | | 620 | |
5.25%, 09/01/2033 | | | 750 | | | | 847 | |
5.25%, 09/01/2034 | | | 675 | | | | 763 | |
5.25%, 09/01/2035 | | | 585 | | | | 663 | |
5.50%, 09/01/2037 | | | 1,550 | | | | 1,775 | |
5.50%, 09/01/2038 | | | 2,820 | | | | 3,210 | |
5.50%, 09/01/2039 | | | 500 | | | | 566 | |
5.50%, 09/01/2040 | | | 1,250 | | | | 1,408 | |
Creek Preserve Community Development District | | | | | | | | |
4.25%, 11/01/2030 (3) | | | 685 | | | | 684 | |
Duval County Public Schools | | | | | | | | |
5.00%, 07/01/2031 | | | 8,280 | | | | 9,109 | |
5.00%, 07/01/2032 | | | 5,500 | | | | 6,047 | |
5.00%, 07/01/2033 | | | 5,860 | | | | 6,425 | |
5.00%, 07/01/2034 | | | 8,350 | | | | 9,138 | |
5.00%, 07/01/2035 | | | 11,000 | | | | 12,006 | |
East Nassau Stewardship District | | | | | | | | |
3.00%, 05/01/2031 | | | 240 | | | | 219 | |
Elevation Pointe Community Development District | | | | | | | | |
3.90%, 05/01/2027 | | | 50 | | | | 50 | |
4.13%, 05/01/2032 | | | 250 | | | | 246 | |
4.40%, 05/01/2032 | | | 1,100 | | | | 1,092 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
Entrada Community Development District | | | | | | | | |
2.13%, 05/01/2026 (3) | | $ | 190 | | | $ | 184 | |
Epperson North Community Development District | | | | | | | | |
2.45%, 11/01/2026 | | | 120 | | | | 115 | |
2.50%, 05/01/2026 | | | 40 | | | | 39 | |
3.00%, 05/01/2031 | | | 140 | | | | 128 | |
3.10%, 11/01/2031 | | | 185 | | | | 169 | |
Escambia County Health Facilities Authority | | | | | | | | |
4.00%, 08/15/2045 | | | 1,305 | | | | 1,178 | |
Esplanade Lake Club Community Development District | | | | | | | | |
3.25%, 11/01/2025 | | | 155 | | | | 153 | |
Florida Department of Management Services | | | | | | | | |
3.00%, 11/01/2035 | | | 1,810 | | | | 1,687 | |
Florida Development Finance Corp. | | | | | | | | |
3.00%, 07/01/2031 (3) | | | 275 | | | | 256 | |
3.00%, 06/01/2032 | | | 795 | | | | 692 | |
4.00%, 06/01/2026 (3) | | | 110 | | | | 108 | |
4.00%, 07/01/2031 | | | 170 | | | | 169 | |
5.00%, 04/01/2029 | | | 250 | | | | 266 | |
5.00%, 05/01/2029 (3) | | | 2,915 | | | | 2,957 | |
5.00%, 06/01/2031 (3) | | | 140 | | | | 140 | |
5.00%, 06/15/2032 | | | 545 | | | | 561 | |
5.00%, 02/01/2033 | | | 1,000 | | | | 1,019 | |
5.00%, 06/01/2035 (3) | | | 125 | | | | 124 | |
5.00%, 07/01/2035 | | | 1,085 | | | | 1,142 | |
5.00%, 02/01/2037 | | | 1,750 | | | | 1,775 | |
5.00%, 06/15/2038 | | | 860 | | | | 878 | |
5.00%, 07/01/2041 | | | 2,670 | | | | 2,764 | |
5.00%, 07/01/2044 | | | 2,715 | | | | 2,858 | |
5.00%, 06/15/2056 | | | 2,570 | | | | 2,581 | |
5.00%, 08/01/2056 (1) | | | 6,185 | | | | 6,650 | |
Florida Higher Educational Facilities Financial Authority | | | | | | | | |
5.00%, 10/01/2029 | | | 1,000 | | | | 1,034 | |
5.00%, 10/01/2033 | | | 1,000 | | | | 1,027 | |
Florida Housing Finance Corp. | | | | | | | | |
3.50%, 07/01/2051 | | | 1,820 | | | | 1,789 | |
4.50%, 05/01/2026 (1) | | | 9,742 | | | | 9,756 | |
6.25%, 07/01/2055 | | | 5,000 | | | | 5,542 | |
Florida Municipal Power Agency | | | | | | | | |
3.00%, 10/01/2032 | | | 1,000 | | | | 922 | |
5.00%, 10/01/2025 | | | 3,475 | | | | 3,539 | |
Fort Pierce Utilities Authority | | | | | | | | |
5.00%, 10/01/2031 | | | 200 | | | | 221 | |
5.00%, 10/01/2032 | | | 150 | | | | 167 | |
5.00%, 10/01/2033 | | | 200 | | | | 222 | |
5.00%, 10/01/2035 | | | 250 | | | | 278 | |
Greater Orlando Aviation Authority | | | | | | | | |
5.00%, 10/01/2031 | | | 2,000 | | | | 2,024 | |
5.00%, 10/01/2033 | | | 5,020 | | | | 5,080 | |
5.00%, 10/01/2034 | | | 11,000 | | | | 11,624 | |
5.00%, 10/01/2038 | | | 5,500 | | | | 5,760 | |
Highlands County Health Facilities Authority | | | | | | | | |
5.00%, 11/15/2059 (1) | | | 4,435 | | | | 4,866 | |
Hillsborough County Aviation Authority | | | | | | | | |
5.00%, 10/01/2025 | | | 2,300 | | | | 2,338 | |
5.00%, 10/01/2031 | | | 4,400 | | | | 4,407 | |
5.00%, 10/01/2032 | | | 375 | | | | 402 | |
5.00%, 10/01/2032 | | | 2,500 | | | | 2,504 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
5.00%, 10/01/2033 | | $ | 465 | | | $ | 499 | |
5.00%, 10/01/2034 | | | 2,150 | | | | 2,307 | |
5.00%, 10/01/2035 | | | 2,275 | | | | 2,440 | |
5.00%, 10/01/2036 | | | 2,650 | | | | 2,832 | |
5.00%, 10/01/2037 | | | 700 | | | | 728 | |
5.00%, 10/01/2040 | | | 12,500 | | | | 12,545 | |
Hillsborough County Port District | | | | | | | | |
5.00%, 06/01/2038 | | | 900 | | | | 931 | |
Hillsborough County School Board | | | | | | | | |
5.00%, 07/01/2029 | | | 1,795 | | | | 1,922 | |
Hilltop Point Community Development District | | | | | | | | |
5.00%, 05/01/2033 | | | 200 | | | | 203 | |
Hyde Park Community Development District No 1 | | | | | | | | |
3.25%, 05/01/2027 | | | 260 | | | | 254 | |
3.60%, 05/01/2032 | | | 505 | | | | 477 | |
JEA Electric System Revenue | | | | | | | | |
4.00%, 10/01/2038 | | | 10,830 | | | | 10,752 | |
4.00%, 10/01/2039 | | | 10,550 | | | | 10,398 | |
5.00%, 10/01/2026 | | | 1,120 | | | | 1,161 | |
5.00%, 10/01/2031 | | | 1,360 | | | | 1,473 | |
5.00%, 10/01/2033 | | | 2,130 | | | | 2,311 | |
5.00%, 10/01/2034 | | | 1,215 | | | | 1,319 | |
JEA Water & Sewer System Revenue | | | | | | | | |
5.25%, 10/01/2049 | | | 11,755 | | | | 13,074 | |
Lakes of Sarasota Community Development District | | | | | | | | |
3.63%, 05/01/2031 | | | 130 | | | | 126 | |
3.88%, 05/01/2031 | | | 285 | | | | 281 | |
4.13%, 05/01/2031 | | | 1,000 | | | | 991 | |
Lakewood Ranch Stewardship District | | | | | | | | |
2.30%, 05/01/2026 | | | 95 | | | | 92 | |
2.50%, 05/01/2025 (3) | | | 135 | | | | 133 | |
2.63%, 05/01/2031 | | | 300 | | | | 269 | |
3.13%, 05/01/2030 (3) | | | 310 | | | | 292 | |
3.13%, 05/01/2041 | | | 645 | | | | 520 | |
5.30%, 05/01/2044 | | | 485 | | | | 490 | |
Laurel Road Community Development District | | | | | | | | |
3.00%, 05/01/2031 | | | 350 | | | | 313 | |
3.13%, 05/01/2031 | | | 735 | | | | 662 | |
Lee County Industrial Development Authority | | | | | | | | |
5.00%, 11/15/2039 | | | 1,850 | | | | 1,929 | |
Lee County School Board | | | | | | | | |
5.00%, 08/01/2028 | | | 3,275 | | | | 3,497 | |
Lee Memorial Health System | | | | | | | | |
5.00%, 04/01/2033 (1) | | | 5,350 | | | | 5,428 | |
5.00%, 04/01/2035 | | | 6,575 | | | | 6,956 | |
5.00%, 04/01/2037 | | | 2,060 | | | | 2,166 | |
Live Oak Lake Community Development District | | | | | | | | |
3.80%, 05/01/2030 | | | 1,745 | | | | 1,689 | |
LT Ranch Community Development District | | | | | | | | |
3.00%, 05/01/2025 | | | 100 | | | | 99 | |
5.50%, 05/01/2044 | | | 1,000 | | | | 1,014 | |
Manatee County School District | | | | | | | | |
5.00%, 10/01/2025 | | | 520 | | | | 530 | |
5.00%, 10/01/2029 | | | 1,250 | | | | 1,291 | |
5.00%, 10/01/2030 | | | 1,250 | | | | 1,290 | |
Marion County School Board | | | | | | | | |
5.00%, 06/01/2026 | | | 1,455 | | | | 1,473 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
Meadow View at Twin Creeks Community Development District | | | | | | | | |
3.00%, 05/01/2031 | | $ | 310 | | | $ | 284 | |
Miami-Dade County Expressway Authority | | | | | | | | |
5.00%, 07/01/2030 | | | 1,225 | | | | 1,252 | |
Miami-Dade County Health Facilities Authority | | | | | | | | |
5.00%, 08/01/2025 | | | 110 | | | | 112 | |
5.00%, 08/01/2026 | | | 155 | | | | 159 | |
5.00%, 08/01/2027 | | | 345 | | | | 357 | |
5.00%, 08/01/2028 | | | 400 | | | | 415 | |
5.00%, 08/01/2028 | | | 460 | | | | 481 | |
5.00%, 08/01/2029 | | | 480 | | | | 497 | |
5.00%, 08/01/2030 | | | 680 | | | | 703 | |
5.00%, 08/01/2030 | | | 1,050 | | | | 1,113 | |
5.00%, 08/01/2032 | | | 750 | | | | 775 | |
Mid-Bay Bridge Authority | | | | | | | | |
5.00%, 10/01/2040 | | | 1,375 | | | | 1,386 | |
Midtown Miami Community Development District | | | | | | | | |
5.00%, 05/01/2037 | | | 965 | | | | 965 | |
Mirada II Community Development District | | | | | | | | |
2.50%, 05/01/2026 | | | 205 | | | | 198 | |
Monroe County School District | | | | | | | | |
5.00%, 06/01/2033 | | | 540 | | | | 564 | |
5.00%, 06/01/2035 | | | 500 | | | | 524 | |
North AR-1 Pasco Community Development District | | | | | | | | |
2.63%, 05/01/2026 | | | 105 | | | | 102 | |
North Springs Improvement District | | | | | | | | |
4.00%, 05/01/2041 | | | 2,000 | | | | 2,011 | |
Orange County Convention Center/Orlando | | | | | | | | |
5.00%, 10/01/2028 | | | 1,485 | | | | 1,587 | |
Orange County School Board | | | | | | | | |
5.00%, 08/01/2029 | | | 1,000 | | | | 1,018 | |
5.00%, 08/01/2033 | | | 1,740 | | | | 1,795 | |
5.00%, 08/01/2034 | | | 3,375 | | | | 3,482 | |
Orlando Utilities Commission | | | | | | | | |
1.25%, 10/01/2046 (1) | | | 1,190 | | | | 1,044 | |
Palm Beach County Health Facilities Authority | | | | | | | | |
4.00%, 06/01/2026 | | | 150 | | | | 150 | |
4.00%, 06/01/2031 | | | 625 | | | | 614 | |
5.00%, 12/01/2024 | | | 105 | | | | 106 | |
5.00%, 05/15/2028 | | | 1,920 | | | | 1,921 | |
Palm Beach County Housing Finance Authority | | | | | | | | |
5.00%, 02/01/2027 (1) | | | 4,285 | | | | 4,346 | |
Palm Beach County School District | | | | | | | | |
5.00%, 08/01/2024 | | | 220 | | | | 220 | |
5.00%, 08/01/2026 | | | 1,065 | | | | 1,102 | |
5.00%, 08/01/2026 | | | 3,750 | | | | 3,881 | |
5.00%, 08/01/2030 | | | 4,520 | | | | 4,584 | |
5.00%, 08/01/2032 | | | 3,000 | | | | 3,041 | |
5.00%, 08/01/2038 | | | 1,280 | | | | 1,420 | |
5.00%, 08/01/2039 | | | 2,560 | | | | 2,831 | |
5.25%, 08/01/2038 | | | 6,500 | | | | 7,392 | |
Palm Coast Park Community Development District | | | | | | | | |
4.63%, 05/01/2032 | | | 500 | | | | 508 | |
Pasco County School Board | | | | | | | | |
5.00%, 08/01/2030 | | | 450 | | | | 496 | |
5.00%, 08/01/2033 | | | 1,000 | | | | 1,100 | |
Pine Isle Community Development District | | | | | | | | |
3.00%, 12/15/2031 (3) | | | 100 | | | | 95 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
Pinellas County Housing Finance Authority | | | | | | | | |
0.65%, 01/01/2025 (1) | | $ | 2,210 | | | $ | 2,210 | |
Poitras East Community Development District | | | | | | | | |
4.00%, 05/01/2028 | | | 900 | | | | 901 | |
Portico Community Development District | | | | | | | | |
2.80%, 05/01/2025 | | | 210 | | | | 207 | |
Preston Cove Community Development District | | | | | | | | |
3.25%, 05/01/2027 | | | 100 | | | | 97 | |
3.60%, 05/01/2032 | | | 340 | | | | 320 | |
Reunion East Community Development District | | | | | | | | |
2.40%, 05/01/2026 | | | 75 | | | | 73 | |
2.85%, 05/01/2031 | | | 640 | | | | 579 | |
Reunion West Community Development District | | | | | | | | |
3.00%, 05/01/2036 | | | 450 | | | | 396 | |
Ridge at Apopka Community Development District | | | | | | | | |
4.75%, 05/01/2027 | | | 160 | | | | 162 | |
River Hall Community Development District | | | | | | | | |
3.00%, 05/01/2031 | | | 250 | | | | 230 | |
Rivers Edge II Community Development District | | | | | | | | |
2.40%, 05/01/2026 | | | 200 | | | | 194 | |
3.00%, 05/01/2031 | | | 300 | | | | 275 | |
Rolling Hills Community Development District | | | | | | | | |
3.13%, 05/01/2027 | | | 195 | | | | 190 | |
3.65%, 05/01/2032 | | | 400 | | | | 377 | |
3.75%, 05/01/2042 | | | 485 | | | | 411 | |
Saltleaf Community Development District | | | | | | | | |
4.75%, 05/01/2031 | | | 420 | | | | 420 | |
Sawyers Landing Community Development District | | | | | | | | |
3.25%, 05/01/2026 | | | 300 | | | | 292 | |
School Board of Miami-Dade County | | | | | | | | |
5.00%, 05/01/2025 | | | 3,000 | | | | 3,038 | |
5.00%, 05/01/2026 | | | 1,000 | | | | 1,012 | |
5.00%, 05/01/2028 | | | 2,785 | | | | 2,814 | |
5.00%, 11/01/2029 | | | 1,180 | | | | 1,185 | |
5.00%, 02/01/2030 | | | 500 | | | | 511 | |
5.00%, 05/01/2031 | | | 5,000 | | | | 5,056 | |
School District of Broward County | | | | | | | | |
5.00%, 07/01/2028 | | | 1,500 | | | | 1,561 | |
5.00%, 07/01/2029 | | | 2,545 | | | | 2,653 | |
5.00%, 07/01/2030 | | | 3,955 | | | | 4,358 | |
5.00%, 07/01/2030 | | | 5,500 | | | | 5,558 | |
5.00%, 07/01/2031 | | | 1,000 | | | | 1,096 | |
5.00%, 07/01/2033 | | | 5,000 | | | | 5,465 | |
5.00%, 07/01/2038 | | | 6,410 | | | | 7,134 | |
5.00%, 07/01/2045 | | | 12,400 | | | | 13,430 | |
Seminole Improvement District | | | | | | | | |
4.40%, 10/01/2027 | | | 250 | | | | 251 | |
5.00%, 10/01/2032 | | | 250 | | | | 255 | |
5.30%, 10/01/2037 | | | 500 | | | | 515 | |
Somerset Community Development District | | | | | | | | |
4.00%, 05/01/2025 | | | 210 | | | | 210 | |
4.00%, 05/01/2032 | | | 570 | | | | 552 | |
Southern Groves Community Development District No 5 | | | | | | | | |
2.80%, 05/01/2031 | | | 200 | | | | 187 | |
4.55%, 05/01/2031 | | | 1,280 | | | | 1,287 | |
5.45%, 05/01/2044 | | | 1,350 | | | | 1,367 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
St Johns County Industrial Development Authority | | | | | | | | |
4.00%, 12/15/2025 | | $ | 170 | | | $ | 169 | |
4.00%, 12/15/2026 | | | 185 | | | | 182 | |
4.00%, 12/15/2027 | | | 215 | | | | 210 | |
St Johns County School Board | | | | | | | | |
5.00%, 07/01/2029 | | | 1,250 | | | | 1,354 | |
5.00%, 07/01/2030 | | | 1,500 | | | | 1,631 | |
5.00%, 07/01/2031 | | | 1,000 | | | | 1,089 | |
State of Florida | | | | | | | | |
5.00%, 07/01/2024 | | | 2,460 | | | | 2,460 | |
5.00%, 06/01/2026 | | | 12,080 | | | | 12,498 | |
State of Florida Department of Transportation Turnpike System Revenue | | | | | | | | |
3.00%, 07/01/2035 | | | 1,530 | | | | 1,428 | |
4.00%, 07/01/2039 | | | 3,625 | | | | 3,724 | |
State of Florida Lottery Revenue | | | | | | | | |
5.00%, 07/01/2024 | | | 1,400 | | | | 1,400 | |
Stillwater Community Development District | | | | | | | | |
2.38%, 06/15/2026 (3) | | | 125 | | | | 121 | |
Sunbridge Stewardship District | | | | | | | | |
5.20%, 05/01/2042 | | | 500 | | | | 506 | |
Sunshine Skyway Bridge | | | | | | | | |
4.00%, 07/01/2037 | | | 2,355 | | | | 2,373 | |
Tampa Bay Water | | | | | | | | |
5.00%, 10/01/2042 | | | 1,875 | | | | 2,062 | |
5.00%, 10/01/2043 | | | 2,000 | | | | 2,186 | |
5.00%, 10/01/2044 | | | 3,345 | | | | 3,643 | |
Tampa-Hillsborough County Expressway Authority | | | | | | | | |
5.00%, 07/01/2048 | | | 5,145 | | | | 5,299 | |
Tolomato Community Development District | | | | | | | | |
2.10%, 05/01/2025 | | | 1,340 | | | | 1,312 | |
2.80%, 05/01/2027 | | | 1,240 | | | | 1,203 | |
2.88%, 05/01/2027 | | | 105 | | | | 102 | |
3.00%, 05/01/2032 | | | 1,500 | | | | 1,376 | |
Tradition Community Development District No 9 | | | | | | | | |
2.30%, 05/01/2026 | | | 195 | | | | 189 | |
2.70%, 05/01/2031 | | | 270 | | | | 242 | |
Two Rivers North Community Development District | | | | | | | | |
4.63%, 05/01/2027 | | | 80 | | | | 80 | |
4.88%, 05/01/2032 | | | 250 | | | | 254 | |
V-Dana Community Development District | | | | | | | | |
2.60%, 05/01/2026 | | | 65 | | | | 63 | |
3.13%, 05/01/2031 | | | 125 | | | | 116 | |
Verano No 3 Community Development District | | | | | | | | |
2.38%, 05/01/2026 | | | 40 | | | | 39 | |
3.00%, 05/01/2031 | | | 120 | | | | 111 | |
Viera Stewardship District | | | | | | | | |
2.30%, 05/01/2026 | | | 160 | | | | 154 | |
2.80%, 05/01/2031 | | | 465 | | | | 419 | |
4.60%, 05/01/2033 | | | 1,770 | | | | 1,799 | |
Village Community Development District No 13 | | | | | | | | |
2.55%, 05/01/2031 | | | 1,175 | | | | 1,070 | |
Village Community Development District No 15 | | | | | | | | |
4.38%, 05/01/2033 (3) | | | 485 | | | | 491 | |
Volusia County Educational Facility Authority | | | | | | | | |
4.00%, 10/15/2037 | | | 740 | | | | 743 | |
5.00%, 10/15/2044 | | | 390 | | | | 405 | |
Volusia County School Board | | | | | | | | |
5.00%, 08/01/2024 | | | 2,100 | | | | 2,102 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 4.95% – (continued) | | | | | | | | |
Watergrass Community Development District II | | | | | | | | |
2.00%, 05/01/2026 | | $ | 120 | | | $ | 115 | |
2.50%, 05/01/2031 | | | 310 | | | | 274 | |
West Villages Improvement District | | | | | | | | |
4.50%, 05/01/2031 | | | 500 | | | | 501 | |
5.38%, 05/01/2044 | | | 750 | | | | 755 | |
Westside Haines City Community Development District | | | | | | | | |
2.50%, 05/01/2026 | | | 65 | | | | 63 | |
3.00%, 05/01/2031 | | | 215 | | | | 197 | |
Windward at Lakewood Ranch Community Development District | | | | | | | | |
3.25%, 05/01/2027 | | | 165 | | | | 159 | |
3.63%, 05/01/2032 | | | 695 | | | | 639 | |
Wiregrass II Community Development District | | | | | | | | |
4.50%, 05/01/2027 | | | 45 | | | | 45 | |
4.80%, 05/01/2032 | | | 240 | | | | 243 | |
| | | | | | | | |
Total Florida | | | | 722,225 | |
| | | | | | | | |
| Georgia – 3.60% | | | | | | | | |
Atlanta Urban Redevelopment Agency | | | | | | | | |
2.38%, 07/01/2026 (3) | | | 1,335 | | | | 1,303 | |
2.88%, 07/01/2031 (3) | | | 2,080 | | | | 1,914 | |
Atlanta Urban Residential Finance Authority | | | | | | | | |
5.00%, 05/01/2028 (1) | | | 6,860 | | | | 7,048 | |
Bartow County Development Authority | | | | | | | | |
3.95%, 12/01/2032 (1) | | | 8,030 | | | | 8,158 | |
Brookhaven Development Authority | | | | | | | | |
5.00%, 07/01/2025 | | | 1,400 | | | | 1,423 | |
5.00%, 07/01/2037 | | | 1,800 | | | | 1,935 | |
City of Atlanta GA Department of Aviation | | | | | | | | |
4.00%, 07/01/2038 | | | 255 | | | | 255 | |
5.00%, 07/01/2026 | | | 580 | | | | 595 | |
5.00%, 07/01/2026 | | | 1,210 | | | | 1,252 | |
5.00%, 07/01/2027 | | | 2,635 | | | | 2,777 | |
5.00%, 07/01/2032 | | | 250 | | | | 270 | |
5.00%, 07/01/2033 | | | 350 | | | | 377 | |
5.00%, 07/01/2033 | | | 2,000 | | | | 2,175 | |
5.00%, 07/01/2034 | | | 250 | | | | 269 | |
5.00%, 07/01/2034 | | | 1,300 | | | | 1,414 | |
5.00%, 07/01/2035 | | | 350 | | | | 377 | |
5.00%, 07/01/2036 | | | 350 | | | | 376 | |
5.00%, 07/01/2037 | | | 385 | | | | 412 | |
City of Atlanta GA Water & Wastewater Revenue | | | | | | | | |
5.00%, 11/01/2038 | | | 1,590 | | | | 1,662 | |
5.00%, 11/01/2040 | | | 24,425 | | | | 24,647 | |
Columbus Medical Center Hospital Authority | | | | | | | | |
5.00%, 07/01/2054 (1) | | | 2,700 | | | | 2,851 | |
5.00%, 07/01/2054 (1) | | | 3,330 | | | | 3,386 | |
DeKalb Private Hospital Authority | | | | | | | | |
5.00%, 07/01/2027 | | | 1,235 | | | | 1,299 | |
Development Authority for Fulton County | | | | | | | | |
5.00%, 06/15/2044 | | | 580 | | | | 606 | |
Development Authority of Burke County | | | | | | | | |
1.70%, 12/01/2049 (1) | | | 2,400 | | | | 2,388 | |
2.88%, 12/01/2049 (1) | | | 5,640 | | | | 5,558 | |
3.25%, 11/01/2045 (1) | | | 3,000 | | | | 2,975 | |
3.38%, 11/01/2053 (1) | | | 6,050 | | | | 6,003 | |
3.80%, 10/01/2032 (1) | | | 5,555 | | | | 5,569 | |
5.00%, 07/01/2049 (1) | | | 12,000 | | | | 12,000 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Georgia – 3.60% – (continued) | | | | | | | | |
Development Authority of Monroe County | | | | | | | | |
3.88%, 10/01/2048 (1) | | $ | 4,815 | | | $ | 4,831 | |
Fayette County Hospital Authority | | | | | | | | |
5.00%, 07/01/2054 (1) | | | 1,300 | | | | 1,300 | |
George L Smith II Congress Center Authority | | | | | | | | |
2.38%, 01/01/2031 | | | 1,250 | | | | 1,123 | |
4.00%, 01/01/2036 | | | 2,000 | | | | 1,981 | |
Glynn-Brunswick Memorial Hospital Authority | | | | | | | | |
4.00%, 08/01/2036 | | | 2,000 | | | | 1,904 | |
4.00%, 08/01/2037 | | | 750 | | | | 705 | |
Griffin-Spalding County Hospital Authority | | | | | | | | |
3.00%, 04/01/2027 | | | 635 | | | | 620 | |
Main Street Natural Gas, Inc. | | | | | | | | |
4.00%, 12/01/2029 | | | 1,370 | | | | 1,333 | |
4.00%, 08/01/2049 (1) | | | 36,670 | | | | 36,686 | |
4.00%, 03/01/2050 (1) | | | 10,500 | | | | 10,520 | |
4.00%, 05/01/2052 (1) | | | 26,945 | | | | 27,031 | |
4.00%, 07/01/2052 (1) | | | 32,165 | | | | 32,296 | |
4.00%, 09/01/2052 (1) | | | 11,210 | | | | 11,247 | |
5.00%, 05/15/2027 | | | 1,500 | | | | 1,522 | |
5.00%, 12/01/2052 (1) | | | 12,375 | | | | 12,974 | |
5.00%, 06/01/2053 (1) | | | 11,180 | | | | 11,819 | |
5.00%, 07/01/2053 (1) | | | 5,755 | | | | 6,105 | |
5.00%, 09/01/2053 (1) | | | 23,220 | | | | 24,652 | |
5.00%, 12/01/2053 (1) | | | 19,735 | | | | 21,097 | |
5.00%, 05/01/2054 (1) | | | 11,030 | | | | 11,684 | |
5.00%, 05/01/2054 (1) | | | 19,650 | | | | 20,865 | |
5.00%, 12/01/2054 (1) | | | 38,220 | | | | 40,497 | |
5.00%, 12/01/2054 (1) | | | 39,400 | | | | 41,568 | |
5.28% (SOFR + 1.70%), 12/01/2053 (2) | | | 42,000 | | | | 43,112 | |
Metropolitan Atlanta Rapid Transit Authority | | | | | | | | |
5.00%, 07/01/2033 | | | 1,250 | | | | 1,448 | |
5.00%, 07/01/2034 | | | 1,000 | | | | 1,158 | |
5.00%, 07/01/2035 | | | 525 | | | | 607 | |
5.00%, 07/01/2039 | | | 900 | | | | 1,023 | |
Municipal Electric Authority of Georgia | | | | | | | | |
4.00%, 01/01/2035 | | | 435 | | | | 433 | |
4.00%, 01/01/2035 | | | 1,500 | | | | 1,530 | |
4.00%, 01/01/2036 | | | 435 | | | | 432 | |
4.00%, 01/01/2037 | | | 860 | | | | 850 | |
4.00%, 01/01/2038 | | | 850 | | | | 835 | |
4.00%, 01/01/2039 | | | 850 | | | | 826 | |
4.00%, 01/01/2046 | | | 400 | | | | 396 | |
4.00%, 01/01/2046 | | | 590 | | | | 584 | |
4.00%, 01/01/2051 | | | 220 | | | | 197 | |
4.00%, 01/01/2051 | | | 1,100 | | | | 1,001 | |
5.00%, 01/01/2025 | | | 350 | | | | 352 | |
5.00%, 01/01/2025 | | | 900 | | | | 906 | |
5.00%, 01/01/2025 | | | 950 | | | | 956 | |
5.00%, 01/01/2026 | | | 300 | | | | 307 | |
5.00%, 01/01/2026 | | | 320 | | | | 327 | |
5.00%, 01/01/2026 | | | 1,000 | | | | 1,022 | |
5.00%, 01/01/2027 | | | 300 | | | | 310 | |
5.00%, 01/01/2027 | | | 1,500 | | | | 1,551 | |
5.00%, 11/01/2027 | | | 200 | | | | 209 | |
5.00%, 01/01/2028 | | | 25 | | | | 26 | |
5.00%, 01/01/2028 | | | 750 | | | | 785 | |
5.00%, 11/01/2028 | | | 275 | | | | 291 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Georgia – 3.60% – (continued) | | | | | | | | |
5.00%, 11/01/2029 | | $ | 300 | | | $ | 322 | |
5.00%, 01/01/2030 | | | 1,000 | | | | 1,053 | |
5.00%, 01/01/2031 | | | 685 | | | | 726 | |
5.00%, 01/01/2034 | | | 1,080 | | | | 1,176 | |
5.00%, 01/01/2039 | | | 3,980 | | | | 4,157 | |
5.00%, 01/01/2048 | | | 1,455 | | | | 1,475 | |
5.00%, 07/01/2048 | | | 1,000 | | | | 1,060 | |
5.00%, 01/01/2056 | | | 190 | | | | 192 | |
5.00%, 01/01/2056 | | | 280 | | | | 288 | |
5.00%, 01/01/2056 | | | 1,930 | | | | 1,984 | |
5.00%, 01/01/2063 | | | 515 | | | | 521 | |
Paulding County Hospital Authority | | | | | | | | |
4.00%, 04/01/2041 | | | 1,250 | | | | 1,243 | |
4.00%, 04/01/2041 | | | 1,975 | | | | 1,978 | |
5.00%, 04/01/2033 | | | 250 | | | | 275 | |
5.00%, 04/01/2034 | | | 350 | | | | 385 | |
5.00%, 04/01/2035 | | | 200 | | | | 220 | |
5.00%, 04/01/2036 | | | 330 | | | | 362 | |
5.00%, 04/01/2037 | | | 300 | | | | 328 | |
5.00%, 04/01/2038 | | | 450 | | | | 488 | |
5.00%, 04/01/2039 | | | 725 | | | | 783 | |
5.00%, 04/01/2042 | | | 1,875 | | | | 1,994 | |
5.00%, 04/01/2043 | | | 8,750 | | | | 9,259 | |
Private Colleges & Universities Authority | | | | | | | | |
5.00%, 04/01/2028 | | | 400 | | | | 421 | |
5.00%, 04/01/2034 | | | 780 | | | | 854 | |
State of Georgia | | | | | | | | |
4.00%, 08/01/2034 | | | 6,455 | | | | 6,769 | |
| | | | | | | | |
Total Georgia | | | | 525,421 | |
| | | | | | | | |
| Guam – 0.14% | | | | | | | | |
Guam Department of Education | | | | | | | | |
3.63%, 02/01/2025 | | | 290 | | | | 288 | |
Territory of Guam | | | | | | | | |
4.00%, 01/01/2036 | | | 6,405 | | | | 6,421 | |
4.00%, 01/01/2042 | | | 5,445 | | | | 5,237 | |
5.00%, 12/01/2028 | | | 2,500 | | | | 2,561 | |
5.00%, 12/01/2030 | | | 1,750 | | | | 1,793 | |
5.00%, 11/15/2031 | | | 1,320 | | | | 1,339 | |
5.00%, 12/01/2034 | | | 2,500 | | | | 2,555 | |
5.00%, 11/15/2039 | | | 600 | | | | 603 | |
| | | | | | | | |
Total Guam | | | | 20,797 | |
| | | | | | | | |
| Hawaii – 0.30% | | | | | | | | |
City & County Honolulu HI Wastewater System Revenue | | | | | | | | |
5.00%, 07/01/2036 | | | 1,930 | | | | 1,986 | |
City & County of Honolulu HI | | | | | | | | |
5.00%, 06/01/2027 (1) | | | 3,075 | | | | 3,136 | |
5.00%, 11/01/2028 | | | 540 | | | | 583 | |
5.00%, 10/01/2029 | | | 2,000 | | | | 2,037 | |
5.00%, 11/01/2029 | | | 1,800 | | | | 1,977 | |
5.00%, 07/01/2034 | | | 810 | | | | 896 | |
5.00%, 07/01/2035 | | | 1,345 | | | | 1,486 | |
Kauai County Community Facilities District | | | | | | | | |
4.00%, 05/15/2028 | | | 485 | | | | 475 | |
State of Hawaii | | | | | | | | |
5.00%, 01/01/2030 | | | 2,330 | | | | 2,512 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Hawaii – 0.30% – (continued) | | | | | | | | |
State of Hawaii Airports System Revenue | | | | | | | | |
5.00%, 07/01/2032 | | $ | 1,500 | | | $ | 1,558 | |
5.00%, 07/01/2033 | | | 1,425 | | | | 1,480 | |
5.00%, 07/01/2041 | | | 3,000 | | | | 3,015 | |
State of Hawaii Harbor System Revenue | | | | | | | | |
4.00%, 07/01/2034 | | | 2,000 | | | | 2,011 | |
4.00%, 07/01/2035 | | | 2,320 | | | | 2,331 | |
4.00%, 07/01/2036 | | | 545 | | | | 557 | |
4.00%, 07/01/2039 | | | 1,000 | | | | 1,009 | |
University of Hawaii | | | | | | | | |
5.00%, 10/01/2028 | | | 4,015 | | | | 4,307 | |
5.00%, 10/01/2028 | | | 4,445 | | | | 4,768 | |
5.00%, 10/01/2029 | | | 1,225 | | | | 1,337 | |
5.00%, 10/01/2030 | | | 5,350 | | | | 5,930 | |
| | | | | | | | |
Total Hawaii | | | | 43,391 | |
| | | | | | | | |
| Idaho – 0.18% | | | | | | | | |
Boise State University | | | | | | | | |
5.00%, 04/01/2048 | | | 1,595 | | | | 1,724 | |
Idaho Health Facilities Authority | | | | | | | | |
4.00%, 03/01/2034 | | | 400 | | | | 401 | |
4.00%, 03/01/2035 | | | 250 | | | | 250 | |
4.00%, 03/01/2039 | | | 700 | | | | 685 | |
4.00%, 03/01/2040 | | | 835 | | | | 814 | |
4.00%, 03/01/2041 | | | 850 | | | | 823 | |
4.00%, 03/01/2046 | | | 2,900 | | | | 2,759 | |
Idaho Housing & Finance Association | | | | | | | | |
3.00%, 05/01/2032 | | | 480 | | | | 440 | |
3.00%, 05/01/2032 | | | 630 | | | | 577 | |
3.10%, 07/01/2025 | | | 1,685 | | | | 1,681 | |
4.00%, 07/15/2039 | | | 6,500 | | | | 6,541 | |
4.00%, 01/01/2050 | | | 145 | | | | 144 | |
5.00%, 08/15/2040 | | | 2,380 | | | | 2,662 | |
6.00%, 07/01/2054 | | | 6,500 | | | | 7,121 | |
| | | | | | | | |
Total Idaho | | | | 26,622 | |
| | | | | | | | |
| Illinois – 8.08% | | | | | | | | |
Champaign County Community Unit School District No 4 Champaign | | | | | | | | |
0.00%, 01/01/2025 | | | 485 | | | | 475 | |
Chicago Board of Education | | | | | | | | |
4.00%, 12/01/2038 | | | 3,785 | | | | 3,607 | |
4.00%, 12/01/2041 | | | 9,980 | | | | 9,233 | |
4.00%, 12/01/2047 | | | 6,000 | | | | 5,261 | |
5.00%, 12/01/2024 | | | 130 | | | | 130 | |
5.00%, 12/01/2024 | | | 2,175 | | | | 2,183 | |
5.00%, 12/01/2025 | | | 2,500 | | | | 2,527 | |
5.00%, 12/01/2026 | | | 145 | | | | 148 | |
5.00%, 12/01/2026 | | | 3,660 | | | | 3,744 | |
5.00%, 12/01/2028 | | | 1,270 | | | | 1,320 | |
5.00%, 12/01/2029 | | | 540 | | | | 565 | |
5.00%, 12/01/2030 | | | 2,000 | | | | 2,084 | |
5.00%, 12/01/2030 | | | 2,430 | | | | 2,532 | |
5.00%, 12/01/2031 | | | 2,185 | | | | 2,271 | |
5.00%, 12/01/2031 | | | 3,020 | | | | 3,089 | |
5.00%, 12/01/2033 | | | 300 | | | | 310 | |
5.00%, 12/01/2033 | | | 3,525 | | | | 3,520 | |
5.00%, 12/01/2033 | | | 5,845 | | | | 6,138 | |
5.00%, 12/01/2035 | | | 2,085 | | | | 2,174 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 12/01/2036 | | $ | 1,165 | | | $ | 1,188 | |
5.00%, 12/01/2037 | | | 7,950 | | | | 8,223 | |
5.00%, 12/01/2038 | | | 1,250 | | | | 1,287 | |
5.00%, 12/01/2039 | | | 5,000 | | | | 5,140 | |
5.00%, 12/01/2041 | | | 550 | | | | 561 | |
5.00%, 12/01/2042 | | | 6,225 | | | | 6,224 | |
5.00%, 12/01/2046 | | | 1,000 | | | | 989 | |
5.00%, 12/01/2046 | | | 1,200 | | | | 1,203 | |
5.00%, 12/01/2046 | | | 2,340 | | | | 2,334 | |
5.00%, 12/01/2046 | | | 8,520 | | | | 8,543 | |
5.00%, 12/01/2047 | | | 5,295 | | | | 5,340 | |
5.25%, 12/01/2035 | | | 2,590 | | | | 2,591 | |
5.25%, 12/01/2039 | | | 2,000 | | | | 2,000 | |
6.50%, 12/01/2046 | | | 100 | | | | 104 | |
6.75%, 12/01/2030 (3) | | | 1,500 | | | | 1,640 | |
7.00%, 12/01/2042 (3) | | | 1,000 | | | | 1,083 | |
7.00%, 12/01/2046 (3) | | | 400 | | | | 431 | |
Chicago Midway International Airport | | | | | | | | |
4.00%, 01/01/2033 | | | 1,915 | | | | 1,902 | |
5.00%, 01/01/2027 | | | 1,800 | | | | 1,818 | |
5.00%, 01/01/2032 | | | 4,835 | | | | 5,229 | |
5.00%, 01/01/2035 | | | 12,500 | | | | 14,213 | |
5.50%, 01/01/2036 | | | 1,000 | | | | 1,143 | |
5.50%, 01/01/2037 | | | 500 | | | | 570 | |
5.50%, 01/01/2038 | | | 500 | | | | 567 | |
5.50%, 01/01/2039 | | | 1,000 | | | | 1,126 | |
5.50%, 01/01/2040 | | | 1,000 | | | | 1,120 | |
5.75%, 01/01/2041 | | | 1,000 | | | | 1,134 | |
5.75%, 01/01/2043 | | | 1,250 | | | | 1,407 | |
Chicago O’Hare International Airport | | | | | | | | |
4.00%, 01/01/2035 | | | 6,450 | | | | 6,587 | |
4.00%, 01/01/2036 | | | 2,500 | | | | 2,559 | |
4.00%, 01/01/2036 | | | 3,285 | | | | 3,346 | |
4.00%, 01/01/2037 | | | 2,500 | | | | 2,553 | |
4.00%, 01/01/2038 | | | 1,500 | | | | 1,520 | |
5.00%, 01/01/2025 | | | 415 | | | | 417 | |
5.00%, 01/01/2027 | | | 520 | | | | 534 | |
5.00%, 01/01/2028 | | | 1,000 | | | | 1,026 | |
5.00%, 01/01/2030 | | | 520 | | | | 543 | |
5.00%, 01/01/2030 | | | 2,000 | | | | 2,011 | |
5.00%, 01/01/2030 | | | 3,105 | | | | 3,115 | |
5.00%, 01/01/2031 | | | 660 | | | | 675 | |
5.00%, 01/01/2031 | | | 700 | | | | 702 | |
5.00%, 01/01/2031 | | | 835 | | | | 873 | |
5.00%, 01/01/2032 | | | 600 | | | | 649 | |
5.00%, 01/01/2032 | | | 1,140 | | | | 1,189 | |
5.00%, 01/01/2032 | | | 1,300 | | | | 1,304 | |
5.00%, 01/01/2032 | | | 11,555 | | | | 11,607 | |
5.00%, 01/01/2033 | | | 345 | | | | 351 | |
5.00%, 01/01/2033 | | | 400 | | | | 433 | |
5.00%, 01/01/2033 | | | 1,200 | | | | 1,252 | |
5.00%, 01/01/2033 | | | 2,520 | | | | 2,531 | |
5.00%, 07/01/2033 | | | 550 | | | | 565 | |
5.00%, 01/01/2034 | | | 325 | | | | 352 | |
5.00%, 01/01/2034 | | | 400 | | | | 407 | |
5.00%, 01/01/2035 | | | 715 | | | | 774 | |
5.00%, 01/01/2035 | | | 1,285 | | | | 1,337 | |
5.00%, 01/01/2035 | | | 3,200 | | | | 3,211 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 01/01/2036 | | $ | 430 | | | $ | 437 | |
5.00%, 01/01/2036 | | | 750 | | | | 811 | |
5.00%, 01/01/2037 | | | 2,000 | | | | 2,039 | |
5.00%, 01/01/2038 | | | 1,785 | | | | 1,955 | |
5.00%, 01/01/2039 | | | 2,000 | | | | 2,060 | |
5.00%, 01/01/2042 | | | 500 | | | | 504 | |
5.00%, 01/01/2048 | | | 1,025 | | | | 1,037 | |
5.00%, 07/01/2048 | | | 6,450 | | | | 6,489 | |
Chicago Park District | | | | | | | | |
5.00%, 01/01/2040 | | | 6,405 | | | | 6,485 | |
5.00%, 01/01/2044 | | | 5,700 | | | | 5,976 | |
Chicago Transit Authority Capital Grant Receipts Revenue | | | | | | | | |
5.00%, 06/01/2025 | | | 200 | | | | 202 | |
5.00%, 06/01/2026 | | | 160 | | | | 164 | |
5.00%, 06/01/2026 | | | 8,275 | | | | 8,461 | |
5.00%, 06/01/2029 | | | 1,500 | | | | 1,594 | |
Chicago Transit Authority Sales Tax Receipts Fund | | | | | | | | |
5.00%, 12/01/2044 | | | 5,500 | | | | 5,513 | |
5.25%, 12/01/2049 | | | 1,500 | | | | 1,503 | |
City of Calumet City IL | | | | | | | | |
4.50%, 03/01/2043 | | | 1,945 | | | | 1,920 | |
5.50%, 03/01/2030 | | | 755 | | | | 817 | |
5.50%, 03/01/2034 | | | 700 | | | | 757 | |
5.50%, 03/01/2036 | | | 400 | | | | 432 | |
5.50%, 03/01/2038 | | | 555 | | | | 593 | |
City of Chicago Heights IL | | | | | | | | |
2.88%, 08/01/2027 (1) | | | 3,000 | | | | 2,958 | |
City of Chicago IL | | | | | | | | |
4.00%, 01/01/2032 | | | 2,500 | | | | 2,514 | |
5.00%, 11/01/2026 (1) | | | 7,476 | | | | 7,556 | |
5.00%, 01/01/2027 | | | 500 | | | | 503 | |
5.00%, 01/01/2027 | | | 2,000 | | | | 2,058 | |
5.00%, 01/01/2030 | | | 2,000 | | | | 2,127 | |
5.00%, 01/01/2030 | | | 2,380 | | | | 2,532 | |
5.00%, 01/01/2031 | | | 2,400 | | | | 2,548 | |
5.00%, 01/01/2031 | | | 2,915 | | | | 3,130 | |
5.00%, 01/01/2032 | | | 13,095 | | | | 14,040 | |
5.00%, 01/01/2033 | | | 2,000 | | | | 2,140 | |
5.00%, 01/01/2034 | | | 1,445 | | | | 1,546 | |
5.00%, 01/01/2035 | | | 7,540 | | | | 8,124 | |
5.00%, 01/01/2044 | | | 12,000 | | | | 12,247 | |
5.25%, 01/01/2027 | | | 2,435 | | | | 2,451 | |
5.50%, 01/01/2039 | | | 4,400 | | | | 4,784 | |
5.50%, 01/01/2041 | | | 4,000 | | | | 4,238 | |
5.75%, 01/01/2034 | | | 2,000 | | | | 2,078 | |
6.00%, 01/01/2038 | | | 1,910 | | | | 1,987 | |
City of Chicago IL Wastewater Transmission Revenue | | | | | | | | |
5.00%, 01/01/2028 | | | 2,900 | | | | 2,902 | |
5.00%, 01/01/2029 | | | 1,300 | | | | 1,301 | |
5.00%, 01/01/2030 | | | 1,000 | | | | 1,035 | |
5.00%, 01/01/2030 | | | 1,310 | | | | 1,319 | |
5.00%, 01/01/2038 | | | 1,775 | | | | 1,963 | |
5.00%, 01/01/2039 | | | 2,500 | | | | 2,746 | |
5.00%, 01/01/2044 | | | 5,000 | | | | 5,003 | |
City of Chicago IL Waterworks Revenue | | | | | | | | |
5.00%, 11/01/2024 | | | 250 | | | | 251 | |
5.00%, 11/01/2024 | | | 1,000 | | | | 1,005 | |
5.00%, 11/01/2024 | | | 1,150 | | | | 1,155 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 11/01/2025 | | $ | 1,000 | | | $ | 1,005 | |
5.00%, 11/01/2038 | | | 1,250 | | | | 1,375 | |
5.00%, 11/01/2039 | | | 2,000 | | | | 2,202 | |
5.00%, 11/01/2039 | | | 4,000 | | | | 4,007 | |
City of Galesburg IL | | | | | | | | |
4.00%, 10/01/2036 | | | 565 | | | | 523 | |
5.00%, 10/01/2031 | | | 325 | | | | 334 | |
City of Joliet IL | | | | | | | | |
5.00%, 12/15/2037 | | | 1,000 | | | | 1,102 | |
5.00%, 12/15/2038 | | | 1,090 | | | | 1,191 | |
5.25%, 12/15/2039 | | | 730 | | | | 809 | |
5.50%, 12/15/2042 | | | 1,305 | | | | 1,451 | |
5.50%, 12/15/2044 | | | 3,075 | | | | 3,406 | |
City of Springfield IL | | | | | | | | |
5.00%, 12/01/2025 | | | 395 | | | | 403 | |
5.00%, 12/01/2026 | | | 160 | | | | 161 | |
City of Sterling IL | | | | | | | | |
4.00%, 11/01/2031 | | | 500 | | | | 517 | |
4.00%, 11/01/2032 | | | 500 | | | | 514 | |
City of Waukegan IL Water & Sewer System Revenue | | | | | | | | |
4.00%, 12/30/2036 | | | 500 | | | | 506 | |
Community Unit School District Number 427 DeKalb & Kane Counties Illinois | | | | | | | | |
4.00%, 02/01/2032 | | | 700 | | | | 718 | |
4.00%, 02/01/2035 | | | 350 | | | | 355 | |
4.00%, 02/01/2037 | | | 535 | | | | 536 | |
Cook County Community College District No 508 | | | | | | | | |
5.00%, 12/01/2040 | | | 4,215 | | | | 4,553 | |
Cook County High School District No 203 New Trier Township | | | | | | | | |
2.00%, 12/15/2033 | | | 425 | | | | 346 | |
2.00%, 12/15/2034 | | | 440 | | | | 354 | |
Cook County School District No 87 Berkeley | | | | | | | | |
3.00%, 12/01/2037 | | | 1,000 | | | | 879 | |
Cook Kane Lake & McHenry Counties Community College District No 512 | | | | | | | | |
5.00%, 12/01/2024 | | | 850 | | | | 854 | |
County of Cook IL | | | | | | | | |
4.00%, 11/15/2026 | | | 555 | | | | 563 | |
4.00%, 11/15/2027 | | | 560 | | | | 571 | |
4.00%, 11/15/2028 | | | 280 | | | | 286 | |
5.00%, 11/15/2024 | | | 375 | | | | 377 | |
5.00%, 11/15/2025 | | | 375 | | | | 383 | |
5.00%, 11/15/2026 | | | 750 | | | | 778 | |
5.00%, 11/15/2026 | | | 1,450 | | | | 1,505 | |
5.00%, 11/15/2029 | | | 1,000 | | | | 1,030 | |
5.00%, 11/15/2029 | | | 1,630 | | | | 1,770 | |
5.00%, 11/15/2030 | | | 500 | | | | 516 | |
5.00%, 11/15/2031 | | | 1,750 | | | | 1,922 | |
5.00%, 11/15/2032 | | | 2,800 | | | | 3,062 | |
5.00%, 11/15/2034 | | | 1,200 | | | | 1,232 | |
County of Cook IL Sales Tax Revenue | | | | | | | | |
5.00%, 11/15/2032 | | | 175 | | | | 194 | |
5.00%, 11/15/2033 | | | 150 | | | | 166 | |
5.00%, 11/15/2033 | | | 2,795 | | | | 2,918 | |
5.00%, 11/15/2035 | | | 315 | | | | 348 | |
5.00%, 11/15/2036 | | | 645 | | | | 710 | |
5.25%, 11/15/2035 | | | 3,000 | | | | 3,149 | |
Crawford Hospital District | | | | | | | | |
4.00%, 01/01/2041 | | | 580 | | | | 539 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
Illinois Development Finance Authority | | | | | | | | |
0.00%, 07/15/2025 | | $ | 4,500 | | | $ | 4,337 | |
Illinois Finance Authority | | | | | | | | |
2.35%, 08/15/2057 (1) | | | 1,100 | | | | 1,100 | |
3.00%, 07/01/2035 | | | 1,275 | | | | 1,153 | |
3.63%, 02/15/2032 | | | 355 | | | | 343 | |
3.75%, 02/15/2034 | | | 745 | | | | 722 | |
4.00%, 10/01/2028 (3) | | | 280 | | | | 277 | |
4.00%, 10/15/2028 | | | 670 | | | | 640 | |
4.00%, 10/01/2029 (3) | | | 405 | | | | 400 | |
4.00%, 10/15/2029 | | | 1,045 | | | | 987 | |
4.00%, 10/01/2030 (3) | | | 630 | | | | 621 | |
4.00%, 10/15/2030 | | | 730 | | | | 681 | |
4.00%, 10/01/2031 (3) | | | 620 | | | | 610 | |
4.00%, 10/15/2031 | | | 1,135 | | | | 1,050 | |
4.00%, 10/01/2032 (3) | | | 340 | | | | 333 | |
4.00%, 12/01/2032 | | | 510 | | | | 510 | |
4.00%, 10/01/2033 (3) | | | 375 | | | | 366 | |
4.00%, 08/01/2034 | | | 2,050 | | | | 2,047 | |
4.00%, 08/01/2035 | | | 1,625 | | | | 1,621 | |
4.00%, 02/15/2036 | | | 800 | | | | 794 | |
4.00%, 05/15/2036 | | | 535 | | | | 520 | |
4.00%, 07/15/2037 | | | 3,090 | | | | 3,132 | |
4.00%, 08/01/2037 | | | 1,160 | | | | 1,146 | |
4.00%, 07/15/2038 | | | 5,750 | | | | 5,789 | |
4.00%, 08/01/2038 | | | 1,165 | | | | 1,138 | |
4.00%, 07/15/2039 | | | 6,280 | | | | 6,285 | |
4.00%, 08/15/2039 | | | 9,280 | | | | 9,232 | |
4.00%, 02/15/2041 | | | 5 | | | | 5 | |
4.00%, 02/15/2041 | | | 1,860 | | | | 1,817 | |
4.13%, 08/15/2037 | | | 1,090 | | | | 1,038 | |
5.00%, 02/15/2025 | | | 695 | | | | 700 | |
5.00%, 07/15/2025 | | | 230 | | | | 234 | |
5.00%, 08/01/2025 | | | 1,605 | | | | 1,625 | |
5.00%, 02/15/2026 | | | 360 | | | | 370 | |
5.00%, 02/15/2026 | | | 1,345 | | | | 1,373 | |
5.00%, 08/15/2026 | | | 1,500 | | | | 1,547 | |
5.00%, 03/01/2028 | | | 15 | | | | 15 | |
5.00%, 05/15/2028 | | | 13,620 | | | | 14,096 | |
5.00%, 09/01/2028 | | | 500 | | | | 501 | |
5.00%, 01/01/2029 | | | 1,650 | | | | 1,713 | |
5.00%, 02/15/2029 | | | 1,445 | | | | 1,496 | |
5.00%, 10/01/2029 | | | 505 | | | | 538 | |
5.00%, 12/01/2029 | | | 340 | | | | 347 | |
5.00%, 02/15/2030 | | | 1,240 | | | | 1,284 | |
5.00%, 05/15/2030 | | | 1,180 | | | | 1,182 | |
5.00%, 07/01/2030 | | | 275 | | | | 284 | |
5.00%, 07/15/2030 | | | 710 | | | | 749 | |
5.00%, 08/15/2030 | | | 630 | | | | 689 | |
5.00%, 09/01/2030 | | | 430 | | | | 431 | |
5.00%, 10/01/2030 | | | 565 | | | | 601 | |
5.00%, 11/01/2030 | | | 1,210 | | | | 1,245 | |
5.00%, 11/15/2030 | | | 2,000 | | | | 2,014 | |
5.00%, 01/01/2031 | | | 3,545 | | | | 3,691 | |
5.00%, 02/15/2031 | | | 300 | | | | 311 | |
5.00%, 05/15/2031 | | | 5,000 | | | | 5,221 | |
5.00%, 07/01/2031 | | | 1,420 | | | | 1,475 | |
5.00%, 08/15/2031 | | | 1,525 | | | | 1,679 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 04/01/2032 | | $ | 13,240 | | | $ | 14,946 | |
5.00%, 05/15/2032 | | | 3,745 | | | | 3,912 | |
5.00%, 07/01/2033 | | | 10,000 | | | | 10,820 | |
5.00%, 08/15/2033 | | | 250 | | | | 258 | |
5.00%, 10/01/2033 | | | 500 | | | | 524 | |
5.00%, 10/01/2033 | | | 700 | | | | 740 | |
5.00%, 12/01/2033 | | | 700 | | | | 713 | |
5.00%, 01/01/2034 | | | 605 | | | | 630 | |
5.00%, 02/15/2034 | | | 1,770 | | | | 1,835 | |
5.00%, 08/15/2034 | | | 1,725 | | | | 1,902 | |
5.00%, 08/15/2034 | | | 2,500 | | | | 2,599 | |
5.00%, 10/01/2034 | | | 430 | | | | 451 | |
5.00%, 11/15/2034 | | | 300 | | | | 302 | |
5.00%, 11/15/2034 | | | 3,000 | | | | 3,017 | |
5.00%, 07/01/2035 | | | 2,160 | | | | 2,242 | |
5.00%, 08/15/2035 | | | 600 | | | | 618 | |
5.00%, 10/01/2035 | | | 400 | | | | 420 | |
5.00%, 02/15/2036 | | | 735 | | | | 762 | |
5.00%, 07/01/2036 | | | 830 | | | | 858 | |
5.00%, 08/15/2036 | | | 1,000 | | | | 1,030 | |
5.00%, 10/01/2036 | | | 620 | | | | 652 | |
5.00%, 01/01/2037 | | | 2,785 | | | | 2,953 | |
5.00%, 05/15/2037 | | | 500 | | | | 569 | |
5.00%, 08/15/2037 | | | 1,000 | | | | 1,030 | |
5.00%, 08/15/2038 | | | 1,000 | | | | 1,093 | |
5.00%, 10/01/2038 | | | 3,950 | | | | 3,954 | |
5.00%, 11/15/2038 | | | 3,795 | | | | 3,812 | |
5.00%, 05/15/2039 | | | 1,100 | | | | 1,239 | |
5.00%, 08/15/2039 | | | 1,200 | | | | 1,308 | |
5.00%, 08/15/2040 | | | 5,000 | | | | 5,427 | |
5.00%, 02/15/2041 | | | 840 | | | | 860 | |
5.00%, 08/01/2042 | | | 120 | | | | 122 | |
5.00%, 01/01/2044 | | | 4,145 | | | | 4,396 | |
5.00%, 08/15/2044 | | | 15,690 | | | | 15,769 | |
5.00%, 08/01/2049 | | | 140 | | | | 141 | |
5.00%, 05/15/2050 (1) | | | 1,625 | | | | 1,626 | |
5.00%, 05/15/2050 (1) | | | 2,170 | | | | 2,218 | |
5.00%, 08/15/2053 (1) | | | 1,120 | | | | 1,222 | |
5.25%, 08/15/2031 | | | 500 | | | | 518 | |
5.25%, 07/01/2035 | | | 20,085 | | | | 21,964 | |
5.25%, 04/01/2040 | | | 550 | | | | 630 | |
5.50%, 10/01/2047 | | | 635 | | | | 654 | |
Illinois Housing Development Authority | | | | | | | | |
0.80%, 07/01/2026 | | | 1,000 | | | | 923 | |
2.70%, 10/01/2034 | | | 700 | | | | 616 | |
2.90%, 08/01/2031 | | | 685 | | | | 619 | |
3.50%, 04/01/2052 | | | 4,670 | | | | 4,570 | |
3.75%, 04/01/2050 | | | 420 | | | | 415 | |
4.00%, 10/01/2049 | | | 2,000 | | | | 1,991 | |
4.38%, 10/01/2041 | | | 3,500 | | | | 3,508 | |
4.50%, 10/01/2048 | | | 2,575 | | | | 2,583 | |
5.00%, 02/01/2027 (1) | | | 6,270 | | | | 6,339 | |
5.00%, 11/01/2027 (1) | | | 6,173 | | | | 6,314 | |
6.25%, 10/01/2052 | | | 5,510 | | | | 5,896 | |
Illinois Municipal Electric Agency | | | | | | | | |
4.00%, 02/01/2034 | | | 4,500 | | | | 4,427 | |
4.00%, 02/01/2035 | | | 24,645 | | | | 24,119 | |
5.00%, 02/01/2031 | | | 470 | | | | 475 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 02/01/2032 | | $ | 5,000 | | | $ | 5,055 | |
Illinois Sports Facilities Authority | | | | | | | | |
5.00%, 06/15/2030 | | | 950 | | | | 999 | |
5.00%, 06/15/2031 | | | 575 | | | | 618 | |
5.25%, 06/15/2032 | | | 1,735 | | | | 1,740 | |
Illinois State Toll Highway Authority | | | | | | | | |
5.00%, 01/01/2026 | | | 1,550 | | | | 1,592 | |
5.00%, 12/01/2031 | | | 235 | | | | 239 | |
5.00%, 12/01/2032 | | | 425 | | | | 433 | |
5.00%, 01/01/2034 | | | 1,300 | | | | 1,378 | |
5.00%, 01/01/2036 | | | 2,500 | | | | 2,548 | |
5.00%, 01/01/2037 | | | 1,260 | | | | 1,274 | |
5.00%, 01/01/2038 | | | 25,715 | | | | 25,847 | |
5.00%, 01/01/2039 | | | 9,125 | | | | 9,168 | |
5.00%, 01/01/2040 | | | 7,050 | | | | 7,157 | |
5.00%, 01/01/2040 | | | 9,900 | | | | 9,971 | |
5.00%, 01/01/2041 | | | 2,190 | | | | 2,383 | |
5.00%, 01/01/2041 | | | 11,665 | | | | 11,884 | |
5.00%, 01/01/2042 | | | 6,840 | | | | 7,119 | |
5.00%, 01/01/2044 | | | 2,270 | | | | 2,366 | |
Illinois State University | | | | | | | | |
5.00%, 04/01/2032 | | | 1,745 | | | | 1,843 | |
Jersey & Greene County Community Unit School District No 100 Jerseyville | | | | | | | | |
5.00%, 12/01/2027 | | | 1,105 | | | | 1,128 | |
Kane & DeKalb Counties Community Unit School District No 302 Kaneland | | | | | | | | |
5.00%, 02/01/2026 | | | 1,930 | | | | 1,975 | |
Kane Cook & DuPage Counties School District No U-46 Elgin | | | | | | | | |
5.00%, 01/01/2029 | | | 400 | | | | 427 | |
5.00%, 01/01/2032 | | | 550 | | | | 607 | |
5.00%, 01/01/2033 | | | 550 | | | | 613 | |
5.00%, 01/01/2034 | | | 650 | | | | 725 | |
La Salle County Community Unit School District No 2 Serena | | | | | | | | |
5.25%, 12/01/2036 | | | 1,440 | | | | 1,613 | |
5.50%, 12/01/2040 | | | 2,145 | | | | 2,380 | |
Lake County Community Unit School District No 60 Waukegan | | | | | | | | |
5.00%, 01/01/2026 | | | 1,000 | | | | 1,008 | |
5.00%, 01/01/2027 | | | 100 | | | | 101 | |
5.00%, 01/01/2027 | | | 2,100 | | | | 2,117 | |
Lake County Consolidated High School District No 120 Mundelein | | | | | | | | |
5.50%, 12/01/2039 | | | 1,000 | | | | 1,118 | |
Lake County School District No 112 North Shore | | | | | | | | |
4.00%, 12/01/2037 | | | 1,695 | | | | 1,756 | |
Macon & de Witt Counties Community Unit School District No 2 Maroa-Forsyth | | | | | | | | |
4.00%, 12/01/2035 | | | 870 | | | | 880 | |
Macon County School District No 61 Decatur | | | | | | | | |
4.00%, 01/01/2029 | | | 1,240 | | | | 1,259 | |
4.00%, 01/01/2033 | | | 1,950 | | | | 1,972 | |
4.00%, 01/01/2034 | | | 1,750 | | | | 1,769 | |
Madison County Community Unit School District No 8 Bethalto | | | | | | | | |
4.00%, 12/01/2034 | | | 775 | | | | 781 | |
McHenry County Community Unit School District No 200 Woodstock | | | | | | | | |
0.00%, 01/15/2025 | | | 1,000 | | | | 979 | |
0.00%, 01/15/2026 | | | 1,000 | | | | 942 | |
Metropolitan Pier & Exposition Authority | | | | | | | | |
0.00%, 12/15/2024 | | | 1,000 | | | | 982 | |
0.00%, 06/15/2028 | | | 15,615 | | | | 13,303 | |
0.00%, 06/15/2029 | | | 3,470 | | | | 2,840 | |
0.00%, 12/15/2029 | | | 3,745 | | | | 3,032 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
0.00%, 12/15/2029 | | $ | 5,665 | | | $ | 4,548 | |
0.00%, 12/15/2030 | | | 11,000 | | | | 8,461 | |
0.00%, 12/15/2031 | | | 1,015 | | | | 750 | |
4.00%, 12/15/2042 | | | 1,645 | | | | 1,621 | |
5.00%, 12/15/2028 | | | 1,000 | | | | 1,040 | |
5.00%, 12/15/2028 | | | 2,000 | | | | 2,079 | |
5.00%, 12/15/2032 | | | 550 | | | | 573 | |
5.00%, 06/15/2050 | | | 11,060 | | | | 11,429 | |
Metropolitan Water Reclamation District of Greater Chicago | | | | | | | | |
5.25%, 12/01/2032 | | | 1,800 | | | | 2,076 | |
Peoria Metropolitan Airport Authority | | | | | | | | |
5.00%, 12/01/2026 | | | 1,375 | | | | 1,434 | |
Regional Transportation Authority | | | | | | | | |
5.75%, 06/01/2034 | | | 3,400 | | | | 3,965 | |
Sales Tax Securitization Corp. | | | | | | | | |
5.00%, 01/01/2025 | | | 1,000 | | | | 1,007 | |
5.00%, 01/01/2025 | | | 4,000 | | | | 4,027 | |
5.00%, 01/01/2026 | | | 2,000 | | | | 2,046 | |
5.00%, 01/01/2029 | | | 1,000 | | | | 1,067 | |
5.00%, 01/01/2036 | | | 3,285 | | | | 3,492 | |
5.00%, 01/01/2037 | | | 1,140 | | | | 1,225 | |
5.25%, 01/01/2043 | | | 1,100 | | | | 1,154 | |
5.50%, 01/01/2036 | | | 2,000 | | | | 2,157 | |
Sangamon & Christian Counties Community Unit School District No 3A Rochester | | | | | | | | |
5.50%, 02/01/2040 | | | 805 | | | | 885 | |
5.50%, 02/01/2043 | | | 530 | | | | 579 | |
5.50%, 02/01/2047 | | | 530 | | | | 571 | |
Sangamon & Morgan Counties Community Unit School District No 16 New Berlin | | | | | | | | |
5.00%, 12/01/2040 | | | 1,625 | | | | 1,730 | |
Sangamon County School District No 186 Springfield | | | | | | | | |
5.50%, 06/01/2048 | | | 1,000 | | | | 1,086 | |
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville | | | | | | | | |
5.00%, 12/01/2029 | | | 710 | | | | 760 | |
5.00%, 12/01/2031 | | | 600 | | | | 638 | |
5.00%, 12/01/2033 | | | 375 | | | | 397 | |
Southwestern Illinois Development Authority | | | | | | | | |
5.50%, 12/01/2035 | | | 750 | | | | 857 | |
5.50%, 12/01/2037 | | | 2,850 | | | | 3,227 | |
5.50%, 12/01/2038 | | | 6,250 | | | | 7,020 | |
5.50%, 12/01/2039 | | | 6,350 | | | | 7,115 | |
St Clair County Community Unit School District No 187 Cahokia | | | | | | | | |
5.00%, 01/01/2025 | | | 175 | | | | 176 | |
5.00%, 01/01/2028 | | | 200 | | | | 209 | |
5.00%, 01/01/2036 | | | 225 | | | | 252 | |
5.00%, 01/01/2038 | | | 225 | | | | 243 | |
5.00%, 01/01/2039 | | | 240 | | | | 257 | |
5.00%, 01/01/2041 | | | 425 | | | | 464 | |
5.00%, 01/01/2042 | | | 230 | | | | 243 | |
5.00%, 01/01/2044 | | | 250 | | | | 269 | |
5.00%, 01/01/2044 | | | 650 | | | | 680 | |
5.00%, 01/01/2049 | | | 600 | | | | 636 | |
State of Illinois | | | | | | | | |
4.00%, 02/01/2030 | | | 4,725 | | | | 4,773 | |
4.00%, 03/01/2031 | | | 1,500 | | | | 1,519 | |
4.00%, 10/01/2032 | | | 1,390 | | | | 1,398 | |
4.00%, 03/01/2038 | | | 1,125 | | | | 1,110 | |
5.00%, 09/01/2024 | | | 1,365 | | | | 1,367 | |
5.00%, 11/01/2024 | | | 750 | | | | 753 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 02/01/2025 | | $ | 455 | | | $ | 455 | |
5.00%, 05/01/2025 | | | 3,050 | | | | 3,053 | |
5.00%, 06/01/2025 | | | 880 | | | | 891 | |
5.00%, 10/01/2025 | | | 10,000 | | | | 10,171 | |
5.00%, 11/01/2025 | | | 2,040 | | | | 2,078 | |
5.00%, 11/01/2025 | | | 8,965 | | | | 9,131 | |
5.00%, 06/01/2026 | | | 125 | | | | 128 | |
5.00%, 10/01/2026 | | | 2,270 | | | | 2,340 | |
5.00%, 11/01/2026 | | | 2,120 | | | | 2,188 | |
5.00%, 02/01/2027 | | | 635 | | | | 657 | |
5.00%, 03/01/2027 | | | 980 | | | | 1,015 | |
5.00%, 11/01/2027 | | | 1,675 | | | | 1,752 | |
5.00%, 02/01/2028 | | | 1,000 | | | | 1,034 | |
5.00%, 05/01/2028 | | | 265 | | | | 265 | |
5.00%, 07/01/2028 | | | 8,465 | | | | 8,929 | |
5.00%, 11/01/2028 | | | 12,940 | | | | 13,493 | |
5.00%, 02/01/2029 | | | 1,000 | | | | 1,034 | |
5.00%, 03/01/2029 | | | 2,620 | | | | 2,785 | |
5.00%, 04/01/2029 | | | 605 | | | | 605 | |
5.00%, 05/01/2029 | | | 2,820 | | | | 3,003 | |
5.00%, 03/01/2030 | | | 1,875 | | | | 2,015 | |
5.00%, 03/01/2030 | | | 11,310 | | | | 12,154 | |
5.00%, 10/01/2030 | | | 5,325 | | | | 5,759 | |
5.00%, 03/01/2031 | | | 11,350 | | | | 12,331 | |
5.00%, 10/01/2031 | | | 1,750 | | | | 1,891 | |
5.00%, 10/01/2031 | | | 6,500 | | | | 6,832 | |
5.00%, 05/01/2032 | | | 800 | | | | 801 | |
5.00%, 01/01/2033 | | | 415 | | | | 421 | |
5.00%, 03/01/2033 | | | 1,000 | | | | 1,083 | |
5.00%, 03/01/2034 | | | 1,000 | | | | 1,095 | |
5.00%, 03/01/2034 | | | 9,715 | | | | 10,517 | |
5.00%, 01/01/2035 | | | 1,400 | | | | 1,419 | |
5.00%, 03/01/2035 | | | 3,670 | | | | 4,015 | |
5.00%, 03/01/2035 | | | 23,005 | | | | 25,167 | |
5.00%, 05/01/2035 | | | 3,860 | | | | 4,308 | |
5.00%, 07/01/2035 | | | 2,340 | | | | 2,568 | |
5.00%, 03/01/2036 | | | 1,000 | | | | 1,093 | |
5.00%, 07/01/2036 | | | 11,055 | | | | 12,081 | |
5.00%, 05/01/2038 | | | 2,915 | | | | 3,228 | |
5.00%, 02/01/2039 | | | 1,500 | | | | 1,500 | |
5.00%, 01/01/2041 | | | 800 | | | | 807 | |
5.00%, 11/01/2041 | | | 1,500 | | | | 1,519 | |
5.25%, 02/01/2029 | | | 3,720 | | | | 3,724 | |
5.25%, 02/01/2030 | | | 100 | | | | 100 | |
5.25%, 12/01/2030 | | | 11,685 | | | | 12,259 | |
5.25%, 02/01/2031 | | | 760 | | | | 761 | |
5.25%, 05/01/2043 | | | 625 | | | | 689 | |
5.25%, 05/01/2043 | | | 4,680 | | | | 5,078 | |
5.25%, 05/01/2045 | | | 1,950 | | | | 2,131 | |
State of Illinois Sales Tax Revenue | | | | | | | | |
5.00%, 06/15/2025 | | | 340 | | | | 344 | |
5.00%, 06/15/2025 | | | 3,965 | | | | 4,010 | |
5.00%, 06/15/2025 | | | 4,190 | | | | 4,197 | |
5.00%, 06/15/2026 | | | 500 | | | | 512 | |
5.00%, 06/15/2026 | | | 7,890 | | | | 8,078 | |
5.00%, 06/15/2027 | | | 1,000 | | | | 1,039 | |
5.00%, 06/15/2027 | | | 7,930 | | | | 8,236 | |
5.00%, 06/15/2028 | | | 7,930 | | | | 8,347 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 8.08% – (continued) | | | | | | | | |
5.00%, 06/15/2031 | | $ | 5,935 | | | $ | 6,489 | |
5.00%, 06/15/2032 | | | 4,980 | | | | 5,503 | |
5.00%, 06/15/2034 | | | 7,190 | | | | 8,102 | |
University of Illinois | | | | | | | | |
4.00%, 04/01/2036 | | | 1,500 | | | | 1,504 | |
5.00%, 10/01/2036 | | | 1,350 | | | | 1,465 | |
University of Illinois Auxiliary Facilities System | | | | | | | | |
5.25%, 04/01/2040 | | | 5,000 | | | | 5,739 | |
5.25%, 04/01/2044 | | | 1,155 | | | | 1,294 | |
Village of Bolingbrook IL | | | | | | | | |
4.00%, 03/01/2025 | | | 500 | | | | 501 | |
4.00%, 03/01/2027 | | | 1,000 | | | | 1,013 | |
Village of Bourbonnais IL | | | | | | | | |
5.25%, 12/01/2042 | | | 2,840 | | | | 3,085 | |
Village of Bradley IL | | | | | | | | |
5.00%, 12/15/2041 | | | 1,445 | | | | 1,555 | |
Will County Community Unit School District No 365 Valley View | | | | | | | | |
0.00%, 11/01/2025 | | | 1,520 | | | | 1,435 | |
5.00%, 11/01/2026 | | | 1,800 | | | | 1,871 | |
Will County Community Unit School District No 365-U Valley View | | | | | | | | |
0.00%, 11/01/2026 | | | 130 | | | | 120 | |
0.00%, 11/01/2026 | | | 775 | | | | 709 | |
Will County School District No 114 Manhattan | | | | | | | | |
5.00%, 01/01/2037 | | | 370 | | | | 408 | |
5.00%, 01/01/2038 | | | 355 | | | | 387 | |
5.25%, 01/01/2039 | | | 280 | | | | 310 | |
5.25%, 01/01/2041 | | | 1,160 | | | | 1,271 | |
5.50%, 01/01/2047 | | | 4,880 | | | | 5,356 | |
Woodford Lasalle Livingston Etc Counties Community Unit Sch Dist No 6 Fieldcrest | | | | | | | | |
4.00%, 12/01/2034 | | | 1,000 | | | | 1,013 | |
| | | | | | | | |
Total Illinois | | | | 1,176,122 | |
| | | | | | | | |
| Indiana – 1.52% | | | | | | | | |
Avon Community School Building Corp. | | | | | | | | |
5.25%, 07/15/2038 | | | 1,000 | | | | 1,139 | |
5.25%, 07/15/2039 | | | 1,250 | | | | 1,418 | |
5.50%, 07/15/2041 | | | 2,000 | | | | 2,289 | |
Brownsburg 1999 School Building Corp. | | | | | | | | |
5.50%, 07/15/2040 | | | 1,960 | | | | 2,170 | |
5.50%, 07/15/2042 | | | 6,125 | | | | 6,739 | |
Carmel Local Public Improvement Bond Bank | | | | | | | | |
3.00%, 07/15/2028 | | | 13,655 | | | | 13,150 | |
City of Indianapolis Department of Public Utilities Water System Revenue | | | | | | | | |
5.00%, 10/01/2037 | | | 10,000 | | | | 10,189 | |
City of Valparaiso IN | | | | | | | | |
4.50%, 01/01/2034 (3) | | | 1,650 | | | | 1,698 | |
4.88%, 01/01/2044 (3) | | | 2,750 | | | | 2,842 | |
City of Whiting IN | | | | | | | | |
4.40%, 03/01/2046 (1) | | | 5,245 | | | | 5,252 | |
5.00%, 12/01/2044 (1) | | | 18,900 | | | | 19,249 | |
County of St Joseph IN | | | | | | | | |
5.00%, 04/01/2033 | | | 1,245 | | | | 1,320 | |
Evansville Waterworks District | | | | | | | | |
5.00%, 01/01/2037 | | | 500 | | | | 554 | |
Indiana Finance Authority | | | | | | | | |
0.70%, 12/01/2046 (1) | | | 8,525 | | | | 8,126 | |
0.75%, 12/01/2038 (1) | | | 500 | | | | 464 | |
0.95%, 12/01/2038 (1) | | | 900 | | | | 839 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Indiana – 1.52% – (continued) | | | | | | | | |
2.25%, 12/01/2058 (1) | | $ | 1,285 | | | $ | 1,261 | |
3.75%, 03/01/2031 (1) | | | 1,450 | | | | 1,440 | |
4.00%, 02/01/2036 | | | 15,000 | | | | 15,574 | |
4.00%, 02/01/2037 | | | 12,395 | | | | 12,819 | |
4.13%, 12/01/2026 | | | 2,815 | | | | 2,820 | |
4.20%, 05/01/2034 (1) | | | 5,000 | | | | 5,002 | |
4.20%, 12/01/2037 (1) | | | 750 | | | | 750 | |
4.50%, 05/01/2035 (1) | | | 1,200 | | | | 1,195 | |
5.00%, 12/01/2024 | | | 3,000 | | | | 3,019 | |
5.00%, 05/01/2026 | | | 1,100 | | | | 1,130 | |
5.00%, 11/01/2026 | | | 1,200 | | | | 1,238 | |
5.00%, 05/01/2027 | | | 700 | | | | 728 | |
5.00%, 05/01/2029 | | | 685 | | | | 733 | |
5.00%, 11/01/2029 | | | 2,350 | | | | 2,466 | |
5.00%, 09/01/2031 | | | 440 | | | | 453 | |
5.00%, 03/01/2036 | | | 2,000 | | | | 2,013 | |
5.00%, 09/01/2036 | | | 1,000 | | | | 1,028 | |
5.00%, 12/01/2040 | | | 28,455 | | | | 28,674 | |
5.25%, 02/01/2033 | | | 2,500 | | | | 2,542 | |
Indiana Housing & Community Development Authority | | | | | | | | |
3.00%, 07/01/2050 | | | 720 | | | | 698 | |
3.00%, 07/01/2051 | | | 760 | | | | 738 | |
3.50%, 01/01/2049 | | | 655 | | | | 645 | |
5.00%, 07/01/2024 | | | 295 | | | | 295 | |
5.00%, 07/01/2024 | | | 500 | | | | 500 | |
5.00%, 01/01/2025 | | | 300 | | | | 302 | |
5.00%, 01/01/2026 | | | 300 | | | | 306 | |
5.00%, 01/01/2026 | | | 600 | | | | 612 | |
5.00%, 07/01/2026 | | | 320 | | | | 329 | |
5.00%, 07/01/2026 | | | 400 | | | | 411 | |
5.00%, 10/01/2026 (1) | | | 3,445 | | | | 3,469 | |
5.00%, 01/01/2027 | | | 300 | | | | 310 | |
5.00%, 01/01/2027 | | | 575 | | | | 595 | |
5.00%, 07/01/2027 | | | 300 | | | | 313 | |
5.00%, 07/01/2027 | | | 400 | | | | 417 | |
5.00%, 01/01/2028 | | | 600 | | | | 628 | |
5.00%, 07/01/2028 | | | 500 | | | | 526 | |
Indiana Municipal Power Agency | | | | | | | | |
5.00%, 01/01/2029 | | | 7,155 | | | | 7,197 | |
Indianapolis Local Public Improvement Bond Bank | | | | | | | | |
4.00%, 01/01/2035 | | | 1,725 | | | | 1,710 | |
5.00%, 07/15/2024 | | | 1,000 | | | | 1,001 | |
5.00%, 01/01/2025 | | | 1,195 | | | | 1,201 | |
5.00%, 07/15/2025 | | | 750 | | | | 764 | |
5.00%, 01/15/2027 | | | 700 | | | | 731 | |
5.00%, 01/15/2028 | | | 500 | | | | 531 | |
5.00%, 01/01/2029 | | | 1,000 | | | | 1,020 | |
5.00%, 01/01/2031 | | | 1,000 | | | | 1,020 | |
5.00%, 01/01/2036 | | | 615 | | | | 690 | |
5.00%, 01/01/2038 | | | 1,125 | | | | 1,250 | |
5.00%, 01/01/2039 | | | 1,250 | | | | 1,380 | |
5.25%, 01/01/2039 | | | 2,000 | | | | 2,189 | |
IPS Multi-School Building Corp. | | | | | | | | |
5.25%, 07/15/2041 | | | 3,450 | | | | 3,818 | |
5.25%, 07/15/2043 | | | 2,000 | | | | 2,199 | |
Mount Vernon of Hancock County Multi-School Building Corp. | | | | | | | | |
5.50%, 07/15/2035 | | | 500 | | | | 569 | |
5.50%, 07/15/2036 | | | 1,000 | | | | 1,136 | |
5.50%, 07/15/2038 | | | 1,000 | | | | 1,124 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Indiana – 1.52% – (continued) | | | | | | | | |
Northwestern School Building Corp. | | | | | | | | |
6.00%, 07/15/2039 | | $ | 900 | | | $ | 1,032 | |
Tippecanoe County School Building Corp. | | | | | | | | |
6.00%, 01/15/2043 | | | 825 | | | | 970 | |
Tri-Creek 2002 High School Building Corp. | | | | | | | | |
5.50%, 07/15/2041 | | | 3,875 | | | | 4,381 | |
5.50%, 07/15/2043 | | | 10,130 | | | | 11,357 | |
Westfield-Washington Multi-School Building Corp. | | | | | | | | |
5.00%, 01/15/2028 | | | 390 | | | | 398 | |
5.00%, 01/15/2029 | | | 540 | | | | 551 | |
5.00%, 01/15/2030 | | | 700 | | | | 714 | |
| | | | | | | | |
Total Indiana | | | | 222,350 | |
| | | | | | | | |
| Iowa – 0.80% | | | | | | | | |
Ames Community School District | | | | | | | | |
1.75%, 06/01/2034 | | | 3,000 | | | | 2,324 | |
City of Coralville IA | | | | | | | | |
4.00%, 06/01/2026 | | | 415 | | | | 405 | |
4.00%, 06/01/2028 | | | 300 | | | | 288 | |
4.00%, 05/01/2030 | | | 600 | | | | 573 | |
4.00%, 06/01/2034 | | | 890 | | | | 816 | |
5.00%, 05/01/2036 | | | 735 | | | | 760 | |
5.00%, 05/01/2038 | | | 1,400 | | | | 1,438 | |
5.00%, 05/01/2040 | | | 2,260 | | | | 2,303 | |
5.00%, 05/01/2041 | | | 1,650 | | | | 1,677 | |
City of Des Moines IA | | | | | | | | |
1.75%, 06/01/2038 | | | 1,410 | | | | 972 | |
College Community School District Infrastructure Sales Services & Use Tax | | | | | | | | |
4.13%, 06/01/2042 | | | 3,170 | | | | 3,178 | |
County of Polk IA | | | | | | | | |
5.00%, 06/01/2028 | | | 1,000 | | | | 1,054 | |
5.00%, 06/01/2029 | | | 1,000 | | | | 1,066 | |
5.00%, 06/01/2030 | | | 2,170 | | | | 2,341 | |
5.00%, 06/01/2031 | | | 2,280 | | | | 2,490 | |
5.00%, 06/01/2033 | | | 2,515 | | | | 2,772 | |
5.00%, 06/01/2034 | | | 2,640 | | | | 2,904 | |
5.00%, 06/01/2037 | | | 3,055 | | | | 3,335 | |
5.00%, 06/01/2039 | | | 4,000 | | | | 4,313 | |
5.00%, 06/01/2040 | | | 5,000 | | | | 5,356 | |
5.00%, 06/01/2041 | | | 4,000 | | | | 4,260 | |
5.00%, 06/01/2042 | | | 3,400 | | | | 3,608 | |
5.00%, 06/01/2043 | | | 3,200 | | | | 3,382 | |
5.00%, 06/01/2044 | | | 1,230 | | | | 1,295 | |
Dubuque Community School District Infrastructure Sales Services & Use Tax | | | | | | | | |
3.00%, 07/01/2036 | | | 600 | | | | 543 | |
3.00%, 07/01/2037 | | | 675 | | | | 605 | |
Iowa City Community School District | | | | | | | | |
2.50%, 06/01/2038 | | | 2,000 | | | | 1,583 | |
Iowa Finance Authority | | | | | | | | |
3.88%, 01/01/2042 (1) | | | 10,205 | | | | 10,179 | |
5.00%, 08/01/2034 | | | 5,450 | | | | 6,363 | |
5.00%, 08/01/2036 | | | 4,545 | | | | 5,233 | |
5.00%, 08/01/2037 | | | 2,040 | | | | 2,340 | |
5.00%, 05/15/2043 | | | 270 | | | | 258 | |
5.00%, 05/15/2048 | | | 825 | | | | 762 | |
7.25%, 05/15/2038 | | | 3,400 | | | | 3,852 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Iowa – 0.80% – (continued) | | | | | | | | |
Iowa Higher Education Loan Authority | | | | | | | | |
4.00%, 10/01/2030 | | $ | 380 | | | $ | 376 | |
4.00%, 10/01/2031 | | | 395 | | | | 389 | |
4.00%, 10/01/2033 | | | 275 | | | | 268 | |
4.00%, 10/01/2036 | | | 325 | | | | 312 | |
Iowa Student Loan Liquidity Corp. | | | | | | | | |
5.00%, 12/01/2025 | | | 1,000 | | | | 1,011 | |
5.00%, 12/01/2025 | | | 1,775 | | | | 1,794 | |
5.00%, 12/01/2028 | | | 1,640 | | | | 1,705 | |
5.00%, 12/01/2029 | | | 1,275 | | | | 1,326 | |
5.00%, 12/01/2030 | | | 1,000 | | | | 1,045 | |
PEFA, Inc. | | | | | | | | |
5.00%, 09/01/2049 (1) | | | 17,160 | | | | 17,499 | |
Waukee Community School District | | | | | | | | |
2.00%, 06/01/2036 | | | 4,000 | | | | 3,071 | |
2.13%, 06/01/2039 | | | 4,440 | | | | 3,229 | |
| | | | | | | | |
Total Iowa | | | | 116,653 | |
| | | | | | | | |
| Kansas – 0.32% | | | | | | | | |
Butler County Unified School District No 375 Circle | | | | | | | | |
3.00%, 09/01/2033 | | | 1,400 | | | | 1,284 | |
City of Manhattan KS | | | | | | | | |
4.00%, 06/01/2028 | | | 300 | | | | 298 | |
City of Prairie Village KS | | | | | | | | |
2.88%, 04/01/2030 | | | 205 | | | | 199 | |
3.13%, 04/01/2036 | | | 500 | | | | 462 | |
City of Wichita KS | | | | | | | | |
0.51%, 11/01/2025 (1) | | | 11,740 | | | | 11,543 | |
Kansas Development Finance Authority | | | | | | | | |
5.00%, 06/01/2043 (1) | | | 9,900 | | | | 10,148 | |
5.00%, 11/15/2054 (1) | | | 4,710 | | | | 5,174 | |
5.00%, 11/15/2054 (1) | | | 12,320 | | | | 13,078 | |
Wyandotte County-Kansas City Unified Government Utility System Revenue | | | | | | | | |
5.00%, 09/01/2035 | | | 4,315 | | | | 4,377 | |
| | | | | | | | |
Total Kansas | | | | 46,563 | |
| | | | | | | | |
| Kentucky – 1.73% | | | | | | | | |
City of Ashland KY | | | | | | | | |
5.00%, 02/01/2028 | | | 255 | | | | 264 | |
5.00%, 02/01/2032 | | | 395 | | | | 408 | |
5.00%, 02/01/2040 | | | 2,665 | | | | 2,675 | |
City of Henderson KY | | | | | | | | |
3.70%, 01/01/2032 (3) | | | 5,200 | | | | 5,190 | |
4.45%, 01/01/2042 (3) | | | 6,920 | | | | 6,887 | |
County of Carroll KY | | | | | | | | |
1.55%, 09/01/2042 (1) | | | 10,750 | | | | 10,011 | |
1.75%, 10/01/2034 (1) | | | 1,045 | | | | 972 | |
County of Knott KY | | | | | | | | |
4.00%, 03/28/2044 (1)(3) | | | 2,900 | | | | 2,896 | |
Kentucky Asset Liability Commission | | | | | | | | |
5.00%, 09/01/2024 | | | 1,000 | | | | 1,002 | |
5.00%, 09/01/2025 | | | 1,250 | | | | 1,274 | |
Kentucky Bond Development Corp. | | | | | | | | |
5.00%, 09/01/2049 | | | 2,700 | | | | 2,818 | |
Kentucky Economic Development Finance Authority | | | | | | | | |
5.00%, 08/01/2030 | | | 2,160 | | | | 2,300 | |
5.00%, 07/01/2033 | | | 1,000 | | | | 1,007 | |
5.00%, 01/01/2045 | | | 3,680 | | | | 3,682 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Kentucky – 1.73% – (continued) | | | | | | | | |
Kentucky Public Energy Authority | | | | | | | | |
4.00%, 01/01/2049 (1) | | $ | 12,500 | | | $ | 12,531 | |
4.00%, 02/01/2050 (1) | | | 27,000 | | | | 27,029 | |
4.00%, 12/01/2050 (1) | | | 17,720 | | | | 17,795 | |
5.00%, 01/01/2055 (1) | | | 19,300 | | | | 20,381 | |
5.00%, 05/01/2055 (1) | | | 6,305 | | | | 6,609 | |
5.25%, 04/01/2054 (1) | | | 20,260 | | | | 21,873 | |
Kentucky State Property & Building Commission | | | | | | | | |
5.00%, 11/01/2026 | | | 1,495 | | | | 1,548 | |
5.00%, 11/01/2026 | | | 1,830 | | | | 1,895 | |
5.00%, 11/01/2026 | | | 36,500 | | | | 37,795 | |
5.00%, 04/01/2027 | | | 1,000 | | | | 1,043 | |
5.00%, 11/01/2027 | | | 2,435 | | | | 2,520 | |
5.00%, 11/01/2027 | | | 16,000 | | | | 16,825 | |
5.00%, 11/01/2028 | | | 16,000 | | | | 17,028 | |
5.00%, 05/01/2029 | | | 1,000 | | | | 1,039 | |
5.00%, 05/01/2029 | | | 1,025 | | | | 1,080 | |
5.00%, 11/01/2031 | | | 1,685 | | | | 1,790 | |
5.00%, 05/01/2032 | | | 270 | | | | 286 | |
5.00%, 11/01/2038 | | | 1,000 | | | | 1,113 | |
5.00%, 11/01/2039 | | | 1,100 | | | | 1,218 | |
Kentucky Turnpike Authority | | | | | | | | |
5.00%, 07/01/2033 | | | 340 | | | | 379 | |
5.00%, 07/01/2035 | | | 500 | | | | 559 | |
Louisville & Jefferson County Metropolitan Government | | | | | | | | |
4.00%, 04/01/2036 | | | 12,510 | | | | 12,946 | |
5.00%, 10/01/2030 | | | 2,500 | | | | 2,547 | |
5.00%, 10/01/2032 | | | 430 | | | | 437 | |
5.00%, 10/01/2037 | | | 1,200 | | | | 1,259 | |
5.00%, 10/01/2047 (1) | | | 740 | | | | 756 | |
5.00%, 10/01/2047 (1) | | | 1,100 | | | | 1,172 | |
| | | | | | | | |
Total Kentucky | | | | 252,839 | |
| | | | | | | | |
| Louisiana – 1.07% | | | | | | | | |
Greater New Orleans Expressway Commission | | | | | | | | |
5.00%, 11/01/2034 | | | 1,000 | | | | 1,020 | |
5.00%, 11/01/2036 | | | 1,000 | | | | 1,017 | |
5.00%, 11/01/2042 | | | 2,440 | | | | 2,467 | |
Jefferson Parish Consolidated Sewerage District No 1 | | | | | | | | |
4.00%, 02/01/2035 | | | 1,330 | | | | 1,364 | |
4.00%, 02/01/2036 | | | 750 | | | | 765 | |
4.00%, 02/01/2038 | | | 1,055 | | | | 1,065 | |
4.00%, 02/01/2039 | | | 2,740 | | | | 2,745 | |
4.00%, 02/01/2042 | | | 370 | | | | 362 | |
Jefferson Parish Consolidated Waterworks District No 2 | | | | | | | | |
4.00%, 02/01/2037 | | | 5,000 | | | | 5,118 | |
Louisiana Housing Corp. | | | | | | | | |
5.00%, 07/01/2026 | | | 5,130 | | | | 5,200 | |
Louisiana Local Government Environmental Facilities & Community Development Auth | | | | | | | | |
0.88%, 02/01/2046 (1) | | | 7,420 | | | | 7,288 | |
5.00%, 10/01/2028 | | | 1,045 | | | | 1,108 | |
5.00%, 08/15/2037 | | | 20,000 | | | | 20,611 | |
Louisiana Public Facilities Authority | | | | | | | | |
3.90%, 08/01/2050 (1) | | | 35,500 | | | | 35,500 | |
5.00%, 12/15/2024 | | | 330 | | | | 332 | |
5.00%, 12/15/2025 | | | 275 | | | | 281 | |
5.00%, 12/15/2026 | | | 300 | | | | 311 | |
5.00%, 10/01/2027 | | | 2,000 | | | | 2,075 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Louisiana – 1.07% – (continued) | | | | | | | | |
5.00%, 12/15/2028 | | $ | 250 | | | $ | 263 | |
5.00%, 12/15/2029 | | | 200 | | | | 210 | |
5.00%, 12/15/2030 | | | 150 | | | | 158 | |
5.00%, 05/15/2031 | | | 1,250 | | | | 1,291 | |
5.00%, 12/15/2031 | | | 390 | | | | 410 | |
5.00%, 05/15/2032 | | | 1,000 | | | | 1,032 | |
5.00%, 05/15/2050 (1) | | | 7,500 | | | | 7,578 | |
New Orleans Aviation Board | | | | | | | | |
5.00%, 01/01/2027 | | | 850 | | | | 854 | |
5.00%, 01/01/2028 | | | 155 | | | | 159 | |
5.00%, 01/01/2029 | | | 810 | | | | 813 | |
5.00%, 01/01/2030 | | | 275 | | | | 281 | |
5.00%, 01/01/2033 | | | 740 | | | | 756 | |
5.00%, 01/01/2033 | | | 2,600 | | | | 2,741 | |
5.00%, 01/01/2034 | | | 170 | | | | 174 | |
5.00%, 01/01/2034 | | | 750 | | | | 766 | |
5.00%, 01/01/2034 | | | 2,750 | | | | 2,894 | |
5.00%, 01/01/2040 | | | 9,890 | | | | 9,903 | |
Parish of St John the Baptist LA | | | | | | | | |
2.10%, 06/01/2037 (1) | | | 14,145 | | | | 14,145 | |
2.13%, 06/01/2037 (1) | | | 7,600 | | | | 7,600 | |
2.20%, 06/01/2037 (1) | | | 2,475 | | | | 2,388 | |
4.05%, 06/01/2037 (1) | | | 5,090 | | | | 5,090 | |
Port New Orleans Board of Commissioners | | | | | | | | |
5.00%, 04/01/2034 | | | 750 | | | | 786 | |
5.00%, 04/01/2035 | | | 420 | | | | 440 | |
5.00%, 04/01/2035 | | | 1,000 | | | | 1,036 | |
5.00%, 04/01/2037 | | | 500 | | | | 524 | |
State of Louisiana | | | | | | | | |
5.00%, 03/01/2038 | | | 5,000 | | | | 5,352 | |
| | | | | | | | |
Total Louisiana | | | | 156,273 | |
| | | | | | | | |
| Maine – 0.07% | | | | | | | | |
Maine Health & Higher Educational Facilities Authority | | | | | | | | |
4.00%, 07/01/2041 | | | 1,480 | | | | 1,290 | |
4.00%, 07/01/2046 | | | 330 | | | | 270 | |
5.00%, 07/01/2037 | | | 125 | | | | 139 | |
5.00%, 07/01/2039 | | | 175 | | | | 192 | |
5.00%, 07/01/2041 | | | 250 | | | | 271 | |
5.00%, 07/01/2041 | | | 1,235 | | | | 1,203 | |
5.00%, 07/01/2043 | | | 300 | | | | 323 | |
5.00%, 07/01/2046 | | | 590 | | | | 550 | |
5.25%, 07/01/2042 | | | 5,235 | | | | 5,733 | |
Maine Municipal Bond Bank | | | | | | | | |
5.00%, 11/01/2033 | | | 650 | | | | 686 | |
| | | | | | | | |
Total Maine | | | | 10,657 | |
| | | | | | | | |
| Maryland – 1.21% | | | | | | | | |
City of Baltimore MD | | | | | | | | |
4.00%, 07/01/2036 | | | 1,460 | | | | 1,493 | |
4.00%, 07/01/2037 | | | 790 | | | | 806 | |
4.00%, 07/01/2037 | | | 1,235 | | | | 1,258 | |
4.00%, 07/01/2039 | | | 605 | | | | 611 | |
4.50%, 06/01/2033 | | | 150 | | | | 149 | |
5.00%, 07/01/2026 | | | 720 | | | | 742 | |
5.00%, 07/01/2029 | | | 4,770 | | | | 4,965 | |
5.00%, 09/01/2030 | | | 3,000 | | | | 2,981 | |
5.00%, 09/01/2032 | | | 1,000 | | | | 987 | |
5.00%, 07/01/2039 | | | 17,520 | | | | 18,061 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Maryland – 1.21% – (continued) | | | | | | | | |
County of Anne Arundel MD | | | | | | | | |
5.00%, 10/01/2026 | | $ | 1,085 | | | $ | 1,108 | |
County of Baltimore MD | | | | | | | | |
3.00%, 03/01/2037 | | | 1,210 | | | | 1,119 | |
County of Montgomery MD | | | | | | | | |
5.00%, 10/01/2024 | | | 1,210 | | | | 1,215 | |
County of Prince George’s MD | | | | | | | | |
5.00%, 07/15/2033 | | | 7,400 | | | | 7,929 | |
5.00%, 07/01/2034 | | | 2,000 | | | | 2,291 | |
Maryland Community Development Administration | | | | | | | | |
2.95%, 03/01/2025 | | | 385 | | | | 382 | |
3.10%, 03/01/2026 | | | 180 | | | | 177 | |
3.25%, 03/01/2027 | | | 595 | | | | 587 | |
3.50%, 03/01/2050 | | | 735 | | | | 723 | |
4.00%, 09/01/2049 | | | 710 | | | | 706 | |
5.00%, 09/01/2042 | | | 2,000 | | | | 2,096 | |
5.75%, 09/01/2054 | | | 4,960 | | | | 5,264 | |
6.00%, 03/01/2053 | | | 4,805 | | | | 5,099 | |
6.25%, 03/01/2054 | | | 935 | | | | 1,014 | |
Maryland Economic Development Corp. | | | | | | | | |
3.25%, 09/01/2030 | | | 1,225 | | | | 1,134 | |
4.00%, 09/01/2040 | | | 410 | | | | 373 | |
4.00%, 09/01/2050 | | | 1,295 | | | | 1,074 | |
5.00%, 06/01/2028 | | | 2,000 | | | | 2,085 | |
5.00%, 11/12/2028 | | | 7,185 | | | | 7,286 | |
5.00%, 06/30/2038 | | | 2,800 | | | | 2,944 | |
5.00%, 12/31/2039 | | | 2,350 | | | | 2,460 | |
5.00%, 06/30/2040 | | | 2,795 | | | | 2,911 | |
5.00%, 12/31/2040 | | | 3,575 | | | | 3,723 | |
5.00%, 06/30/2041 | | | 4,860 | | | | 5,042 | |
5.00%, 12/31/2041 | | | 3,155 | | | | 3,273 | |
5.00%, 06/30/2042 | | | 5,000 | | | | 5,169 | |
5.38%, 07/01/2038 | | | 1,215 | | | | 1,324 | |
Maryland Health & Higher Educational Facilities Authority | | | | | | | | |
4.00%, 07/01/2042 | | | 120 | | | | 110 | |
5.00%, 07/01/2024 | | | 535 | | | | 535 | |
5.00%, 07/01/2032 | | | 750 | | | | 762 | |
5.00%, 07/01/2035 | | | 75 | | | | 76 | |
5.00%, 07/01/2045 (1) | | | 2,075 | | | | 2,145 | |
5.50%, 01/01/2029 | | | 1,500 | | | | 1,545 | |
5.50%, 01/01/2030 | | | 1,750 | | | | 1,804 | |
Maryland Stadium Authority | | | | | | | | |
5.00%, 05/01/2032 | | | 765 | | | | 785 | |
5.00%, 05/01/2047 | | | 6,725 | | | | 6,960 | |
Maryland State Transportation Authority | | | | | | | | |
5.00%, 07/01/2030 | | | 4,655 | | | | 4,872 | |
5.00%, 07/01/2034 | | | 1,550 | | | | 1,712 | |
Maryland State Transportation Authority Passenger Facility Charge Revenue | | | | | | | | |
4.00%, 06/01/2029 | | | 1,590 | | | | 1,581 | |
Montgomery County Housing Opportunities Commission | | | | | | | | |
0.80%, 07/01/2025 | | | 700 | | | | 672 | |
Prince George’s County Revenue Authority | | | | | | | | |
5.00%, 05/01/2030 | | | 1,085 | | | | 1,157 | |
State of Maryland | | | | | | | | |
3.00%, 08/01/2027 | | | 6,490 | | | | 6,400 | |
4.00%, 08/01/2029 | | | 3,000 | | | | 3,000 | |
4.00%, 08/01/2035 | | | 1,000 | | | | 1,050 | |
5.00%, 08/01/2024 | | | 1,450 | | | | 1,452 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Maryland – 1.21% – (continued) | | | | | | | | |
5.00%, 06/01/2034 | | $ | 2,115 | | | $ | 2,420 | |
5.00%, 06/01/2035 | | | 2,500 | | | | 2,858 | |
5.00%, 06/01/2037 | | | 6,535 | | | | 7,420 | |
State of Maryland Department of Transportation | | | | | | | | |
3.00%, 09/01/2032 | | | 5,300 | | | | 5,000 | |
4.00%, 10/01/2032 | | | 1,400 | | | | 1,419 | |
5.00%, 10/01/2024 | | | 5,000 | | | | 5,019 | |
5.00%, 10/01/2026 | | | 11,570 | | | | 12,032 | |
5.00%, 12/01/2027 | | | 1,205 | | | | 1,280 | |
5.00%, 12/01/2028 | | | 1,335 | | | | 1,444 | |
| | | | | | | | |
Total Maryland | | | | 176,071 | |
| | | | | | | | |
| Massachusetts – 1.65% | | | | | | | | |
City of Somerville MA | | | | | | | | |
2.00%, 10/15/2038 | | | 1,680 | | | | 1,269 | |
City of Waltham MA | | | | | | | | |
2.13%, 10/15/2039 | | | 660 | | | | 497 | |
Commonwealth of Massachusetts | | | | | | | | |
2.00%, 03/01/2037 | | | 4,260 | | | | 3,338 | |
2.00%, 03/01/2038 | | | 1,240 | | | | 948 | |
4.00%, 11/01/2040 | | | 1,075 | | | | 1,089 | |
4.00%, 02/01/2042 | | | 6,000 | | | | 6,004 | |
5.00%, 09/01/2025 | | | 6,400 | | | | 6,530 | |
5.00%, 07/01/2028 | | | 350 | | | | 362 | |
5.00%, 12/01/2030 | | | 1,500 | | | | 1,557 | |
5.00%, 01/01/2032 | | | 1,890 | | | | 1,996 | |
5.00%, 07/01/2033 | | | 5,500 | | | | 5,674 | |
5.00%, 10/01/2033 | | | 4,075 | | | | 4,648 | |
5.00%, 07/01/2035 | | | 1,500 | | | | 1,619 | |
5.00%, 10/01/2035 | | | 10,000 | | | | 11,391 | |
5.00%, 01/01/2036 | | | 1,000 | | | | 1,078 | |
5.00%, 04/01/2036 | | | 1,520 | | | | 1,584 | |
5.00%, 07/01/2036 | | | 1,000 | | | | 1,077 | |
5.00%, 07/01/2036 | | | 12,630 | | | | 12,806 | |
5.00%, 04/01/2037 | | | 3,850 | | | | 4,007 | |
5.00%, 07/01/2037 | | | 4,670 | | | | 4,807 | |
5.00%, 09/01/2038 | | | 2,620 | | | | 2,768 | |
5.00%, 11/01/2038 | | | 10,000 | | | | 10,452 | |
5.00%, 05/01/2039 | | | 925 | | | | 1,047 | |
5.00%, 05/01/2040 | | | 1,250 | | | | 1,403 | |
5.00%, 07/01/2040 | | | 5,000 | | | | 5,057 | |
5.00%, 01/01/2042 | | | 5,710 | | | | 6,371 | |
5.00%, 05/01/2048 | | | 1,200 | | | | 1,300 | |
5.50%, 08/01/2030 | | | 1,140 | | | | 1,283 | |
Commonwealth of Massachusetts Transportation Fund Revenue | | | | | | | | |
5.00%, 06/01/2040 | | | 7,435 | | | | 7,806 | |
Massachusetts Bay Transportation Authority Sales Tax Revenue | | | | | | | | |
0.00%, 07/01/2031 | | | 4,000 | | | | 3,148 | |
0.00%, 07/01/2032 | | | 3,950 | | | | 2,992 | |
5.00%, 07/01/2036 | | | 10,000 | | | | 11,716 | |
5.00%, 07/01/2037 | | | 12,500 | | | | 14,301 | |
5.00%, 07/01/2040 | | | 1,400 | | | | 1,456 | |
5.00%, 07/01/2040 | | | 5,000 | | | | 5,060 | |
5.00%, 07/01/2041 | | | 4,000 | | | | 4,440 | |
Massachusetts Clean Water Trust | | | | | | | | |
5.00%, 08/01/2031 | | | 1,790 | | | | 1,927 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Massachusetts – 1.65% – (continued) | | | | | | | | |
Massachusetts Development Finance Agency | | | | | | | | |
4.00%, 07/15/2036 | | $ | 4,500 | | | $ | 4,536 | |
4.00%, 07/01/2045 | | | 1,325 | | | | 1,261 | |
5.00%, 07/01/2025 | | | 1,090 | | | | 1,099 | |
5.00%, 10/01/2025 | | | 905 | | | | 911 | |
5.00%, 07/01/2026 | | | 1,140 | | | | 1,159 | |
5.00%, 10/01/2026 | | | 955 | | | | 971 | |
5.00%, 11/01/2026 (1) | | | 5,500 | | | | 5,558 | |
5.00%, 07/01/2030 | | | 590 | | | | 623 | |
5.00%, 01/01/2031 | | | 475 | | | | 490 | |
5.00%, 01/01/2032 | | | 635 | | | | 654 | |
5.00%, 07/01/2032 | | | 1,270 | | | | 1,313 | |
5.00%, 10/01/2032 | | | 1,000 | | | | 1,144 | |
5.00%, 01/01/2033 | | | 540 | | | | 556 | |
5.00%, 10/01/2033 | | | 750 | | | | 765 | |
5.00%, 10/01/2033 | | | 1,000 | | | | 1,140 | |
5.00%, 01/01/2034 | | | 710 | | | | 730 | |
5.00%, 07/01/2034 | | | 500 | | | | 517 | |
5.00%, 07/15/2034 (3) | | | 270 | | | | 271 | |
5.00%, 10/01/2034 | | | 835 | | | | 851 | |
5.00%, 10/01/2034 | | | 1,900 | | | | 1,948 | |
5.00%, 01/01/2035 | | | 745 | | | | 765 | |
5.00%, 07/15/2035 (3) | | | 275 | | | | 276 | |
5.00%, 01/01/2036 | | | 1,100 | | | | 1,128 | |
5.00%, 07/15/2036 (3) | | | 230 | | | | 231 | |
5.00%, 07/01/2037 | | | 2,235 | | | | 2,269 | |
5.00%, 10/01/2039 | | | 2,250 | | | | 2,503 | |
5.00%, 01/01/2040 | | | 755 | | | | 774 | |
5.00%, 10/01/2041 | | | 1,450 | | | | 1,462 | |
5.00%, 03/01/2044 | | | 1,000 | | | | 1,003 | |
Massachusetts Educational Financing Authority | | | | | | | | |
2.00%, 07/01/2037 | | | 2,355 | | | | 2,013 | |
5.00%, 07/01/2024 | | | 2,190 | | | | 2,190 | |
5.00%, 07/01/2026 | | | 5,000 | | | | 5,101 | |
5.00%, 07/01/2027 | | | 1,500 | | | | 1,542 | |
5.00%, 07/01/2028 | | | 1,250 | | | | 1,285 | |
5.00%, 07/01/2029 | | | 1,600 | | | | 1,659 | |
5.00%, 07/01/2030 | | | 1,425 | | | | 1,489 | |
Massachusetts Housing Finance Agency | | | | | | | | |
0.80%, 12/01/2025 | | | 1,820 | | | | 1,720 | |
1.85%, 12/01/2050 (1) | | | 5,250 | | | | 5,130 | |
4.00%, 12/01/2027 | | | 3,750 | | | | 3,737 | |
Massachusetts School Building Authority | | | | | | | | |
5.00%, 11/15/2034 | | | 10,000 | | | | 10,373 | |
5.00%, 08/15/2037 | | | 9,650 | | | | 9,805 | |
Massachusetts Water Resources Authority | | | | | | | | |
5.25%, 08/01/2033 | | | 2,065 | | | | 2,447 | |
| | | | | | | | |
Total Massachusetts | | | | 240,207 | |
| | | | | | | | |
| Michigan – 3.19% | | | | | | | | |
Avondale School District | | | | | | | | |
5.00%, 11/01/2024 | | | 800 | | | | 804 | |
5.00%, 11/01/2025 | | | 785 | | | | 803 | |
5.00%, 11/01/2026 | | | 765 | | | | 793 | |
Calhoun County Hospital Finance Authority | | | | | | | | |
5.00%, 02/15/2028 | | | 750 | | | | 754 | |
Center Line Public Schools | | | | | | | | |
5.25%, 05/01/2048 | | | 3,000 | | | | 3,241 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Michigan – 3.19% – (continued) | | | | | | | | |
City of Detroit MI | | | | | | | | |
5.00%, 04/01/2025 | | $ | 900 | | | $ | 905 | |
5.00%, 04/01/2034 | | | 750 | | | | 793 | |
5.00%, 04/01/2035 | | | 1,400 | | | | 1,480 | |
5.00%, 04/01/2036 | | | 600 | | | | 633 | |
City of Grand Rapids MI | | | | | | | | |
5.00%, 04/01/2042 | | | 760 | | | | 848 | |
5.00%, 04/01/2043 | | | 1,090 | | | | 1,210 | |
City of Lansing MI | | | | | | | | |
5.00%, 06/01/2037 | | | 1,000 | | | | 1,129 | |
City of Royal Oak MI | | | | | | | | |
5.00%, 04/01/2029 | | | 500 | | | | 536 | |
5.00%, 04/01/2031 | | | 1,045 | | | | 1,123 | |
City of Wyandotte MI Electric System Revenue | | | | | | | | |
5.00%, 10/01/2024 | | | 765 | | | | 767 | |
Detroit City School District | | | | | | | | |
5.25%, 05/01/2030 | | | 3,345 | | | | 3,709 | |
Detroit Downtown Development Authority | | | | | | | | |
5.00%, 07/01/2035 | | | 1,810 | | | | 2,031 | |
5.00%, 07/01/2040 | | | 1,430 | | | | 1,566 | |
DeWitt Public Schools | | | | | | | | |
5.00%, 05/01/2036 | | | 1,000 | | | | 1,131 | |
Ferndale Public Schools | | | | | | | | |
5.00%, 05/01/2043 | | | 650 | | | | 700 | |
5.00%, 05/01/2049 | | | 2,795 | | | | 2,971 | |
Gerald R Ford International Airport Authority | | | | | | | | |
5.00%, 01/01/2032 | | | 1,160 | | | | 1,282 | |
5.00%, 01/01/2033 | | | 1,220 | | | | 1,363 | |
5.00%, 01/01/2037 | | | 800 | | | | 898 | |
5.00%, 01/01/2038 | | | 1,250 | | | | 1,397 | |
5.00%, 01/01/2040 | | | 1,800 | | | | 1,983 | |
5.00%, 01/01/2041 | | | 1,720 | | | | 1,886 | |
5.00%, 01/01/2042 | | | 2,805 | | | | 3,064 | |
5.00%, 01/01/2043 | | | 4,105 | | | | 4,463 | |
5.00%, 01/01/2044 | | | 2,205 | | | | 2,389 | |
5.00%, 01/01/2049 | | | 700 | | | | 746 | |
Grand Rapids Public Schools | | | | | | | | |
5.00%, 11/01/2037 | | | 1,750 | | | | 1,866 | |
5.00%, 11/01/2038 | | | 1,000 | | | | 1,061 | |
Grandville Public Schools | | | | | | | | |
5.00%, 05/01/2040 | | | 1,500 | | | | 1,510 | |
Great Lakes Water Authority Sewage Disposal System Revenue | | | | | | | | |
5.00%, 07/01/2030 | | | 3,000 | | | | 3,076 | |
5.00%, 07/01/2032 | | | 290 | | | | 330 | |
5.00%, 07/01/2034 | | | 355 | | | | 403 | |
Great Lakes Water Authority Water Supply System Revenue | | | | | | | | |
5.00%, 07/01/2032 | | | 215 | | | | 245 | |
5.00%, 07/01/2034 | | | 395 | | | | 448 | |
5.00%, 07/01/2046 | | | 2,625 | | | | 2,668 | |
5.00%, 07/01/2046 | | | 3,120 | | | | 3,162 | |
Ida Public Schools | | | | | | | | |
5.00%, 05/01/2031 | | | 5,500 | | | | 5,844 | |
Karegnondi Water Authority | | | | | | | | |
5.00%, 11/01/2034 | | | 1,430 | | | | 1,483 | |
5.00%, 11/01/2041 | | | 2,225 | | | | 2,277 | |
Lansing Board of Water & Light | | | | | | | | |
2.00%, 07/01/2051 (1) | | | 8,585 | | | | 8,187 | |
5.00%, 07/01/2037 | | | 4,875 | | | | 5,271 | |
5.00%, 07/01/2038 | | | 2,620 | | | | 2,823 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Michigan – 3.19% – (continued) | | | | | | | | |
Lapeer Community Schools | | | | | | | | |
5.00%, 05/01/2039 | | $ | 2,730 | | | $ | 2,945 | |
Michigan Finance Authority | | | | | | | | |
1.20%, 10/15/2030 (1) | | | 1,900 | | | | 1,683 | |
1.20%, 10/15/2038 (1) | | | 18,900 | | | | 16,745 | |
4.00%, 12/01/2036 | | | 6,610 | | | | 6,650 | |
4.00%, 12/01/2036 | | | 22,235 | | | | 22,281 | |
4.00%, 12/01/2040 | | | 1,485 | | | | 1,463 | |
4.78% (SIFMA Municipal Swap Index Yield + 0.90%), 12/01/2039 (2) | | | 13,000 | | | | 12,997 | |
5.00%, 10/01/2024 | | | 3,000 | | | | 3,010 | |
5.00%, 11/01/2024 | | | 750 | | | | 754 | |
5.00%, 11/01/2025 | | | 400 | | | | 408 | |
5.00%, 11/01/2026 | | | 500 | | | | 518 | |
5.00%, 12/01/2026 | | | 1,190 | | | | 1,233 | |
5.00%, 06/01/2027 | | | 3,190 | | | | 3,317 | |
5.00%, 11/01/2027 | | | 500 | | | | 525 | |
5.00%, 04/15/2029 | | | 4,000 | | | | 4,291 | |
5.00%, 06/01/2029 | | | 1,500 | | | | 1,602 | |
5.00%, 12/01/2029 | | | 500 | | | | 525 | |
5.00%, 04/15/2030 | | | 4,155 | | | | 4,518 | |
5.00%, 06/01/2030 | | | 1,725 | | | | 1,865 | |
5.00%, 07/01/2030 | | | 600 | | | | 607 | |
5.00%, 10/01/2030 | | | 800 | | | | 802 | |
5.00%, 06/01/2031 | | | 2,895 | | | | 3,141 | |
5.00%, 04/15/2032 | | | 3,165 | | | | 3,519 | |
5.00%, 06/01/2032 | | | 280 | | | | 304 | |
5.00%, 08/01/2032 | | | 850 | | | | 851 | |
5.00%, 10/01/2032 | | | 1,150 | | | | 1,286 | |
5.00%, 11/15/2032 | | | 1,445 | | | | 1,484 | |
5.00%, 04/15/2033 | | | 1,935 | | | | 2,147 | |
5.00%, 06/01/2033 | | | 510 | | | | 553 | |
5.00%, 04/15/2034 | | | 970 | | | | 1,077 | |
5.00%, 07/01/2034 | | | 1,600 | | | | 1,617 | |
5.00%, 04/15/2035 | | | 555 | | | | 616 | |
5.00%, 07/01/2035 | | | 2,000 | | | | 2,022 | |
5.00%, 04/15/2036 | | | 5,000 | | | | 5,546 | |
5.00%, 12/01/2037 | | | 6,000 | | | | 6,222 | |
5.00%, 12/01/2039 | | | 3,000 | | | | 3,162 | |
5.00%, 06/01/2040 | | | 2,250 | | | | 2,345 | |
5.00%, 12/01/2043 (1) | | | 13,000 | | | | 13,729 | |
5.00%, 11/01/2044 | | | 2,710 | | | | 2,739 | |
5.00%, 11/15/2044 (1) | | | 2,035 | | | | 2,084 | |
5.00%, 12/01/2044 (1) | | | 8,120 | | | | 8,178 | |
5.00%, 06/01/2049 | | | 925 | | | | 945 | |
Michigan Mathematics & Science Initiative | | | | | | | | |
4.00%, 01/01/2031 | | | 460 | | | | 447 | |
Michigan State Building Authority | | | | | | | | |
5.00%, 04/15/2034 | | | 13,375 | | | | 13,571 | |
5.00%, 04/15/2035 | | | 1,250 | | | | 1,358 | |
5.00%, 04/15/2035 | | | 8,000 | | | | 8,121 | |
5.00%, 04/15/2038 | | | 18,400 | | | | 18,646 | |
Michigan State Hospital Finance Authority | | | | | | | | |
4.00%, 11/15/2047 (1) | | | 4,505 | | | | 4,505 | |
5.00%, 12/01/2024 | | | 275 | | | | 276 | |
5.00%, 12/01/2025 | | | 700 | | | | 715 | |
5.00%, 12/01/2027 | | | 415 | | | | 437 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Michigan – 3.19% – (continued) | | | | | | | | |
Michigan State Housing Development Authority | | | | | | | | |
3.00%, 06/01/2052 | | $ | 1,690 | | | $ | 1,631 | |
3.50%, 12/01/2050 | | | 645 | | | | 633 | |
3.63%, 04/01/2042 (1) | | | 7,950 | | | | 7,912 | |
5.00%, 12/01/2025 (1) | | | 3,710 | | | | 3,717 | |
5.00%, 12/01/2025 (1) | | | 4,593 | | | | 4,606 | |
5.00%, 02/01/2026 (1) | | | 8,581 | | | | 8,611 | |
5.00%, 06/01/2053 | | | 3,365 | | | | 3,461 | |
5.50%, 06/01/2053 | | | 15,935 | | | | 16,673 | |
Michigan State University | | | | | | | | |
5.00%, 08/15/2034 | | | 1,000 | | | | 1,167 | |
5.00%, 08/15/2036 | | | 2,210 | | | | 2,565 | |
Michigan Strategic Fund | | | | | | | | |
1.80%, 10/01/2049 (1) | | | 2,075 | | | | 2,061 | |
4.25%, 12/31/2038 | | | 6,000 | | | | 5,950 | |
5.00%, 06/30/2025 | | | 2,000 | | | | 2,002 | |
5.00%, 12/31/2025 | | | 2,595 | | | | 2,600 | |
5.00%, 06/30/2026 | | | 2,800 | | | | 2,833 | |
5.00%, 12/31/2026 | | | 355 | | | | 360 | |
5.00%, 06/30/2030 | | | 1,080 | | | | 1,114 | |
5.00%, 06/30/2032 | | | 150 | | | | 155 | |
Michigan Technological University | | | | | | | | |
4.00%, 10/01/2051 | | | 1,255 | | | | 1,204 | |
5.00%, 10/01/2025 | | | 400 | | | | 408 | |
5.00%, 10/01/2026 | | | 270 | | | | 280 | |
5.00%, 10/01/2027 | | | 595 | | | | 627 | |
5.00%, 10/01/2028 | | | 890 | | | | 951 | |
5.00%, 10/01/2029 | | | 2,000 | | | | 2,168 | |
5.00%, 10/01/2030 | | | 355 | | | | 390 | |
Oakland University | | | | | | | | |
5.00%, 03/01/2041 | | | 2,190 | | | | 2,213 | |
Portage Public Schools | | | | | | | | |
5.00%, 11/01/2028 | | | 1,000 | | | | 1,028 | |
Richfield Public School Academy | | | | | | | | |
2.50%, 09/01/2025 | | | 120 | | | | 116 | |
Romeo Community School District | | | | | | | | |
4.00%, 05/01/2033 | | | 525 | | | | 548 | |
4.00%, 05/01/2034 | | | 540 | | | | 562 | |
4.00%, 05/01/2035 | | | 755 | | | | 788 | |
4.00%, 05/01/2036 | | | 780 | | | | 812 | |
4.00%, 05/01/2037 | | | 815 | | | | 842 | |
4.00%, 05/01/2038 | | | 1,255 | | | | 1,283 | |
Saginaw Hospital Finance Authority | | | | | | | | |
5.00%, 07/01/2027 | | | 825 | | | | 852 | |
5.00%, 07/01/2028 | | | 435 | | | | 454 | |
South Lyon Community Schools | | | | | | | | |
5.00%, 05/01/2037 | | | 755 | | | | 843 | |
5.00%, 05/01/2040 | | | 1,585 | | | | 1,709 | |
5.00%, 05/01/2042 | | | 1,620 | | | | 1,736 | |
5.00%, 05/01/2043 | | | 845 | | | | 902 | |
State of Michigan Trunk Line Revenue | | | | | | | | |
4.00%, 11/15/2044 | | | 6,000 | | | | 5,896 | |
4.00%, 11/15/2046 | | | 15,000 | | | | 14,584 | |
5.00%, 11/15/2040 | | | 10,000 | | | | 11,340 | |
5.00%, 11/15/2045 | | | 1,250 | | | | 1,349 | |
5.50%, 11/15/2044 | | | 13,000 | | | | 14,924 | |
Summit Academy North | | | | | | | | |
4.00%, 11/01/2031 | | | 785 | | | | 750 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Michigan – 3.19% – (continued) | | | | | | | | |
University of Michigan | | | | | | | | |
5.00%, 04/01/2033 | | $ | 560 | | | $ | 637 | |
Wayne County Airport Authority | | | | | | | | |
5.00%, 12/01/2024 | | | 375 | | | | 377 | |
5.00%, 12/01/2024 | | | 500 | | | | 502 | |
5.00%, 12/01/2025 | | | 600 | | | | 610 | |
5.00%, 12/01/2025 | | | 1,000 | | | | 1,017 | |
5.00%, 12/01/2027 | | | 4,055 | | | | 4,107 | |
5.00%, 12/01/2032 | | | 1,400 | | | | 1,404 | |
5.00%, 12/01/2040 | | | 1,000 | | | | 1,012 | |
5.00%, 12/01/2040 | | | 2,000 | | | | 2,185 | |
5.25%, 12/01/2040 | | | 2,990 | | | | 3,401 | |
5.25%, 12/01/2040 | | | 3,205 | | | | 3,646 | |
5.50%, 12/01/2042 | | | 1,600 | | | | 1,794 | |
5.50%, 12/01/2048 | | | 3,500 | | | | 3,863 | |
Wayne State University | | | | | | | | |
5.00%, 11/15/2036 | | | 3,090 | | | | 3,306 | |
Wayne-Westland Community Schools | | | | | | | | |
4.00%, 11/01/2034 | | | 3,705 | | | | 3,849 | |
4.00%, 11/01/2036 | | | 4,055 | | | | 4,156 | |
5.00%, 11/01/2024 | | | 185 | | | | 186 | |
5.00%, 11/01/2025 | | | 95 | | | | 97 | |
5.00%, 11/01/2026 | | | 1,000 | | | | 1,041 | |
5.00%, 11/01/2027 | | | 600 | | | | 634 | |
5.00%, 11/01/2029 | | | 585 | | | | 630 | |
Wyoming Public Schools | | | | | | | | |
4.00%, 05/01/2041 | | | 685 | | | | 689 | |
| | | | | | | | |
Total Michigan | | | | 465,187 | |
| | | | | | | | |
| Minnesota – 0.31% | | | | | | | | |
City of Independence MN | | | | | | | | |
4.00%, 07/01/2041 | | | 1,500 | | | | 1,331 | |
City of Minneapolis MN | | | | | | | | |
2.46%, 01/01/2038 | | | 2,269 | | | | 1,801 | |
5.00%, 11/15/2052 (1) | | | 1,490 | | | | 1,572 | |
City of Moorhead MN | | | | | | | | |
5.00%, 12/01/2025 | | | 405 | | | | 405 | |
City of Shakopee MN Senior Housing Revenue | | | | | | | | |
5.85%, 11/01/2058 (1)(3) | | | 2,280 | | | | 2,233 | |
County of Washington MN | | | | | | | | |
2.40%, 02/01/2029 | | | 2,255 | | | | 2,093 | |
2.50%, 02/01/2030 | | | 2,320 | | | | 2,111 | |
Duluth Economic Development Authority | | | | | | | | |
5.00%, 02/15/2033 | | | 500 | | | | 516 | |
5.00%, 02/15/2034 | | | 750 | | | | 774 | |
5.00%, 02/15/2037 | | | 1,250 | | | | 1,286 | |
Elk River Independent School District No 728 | | | | | | | | |
2.25%, 02/01/2037 | | | 6,555 | | | | 5,285 | |
Minneapolis Special School District No 1 | | | | | | | | |
4.00%, 02/01/2037 | | | 800 | | | | 817 | |
Minneapolis-St Paul Metropolitan Airports Commission | | | | | | | | |
5.00%, 01/01/2032 | | | 295 | | | | 319 | |
5.00%, 01/01/2036 | | | 1,335 | | | | 1,444 | |
Minnesota Housing Finance Agency | | | | | | | | |
3.00%, 07/01/2051 | | | 565 | | | | 547 | |
3.00%, 01/01/2052 | | | 2,320 | | | | 2,244 | |
5.00%, 08/01/2032 | | | 1,400 | | | | 1,589 | |
5.00%, 08/01/2033 | | | 770 | | | | 870 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Minnesota – 0.31% – (continued) | | | | | | | | |
5.00%, 08/01/2035 | | $ | 920 | | | $ | 1,040 | |
6.25%, 07/01/2054 | | | 840 | | | | 912 | |
Roseville Independent School District No 623 | | | | | | | | |
5.00%, 02/01/2026 | | | 2,315 | | | | 2,376 | |
State of Minnesota | | | | | | | | |
5.00%, 08/01/2032 | | | 2,925 | | | | 3,354 | |
5.00%, 06/01/2039 | | | 2,325 | | | | 2,331 | |
White Bear Lake Independent School District No 624 | | | | | | | | |
2.50%, 02/01/2039 | | | 5,000 | | | | 3,949 | |
2.50%, 02/01/2040 | | | 4,500 | | | | 3,493 | |
| | | | | | | | |
Total Minnesota | | | | 44,692 | |
| | | | | | | | |
| Mississippi – 0.14% | | | | | | | | |
Mississippi Business Finance Corp. | | | | | | | | |
7.75%, 07/15/2047 (1) | | | 1,611 | | | | 773 | |
Mississippi Development Bank | | | | | | | | |
4.00%, 10/01/2034 (3) | | | 1,825 | | | | 1,652 | |
4.00%, 10/01/2041 (3) | | | 1,640 | | | | 1,362 | |
5.00%, 03/01/2035 | | | 1,250 | | | | 1,315 | |
5.00%, 04/01/2035 | | | 1,210 | | | | 1,335 | |
Mississippi Home Corp. | | | | | | | | |
2.10%, 12/01/2040 | | | 2,000 | | | | 1,456 | |
5.00%, 12/01/2039 | | | 2,770 | | | | 3,013 | |
Mississippi Hospital Equipment & Facilities Authority | | | | | | | | |
5.00%, 01/01/2029 | | | 910 | | | | 956 | |
5.00%, 01/01/2033 | | | 1,750 | | | | 1,848 | |
5.00%, 10/01/2035 | | | 700 | | | | 743 | |
5.00%, 10/01/2036 | | | 2,000 | | | | 2,119 | |
5.00%, 10/01/2040 (1) | | | 1,215 | | | | 1,254 | |
5.00%, 09/01/2044 (1) | | | 2,000 | | | | 2,014 | |
State of Mississippi | | | | | | | | |
5.00%, 10/01/2030 | | | 1,000 | | | | 1,053 | |
| | | | | | | | |
Total Mississippi | | | | 20,893 | |
| | | | | | | | |
| Missouri – 1.05% | | | | | | | | |
Belton School District No 124 | | | | | | | | |
5.00%, 03/01/2028 | | | 250 | | | | 265 | |
5.50%, 03/01/2033 | | | 500 | | | | 534 | |
5.50%, 03/01/2036 | | | 500 | | | | 534 | |
Cape Girardeau County Industrial Development Authority | | | | | | | | |
5.00%, 03/01/2032 | | | 1,000 | | | | 1,029 | |
City of Kansas City MO Sanitary Sewer System Revenue | | | | | | | | |
5.00%, 01/01/2026 | | | 285 | | | | 293 | |
5.00%, 01/01/2031 | | | 135 | | | | 143 | |
City of St Louis MO Airport Revenue | | | | | | | | |
5.00%, 07/01/2025 | | | 400 | | | | 405 | |
5.25%, 07/01/2049 | | | 10,325 | | | | 11,427 | |
Hannibal Industrial Development Authority | | | | | | | | |
5.00%, 10/01/2047 | | | 1,580 | | | | 1,582 | |
Health & Educational Facilities Authority of the State of Missouri | | | | | | | | |
4.00%, 08/01/2031 | | | 310 | | | | 294 | |
4.00%, 02/15/2039 | | | 990 | | | | 888 | |
4.00%, 02/01/2040 | | | 100 | | | | 98 | |
4.00%, 07/01/2046 | | | 2,540 | | | | 2,430 | |
5.00%, 06/01/2025 | | | 7,000 | | | | 7,088 | |
5.00%, 04/01/2027 | | | 1,025 | | | | 995 | |
5.00%, 02/01/2029 | | | 1,000 | | | | 1,011 | |
5.00%, 02/15/2032 | | | 500 | | | | 518 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Missouri – 1.05% – (continued) | | | | | | | | |
5.00%, 02/15/2033 | | $ | 500 | | | $ | 518 | |
5.00%, 06/01/2033 | | | 1,550 | | | | 1,698 | |
5.00%, 02/01/2036 | | | 200 | | | | 202 | |
5.00%, 10/01/2042 | | | 6,370 | | | | 6,554 | |
5.00%, 05/01/2052 (1) | | | 12,645 | | | | 13,356 | |
Jefferson City School District | | | | | | | | |
5.50%, 03/01/2043 | | | 9,450 | | | | 10,546 | |
Jefferson County School District No R-1 Northwest | | | | | | | | |
5.25%, 03/01/2040 | | | 2,945 | | | | 3,228 | |
5.25%, 03/01/2041 | | | 1,505 | | | | 1,639 | |
Kansas City Industrial Development Authority | | | | | | | | |
5.00%, 03/01/2025 | | | 2,000 | | | | 2,013 | |
5.00%, 03/01/2026 | | | 4,395 | | | | 4,476 | |
5.00%, 03/01/2027 | | | 2,955 | | | | 3,074 | |
5.00%, 03/01/2028 | | | 3,350 | | | | 3,483 | |
5.00%, 03/01/2031 | | | 1,045 | | | | 1,094 | |
5.00%, 03/01/2033 | | | 1,000 | | | | 1,047 | |
Lees Summit Industrial Development Authority | | | | | | | | |
4.33%, 08/15/2047 | | | 1,000 | | | | 1,003 | |
Liberty Public School District No 53 | | | | | | | | |
5.00%, 03/01/2039 | | | 1,375 | | | | 1,516 | |
5.00%, 03/01/2040 | | | 2,290 | | | | 2,504 | |
Missouri Housing Development Commission | | | | | | | | |
3.25%, 05/01/2051 | | | 2,480 | | | | 2,414 | |
3.25%, 11/01/2052 | | | 875 | | | | 850 | |
4.00%, 05/01/2050 | | | 170 | | | | 169 | |
6.00%, 05/01/2055 | | | 9,490 | | | | 10,406 | |
6.50%, 05/01/2054 | | | 2,105 | | | | 2,353 | |
Missouri Joint Municipal Electric Utility Commission | | | | | | | | |
5.00%, 12/01/2026 | | | 2,480 | | | | 2,509 | |
Missouri State Environmental Improvement & Energy Resources Authority | | | | | | | | |
2.90%, 09/01/2033 | | | 2,000 | | | | 1,794 | |
North Kansas City School District No 74 | | | | | | | | |
5.25%, 03/01/2039 | | | 8,000 | | | | 8,999 | |
5.25%, 03/01/2040 | | | 7,450 | | | | 8,323 | |
Orchard Farm R-V School District | | | | | | | | |
2.50%, 03/01/2029 | | | 1,455 | | | | 1,342 | |
Pattonville R-3 School District | | | | | | | | |
5.25%, 03/01/2042 | | | 1,125 | | | | 1,234 | |
5.25%, 03/01/2043 | | | 220 | | | | 240 | |
5.50%, 03/01/2040 | | | 1,150 | | | | 1,291 | |
Springfield School District No R-12 | | | | | | | | |
1.75%, 03/01/2031 | | | 3,000 | | | | 2,470 | |
5.00%, 03/01/2040 | | | 8,635 | | | | 9,521 | |
St Charles County School District No R-IV Wentzville | | | | | | | | |
1.88%, 03/01/2039 | | | 12,110 | | | | 8,558 | |
St Louis County Industrial Development Authority | | | | | | | | |
5.13%, 09/01/2048 | | | 590 | | | | 580 | |
5.50%, 09/01/2033 | | | 1,000 | | | | 1,001 | |
Washington Industrial Development Authority | | | | | | | | |
2.50%, 11/01/2029 | | | 45 | | | | 41 | |
Wright City R-II School District | | | | | | | | |
6.00%, 03/01/2037 | | | 575 | | | | 686 | |
6.00%, 03/01/2040 | | | 1,100 | | | | 1,292 | |
| | | | | | | | |
Total Missouri | | | | 153,558 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Montana – 0.08% | | | | | | | | |
City of Forsyth MT | | | | | | | | |
3.88%, 07/01/2028 | | $ | 4,500 | | | $ | 4,515 | |
County of Gallatin MT | | | | | | | | |
4.00%, 10/15/2032 (3) | | | 3,350 | | | | 3,024 | |
4.00%, 10/15/2036 (3) | | | 1,665 | | | | 1,442 | |
4.00%, 10/15/2041 (3) | | | 1,800 | | | | 1,436 | |
4.00%, 10/15/2046 (3) | | | 1,160 | | | | 863 | |
4.00%, 10/15/2051 (3) | | | 950 | | | | 676 | |
Montana Board of Housing | | | | | | | | |
4.00%, 12/01/2047 | | | 40 | | | | 40 | |
4.00%, 06/01/2050 | | | 110 | | | | 109 | |
| | | | | | | | |
Total Montana | | | | 12,105 | |
| | | | | | | | |
| Nebraska – 0.34% | | | | | | | | |
Ashland-Greenwood Public Schools | | | | | | | | |
4.00%, 12/15/2039 | | | 1,000 | | | | 1,001 | |
Central Plains Energy Project | | | | | | | | |
4.00%, 12/01/2049 (1) | | | 5,545 | | | | 5,551 | |
5.00%, 05/01/2054 (1) | | | 2,795 | | | | 2,944 | |
City of Lincoln NE Electric System Revenue | | | | | | | | |
5.00%, 09/01/2027 | | | 1,710 | | | | 1,791 | |
City of Omaha NE | | | | | | | | |
3.00%, 04/15/2041 | | | 1,100 | | | | 923 | |
County of Sarpy NE | | | | | | | | |
2.00%, 06/01/2038 | | | 2,435 | | | | 1,810 | |
Douglas County Hospital Authority No 2 | | | | | | | | |
4.00%, 11/15/2036 | | | 425 | | | | 428 | |
Hershey Public Schools | | | | | | | | |
4.00%, 12/15/2028 | | | 640 | | | | 649 | |
Nebraska Investment Finance Authority | | | | | | | | |
3.00%, 09/01/2045 | | | 1,455 | | | | 1,406 | |
3.50%, 09/01/2050 | | | 575 | | | | 565 | |
3.75%, 09/01/2049 | | | 465 | | | | 458 | |
4.00%, 09/01/2049 | | | 440 | | | | 433 | |
Nebraska Public Power District | | | | | | | | |
5.00%, 01/01/2041 | | | 5,000 | | | | 5,049 | |
Omaha Airport Authority | | | | | | | | |
5.00%, 12/15/2031 | | | 230 | | | | 238 | |
5.00%, 12/15/2031 | | | 285 | | | | 292 | |
Omaha Public Power District | | | | | | | | |
5.00%, 02/01/2033 | | | 1,075 | | | | 1,212 | |
5.00%, 02/01/2042 | | | 9,120 | | | | 9,491 | |
Omaha Public Power District Nebraska City Station Unit 2 | | | | | | | | |
5.00%, 02/01/2046 | | | 8,855 | | | | 9,009 | |
5.25%, 02/01/2042 | | | 4,250 | | | | 4,285 | |
Omaha School District | | | | | | | | |
1.75%, 12/15/2035 | | | 2,170 | | | | 1,656 | |
| | | | | | | | |
Total Nebraska | | | | 49,191 | |
| | | | | | | | |
| Nevada – 0.97% | | | | | | | | |
Carson City NV | | | | | | | | |
5.00%, 09/01/2026 | | | 550 | | | | 560 | |
City of Las Vegas NV Special Improvement District No 816 | | | | | | | | |
2.75%, 06/01/2036 | | | 415 | | | | 323 | |
City of North Las Vegas NV | | | | | | | | |
4.00%, 06/01/2036 | | | 1,240 | | | | 1,248 | |
6.00%, 06/01/2052 (3) | | | 1,290 | | | | 1,313 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Nevada – 0.97% – (continued) | | | | | | | | |
Clark County School District | | | | | | | | |
4.00%, 06/15/2034 | | $ | 5,000 | | | $ | 5,037 | |
5.00%, 06/15/2025 | | | 3,780 | | | | 3,838 | |
5.00%, 06/15/2025 | | | 6,060 | | | | 6,148 | |
5.00%, 06/15/2029 | | | 4,080 | | | | 4,353 | |
5.00%, 06/15/2033 | | | 410 | | | | 448 | |
5.00%, 06/15/2034 | | | 1,555 | | | | 1,658 | |
5.00%, 06/15/2034 | | | 2,350 | | | | 2,494 | |
5.00%, 06/15/2037 | | | 1,000 | | | | 1,113 | |
County of Clark Department of Aviation | | | | | | | | |
5.00%, 07/01/2028 | | | 630 | | | | 630 | |
5.00%, 07/01/2030 | | | 730 | | | | 730 | |
5.00%, 07/01/2035 | | | 7,000 | | | | 7,828 | |
5.00%, 07/01/2036 | | | 2,250 | | | | 2,510 | |
County of Clark NV | | | | | | | | |
3.00%, 11/01/2035 | | | 1,255 | | | | 1,145 | |
4.00%, 07/01/2039 | | | 4,500 | | | | 4,478 | |
5.00%, 11/01/2028 | | | 3,000 | | | | 3,117 | |
5.00%, 06/01/2035 | | | 2,070 | | | | 2,202 | |
County of Clark NV Passenger Facility Charge Revenue | | | | | | | | |
5.00%, 07/01/2025 | | | 2,220 | | | | 2,250 | |
County of Humboldt NV | | | | | | | | |
3.55%, 10/01/2029 | | | 1,055 | | | | 1,049 | |
County of Washoe NV | | | | | | | | |
3.63%, 03/01/2036 (1) | | | 195 | | | | 194 | |
3.63%, 03/01/2036 (1) | | | 3,650 | | | | 3,631 | |
4.13%, 03/01/2036 (1) | | | 1,160 | | | | 1,162 | |
Henderson Local Improvement Districts | | | | | | | | |
2.00%, 09/01/2024 | | | 120 | | | | 119 | |
3.00%, 09/01/2036 | | | 170 | | | | 143 | |
Las Vegas Convention & Visitors Authority | | | | | | | | |
5.00%, 07/01/2043 | | | 14,035 | | | | 14,575 | |
Las Vegas Valley Water District | | | | | | | | |
3.00%, 06/01/2033 | | | 2,155 | | | | 2,019 | |
4.00%, 06/01/2028 | | | 1,000 | | | | 1,006 | |
5.00%, 06/01/2039 | | | 2,815 | | | | 2,825 | |
5.00%, 06/01/2039 | | | 40,800 | | | | 43,639 | |
5.00%, 06/01/2041 | | | 5,000 | | | | 5,109 | |
5.00%, 06/01/2046 | | | 6,500 | | | | 6,628 | |
Nevada Housing Division | | | | | | | | |
4.00%, 10/01/2049 | | | 270 | | | | 268 | |
5.00%, 12/01/2025 (1) | | | 2,775 | | | | 2,782 | |
Tahoe-Douglas Visitors Authority | | | | | | | | |
4.00%, 07/01/2025 | | | 500 | | | | 499 | |
4.00%, 07/01/2026 | | | 1,540 | | | | 1,533 | |
5.00%, 07/01/2033 | | | 845 | | | | 881 | |
| | | | | | | | |
Total Nevada | | | | 141,485 | |
| | | | | | | | |
| New Hampshire – 0.59% | | | | | | | | |
New Hampshire Business Finance Authority | | | | | | | | |
3.63%, 08/20/2039 | | | 8,321 | | | | 7,737 | |
3.88%, 01/20/2038 | | | 9,988 | | | | 9,407 | |
4.00%, 10/20/2036 | | | 3,939 | | | | 3,794 | |
4.00%, 08/15/2039 | | | 1,100 | | | | 1,071 | |
4.13%, 01/20/2034 | | | 2,514 | | | | 2,466 | |
4.25%, 07/01/2027 | | | 15,000 | | | | 14,998 | |
4.25%, 07/20/2041 | | | 5,485 | | | | 5,367 | |
4.26% (SIFMA Municipal Swap Index Yield + 0.38%), 10/01/2033 (2) | | | 7,520 | | | | 7,519 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Hampshire – 0.59% – (continued) | | | | | | | | |
4.38%, 09/20/2036 | | $ | 2,680 | | | $ | 2,663 | |
5.00%, 08/15/2029 | | | 750 | | | | 804 | |
5.25%, 07/01/2041 | | | 1,000 | | | | 1,080 | |
5.25%, 07/01/2049 | | | 4,085 | | | | 4,303 | |
New Hampshire Health & Education Facilities Authority Act | | | | | | | | |
4.00%, 10/01/2038 | | | 115 | | | | 109 | |
5.00%, 08/01/2027 | | | 1,575 | | | | 1,645 | |
5.00%, 10/01/2028 | | | 1,580 | | | | 1,609 | |
5.00%, 07/01/2030 | | | 390 | | | | 412 | |
5.00%, 07/01/2030 | | | 5,325 | | | | 5,828 | |
5.00%, 08/01/2030 | | | 305 | | | | 318 | |
5.00%, 10/01/2032 | | | 2,825 | | | | 2,876 | |
5.00%, 07/01/2035 | | | 5,000 | | | | 5,047 | |
5.00%, 07/01/2044 | | | 3,040 | | | | 2,825 | |
5.50%, 11/01/2027 | | | 755 | | | | 789 | |
5.50%, 11/01/2030 | | | 1,160 | | | | 1,249 | |
New Hampshire Housing Finance Authority | | | | | | | | |
6.25%, 01/01/2055 | | | 2,340 | | | | 2,557 | |
| | | | | | | | |
Total New Hampshire | | | | 86,473 | |
| | | | | | | | |
| New Jersey – 5.03% | | | | | | | | |
Camden County Improvement Authority | | | | | | | | |
5.00%, 01/15/2028 | | | 500 | | | | 523 | |
5.00%, 01/15/2029 | | | 1,000 | | | | 1,045 | |
5.00%, 01/15/2033 | | | 500 | | | | 523 | |
6.00%, 06/15/2042 | | | 790 | | | | 863 | |
Cherry Hill Township School District | | | | | | | | |
4.00%, 08/01/2038 | | | 11,000 | | | | 11,079 | |
Clearview Regional High School District | | | | | | | | |
4.00%, 08/01/2040 | | | 3,640 | | | | 3,637 | |
County of Essex NJ | | | | | | | | |
2.00%, 08/15/2031 | | | 3,265 | | | | 2,808 | |
County of Hudson NJ | | | | | | | | |
3.00%, 11/15/2025 | | | 4,000 | | | | 3,943 | |
County of Mercer NJ | | | | | | | | |
2.00%, 02/15/2032 | | | 1,180 | | | | 996 | |
2.38%, 02/15/2030 | | | 2,020 | | | | 1,844 | |
County of Union NJ | | | | | | | | |
3.00%, 03/01/2026 | | | 3,000 | | | | 2,976 | |
Garden State Preservation Trust | | | | | | | | |
5.75%, 11/01/2028 | | | 3,500 | | | | 3,683 | |
Gloucester County Improvement Authority | | | | | | | | |
4.00%, 07/01/2039 | | | 750 | | | | 755 | |
Hudson County Improvement Authority | | | | | | | | |
4.00%, 01/01/2036 | | | 1,125 | | | | 1,140 | |
4.00%, 01/01/2037 | | | 855 | | | | 864 | |
5.00%, 10/01/2026 | | | 1,500 | | | | 1,557 | |
5.00%, 10/01/2027 | | | 1,000 | | | | 1,057 | |
Jersey City Municipal Utilities Authority | | | | | | | | |
5.00%, 05/01/2025 | | | 3,000 | | | | 3,025 | |
New Jersey Economic Development Authority | | | | | | | | |
2.20%, 10/01/2039 (1) | | | 3,900 | | | | 3,432 | |
3.13%, 07/01/2029 | | | 445 | | | | 423 | |
3.75%, 11/01/2034 (1) | | | 2,480 | | | | 2,447 | |
4.00%, 06/15/2035 | | | 500 | | | | 510 | |
4.00%, 06/15/2037 | | | 600 | | | | 609 | |
4.00%, 06/15/2038 | | | 600 | | | | 606 | |
4.00%, 11/01/2039 | | | 1,000 | | | | 1,004 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Jersey – 5.03% – (continued) | | | | | | | | |
4.00%, 06/15/2040 | | $ | 1,000 | | | $ | 1,002 | |
5.00%, 03/01/2025 | | | 10,000 | | | | 10,086 | |
5.00%, 06/15/2025 | | | 5,190 | | | | 5,260 | |
5.00%, 03/01/2026 | | | 10,150 | | | | 10,396 | |
5.00%, 06/01/2026 | | | 900 | | | | 924 | |
5.00%, 06/15/2026 | | | 470 | | | | 478 | |
5.00%, 06/15/2027 | | | 1,675 | | | | 1,751 | |
5.00%, 06/15/2029 | | | 1,000 | | | | 1,075 | |
5.00%, 06/15/2030 | | | 4,000 | | | | 4,249 | |
5.00%, 11/01/2030 | | | 1,315 | | | | 1,416 | |
5.00%, 11/01/2031 | | | 2,200 | | | | 2,369 | |
5.00%, 06/15/2033 | | | 1,300 | | | | 1,463 | |
5.00%, 06/15/2033 | | | 5,000 | | | | 5,388 | |
5.00%, 07/01/2033 | | | 2,000 | | | | 2,040 | |
5.00%, 11/01/2033 | | | 1,500 | | | | 1,675 | |
5.00%, 06/15/2034 | | | 1,000 | | | | 1,077 | |
5.00%, 06/15/2035 | | | 1,595 | | | | 1,687 | |
5.00%, 11/01/2035 | | | 1,415 | | | | 1,578 | |
5.00%, 10/01/2037 | | | 3,500 | | | | 3,609 | |
5.00%, 10/01/2039 (3)(4)(5) | | | 355 | | | | 258 | |
5.00%, 01/01/2040 (3)(4)(5) | | | 540 | | | | 369 | |
5.25%, 09/01/2025 (3) | | | 27,105 | | | | 27,631 | |
5.25%, 09/01/2026 (3) | | | 30,000 | | | | 31,076 | |
5.25%, 06/15/2036 | | | 1,945 | | | | 2,250 | |
5.50%, 06/15/2030 | | | 2,000 | | | | 2,111 | |
5.63%, 11/15/2030 | | | 750 | | | | 757 | |
New Jersey Educational Facilities Authority | | | | | | | | |
4.00%, 07/01/2034 | | | 3,375 | | | | 3,391 | |
5.00%, 07/01/2032 | | | 4,920 | | | | 4,982 | |
New Jersey Health Care Facilities Financing Authority | | | | | | | | |
4.00%, 07/01/2038 | | | 1,640 | | | | 1,617 | |
4.00%, 07/01/2038 | | | 2,850 | | | | 2,915 | |
4.00%, 07/01/2039 | | | 1,705 | | | | 1,666 | |
5.00%, 07/01/2028 | | | 155 | | | | 159 | |
5.00%, 09/15/2028 | | | 2,030 | | | | 2,143 | |
5.00%, 07/01/2029 | | | 32,500 | | | | 35,201 | |
5.00%, 09/15/2029 | | | 1,645 | | | | 1,757 | |
5.00%, 09/15/2031 | | | 985 | | | | 1,074 | |
5.00%, 09/15/2033 | | | 1,660 | | | | 1,843 | |
5.00%, 09/15/2033 | | | 2,785 | | | | 3,093 | |
5.00%, 07/01/2034 | | | 56,670 | | | | 65,109 | |
5.00%, 07/01/2035 | | | 1,415 | | | | 1,515 | |
5.00%, 07/01/2036 | | | 1,490 | | | | 1,591 | |
5.00%, 07/01/2036 | | | 8,000 | | | | 9,152 | |
5.00%, 07/01/2037 | | | 1,565 | | | | 1,666 | |
5.00%, 07/01/2041 | | | 815 | | | | 817 | |
5.00%, 07/01/2042 (1) | | | 2,755 | | | | 2,792 | |
5.00%, 07/01/2043 (1) | | | 2,250 | | | | 2,250 | |
5.00%, 07/01/2043 | | | 29,135 | | | | 29,603 | |
5.00%, 07/01/2045 (1) | | | 3,705 | | | | 3,800 | |
New Jersey Higher Education Student Assistance Authority | | | | | | | | |
4.25%, 12/01/2045 | | | 4,500 | | | | 4,471 | |
5.00%, 12/01/2024 | | | 745 | | | | 749 | |
5.00%, 12/01/2024 | | | 1,000 | | | | 1,005 | |
5.00%, 12/01/2025 | | | 490 | | | | 500 | |
5.00%, 12/01/2025 | | | 535 | | | | 543 | |
5.00%, 12/01/2025 | | | 1,000 | | | | 1,016 | |
5.00%, 12/01/2025 | | | 2,600 | | | | 2,641 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Jersey – 5.03% – (continued) | | | | | | | | |
5.00%, 12/01/2026 | | $ | 1,330 | | | $ | 1,358 | |
5.00%, 12/01/2026 | | | 1,550 | | | | 1,583 | |
5.00%, 12/01/2027 | | | 1,455 | | | | 1,498 | |
5.00%, 12/01/2027 | | | 1,470 | | | | 1,513 | |
5.00%, 12/01/2027 | | | 2,965 | | | | 3,052 | |
5.00%, 12/01/2029 | | | 6,570 | | | | 6,890 | |
5.00%, 12/01/2030 | | | 4,805 | | | | 5,072 | |
5.00%, 12/01/2033 | | | 965 | | | | 1,032 | |
New Jersey Housing & Mortgage Finance Agency | | | | | | | | |
3.50%, 07/01/2025 (1) | | | 2,045 | | | | 2,045 | |
3.55%, 04/01/2027 | | | 1,690 | | | | 1,643 | |
3.65%, 04/01/2028 | | | 1,215 | | | | 1,179 | |
6.00%, 10/01/2055 | | | 3,985 | | | | 4,315 | |
New Jersey Infrastructure Bank | | | | | | | | |
5.00%, 09/01/2025 | | | 1,665 | | | | 1,699 | |
New Jersey Transportation Trust Fund Authority | | | | | | | | |
0.00%, 12/15/2026 | | | 2,600 | | | | 2,376 | |
0.00%, 12/15/2027 | | | 3,260 | | | | 2,868 | |
0.00%, 12/15/2028 | | | 1,020 | | | | 865 | |
0.00%, 12/15/2029 | | | 2,115 | | | | 1,737 | |
0.00%, 12/15/2030 | | | 3,850 | | | | 3,024 | |
0.00%, 12/15/2030 | | | 4,070 | | | | 3,197 | |
0.00%, 12/15/2031 | | | 1,985 | | | | 1,500 | |
0.00%, 12/15/2031 | | | 6,275 | | | | 4,742 | |
0.00%, 12/15/2033 | | | 5,150 | | | | 3,602 | |
4.00%, 06/15/2034 | | | 1,920 | | | | 1,964 | |
4.00%, 06/15/2037 | | | 2,000 | | | | 2,017 | |
4.00%, 06/15/2039 | | | 2,250 | | | | 2,251 | |
4.00%, 06/15/2039 | | | 2,800 | | | | 2,811 | |
4.00%, 06/15/2040 | | | 1,820 | | | | 1,803 | |
4.00%, 06/15/2040 | | | 4,250 | | | | 4,239 | |
4.00%, 06/15/2040 | | | 6,550 | | | | 6,533 | |
4.00%, 06/15/2050 | | | 4,030 | | | | 3,837 | |
5.00%, 12/15/2025 | | | 1,255 | | | | 1,281 | |
5.00%, 12/15/2026 | | | 2,000 | | | | 2,075 | |
5.00%, 06/15/2027 | | | 505 | | | | 518 | |
5.00%, 12/15/2028 | | | 5,510 | | | | 5,900 | |
5.00%, 06/15/2029 | | | 1,200 | | | | 1,231 | |
5.00%, 12/15/2029 | | | 820 | | | | 889 | |
5.00%, 06/15/2031 | | | 2,420 | | | | 2,476 | |
5.00%, 06/15/2032 | | | 235 | | | | 236 | |
5.00%, 06/15/2032 | | | 1,910 | | | | 2,133 | |
5.00%, 06/15/2032 | | | 2,725 | | | | 2,883 | |
5.00%, 06/15/2032 | | | 7,440 | | | | 8,212 | |
5.00%, 12/15/2032 | | | 1,940 | | | | 2,051 | |
5.00%, 06/15/2033 | | | 6,385 | | | | 7,125 | |
5.00%, 12/15/2033 | | | 595 | | | | 643 | |
5.00%, 12/15/2033 | | | 2,200 | | | | 2,325 | |
5.00%, 06/15/2034 | | | 1,500 | | | | 1,684 | |
5.00%, 06/15/2034 | | | 4,040 | | | | 4,509 | |
5.00%, 12/15/2034 | | | 3,320 | | | | 3,508 | |
5.00%, 06/15/2035 | | | 1,280 | | | | 1,427 | |
5.00%, 12/15/2036 | | | 1,915 | | | | 2,015 | |
5.00%, 06/15/2037 | | | 1,470 | | | | 1,636 | |
5.00%, 06/15/2037 | | | 2,980 | | | | 3,300 | |
5.00%, 06/15/2038 | | | 4,350 | | | | 4,862 | |
5.00%, 06/15/2038 | | | 5,000 | | | | 5,562 | |
5.00%, 06/15/2040 | | | 2,040 | | | | 2,188 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Jersey – 5.03% – (continued) | | | | | | | | |
5.00%, 06/15/2041 | | $ | 4,000 | | | $ | 4,401 | |
5.25%, 06/15/2036 | | | 2,000 | | | | 2,281 | |
5.25%, 06/15/2039 | | | 5,000 | | | | 5,619 | |
5.25%, 06/15/2041 | | | 5,000 | | | | 5,565 | |
New Jersey Turnpike Authority | | | | | | | | |
4.00%, 01/01/2035 | | | 7,390 | | | | 7,913 | |
5.00%, 01/01/2027 | | | 2,800 | | | | 2,922 | |
5.00%, 01/01/2028 | | | 1,540 | | | | 1,577 | |
5.00%, 01/01/2028 | | | 4,895 | | | | 5,199 | |
5.00%, 01/01/2030 | | | 4,945 | | | | 5,438 | |
5.00%, 01/01/2032 | | | 9,870 | | | | 11,190 | |
5.00%, 01/01/2033 | | | 4,070 | | | | 4,674 | |
5.00%, 01/01/2033 | | | 5,000 | | | | 5,026 | |
5.00%, 01/01/2034 | | | 1,175 | | | | 1,181 | |
5.00%, 01/01/2034 | | | 2,445 | | | | 2,843 | |
5.00%, 01/01/2034 | | | 9,000 | | | | 9,000 | |
5.00%, 01/01/2042 | | | 3,995 | | | | 4,410 | |
5.00%, 01/01/2042 | | | 10,950 | | | | 12,086 | |
5.00%, 01/01/2043 | | | 4,195 | | | | 4,610 | |
5.00%, 01/01/2044 | | | 13,245 | | | | 14,504 | |
5.00%, 01/01/2045 | | | 11,700 | | | | 12,769 | |
Salem County Improvement Authority | | | | | | | | |
4.00%, 08/15/2042 | | | 400 | | | | 386 | |
Sayreville School District | | | | | | | | |
4.00%, 01/15/2036 | | | 5,530 | | | | 5,791 | |
State of New Jersey | | | | | | | | |
2.00%, 06/01/2034 | | | 1,160 | | | | 925 | |
2.00%, 06/01/2036 | | | 1,770 | | | | 1,355 | |
4.00%, 06/01/2030 | | | 4,560 | | | | 4,761 | |
4.00%, 06/01/2031 | | | 3,845 | | | | 4,038 | |
4.00%, 06/01/2032 | | | 470 | | | | 496 | |
5.00%, 06/01/2025 | | | 29,765 | | | | 30,214 | |
5.00%, 06/01/2026 | | | 13,725 | | | | 14,181 | |
5.00%, 06/01/2027 | | | 7,000 | | | | 7,348 | |
5.00%, 06/01/2029 | | | 13,235 | | | | 14,363 | |
5.00%, 06/01/2039 | | | 3,902 | | | | 4,200 | |
5.00%, 06/01/2040 | | | 2,220 | | | | 2,376 | |
Tobacco Settlement Financing Corp. | | | | | | | | |
5.00%, 06/01/2046 | | | 3,260 | | | | 3,290 | |
Township of Freehold NJ | | | | | | | | |
2.00%, 10/15/2032 | | | 1,320 | | | | 1,088 | |
| | | | | | | | |
Total New Jersey | | | | 733,319 | |
| | | | | | | | |
| New Mexico – 0.34% | | | | | | | | |
Albuquerque Bernalillo County Water Utility Authority | | | | | | | | |
5.00%, 07/01/2027 | | | 2,400 | | | | 2,481 | |
5.00%, 07/01/2028 | | | 1,700 | | | | 1,757 | |
Albuquerque Municipal School District No 12 | | | | | | | | |
5.00%, 08/01/2025 | | | 800 | | | | 814 | |
City of Farmington NM | | | | | | | | |
3.88%, 06/01/2040 (1) | | | 7,000 | | | | 7,041 | |
Farmington Municipal School District No 5 | | | | | | | | |
5.00%, 09/01/2024 | | | 490 | | | | 491 | |
New Mexico Educational Assistance Foundation | | | | | | | | |
5.00%, 09/01/2024 | | | 4,750 | | | | 4,757 | |
5.00%, 09/01/2026 | | | 1,530 | | | | 1,561 | |
5.00%, 09/01/2027 | | | 2,130 | | | | 2,188 | |
5.00%, 09/01/2029 | | | 1,000 | | | | 1,047 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Mexico – 0.34% – (continued) | | | | | | | | |
New Mexico Hospital Equipment Loan Council | | | | | | | | |
4.00%, 08/01/2036 | | $ | 1,230 | | | $ | 1,235 | |
5.00%, 08/01/2049 (1) | | | 2,360 | | | | 2,390 | |
New Mexico Mortgage Finance Authority | | | | | | | | |
3.75%, 01/01/2050 | | | 410 | | | | 405 | |
New Mexico Municipal Energy Acquisition Authority | | | | | | | | |
5.00%, 11/01/2039 (1) | | | 22,500 | | | | 22,713 | |
| | | | | | | | |
Total New Mexico | | | | 48,880 | |
| | | | | | | | |
| New York – 11.92% | | | | | | | | |
City of New York NY | | | | | | | | |
3.00%, 08/01/2036 | | | 2,500 | | | | 2,317 | |
4.00%, 10/01/2035 | | | 905 | | | | 921 | |
4.00%, 08/01/2037 | | | 2,500 | | | | 2,551 | |
4.00%, 03/01/2040 | | | 5,870 | | | | 5,862 | |
4.00%, 08/01/2040 | | | 3,305 | | | | 3,300 | |
4.00%, 03/01/2042 | | | 530 | | | | 526 | |
4.90%, 04/01/2042 (1) | | | 700 | | | | 700 | |
5.00%, 08/01/2025 | | | 1,600 | | | | 1,629 | |
5.00%, 08/01/2026 | | | 2,575 | | | | 2,670 | |
5.00%, 09/01/2026 | | | 14,230 | | | | 14,775 | |
5.00%, 08/01/2027 | | | 400 | | | | 403 | |
5.00%, 08/01/2027 | | | 2,975 | | | | 3,019 | |
5.00%, 08/01/2027 | | | 5,510 | | | | 5,814 | |
5.00%, 09/01/2027 | | | 20,000 | | | | 21,135 | |
5.00%, 08/01/2028 | | | 400 | | | | 410 | |
5.00%, 08/01/2028 | | | 700 | | | | 723 | |
5.00%, 08/01/2028 | | | 3,975 | | | | 4,030 | |
5.00%, 08/01/2029 | | | 1,305 | | | | 1,382 | |
5.00%, 08/01/2031 | | | 1,000 | | | | 1,054 | |
5.00%, 08/01/2032 | | | 1,745 | | | | 1,824 | |
5.00%, 11/01/2032 | | | 2,200 | | | | 2,439 | |
5.00%, 08/01/2033 | | | 1,000 | | | | 1,134 | |
5.00%, 01/01/2034 | | | 1,575 | | | | 1,692 | |
5.00%, 06/01/2034 | | | 2,685 | | | | 2,714 | |
5.00%, 08/01/2034 | | | 1,690 | | | | 1,865 | |
5.00%, 05/01/2035 | | | 585 | | | | 661 | |
5.00%, 06/01/2035 | | | 9,190 | | | | 9,288 | |
5.00%, 08/01/2037 | | | 1,500 | | | | 1,707 | |
5.00%, 03/01/2038 | | | 2,250 | | | | 2,448 | |
5.00%, 09/01/2038 | | | 2,200 | | | | 2,463 | |
5.00%, 04/01/2040 | | | 3,000 | | | | 3,382 | |
5.00%, 08/01/2041 | | | 4,000 | | | | 4,456 | |
5.00%, 03/01/2042 | | | 3,270 | | | | 3,645 | |
5.00%, 04/01/2044 | | | 2,000 | | | | 2,209 | |
5.00%, 08/01/2047 | | | 770 | | | | 823 | |
5.25%, 09/01/2040 | | | 19,695 | | | | 22,196 | |
5.25%, 10/01/2040 | | | 2,275 | | | | 2,566 | |
5.25%, 09/01/2041 | | | 10,355 | | | | 11,616 | |
5.25%, 04/01/2047 | | | 4,165 | | | | 4,645 | |
5.25%, 10/01/2047 | | | 2,750 | | | | 3,025 | |
5.50%, 04/01/2046 | | | 6,800 | | | | 7,772 | |
City of Yonkers NY | | | | | | | | |
5.00%, 09/01/2025 | | | 1,015 | | | | 1,035 | |
County of Erie NY | | | | | | | | |
5.00%, 06/01/2025 | | | 1,000 | | | | 1,015 | |
County of Nassau NY | | | | | | | | |
5.00%, 10/01/2024 | | | 3,000 | | | | 3,011 | |
5.00%, 04/01/2038 | | | 4,265 | | | | 4,493 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
County of Suffolk NY | | | | | | | | |
4.00%, 02/01/2028 | | $ | 1,865 | | | $ | 1,920 | |
5.00%, 06/15/2025 | | | 710 | | | | 721 | |
5.00%, 10/01/2025 | | | 810 | | | | 827 | |
5.00%, 10/01/2026 | | | 415 | | | | 431 | |
5.00%, 10/01/2028 | | | 680 | | | | 732 | |
5.00%, 06/15/2029 | | | 985 | | | | 1,072 | |
Erie County Fiscal Stability Authority | | | | | | | | |
5.00%, 09/01/2033 | | | 525 | | | | 553 | |
Genesee County Funding Corp. | | | | | | | | |
5.00%, 12/01/2031 | | | 375 | | | | 391 | |
5.00%, 12/01/2032 | | | 460 | | | | 478 | |
5.00%, 12/01/2033 | | | 750 | | | | 779 | |
5.00%, 12/01/2034 | | | 700 | | | | 728 | |
5.00%, 12/01/2035 | | | 540 | | | | 563 | |
Hempstead Town Local Development Corp. | | | | | | | | |
5.53%, 02/01/2040 | | | 3,500 | | | | 3,397 | |
5.89%, 02/01/2032 | | | 1,250 | | | | 1,270 | |
6.24%, 02/01/2047 | | | 1,000 | | | | 1,003 | |
6.47%, 02/01/2033 | | | 1,000 | | | | 1,042 | |
Hudson Yards Infrastructure Corp. | | | | | | | | |
4.00%, 02/15/2038 | | | 8,720 | | | | 8,931 | |
4.00%, 02/15/2039 | | | 1,450 | | | | 1,472 | |
4.00%, 02/15/2044 | | | 18,870 | | | | 18,487 | |
4.00%, 02/15/2047 | | | 2,230 | | | | 2,156 | |
5.00%, 02/15/2032 | | | 2,325 | | | | 2,425 | |
5.00%, 02/15/2035 | | | 1,700 | | | | 1,773 | |
Long Island Power Authority | | | | | | | | |
0.85%, 09/01/2050 (1) | | | 16,125 | | | | 15,498 | |
1.00%, 09/01/2025 | | | 9,250 | | | | 8,871 | |
1.50%, 09/01/2051 (1) | | | 11,725 | | | | 11,036 | |
1.65%, 09/01/2049 (1) | | | 4,395 | | | | 4,372 | |
5.00%, 09/01/2024 | | | 565 | | | | 566 | |
5.00%, 09/01/2025 | | | 1,000 | | | | 1,020 | |
5.00%, 09/01/2026 | | | 2,000 | | | | 2,077 | |
5.00%, 09/01/2027 | | | 6,500 | | | | 6,874 | |
5.00%, 09/01/2033 | | | 600 | | | | 688 | |
5.00%, 09/01/2034 | | | 650 | | | | 744 | |
5.00%, 09/01/2037 | | | 1,000 | | | | 1,048 | |
5.00%, 09/01/2039 | | | 1,000 | | | | 1,001 | |
5.00%, 09/01/2039 | | | 2,750 | | | | 3,103 | |
5.00%, 09/01/2040 | | | 1,915 | | | | 2,147 | |
5.00%, 09/01/2052 (1) | | | 6,450 | | | | 6,690 | |
Metropolitan Transportation Authority | | | | | | | | |
0.00%, 11/15/2033 | | | 1,600 | | | | 1,110 | |
4.00%, 11/15/2039 | | | 540 | | | | 554 | |
4.00%, 11/15/2045 | | | 5,560 | | | | 5,419 | |
4.00%, 11/15/2046 | | | 2,545 | | | | 2,469 | |
5.00%, 11/15/2024 | | | 1,885 | | | | 1,889 | |
5.00%, 11/15/2025 | | | 1,155 | | | | 1,179 | |
5.00%, 11/15/2026 | | | 1,600 | | | | 1,659 | |
5.00%, 11/15/2026 | | | 2,350 | | | | 2,436 | |
5.00%, 11/15/2028 | | | 2,970 | | | | 3,146 | |
5.00%, 11/15/2028 | | | 4,000 | | | | 4,268 | |
5.00%, 11/15/2029 | | | 745 | | | | 753 | |
5.00%, 11/15/2029 | | | 2,220 | | | | 2,258 | |
5.00%, 11/15/2030 | | | 730 | | | | 773 | |
5.00%, 11/15/2031 | | | 1,055 | | | | 1,087 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
5.00%, 11/15/2031 | | $ | 18,000 | | | $ | 19,079 | |
5.00%, 11/15/2033 | | | 1,025 | | | | 1,043 | |
5.00%, 11/15/2033 | | | 1,715 | | | | 1,807 | |
5.00%, 11/15/2033 | | | 3,645 | | | | 3,841 | |
5.00%, 11/15/2033 | | | 6,000 | | | | 6,126 | |
5.00%, 11/15/2034 | | | 275 | | | | 315 | |
5.00%, 11/15/2034 | | | 7,500 | | | | 7,893 | |
5.00%, 11/15/2035 | | | 1,750 | | | | 1,781 | |
5.00%, 11/15/2036 | | | 820 | | | | 846 | |
5.00%, 11/15/2037 | | | 1,500 | | | | 1,562 | |
5.00%, 11/15/2038 | | | 7,255 | | | | 7,705 | |
5.00%, 11/15/2039 | | | 2,000 | | | | 2,006 | |
5.00%, 11/15/2048 (1) | | | 1,410 | | | | 1,415 | |
5.50%, 11/15/2047 | | | 7,185 | | | | 8,025 | |
Monroe County Industrial Development Corp. | | | | | | | | |
5.00%, 07/01/2025 | | | 885 | | | | 900 | |
5.00%, 12/01/2032 | | | 1,000 | | | | 1,037 | |
5.00%, 12/01/2033 | | | 1,000 | | | | 1,037 | |
5.00%, 12/01/2034 | | | 1,100 | | | | 1,141 | |
MTA Hudson Rail Yards Trust Obligations | | | | | | | | |
5.00%, 11/15/2051 | | | 1,500 | | | | 1,500 | |
5.00%, 11/15/2056 | | | 4,380 | | | | 4,380 | |
New York City Housing Development Corp. | | | | | | | | |
0.60%, 05/01/2061 (1) | | | 2,725 | | | | 2,631 | |
0.70%, 11/01/2060 (1) | | | 4,430 | | | | 4,259 | |
0.70%, 11/01/2060 (1) | | | 20,320 | | | | 19,629 | |
0.90%, 11/01/2060 (1) | | | 24,505 | | | | 23,096 | |
2.25%, 11/01/2036 | | | 835 | | | | 659 | |
2.40%, 08/01/2040 | | | 2,430 | | | | 1,819 | |
3.05%, 11/01/2032 | | | 2,000 | | | | 1,854 | |
3.40%, 11/01/2062 (1) | | | 7,060 | | | | 6,976 | |
3.63%, 11/01/2063 (1) | | | 8,310 | | | | 8,303 | |
3.70%, 05/01/2064 (1) | | | 14,330 | | | | 14,398 | |
3.80%, 11/01/2063 (1) | | | 1,075 | | | | 1,079 | |
4.30%, 11/01/2063 (1) | | | 5,675 | | | | 5,783 | |
5.00%, 05/01/2026 | | | 110 | | | | 113 | |
5.00%, 05/01/2027 | | | 600 | | | | 623 | |
5.00%, 11/01/2027 | | | 855 | | | | 894 | |
5.00%, 05/01/2028 | | | 875 | | | | 922 | |
5.00%, 11/01/2028 | | | 600 | | | | 635 | |
5.00%, 05/01/2029 | | | 300 | | | | 319 | |
5.00%, 11/01/2029 | | | 875 | | | | 935 | |
5.00%, 11/01/2030 | | | 500 | | | | 539 | |
New York City Industrial Development Agency | | | | | | | | |
5.00%, 01/01/2031 | | | 1,250 | | | | 1,363 | |
New York City Municipal Water Finance Authority | | | | | | | | |
4.00%, 06/15/2039 | | | 1,500 | | | | 1,516 | |
4.00%, 06/15/2039 | | | 9,020 | | | | 9,119 | |
4.00%, 06/15/2040 | | | 5,200 | | | | 5,140 | |
4.50%, 06/15/2032 | | | 19,780 | | | | 20,085 | |
4.65%, 06/15/2048 (1) | | | 22,500 | | | | 22,500 | |
5.00%, 06/15/2029 | | | 1,100 | | | | 1,165 | |
5.00%, 06/15/2031 | | | 6,075 | | | | 6,156 | |
5.00%, 06/15/2032 | | | 1,000 | | | | 1,123 | |
5.00%, 06/15/2035 | | | 9,025 | | | | 9,198 | |
5.00%, 06/15/2036 | | | 5,000 | | | | 5,093 | |
5.00%, 06/15/2037 | | | 6,000 | | | | 6,071 | |
5.00%, 06/15/2037 | | | 13,000 | | | | 13,516 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
5.00%, 06/15/2039 | | $ | 2,000 | | | $ | 2,022 | |
5.00%, 06/15/2039 | | | 8,320 | | | | 8,411 | |
5.00%, 06/15/2040 | | | 1,130 | | | | 1,211 | |
5.00%, 06/15/2040 | | | 2,115 | | | | 2,254 | |
5.00%, 06/15/2040 | | | 2,200 | | | | 2,293 | |
5.00%, 06/15/2040 | | | 5,000 | | | | 5,210 | |
5.00%, 06/15/2049 | | | 3,375 | | | | 3,494 | |
New York City Transitional Finance Authority | | | | | | | | |
5.00%, 05/01/2040 | | | 3,965 | | | | 4,469 | |
5.00%, 02/01/2041 | | | 6,465 | | | | 7,226 | |
5.00%, 05/01/2041 | | | 3,950 | | | | 4,425 | |
5.00%, 02/01/2042 | | | 2,120 | | | | 2,356 | |
5.50%, 05/01/2041 | | | 8,000 | | | | 9,305 | |
5.50%, 05/01/2047 | | | 1,750 | | | | 1,996 | |
New York City Transitional Finance Authority Building Aid Revenue | | | | | | | | |
4.00%, 07/15/2040 | | | 1,060 | | | | 1,069 | |
5.00%, 07/15/2025 | | | 1,695 | | | | 1,727 | |
5.00%, 07/15/2026 | | | 1,995 | | | | 2,068 | |
5.00%, 07/15/2027 | | | 1,940 | | | | 2,048 | |
5.00%, 07/15/2032 | | | 2,000 | | | | 2,085 | |
5.00%, 07/15/2034 | | | 5,000 | | | | 5,312 | |
5.00%, 07/15/2035 | | | 10,000 | | | | 10,182 | |
5.00%, 07/15/2036 | | | 3,005 | | | | 3,187 | |
5.00%, 07/15/2037 | | | 1,905 | | | | 2,017 | |
5.00%, 07/15/2040 | | | 2,750 | | | | 2,786 | |
5.00%, 07/15/2043 | | | 3,240 | | | | 3,279 | |
5.25%, 07/15/2045 | | | 7,500 | | | | 7,855 | |
New York City Transitional Finance Authority Future Tax Secured Revenue | | | | | | | | |
3.00%, 11/01/2037 | | | 9,000 | | | | 8,250 | |
3.00%, 11/01/2039 | | | 1,975 | | | | 1,756 | |
4.00%, 05/01/2036 | | | 2,000 | | | | 2,057 | |
4.00%, 02/01/2038 | | | 9,675 | | | | 9,865 | |
4.00%, 05/01/2038 | | | 26,755 | | | | 27,185 | |
4.00%, 05/01/2039 | | | 5,000 | | | | 5,042 | |
4.00%, 05/01/2043 | | | 785 | | | | 772 | |
4.70%, 08/01/2039 (1) | | | 1,800 | | | | 1,800 | |
4.90%, 11/01/2044 (1) | | | 2,000 | | | | 2,000 | |
5.00%, 11/01/2025 | | | 5,355 | | | | 5,481 | |
5.00%, 11/01/2028 | | | 1,500 | | | | 1,529 | |
5.00%, 11/01/2029 | | | 2,000 | | | | 2,023 | |
5.00%, 11/01/2029 | | | 7,000 | | | | 7,007 | |
5.00%, 02/01/2030 | | | 4,480 | | | | 4,574 | |
5.00%, 11/01/2030 | | | 8,000 | | | | 8,008 | |
5.00%, 05/01/2033 | | | 2,535 | | | | 2,682 | |
5.00%, 05/01/2034 | | | 7,185 | | | | 7,599 | |
5.00%, 08/01/2034 | | | 700 | | | | 743 | |
5.00%, 11/01/2034 | | | 2,300 | | | | 2,607 | |
5.00%, 08/01/2035 | | | 1,600 | | | | 1,697 | |
5.00%, 08/01/2035 | | | 11,400 | | | | 11,560 | |
5.00%, 05/01/2036 | | | 1,750 | | | | 1,849 | |
5.00%, 11/01/2036 | | | 350 | | | | 397 | |
5.00%, 08/01/2037 | | | 4,485 | | | | 4,489 | |
5.00%, 11/01/2037 | | | 4,000 | | | | 4,003 | |
5.00%, 11/01/2037 | | | 4,165 | | | | 4,733 | |
5.00%, 08/01/2038 | | | 1,975 | | | | 2,083 | |
5.00%, 11/01/2038 | | | 2,455 | | | | 2,492 | |
5.00%, 02/01/2039 | | | 10,000 | | | | 11,089 | |
5.00%, 05/01/2039 | | | 2,395 | | | | 2,693 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
5.00%, 05/01/2039 | | $ | 4,430 | | | $ | 4,652 | |
5.00%, 08/01/2039 | | | 4,250 | | | | 4,254 | |
5.00%, 02/01/2040 | | | 2,870 | | | | 2,951 | |
5.00%, 05/01/2040 | | | 6,500 | | | | 7,255 | |
5.00%, 11/01/2040 | | | 19,305 | | | | 21,548 | |
5.00%, 02/01/2041 | | | 5,000 | | | | 5,478 | |
5.00%, 02/01/2041 | | | 5,505 | | | | 5,535 | |
5.00%, 05/01/2042 | | | 4,250 | | | | 4,371 | |
5.00%, 08/01/2042 | | | 2,750 | | | | 2,878 | |
5.00%, 08/01/2042 | | | 7,400 | | | | 7,406 | |
5.25%, 11/01/2037 | | | 3,750 | | | | 4,310 | |
5.25%, 11/01/2037 | | | 7,000 | | | | 8,046 | |
5.50%, 11/01/2045 | | | 10,900 | | | | 12,374 | |
New York Convention Center Development Corp. | | | | | | | | |
5.00%, 11/15/2033 | | | 3,000 | | | | 3,049 | |
5.00%, 11/15/2040 | | | 1,085 | | | | 1,098 | |
New York Liberty Development Corp. | | | | | | | | |
2.50%, 11/15/2036 | | | 2,600 | | | | 2,137 | |
2.75%, 11/15/2041 | | | 14,370 | | | | 11,277 | |
4.00%, 02/15/2043 | | | 3,550 | | | | 3,485 | |
4.00%, 02/15/2043 | | | 4,250 | | | | 4,172 | |
5.00%, 11/15/2044 (3) | | | 3,720 | | | | 3,724 | |
New York Power Authority | | | | | | | | |
4.00%, 11/15/2038 | | | 3,500 | | | | 3,573 | |
5.00%, 11/15/2028 | | | 3,000 | | | | 3,250 | |
5.00%, 11/15/2037 | | | 1,000 | | | | 1,155 | |
5.25%, 11/15/2040 | | | 1,000 | | | | 1,160 | |
New York State Bridge Authority | | | | | | | | |
5.00%, 01/01/2035 | | | 565 | | | | 623 | |
5.00%, 01/01/2036 | | | 475 | | | | 522 | |
5.00%, 01/01/2037 | | | 535 | | | | 584 | |
New York State Dormitory Authority | | | | | | | | |
3.00%, 03/15/2041 | | | 3,860 | | | | 3,295 | |
4.00%, 03/15/2037 | | | 3,030 | | | | 3,074 | |
4.00%, 03/15/2038 | | | 7,685 | | | | 7,749 | |
4.00%, 03/15/2039 | | | 1,200 | | | | 1,203 | |
4.00%, 03/15/2040 | | | 5,000 | | | | 4,984 | |
4.00%, 03/15/2042 | | | 20,445 | | | | 20,139 | |
4.00%, 03/15/2043 | | | 4,000 | | | | 3,940 | |
4.00%, 03/15/2045 | | | 1,150 | | | | 1,130 | |
5.00%, 07/01/2024 | | | 5 | | | | 5 | |
5.00%, 07/01/2024 | | | 10 | | | | 10 | |
5.00%, 07/01/2024 | | | 335 | | | | 335 | |
5.00%, 03/15/2025 | | | 500 | | | | 506 | |
5.00%, 07/01/2025 | | | 5 | | | | 5 | |
5.00%, 07/01/2025 | | | 5 | | | | 5 | |
5.00%, 07/01/2025 | | | 250 | | | | 254 | |
5.00%, 03/15/2027 | | | 2,500 | | | | 2,532 | |
5.00%, 07/01/2027 | | | 200 | | | | 200 | |
5.00%, 07/01/2028 | | | 110 | | | | 110 | |
5.00%, 10/01/2029 | | | 1,430 | | | | 1,506 | |
5.00%, 07/01/2030 | | | 150 | | | | 151 | |
5.00%, 10/01/2030 | | | 1,910 | | | | 2,011 | |
5.00%, 03/15/2032 | | | 3,000 | | | | 3,230 | |
5.00%, 03/15/2033 | | | 2,335 | | | | 2,634 | |
5.00%, 03/15/2033 | | | 4,000 | | | | 4,116 | |
5.00%, 07/01/2034 | | | 410 | | | | 429 | |
5.00%, 10/01/2034 | | | 3,745 | | | | 3,951 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
5.00%, 03/15/2035 | | $ | 8,525 | | | $ | 8,774 | |
5.00%, 03/15/2036 | | | 3,500 | | | | 3,952 | |
5.00%, 03/15/2036 | | | 5,000 | | | | 5,571 | |
5.00%, 07/01/2036 | | | 735 | | | | 766 | |
5.00%, 07/15/2037 | | | 700 | | | | 730 | |
5.00%, 10/01/2037 | | | 1,080 | | | | 1,218 | |
5.00%, 02/15/2039 | | | 2,995 | | | | 3,106 | |
5.00%, 03/15/2039 | | | 2,940 | | | | 3,346 | |
5.00%, 03/15/2040 | | | 2,145 | | | | 2,426 | |
5.00%, 03/15/2040 | | | 13,000 | | | | 14,580 | |
5.00%, 03/15/2040 | | | 18,330 | | | | 19,102 | |
5.00%, 10/01/2040 | | | 1,000 | | | | 1,093 | |
5.00%, 03/15/2041 | | | 1,065 | | | | 1,174 | |
5.00%, 03/15/2041 | | | 1,335 | | | | 1,396 | |
5.00%, 03/15/2041 | | | 6,720 | | | | 6,987 | |
5.00%, 03/15/2041 | | | 8,190 | | | | 9,214 | |
5.00%, 10/01/2041 | | | 1,950 | | | | 2,117 | |
5.00%, 03/15/2042 | | | 11,065 | | | | 12,387 | |
5.00%, 03/15/2044 | | | 5,380 | | | | 5,964 | |
5.00%, 05/01/2048 (1) | | | 1,040 | | | | 1,055 | |
5.25%, 03/15/2033 | | | 6,000 | | | | 6,098 | |
5.25%, 03/15/2038 | | | 1,930 | | | | 2,073 | |
New York State Environmental Facilities Corp. | | | | | | | | |
5.00%, 06/15/2033 | | | 6,000 | | | | 6,168 | |
5.00%, 06/15/2036 | | | 5,410 | | | | 5,661 | |
New York State Housing Finance Agency | | | | | | | | |
0.55%, 11/01/2024 | | | 4,015 | | | | 3,967 | |
0.65%, 11/01/2056 (1) | | | 7,080 | | | | 6,767 | |
0.75%, 05/01/2025 | | | 5,335 | | | | 5,161 | |
0.75%, 11/01/2025 | | | 960 | | | | 913 | |
0.75%, 11/01/2025 | | | 2,205 | | | | 2,096 | |
0.75%, 11/01/2025 | | | 3,175 | | | | 3,018 | |
1.00%, 11/01/2061 (1) | | | 1,525 | | | | 1,408 | |
1.10%, 11/01/2061 (1) | | | 13,130 | | | | 11,856 | |
2.50%, 11/01/2060 (1) | | | 9,700 | | | | 9,289 | |
3.60%, 11/01/2063 (1) | | | 20,000 | | | | 19,934 | |
3.80%, 11/01/2062 (1) | | | 7,985 | | | | 7,995 | |
3.88%, 11/01/2063 (1) | | | 1,150 | | | | 1,155 | |
New York State Thruway Authority | | | | | | | | |
4.00%, 01/01/2039 | | | 4,470 | | | | 4,517 | |
4.00%, 03/15/2043 | | | 9,000 | | | | 8,885 | |
5.00%, 01/01/2032 | | | 775 | | | | 780 | |
5.00%, 03/15/2034 | | | 2,750 | | | | 3,142 | |
5.00%, 03/15/2038 | | | 10,260 | | | | 11,596 | |
5.00%, 01/01/2042 | | | 700 | | | | 784 | |
5.00%, 01/01/2043 | | | 970 | | | | 1,080 | |
New York State Urban Development Corp. | | | | | | | | |
3.00%, 03/15/2048 | | | 1,000 | | | | 782 | |
4.00%, 03/15/2038 | | | 12,175 | | | | 12,340 | |
4.00%, 03/15/2039 | | | 9,995 | | | | 10,060 | |
4.00%, 03/15/2042 | | | 1,500 | | | | 1,490 | |
4.00%, 03/15/2045 | | | 790 | | | | 775 | |
5.00%, 03/15/2036 | | | 2,090 | | | | 2,309 | |
5.00%, 03/15/2037 | | | 8,135 | | | | 8,831 | |
5.00%, 03/15/2038 | | | 1,275 | | | | 1,347 | |
New York Transportation Development Corp. | | | | | | | | |
4.00%, 10/01/2030 | | | 3,860 | | | | 3,868 | |
4.00%, 01/01/2036 | | | 2,785 | | | | 2,786 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
4.00%, 12/01/2039 | | $ | 450 | | | $ | 450 | |
4.00%, 12/01/2040 | | | 500 | | | | 496 | |
4.00%, 12/01/2041 | | | 450 | | | | 443 | |
4.00%, 12/01/2042 | | | 500 | | | | 488 | |
4.38%, 10/01/2045 | | | 10,525 | | | | 10,307 | |
5.00%, 12/01/2028 | | | 400 | | | | 419 | |
5.00%, 12/01/2028 | | | 1,300 | | | | 1,378 | |
5.00%, 01/01/2029 | | | 2,080 | | | | 2,158 | |
5.00%, 12/01/2029 | | | 300 | | | | 323 | |
5.00%, 12/01/2029 | | | 7,000 | | | | 7,401 | |
5.00%, 12/01/2030 | | | 250 | | | | 272 | |
5.00%, 01/01/2031 | | | 1,015 | | | | 1,049 | |
5.00%, 12/01/2031 | | | 300 | | | | 327 | |
5.00%, 12/01/2032 | | | 375 | | | | 408 | |
5.00%, 12/01/2032 | | | 2,355 | | | | 2,540 | |
5.00%, 01/01/2033 | | | 5,500 | | | | 5,674 | |
5.00%, 12/01/2033 | | | 985 | | | | 1,072 | |
5.00%, 12/01/2033 | | | 3,650 | | | | 3,937 | |
5.00%, 12/01/2034 | | | 500 | | | | 543 | |
5.00%, 12/01/2034 | | | 1,350 | | | | 1,431 | |
5.00%, 12/01/2034 | | | 3,990 | | | | 4,294 | |
5.00%, 12/01/2035 | | | 500 | | | | 542 | |
5.00%, 12/01/2035 | | | 800 | | | | 847 | |
5.00%, 12/01/2035 | | | 2,335 | | | | 2,508 | |
5.00%, 12/01/2036 | | | 550 | | | | 595 | |
5.00%, 12/01/2036 | | | 1,360 | | | | 1,457 | |
5.00%, 12/01/2037 | | | 600 | | | | 646 | |
5.00%, 12/01/2037 | | | 3,625 | | | | 3,866 | |
5.00%, 12/01/2038 | | | 500 | | | | 536 | |
5.00%, 12/01/2039 | | | 2,420 | | | | 2,560 | |
5.00%, 07/01/2041 | | | 2,300 | | | | 2,300 | |
5.00%, 07/01/2046 | | | 42,280 | | | | 42,279 | |
5.25%, 06/30/2037 | | | 1,500 | | | | 1,647 | |
5.25%, 06/30/2038 | | | 3,200 | | | | 3,493 | |
5.25%, 06/30/2039 | | | 1,400 | | | | 1,543 | |
5.25%, 06/30/2040 | | | 3,085 | | | | 3,333 | |
5.50%, 06/30/2039 | | | 2,000 | | | | 2,174 | |
6.00%, 04/01/2035 | | | 15,335 | | | | 17,332 | |
Niagara Area Development Corp. | | | | | | | | |
5.00%, 07/01/2052 | | | 1,000 | | | | 828 | |
Oneida County Local Development Corp. | | | | | | | | |
5.00%, 12/01/2025 | | | 320 | | | | 320 | |
5.00%, 12/01/2027 | | | 1,425 | | | | 1,425 | |
5.00%, 12/01/2028 | | | 1,000 | | | | 1,000 | |
Onondaga Civic Development Corp. | | | | | | | | |
5.00%, 12/01/2033 | | | 1,000 | | | | 1,107 | |
Port Authority of New York & New Jersey | | | | | | | | |
2.00%, 10/01/2033 | | | 7,070 | | | | 5,563 | |
3.00%, 12/01/2032 | | | 5,000 | | | | 4,774 | |
4.00%, 07/15/2036 | | | 2,180 | | | | 2,186 | |
5.00%, 09/15/2024 | | | 5,115 | | | | 5,126 | |
5.00%, 09/15/2029 | | | 1,500 | | | | 1,557 | |
5.00%, 10/15/2029 | | | 1,000 | | | | 1,028 | |
5.00%, 07/15/2031 | | | 4,000 | | | | 4,274 | |
5.00%, 09/15/2032 | | | 1,500 | | | | 1,556 | |
5.00%, 10/15/2033 | | | 1,200 | | | | 1,202 | |
5.00%, 10/15/2033 | | | 6,000 | | | | 6,162 | |
5.00%, 11/15/2033 | | | 5,660 | | | | 5,777 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
5.00%, 08/01/2034 | | $ | 7,415 | | | $ | 8,058 | |
5.00%, 10/15/2034 | | | 980 | | | | 982 | |
5.00%, 10/15/2034 | | | 2,475 | | | | 2,542 | |
5.00%, 01/15/2035 | | | 150 | | | | 173 | |
5.00%, 07/15/2035 | | | 3,000 | | | | 3,199 | |
5.00%, 01/15/2036 | | | 200 | | | | 230 | |
5.00%, 04/01/2036 | | | 4,135 | | | | 4,210 | |
5.00%, 10/15/2036 | | | 2,300 | | | | 2,304 | |
5.00%, 10/15/2037 | | | 4,665 | | | | 4,672 | |
5.00%, 11/15/2037 | | | 3,125 | | | | 3,273 | |
5.00%, 01/15/2039 | | | 360 | | | | 388 | |
5.00%, 01/15/2039 | | | 450 | | | | 508 | |
5.00%, 01/15/2040 | | | 500 | | | | 560 | |
5.00%, 01/15/2041 | | | 475 | | | | 529 | |
5.00%, 10/15/2041 | | | 3,240 | | | | 3,292 | |
5.00%, 11/15/2041 | | | 1,550 | | | | 1,568 | |
5.25%, 08/01/2040 | | | 2,000 | | | | 2,179 | |
5.50%, 08/01/2041 | | | 11,255 | | | | 12,459 | |
St Lawrence County Industrial Development Agency | | | | | | | | |
5.00%, 07/01/2032 | | | 350 | | | | 388 | |
5.00%, 07/01/2033 | | | 400 | | | | 445 | |
5.00%, 07/01/2034 | | | 350 | | | | 390 | |
5.00%, 07/01/2035 | | | 400 | | | | 444 | |
5.00%, 07/01/2036 | | | 840 | | | | 931 | |
5.00%, 07/01/2037 | | | 880 | | | | 972 | |
State of New York Mortgage Agency Homeowner Mortgage Revenue | | | | | | | | |
2.20%, 10/01/2029 | | | 1,000 | | | | 898 | |
2.35%, 04/01/2031 | | | 1,835 | | | | 1,608 | |
3.25%, 10/01/2051 | | | 5,515 | | | | 5,339 | |
Suffolk County Economic Development Corp. | | | | | | | | |
5.38%, 11/01/2054 (3) | | | 1,210 | | | | 1,004 | |
Town of Hempstead NY | | | | | | | | |
4.00%, 06/15/2028 | | | 3,665 | | | | 3,712 | |
Town of Oyster Bay NY | | | | | | | | |
2.00%, 03/01/2033 | | | 1,415 | | | | 1,134 | |
Triborough Bridge & Tunnel Authority | | | | | | | | |
2.00%, 05/15/2045 (1) | | | 2,425 | | | | 2,237 | |
2.00%, 05/15/2045 (1) | | | 6,375 | | | | 5,885 | |
4.00%, 11/15/2033 | | | 570 | | | | 603 | |
4.00%, 11/15/2034 | | | 115 | | | | 121 | |
4.00%, 05/15/2040 | | | 1,250 | | | | 1,244 | |
4.00%, 05/15/2042 | | | 2,840 | | | | 2,812 | |
5.00%, 12/16/2024 | | | 5,000 | | | | 5,034 | |
5.00%, 03/15/2027 | | | 30,910 | | | | 32,374 | |
5.00%, 11/15/2030 | | | 4,000 | | | | 4,473 | |
5.00%, 11/15/2032 | | | 5,920 | | | | 6,708 | |
5.00%, 11/15/2033 | | | 6,000 | | | | 6,681 | |
5.00%, 11/15/2034 | | | 430 | | | | 491 | |
5.00%, 11/15/2034 | | | 4,165 | | | | 4,453 | |
5.00%, 11/15/2034 | | | 6,250 | | | | 7,182 | |
5.00%, 11/15/2035 | | | 3,835 | | | | 3,987 | |
5.00%, 11/15/2035 | | | 5,000 | | | | 5,726 | |
5.00%, 11/15/2036 | | | 5,000 | | | | 5,703 | |
5.00%, 11/15/2036 | | | 20,000 | | | | 23,060 | |
5.00%, 11/15/2037 | | | 4,000 | | | | 4,253 | |
5.00%, 11/15/2037 | | | 4,130 | | | | 4,690 | |
5.00%, 11/15/2038 | | | 1,000 | | | | 1,015 | |
5.00%, 11/15/2038 | | | 3,905 | | | | 4,425 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 11.92% – (continued) | | | | | | | | |
5.00%, 11/15/2039 | | $ | 3,000 | | | $ | 3,349 | |
5.00%, 11/15/2040 | | | 1,000 | | | | 1,124 | |
5.00%, 05/15/2041 | | | 5,075 | | | | 5,565 | |
5.00%, 11/15/2042 | | | 1,910 | | | | 2,006 | |
5.00%, 11/15/2042 | | | 2,900 | | | | 3,199 | |
5.00%, 11/15/2043 (1) | | | 9,000 | | | | 9,196 | |
5.00%, 11/15/2049 | | | 1,340 | | | | 1,422 | |
5.00%, 05/15/2051 (1) | | | 1,900 | | | | 1,945 | |
5.25%, 05/15/2041 | | | 1,895 | | | | 2,128 | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue | | | | | | | | |
5.00%, 05/15/2040 | | | 340 | | | | 383 | |
Utility Debt Securitization Authority | | | | | | | | |
5.00%, 12/15/2033 | | | 1,000 | | | | 1,019 | |
5.00%, 12/15/2040 | | | 5,000 | | | | 5,223 | |
5.00%, 12/15/2041 | | | 7,800 | | | | 8,967 | |
| | | | | | | | |
Total New York | | | | 1,736,820 | |
| | | | | | | | |
| North Carolina – 0.83% | | | | | | | | |
Charlotte-Mecklenburg Hospital Authority | | | | | | | | |
4.65%, 01/15/2037 (1) | | | 8,000 | | | | 8,000 | |
5.00%, 01/15/2050 (1) | | | 1,500 | | | | 1,593 | |
City of Charlotte NC | | | | | | | | |
4.00%, 06/01/2038 | | | 2,450 | | | | 2,491 | |
County of Alamance NC | | | | | | | | |
2.00%, 05/01/2034 | | | 1,445 | | | | 1,185 | |
2.00%, 05/01/2035 | | | 2,000 | | | | 1,613 | |
County of Forsyth NC | | | | | | | | |
1.63%, 03/01/2034 | | | 1,010 | | | | 783 | |
County of New Hanover NC | | | | | | | | |
5.00%, 10/01/2027 | | | 100 | | | | 105 | |
5.00%, 10/01/2034 | | | 1,000 | | | | 1,051 | |
Greater Asheville Regional Airport Authority | | | | | | | | |
5.00%, 07/01/2032 | | | 1,000 | | | | 1,083 | |
5.00%, 07/01/2035 | | | 1,750 | | | | 1,894 | |
5.00%, 07/01/2036 | | | 1,505 | | | | 1,624 | |
5.00%, 07/01/2037 | | | 1,520 | | | | 1,648 | |
5.00%, 07/01/2037 | | | 1,780 | | | | 1,916 | |
5.25%, 07/01/2038 | | | 1,200 | | | | 1,314 | |
5.25%, 07/01/2040 | | | 500 | | | | 547 | |
5.25%, 07/01/2041 | | | 1,210 | | | | 1,318 | |
5.25%, 07/01/2042 | | | 1,000 | | | | 1,085 | |
5.25%, 07/01/2042 | | | 1,100 | | | | 1,185 | |
5.25%, 07/01/2043 | | | 1,850 | | | | 1,998 | |
5.25%, 07/01/2048 | | | 2,565 | | | | 2,744 | |
North Carolina Capital Facilities Finance Agency | | | | | | | | |
5.00%, 05/01/2031 | | | 1,000 | | | | 1,076 | |
North Carolina Housing Finance Agency | | | | | | | | |
3.75%, 07/01/2052 | | | 3,355 | | | | 3,313 | |
5.00%, 04/01/2029 (1) | | | 3,841 | | | | 4,019 | |
5.50%, 01/01/2054 | | | 2,575 | | | | 2,728 | |
5.75%, 01/01/2054 | | | 9,985 | | | | 10,589 | |
6.00%, 07/01/2053 | | | 4,560 | | | | 4,833 | |
6.25%, 01/01/2055 | | | 3,500 | | | | 3,888 | |
6.25%, 01/01/2055 | | | 5,510 | | | | 5,977 | |
6.25%, 01/01/2055 | | | 8,000 | | | | 8,709 | |
North Carolina Medical Care Commission | | | | | | | | |
2.55%, 06/01/2048 (1) | | | 3,955 | | | | 3,870 | |
4.00%, 03/01/2029 | | | 140 | | | | 136 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| North Carolina – 0.83% – (continued) | | | | | | | | |
4.00%, 03/01/2030 | | $ | 145 | | | $ | 140 | |
4.00%, 03/01/2031 | | | 145 | | | | 140 | |
4.00%, 09/01/2033 | | | 180 | | | | 174 | |
5.00%, 03/01/2028 | | | 155 | | | | 156 | |
5.00%, 02/01/2051 (1) | | | 1,000 | | | | 1,020 | |
North Carolina State Education Assistance Authority | | | | | | | | |
5.00%, 06/01/2043 | | | 1,790 | | | | 1,787 | |
5.50%, 06/01/2029 | | | 1,000 | | | | 1,053 | |
5.50%, 06/01/2030 | | | 2,390 | | | | 2,538 | |
5.50%, 06/01/2033 | | | 3,000 | | | | 3,228 | |
North Carolina Turnpike Authority | | | | | | | | |
5.00%, 01/01/2028 | | | 1,700 | | | | 1,775 | |
5.00%, 01/01/2049 | | | 4,030 | | | | 4,211 | |
Raleigh Durham Airport Authority | | | | | | | | |
5.00%, 05/01/2025 | | | 3,000 | | | | 3,031 | |
5.00%, 05/01/2035 | | | 2,900 | | | | 2,980 | |
State of North Carolina | | | | | | | | |
2.00%, 03/01/2036 | | | 2,230 | | | | 1,749 | |
5.00%, 05/01/2026 | | | 4,750 | | | | 4,903 | |
5.00%, 05/01/2027 | | | 7,500 | | | | 7,890 | |
| | | | | | | | |
Total North Carolina | | | | 121,090 | |
| | | | | | | | |
| North Dakota – 0.19% | | | | | | | | |
City of Grand Forks ND | | | | | | | | |
4.00%, 12/01/2037 | | | 675 | | | | 647 | |
4.00%, 12/01/2041 | | | 1,830 | | | | 1,687 | |
4.00%, 12/01/2046 | | | 1,425 | | | | 1,276 | |
5.00%, 12/01/2027 | | | 1,110 | | | | 1,121 | |
5.00%, 12/01/2028 | | | 1,500 | | | | 1,520 | |
5.00%, 12/01/2031 | | | 2,650 | | | | 2,710 | |
5.00%, 12/01/2034 | | | 725 | | | | 794 | |
5.00%, 12/01/2036 | | | 545 | | | | 594 | |
5.00%, 12/01/2038 | | | 500 | | | | 539 | |
5.00%, 12/01/2040 | | | 500 | | | | 534 | |
5.00%, 12/01/2042 | | | 500 | | | | 530 | |
North Dakota Housing Finance Agency | | | | | | | | |
3.00%, 07/01/2051 | | | 4,855 | | | | 4,715 | |
3.00%, 01/01/2052 | | | 1,245 | | | | 1,207 | |
5.00%, 07/01/2042 | | | 2,375 | | | | 2,584 | |
5.75%, 01/01/2054 | | | 6,600 | | | | 6,999 | |
6.25%, 01/01/2054 | | | 670 | | | | 728 | |
| | | | | | | | |
Total North Dakota | | | | 28,185 | |
| | | | | | | | |
| Ohio – 1.65% | | | | | | | | |
Akron Bath Copley Joint Township Hospital District | | | | | | | | |
4.00%, 11/15/2037 | | | 700 | | | | 670 | |
4.00%, 11/15/2038 | | | 450 | | | | 429 | |
5.25%, 11/15/2031 | | | 530 | | | | 547 | |
5.25%, 11/15/2032 | | | 645 | | | | 665 | |
5.25%, 11/15/2033 | | | 1,770 | | | | 1,822 | |
5.25%, 11/15/2046 | | | 1,255 | | | | 1,271 | |
American Municipal Power, Inc. | | | | | | | | |
1.00%, 02/15/2048 (1) | | | 2,015 | | | | 2,006 | |
4.00%, 02/15/2036 | | | 1,975 | | | | 2,008 | |
4.00%, 02/15/2038 | | | 1,985 | | | | 2,003 | |
5.00%, 02/15/2035 | | | 3,285 | | | | 3,604 | |
Buckeye Tobacco Settlement Financing Authority | | | | | | | | |
3.00%, 06/01/2048 | | | 3,100 | | | | 2,351 | |
4.00%, 06/01/2038 | | | 1,000 | | | | 1,001 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Ohio – 1.65% – (continued) | | | | | | | | |
4.00%, 06/01/2048 | | $ | 1,000 | | | $ | 922 | |
5.00%, 06/01/2027 | | | 1,365 | | | | 1,417 | |
5.00%, 06/01/2055 | | | 14,250 | | | | 13,136 | |
City of Cleveland OH Income Tax Revenue | | | | | | | | |
3.00%, 10/01/2036 | | | 500 | | | | 462 | |
3.00%, 10/01/2037 | | | 1,000 | | | | 912 | |
City of Columbus OH | | | | | | | | |
5.00%, 04/01/2033 | | | 1,345 | | | | 1,463 | |
City of Hamilton OH Electric System Revenue | | | | | | | | |
4.00%, 10/01/2037 | | | 1,000 | | | | 1,007 | |
City of Upper Arlington OH | | | | | | | | |
5.75%, 12/01/2042 | | | 500 | | | | 513 | |
Clermont County Port Authority | | | | | | | | |
5.00%, 12/01/2029 | | | 750 | | | | 765 | |
5.00%, 12/01/2030 | | | 850 | | | | 867 | |
County of Allen OH Hospital Facilities Revenue | | | | | | | | |
5.00%, 12/01/2029 | | | 585 | | | | 633 | |
5.00%, 12/01/2030 | | | 585 | | | | 637 | |
County of Cuyahoga OH | | | | | | | | |
5.00%, 12/01/2026 | | | 2,500 | | | | 2,502 | |
County of Franklin OH | | | | | | | | |
4.70%, 11/01/2042 (1) | | | 8,900 | | | | 8,900 | |
County of Montgomery OH | | | | | | | | |
4.00%, 08/01/2038 | | | 2,055 | | | | 2,070 | |
4.00%, 08/01/2039 | | | 2,220 | | | | 2,231 | |
5.00%, 08/01/2025 | | | 515 | | | | 522 | |
County of Muskingum OH | | | | | | | | |
5.00%, 02/15/2044 | | | 2,480 | | | | 2,335 | |
5.00%, 02/15/2048 | | | 1,700 | | | | 1,572 | |
County of Scioto OH | | | | | | | | |
5.00%, 02/15/2029 | | | 1,000 | | | | 1,026 | |
Euclid City School District | | | | | | | | |
5.25%, 01/15/2044 | | | 3,925 | | | | 3,986 | |
Forest Hills Local School District | | | | | | | | |
5.00%, 12/01/2044 | | | 4,725 | | | | 4,738 | |
Lancaster Port Authority | | | | | | | | |
5.00%, 08/01/2049 (1) | | | 12,240 | | | | 12,307 | |
Miami University/Oxford OH | | | | | | | | |
4.00%, 09/01/2036 | | | 1,000 | | | | 1,021 | |
5.00%, 09/01/2030 | | | 475 | | | | 527 | |
5.00%, 09/01/2032 | | | 1,000 | | | | 1,099 | |
5.00%, 09/01/2034 | | | 700 | | | | 718 | |
North Olmsted City School District | | | | | | | | |
5.00%, 10/15/2048 | | | 1,450 | | | | 1,521 | |
Ohio Air Quality Development Authority | | | | | | | | |
2.10%, 12/01/2027 (1) | | | 5,000 | | | | 4,957 | |
2.10%, 07/01/2028 (1) | | | 15,500 | | | | 15,367 | |
2.10%, 10/01/2028 (1) | | | 12,000 | | | | 11,897 | |
2.88%, 02/01/2026 | | | 5,400 | | | | 5,226 | |
3.25%, 09/01/2029 | | | 1,000 | | | | 960 | |
3.75%, 01/15/2028 (3) | | | 9,375 | | | | 9,363 | |
4.00%, 09/01/2030 (1) | | | 1,500 | | | | 1,502 | |
4.25%, 11/01/2039 (1) | | | 7,575 | | | | 7,615 | |
4.50%, 01/15/2048 (3) | | | 2,790 | | | | 2,758 | |
Ohio Higher Educational Facility Commission | | | | | | | | |
4.00%, 07/01/2031 | | | 865 | | | | 877 | |
4.00%, 07/01/2032 | | | 900 | | | | 909 | |
4.00%, 07/01/2035 | | | 505 | | | | 508 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Ohio – 1.65% – (continued) | | | | | | | | |
5.00%, 01/01/2032 | | $ | 235 | | | $ | 246 | |
5.00%, 10/01/2032 | | | 1,000 | | | | 1,063 | |
5.00%, 01/01/2033 | | | 285 | | | | 299 | |
5.00%, 01/01/2034 | | | 360 | | | | 379 | |
5.25%, 01/01/2035 | | | 375 | | | | 405 | |
5.25%, 01/01/2036 | | | 500 | | | | 539 | |
5.25%, 01/01/2037 | | | 420 | | | | 452 | |
Ohio Housing Finance Agency | | | | | | | | |
4.50%, 03/01/2050 | | | 125 | | | | 125 | |
5.00%, 09/01/2028 | | | 50 | | | | 53 | |
5.00%, 03/01/2029 | | | 50 | | | | 53 | |
5.00%, 09/01/2029 | | | 100 | | | | 107 | |
5.00%, 03/01/2030 | | | 100 | | | | 107 | |
5.00%, 09/01/2030 | | | 100 | | | | 107 | |
5.00%, 03/01/2031 | | | 100 | | | | 107 | |
5.00%, 09/01/2031 | | | 100 | | | | 107 | |
5.00%, 03/01/2032 | | | 75 | | | | 81 | |
5.00%, 09/01/2032 | | | 100 | | | | 108 | |
5.00%, 03/01/2033 | | | 150 | | | | 162 | |
5.00%, 09/01/2033 | | | 75 | | | | 81 | |
Ohio State University | | | | | | | | |
4.00%, 12/01/2040 | | | 8,135 | | | | 8,239 | |
Ohio Turnpike & Infrastructure Commission | | | | | | | | |
5.00%, 02/15/2039 | | | 1,100 | | | | 1,242 | |
Ohio Water Development Authority | | | | | | | | |
5.00%, 06/01/2031 | | | 450 | | | | 506 | |
5.00%, 12/01/2031 | | | 600 | | | | 680 | |
5.00%, 06/01/2032 | | | 350 | | | | 399 | |
5.00%, 12/01/2032 | | | 400 | | | | 459 | |
5.00%, 06/01/2033 | | | 350 | | | | 402 | |
5.00%, 12/01/2033 | | | 400 | | | | 459 | |
5.00%, 06/01/2034 | | | 300 | | | | 344 | |
5.00%, 12/01/2034 | | | 425 | | | | 488 | |
5.00%, 06/01/2035 | | | 500 | | | | 574 | |
5.00%, 12/01/2035 | | | 600 | | | | 688 | |
5.00%, 12/01/2038 | | | 1,760 | | | | 1,912 | |
Port of Greater Cincinnati Development Authority | | | | | | | | |
3.75%, 12/01/2031 (3) | | | 975 | | | | 921 | |
State of Ohio | | | | | | | | |
2.75%, 01/01/2052 (1) | | | 2,215 | | | | 2,137 | |
4.00%, 01/15/2038 | | | 800 | | | | 799 | |
4.00%, 01/15/2050 | | | 450 | | | | 418 | |
5.00%, 08/01/2024 | | | 2,500 | | | | 2,503 | |
5.00%, 02/01/2028 | | | 1,295 | | | | 1,380 | |
5.00%, 03/01/2028 | | | 690 | | | | 736 | |
5.00%, 03/01/2028 | | | 860 | | | | 917 | |
5.00%, 03/15/2028 | | | 1,725 | | | | 1,841 | |
5.00%, 01/01/2030 | | | 1,170 | | | | 1,238 | |
5.00%, 12/15/2030 | | | 1,500 | | | | 1,675 | |
5.00%, 12/15/2031 | | | 1,000 | | | | 1,111 | |
5.00%, 12/15/2032 | | | 1,000 | | | | 1,111 | |
5.00%, 12/15/2033 | | | 1,000 | | | | 1,111 | |
5.00%, 12/15/2034 | | | 1,000 | | | | 1,111 | |
5.00%, 01/01/2035 | | | 13,440 | | | | 15,514 | |
5.00%, 10/01/2035 | | | 1,410 | | | | 1,467 | |
5.00%, 12/31/2035 | | | 1,010 | | | | 1,016 | |
5.00%, 05/01/2036 | | | 3,630 | | | | 3,674 | |
5.00%, 05/01/2037 | | | 4,915 | | | | 5,099 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Ohio – 1.65% – (continued) | | | | | | | | |
5.00%, 03/01/2040 | | $ | 3,200 | | | $ | 3,546 | |
5.00%, 01/15/2050 (1) | | | 4,000 | | | | 4,027 | |
University of Akron | | | | | | | | |
4.00%, 01/01/2027 | | | 2,780 | | | | 2,809 | |
5.00%, 01/01/2037 | | | 6,675 | | | | 6,789 | |
5.00%, 01/01/2038 | | | 5,225 | | | | 5,302 | |
University of Cincinnati | | | | | | | | |
5.00%, 06/01/2028 | | | 250 | | | | 261 | |
5.00%, 06/01/2029 | | | 400 | | | | 419 | |
Warren County Port Authority | | | | | | | | |
4.00%, 12/01/2041 | | | 570 | | | | 504 | |
Youngstown State University | | | | | | | | |
3.00%, 12/15/2033 | | | 730 | | | | 672 | |
| | | | | | | | |
Total Ohio | | | | 241,206 | |
| | | | | | | | |
| Oklahoma – 0.50% | | | | | | | | |
Canadian County Educational Facilities Authority | | | | | | | | |
4.00%, 09/01/2025 | | | 1,500 | | | | 1,505 | |
5.00%, 09/01/2026 | | | 1,725 | | | | 1,780 | |
5.00%, 09/01/2028 | | | 1,120 | | | | 1,151 | |
Cleveland County Educational Facilities Authority | | | | | | | | |
5.00%, 09/01/2025 | | | 300 | | | | 305 | |
5.00%, 09/01/2026 | | | 375 | | | | 386 | |
Dewey County Educational Facilities Authority | | | | | | | | |
5.00%, 09/01/2030 | | | 2,470 | | | | 2,546 | |
Garvin County Educational Facilities Authority | | | | | | | | |
5.00%, 12/01/2024 | | | 515 | | | | 517 | |
5.00%, 12/01/2025 | | | 545 | | | | 554 | |
Grady County School Finance Authority | | | | | | | | |
5.00%, 09/01/2028 | | | 375 | | | | 393 | |
5.00%, 09/01/2030 | | | 1,235 | | | | 1,293 | |
Muskogee Industrial Trust | | | | | | | | |
4.00%, 09/01/2030 | | | 2,000 | | | | 1,979 | |
Oklahoma City Airport Trust | | | | | | | | |
5.00%, 07/01/2025 | | | 2,040 | | | | 2,063 | |
5.00%, 07/01/2026 | | | 2,195 | | | | 2,244 | |
5.00%, 07/01/2030 | | | 1,350 | | | | 1,413 | |
5.00%, 07/01/2032 | | | 2,960 | | | | 3,075 | |
5.00%, 07/01/2035 | | | 3,240 | | | | 3,352 | |
5.00%, 07/01/2043 | | | 1,065 | | | | 1,085 | |
Oklahoma County Finance Authority | | | | | | | | |
5.00%, 10/01/2030 | | | 800 | | | | 878 | |
5.00%, 10/01/2031 | | | 1,600 | | | | 1,778 | |
5.00%, 10/01/2037 | | | 1,000 | | | | 1,132 | |
5.00%, 10/01/2038 | | | 1,000 | | | | 1,122 | |
5.00%, 10/01/2039 | | | 1,150 | | | | 1,286 | |
5.00%, 10/01/2040 | | | 1,500 | | | | 1,663 | |
Oklahoma County Independent School District No 89 Oklahoma City | | | | | | | | |
1.25%, 07/01/2024 | | | 6,520 | | | | 6,520 | |
Oklahoma Department of Transportation | | | | | | | | |
5.00%, 09/01/2030 | | | 1,015 | | | | 1,089 | |
Oklahoma Development Finance Authority | | | | | | | | |
5.00%, 08/01/2026 | | | 75 | | | | 76 | |
5.00%, 08/01/2030 | | | 1,010 | | | | 1,034 | |
Oklahoma Housing Finance Agency | | | | | | | | |
6.50%, 09/01/2054 | | | 485 | | | | 542 | |
Oklahoma Industries Authority | | | | | | | | |
5.00%, 04/01/2028 | | | 5,945 | | | | 6,299 | |
5.00%, 04/01/2032 | | | 8,900 | | | | 9,974 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Oklahoma – 0.50% – (continued) | | | | | | | | |
Oklahoma Turnpike Authority | | | | | | | | |
5.00%, 01/01/2025 | | $ | 700 | | | $ | 706 | |
5.00%, 01/01/2026 | | | 2,500 | | | | 2,567 | |
5.00%, 01/01/2027 | | | 3,000 | | | | 3,130 | |
5.00%, 01/01/2028 | | | 2,905 | | | | 3,080 | |
Oklahoma Water Resources Board | | | | | | | | |
3.00%, 10/01/2041 | | | 1,545 | | | | 1,348 | |
Tulsa Airports Improvement Trust | | | | | | | | |
5.00%, 06/01/2031 | | | 1,120 | | | | 1,165 | |
5.00%, 06/01/2033 | | | 1,240 | | | | 1,290 | |
| | | | | | | | |
Total Oklahoma | | | | 72,320 | |
| | | | | | | | |
| Oregon – 0.82% | | | | | | | | |
Astoria Hospital Facilities Authority | | | | | | | | |
5.00%, 08/01/2034 | | | 3,130 | | | | 3,465 | |
5.25%, 08/01/2037 | | | 1,955 | | | | 2,186 | |
5.25%, 08/01/2039 | | | 1,100 | | | | 1,222 | |
5.25%, 08/01/2040 | | | 1,000 | | | | 1,102 | |
County of Clackamas OR | | | | | | | | |
1.75%, 06/01/2038 | | | 1,215 | | | | 847 | |
Deschutes County Administrative School District No 1 Bend-La Pine | | | | | | | | |
3.00%, 06/15/2029 | | | 3,000 | | | | 2,882 | |
Hillsboro School District No 1J | | | | | | | | |
4.00%, 06/15/2035 | | | 750 | | | | 770 | |
4.00%, 06/15/2037 | | | 2,250 | | | | 2,294 | |
5.00%, 06/15/2028 | | | 1,525 | | | | 1,602 | |
Medford Hospital Facilities Authority | | | | | | | | |
5.00%, 08/15/2036 | | | 1,145 | | | | 1,229 | |
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow | | | | | | | | |
0.00%, 06/15/2034 | | | 7,150 | | | | 4,722 | |
Oregon State Facilities Authority | | | | | | | | |
5.00%, 06/01/2030 | | | 5,000 | | | | 5,388 | |
5.00%, 06/01/2046 | | | 13,475 | | | | 13,575 | |
Oregon State Lottery | | | | | | | | |
5.00%, 04/01/2036 | | | 2,500 | | | | 2,598 | |
Port of Portland OR Airport Revenue | | | | | | | | |
5.00%, 07/01/2027 | | | 2,000 | | | | 2,069 | |
5.00%, 07/01/2028 | | | 1,000 | | | | 1,046 | |
5.00%, 07/01/2028 | | | 2,000 | | | | 2,093 | |
5.00%, 07/01/2029 | | | 750 | | | | 796 | |
5.00%, 07/01/2031 | | | 1,000 | | | | 1,025 | |
5.00%, 07/01/2032 | | | 1,000 | | | | 1,000 | |
5.00%, 07/01/2032 | | | 12,930 | | | | 14,043 | |
5.00%, 07/01/2033 | | | 1,375 | | | | 1,445 | |
5.00%, 07/01/2033 | | | 3,485 | | | | 3,487 | |
5.00%, 07/01/2035 | | | 3,240 | | | | 3,320 | |
5.00%, 07/01/2036 | | | 2,200 | | | | 2,409 | |
5.00%, 07/01/2038 | | | 1,370 | | | | 1,480 | |
5.00%, 07/01/2045 | | | 2,420 | | | | 2,504 | |
5.25%, 07/01/2039 | | | 7,000 | | | | 7,795 | |
Salem Hospital Facility Authority | | | | | | | | |
4.00%, 05/15/2041 | | | 1,500 | | | | 1,465 | |
State of Oregon | | | | | | | | |
5.00%, 05/01/2026 | | | 1,780 | | | | 1,837 | |
5.00%, 05/01/2027 | | | 4,600 | | | | 4,835 | |
5.00%, 05/01/2043 | | | 3,300 | | | | 3,661 | |
5.00%, 08/01/2043 | | | 1,060 | | | | 1,179 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Oregon – 0.82% – (continued) | | | | | | | | |
State of Oregon Department of Transportation | | | | | | | | |
5.00%, 11/15/2033 | | $ | 5,000 | | | $ | 5,790 | |
5.25%, 11/15/2047 | | | 2,705 | | | | 3,001 | |
State of Oregon Housing & Community Services Department | | | | | | | | |
2.65%, 07/01/2039 | | | 980 | | | | 814 | |
3.00%, 07/01/2052 | | | 1,320 | | | | 1,265 | |
3.50%, 01/01/2051 | | | 950 | | | | 933 | |
4.00%, 07/01/2051 | | | 2,535 | | | | 2,518 | |
Tualatin Valley Water District | | | | | | | | |
5.00%, 06/01/2042 | | | 3,230 | | | | 3,637 | |
Yamhill County Hospital Authority | | | | | | | | |
2.50%, 11/15/2028 | | | 720 | | | | 657 | |
| | | | | | | | |
Total Oregon | | | | 119,986 | |
| | | | | | | | |
| Pennsylvania – 3.59% | | | | | | | | |
Allegheny County Airport Authority | | | | | | | | |
4.00%, 01/01/2046 | | | 1,000 | | | | 960 | |
5.00%, 01/01/2031 | | | 2,000 | | | | 2,143 | |
5.00%, 01/01/2033 | | | 1,365 | | | | 1,463 | |
5.00%, 01/01/2033 | | | 2,200 | | | | 2,399 | |
5.25%, 01/01/2038 | | | 1,000 | | | | 1,103 | |
Allegheny County Higher Education Building Authority | | | | | | | | |
4.00%, 03/01/2032 | | | 300 | | | | 308 | |
4.00%, 03/01/2033 | | | 300 | | | | 307 | |
4.00%, 03/01/2035 | | | 345 | | | | 352 | |
4.00%, 03/01/2041 | | | 2,615 | | | | 2,589 | |
Allegheny County Hospital Development Authority | | | | | | | | |
5.00%, 07/15/2025 | | | 2,370 | | | | 2,409 | |
Allegheny County Industrial Development Authority | | | | | | | | |
3.50%, 12/01/2031 | | | 810 | | | | 389 | |
4.00%, 12/01/2041 | | | 1,720 | | | | 826 | |
4.25%, 12/01/2050 | | | 1,915 | | | | 919 | |
Allentown City School District | | | | | | | | |
5.00%, 02/01/2032 | | | 470 | | | | 495 | |
Allentown Neighborhood Improvement Zone Development Authority | | | | | | | | |
5.00%, 05/01/2027 (3) | | | 755 | | | | 770 | |
5.00%, 05/01/2028 (3) | | | 1,055 | | | | 1,075 | |
5.00%, 05/01/2032 (3) | | | 1,055 | | | | 1,073 | |
5.00%, 05/01/2042 (3) | | | 5,490 | | | | 5,554 | |
6.00%, 05/01/2042 (3) | | | 450 | | | | 471 | |
Bucks County Industrial Development Authority | | | | | | | | |
5.00%, 07/01/2033 | | | 640 | | | | 612 | |
5.00%, 07/01/2034 | | | 565 | | | | 538 | |
5.00%, 07/01/2035 | | | 435 | | | | 412 | |
5.00%, 07/01/2036 | | | 665 | | | | 627 | |
5.00%, 07/01/2037 | | | 1,410 | | | | 1,330 | |
5.00%, 07/01/2038 | | | 1,460 | | | | 1,372 | |
5.00%, 07/01/2039 | | | 1,510 | | | | 1,412 | |
Capital Region Water Revenue | | | | | | | | |
5.00%, 07/15/2025 | | | 1,000 | | | | 1,015 | |
Capital Region Water Sewer Revenue | | | | | | | | |
5.00%, 07/15/2024 | | | 430 | | | | 430 | |
5.00%, 07/15/2028 | | | 350 | | | | 367 | |
5.00%, 07/15/2042 | | | 1,250 | | | | 1,283 | |
Chester County Industrial Development Authority | | | | | | | | |
5.00%, 10/15/2032 (3) | | | 1,320 | | | | 1,368 | |
City of Philadelphia PA | | | | | | | | |
5.00%, 08/01/2027 | | | 1,500 | | | | 1,574 | |
5.00%, 08/01/2028 | | | 6,000 | | | | 6,085 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 3.59% – (continued) | | | | | | | | |
5.00%, 02/01/2029 | | $ | 3,175 | | | $ | 3,402 | |
5.00%, 08/01/2031 | | | 500 | | | | 548 | |
5.00%, 08/01/2031 | | | 8,000 | | | | 8,394 | |
5.00%, 08/01/2033 | | | 2,000 | | | | 2,082 | |
City of Philadelphia PA Airport Revenue | | | | | | | | |
4.00%, 07/01/2037 | | | 2,085 | | | | 2,078 | |
5.00%, 07/01/2026 | | | 1,155 | | | | 1,191 | |
5.00%, 07/01/2027 | | | 1,520 | | | | 1,595 | |
5.00%, 07/01/2029 | | | 230 | | | | 243 | |
5.00%, 07/01/2030 | | | 1,000 | | | | 1,031 | |
5.00%, 07/01/2031 | | | 1,000 | | | | 1,077 | |
5.00%, 07/01/2031 | | | 2,000 | | | | 2,059 | |
5.00%, 07/01/2032 | | | 3,100 | | | | 3,192 | |
5.00%, 07/01/2033 | | | 1,000 | | | | 1,030 | |
5.00%, 07/01/2047 | | | 1,060 | | | | 1,070 | |
City of Philadelphia PA Water & Wastewater Revenue | | | | | | | | |
5.00%, 11/01/2026 | | | 1,165 | | | | 1,209 | |
5.00%, 11/01/2027 | | | 1,540 | | | | 1,625 | |
5.00%, 11/01/2032 | | | 1,000 | | | | 1,051 | |
City of Reading PA | | | | | | | | |
5.00%, 11/01/2027 | | | 2,330 | | | | 2,441 | |
Coatesville School District | | | | | | | | |
5.00%, 08/01/2025 | | | 875 | | | | 889 | |
5.25%, 11/15/2037 | | | 13,465 | | | | 14,568 | |
Commonwealth Financing Authority | | | | | | | | |
4.00%, 06/01/2039 | | | 20,000 | | | | 20,121 | |
5.00%, 06/01/2027 | | | 750 | | | | 785 | |
5.00%, 06/01/2027 | | | 1,500 | | | | 1,559 | |
5.00%, 06/01/2027 | | | 2,165 | | | | 2,265 | |
5.00%, 06/01/2028 | | | 2,555 | | | | 2,689 | |
5.00%, 06/01/2030 | | | 1,750 | | | | 1,917 | |
Commonwealth of Pennsylvania | | | | | | | | |
3.20%, 03/01/2029 | | | 6,335 | | | | 6,214 | |
3.35%, 03/01/2030 | | | 9,430 | | | | 9,328 | |
3.50%, 03/01/2031 | | | 6,250 | | | | 6,206 | |
4.00%, 02/01/2032 | | | 2,380 | | | | 2,395 | |
5.00%, 01/01/2025 | | | 9,000 | | | | 9,068 | |
5.00%, 07/15/2025 | | | 9,095 | | | | 9,252 | |
5.00%, 09/01/2025 | | | 15,000 | | | | 15,291 | |
5.00%, 01/01/2027 | | | 2,095 | | | | 2,186 | |
5.00%, 08/15/2031 | | | 2,675 | | | | 2,710 | |
County of Lehigh PA | | | | | | | | |
4.00%, 07/01/2039 | | | 1,955 | | | | 1,942 | |
Cumberland County Municipal Authority | | | | | | | | |
4.00%, 01/01/2033 | | | 210 | | | | 210 | |
4.00%, 01/01/2033 | | | 545 | | | | 535 | |
4.00%, 01/01/2033 | | | 745 | | | | 746 | |
Dauphin County General Authority | | | | | | | | |
5.00%, 10/15/2030 (3) | | | 2,000 | | | | 1,761 | |
5.00%, 06/01/2035 | | | 1,000 | | | | 1,019 | |
Delaware County Authority | | | | | | | | |
5.00%, 08/01/2030 | | | 1,150 | | | | 1,168 | |
Delaware River Port Authority | | | | | | | | |
5.00%, 01/01/2037 | | | 5,300 | | | | 5,313 | |
Doylestown Hospital Authority | | | | | | | | |
5.00%, 07/01/2031 (3) | | | 500 | | | | 513 | |
5.00%, 07/01/2046 | | | 690 | | | | 712 | |
5.00%, 07/01/2046 | | | 3,010 | | | | 2,928 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 3.59% – (continued) | | | | | | | | |
5.00%, 07/01/2049 | | $ | 130 | | | $ | 140 | |
5.00%, 07/01/2049 | | | 1,180 | | | | 1,146 | |
Easton Area School District | | | | | | | | |
5.00%, 04/01/2029 | | | 1,000 | | | | 1,027 | |
5.00%, 04/01/2030 | | | 2,805 | | | | 2,880 | |
General Authority of Southcentral Pennsylvania | | | | | | | | |
5.00%, 06/01/2038 | | | 1,970 | | | | 2,068 | |
5.00%, 06/01/2044 | | | 1,085 | | | | 1,117 | |
Hamburg Area School District | | | | | | | | |
3.00%, 04/01/2035 | | | 1,400 | | | | 1,287 | |
Indiana County Industrial Development Authority | | | | | | | | |
5.00%, 05/01/2029 | | | 740 | | | | 777 | |
Jefferson County Hospital Authority PA | | | | | | | | |
4.50%, 01/15/2027 (3) | | | 2,000 | | | | 2,000 | |
Lancaster City Parking Authority | | | | | | | | |
4.00%, 09/01/2035 | | | 1,100 | | | | 1,115 | |
Lancaster County Hospital Authority | | | | | | | | |
5.00%, 11/01/2051 | | | 2,600 | | | | 2,670 | |
Lancaster Industrial Development Authority | | | | | | | | |
4.00%, 07/01/2031 | | | 15 | | | | 15 | |
Monroeville Finance Authority | | | | | | | | |
5.00%, 05/15/2034 | | | 640 | | | | 714 | |
Montgomery County Higher Education & Health Authority | | | | | | | | |
5.00%, 09/01/2024 | | | 410 | | | | 410 | |
5.00%, 10/01/2028 | | | 1,000 | | | | 974 | |
5.00%, 09/01/2032 | | | 1,000 | | | | 1,057 | |
5.00%, 09/01/2033 | | | 305 | | | | 323 | |
5.00%, 10/01/2036 | | | 1,320 | | | | 1,262 | |
5.00%, 10/01/2040 | | | 1,595 | | | | 1,485 | |
North Allegheny School District | | | | | | | | |
4.00%, 05/01/2036 | | | 705 | | | | 719 | |
Northampton County General Purpose Authority | | | | | | | | |
4.00%, 08/15/2043 | | | 17,080 | | | | 16,267 | |
5.00%, 08/15/2034 | | | 6,100 | | | | 6,821 | |
5.00%, 08/15/2036 | | | 455 | | | | 463 | |
Pennsylvania Economic Development Financing Authority | | | | | | | | |
1.75%, 08/01/2038 (1) | | | 10,000 | | | | 9,975 | |
4.00%, 04/15/2037 | | | 1,000 | | | | 1,011 | |
4.05%, 04/01/2034 (1) | | | 6,200 | | | | 6,200 | |
4.25%, 06/01/2041 (1) | | | 35,000 | | | | 34,996 | |
5.00%, 04/15/2026 | | | 2,500 | | | | 2,571 | |
5.00%, 04/15/2031 | | | 2,095 | | | | 2,264 | |
5.00%, 05/15/2031 | | | 7,175 | | | | 7,878 | |
5.00%, 05/15/2032 | | | 700 | | | | 779 | |
5.00%, 05/15/2032 | | | 850 | | | | 946 | |
5.00%, 05/15/2033 | | | 525 | | | | 587 | |
5.00%, 05/15/2033 | | | 550 | | | | 615 | |
5.00%, 05/15/2034 | | | 700 | | | | 781 | |
5.00%, 05/15/2034 | | | 750 | | | | 837 | |
5.25%, 06/30/2036 | | | 3,000 | | | | 3,278 | |
5.25%, 07/01/2046 | | | 1,535 | | | | 1,617 | |
5.50%, 06/30/2037 | | | 5,450 | | | | 6,043 | |
5.50%, 06/30/2038 | | | 5,450 | | | | 6,005 | |
Pennsylvania Higher Education Assistance Agency | | | | | | | | |
5.00%, 06/01/2029 | | | 1,550 | | | | 1,623 | |
5.00%, 06/01/2030 | | | 4,730 | | | | 4,993 | |
5.00%, 06/01/2031 | | | 6,945 | | | | 7,385 | |
5.00%, 06/01/2032 | | | 4,000 | | | | 4,268 | |
5.00%, 06/01/2033 | | | 1,875 | | | | 2,010 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 3.59% – (continued) | | | | | | | | |
Pennsylvania Higher Educational Facilities Authority | | | | | | | | |
5.00%, 06/15/2025 | | $ | 195 | | | $ | 198 | |
5.00%, 06/15/2025 | | | 1,660 | | | | 1,685 | |
5.00%, 08/15/2029 | | | 1,600 | | | | 1,675 | |
5.00%, 10/01/2034 | | | 1,250 | | | | 1,274 | |
5.00%, 12/01/2038 | | | 1,710 | | | | 1,715 | |
Pennsylvania Housing Finance Agency | | | | | | | | |
3.00%, 10/01/2051 | | | 5,305 | | | | 5,071 | |
3.00%, 10/01/2052 | | | 7,985 | | | | 7,629 | |
3.50%, 04/01/2051 | | | 385 | | | | 380 | |
5.75%, 10/01/2053 | | | 6,870 | | | | 7,250 | |
6.00%, 10/01/2054 | | | 2,000 | | | | 2,171 | |
6.25%, 10/01/2053 | | | 11,975 | | | | 12,997 | |
Pennsylvania State University | | | | | | | | |
5.00%, 09/01/2041 | | | 1,080 | | | | 1,104 | |
Pennsylvania Turnpike Commission | | | | | | | | |
4.00%, 12/01/2038 | | | 360 | | | | 365 | |
4.00%, 12/01/2039 | | | 4,000 | | | | 4,035 | |
5.00%, 06/01/2027 | | | 14,000 | | | | 14,371 | |
5.00%, 06/01/2028 | | | 2,085 | | | | 2,139 | |
5.00%, 12/01/2031 | | | 350 | | | | 394 | |
5.00%, 06/01/2032 | | | 2,000 | | | | 2,080 | |
5.00%, 12/01/2032 | | | 350 | | | | 399 | |
5.00%, 12/01/2032 | | | 1,295 | | | | 1,468 | |
5.00%, 06/01/2033 | | | 3,155 | | | | 3,282 | |
5.00%, 12/01/2033 | | | 375 | | | | 425 | |
5.00%, 12/01/2033 | | | 5,250 | | | | 6,053 | |
5.00%, 12/01/2034 | | | 300 | | | | 340 | |
5.00%, 12/01/2034 | | | 1,240 | | | | 1,310 | |
5.00%, 12/01/2034 | | | 2,155 | | | | 2,460 | |
5.00%, 12/01/2035 | | | 500 | | | | 566 | |
5.00%, 12/01/2035 | | | 575 | | | | 648 | |
5.00%, 12/01/2037 | | | 450 | | | | 500 | |
5.00%, 12/01/2037 | | | 550 | | | | 620 | |
5.00%, 06/01/2039 | | | 3,000 | | | | 3,048 | |
5.00%, 12/01/2039 | | | 1,000 | | | | 1,120 | |
5.00%, 12/01/2039 | | | 2,155 | | | | 2,164 | |
5.00%, 12/01/2040 | | | 5,000 | | | | 5,041 | |
5.00%, 12/01/2041 | | | 2,560 | | | | 2,608 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | | | | | | | |
5.00%, 12/01/2038 | | | 1,035 | | | | 1,095 | |
5.25%, 12/01/2044 | | | 3,180 | | | | 3,356 | |
Pennsylvania Turnpike Commission Registration Fee Revenue | | | | | | | | |
3.88% (SIFMA Municipal Swap Index Yield + 0.85%), 07/15/2041 (2) | | | 6,925 | | | | 6,927 | |
Philadelphia Authority for Industrial Development | | | | | | | | |
4.50%, 06/15/2034 (3) | | | 1,385 | | | | 1,385 | |
5.00%, 05/01/2030 | | | 890 | | | | 900 | |
Philadelphia Gas Works Co. | | | | | | | | |
4.00%, 08/01/2036 | | | 1,000 | | | | 1,015 | |
5.00%, 08/01/2024 | | | 425 | | | | 425 | |
5.00%, 08/01/2024 | | | 500 | | | | 500 | |
5.00%, 08/01/2025 | | | 450 | | | | 457 | |
5.00%, 08/01/2027 | | | 750 | | | | 785 | |
5.00%, 08/01/2028 | | | 625 | | | | 662 | |
5.00%, 08/01/2029 | | | 1,000 | | | | 1,071 | |
5.00%, 08/01/2031 | | | 1,760 | | | | 1,925 | |
5.00%, 08/01/2032 | | | 1,000 | | | | 1,092 | |
5.00%, 08/01/2033 | | | 1,250 | | | | 1,365 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 3.59% – (continued) | | | | | | | | |
5.00%, 08/01/2034 | | $ | 1,410 | | | $ | 1,542 | |
5.00%, 08/01/2035 | | | 1,000 | | | | 1,089 | |
5.00%, 08/01/2036 | | | 1,690 | | | | 1,839 | |
Pittsburgh School District | | | | | | | | |
3.00%, 09/01/2039 | | | 3,290 | | | | 2,897 | |
Pittsburgh Water & Sewer Authority | | | | | | | | |
5.00%, 09/01/2038 | | | 1,000 | | | | 1,078 | |
Reading School District | | | | | | | | |
5.00%, 03/01/2035 | | | 1,100 | | | | 1,140 | |
5.00%, 03/01/2036 | | | 1,250 | | | | 1,293 | |
School District of Philadelphia | | | | | | | | |
5.00%, 09/01/2026 | | | 1,625 | | | | 1,680 | |
5.00%, 09/01/2029 | | | 1,500 | | | | 1,603 | |
5.00%, 09/01/2030 | | | 3,985 | | | | 4,079 | |
5.00%, 09/01/2031 | | | 1,000 | | | | 1,022 | |
5.00%, 09/01/2031 | | | 1,200 | | | | 1,259 | |
5.00%, 09/01/2032 | | | 1,200 | | | | 1,257 | |
5.00%, 09/01/2032 | | | 2,200 | | | | 2,348 | |
5.00%, 09/01/2033 | | | 960 | | | | 1,035 | |
5.00%, 09/01/2043 | | | 1,690 | | | | 1,736 | |
Scranton School District | | | | | | | | |
5.00%, 06/01/2033 | | | 530 | | | | 569 | |
5.00%, 06/01/2035 | | | 515 | | | | 554 | |
State Public School Building Authority | | | | | | | | |
4.00%, 06/15/2034 | | | 700 | | | | 714 | |
5.00%, 06/15/2025 | | | 3,000 | | | | 3,030 | |
5.00%, 06/01/2026 | | | 180 | | | | 182 | |
5.00%, 06/01/2029 | | | 665 | | | | 711 | |
5.00%, 12/01/2032 | | | 725 | | | | 755 | |
5.00%, 12/01/2032 | | | 2,335 | | | | 2,399 | |
5.25%, 09/15/2030 | | | 990 | | | | 1,044 | |
Susquehanna Area Regional Airport Authority | | | | | | | | |
5.00%, 01/01/2038 | | | 1,000 | | | | 1,012 | |
Tulpehocken Area School District | | | | | | | | |
5.25%, 10/01/2041 | | | 4,340 | | | | 4,727 | |
Upper Merion Area School District | | | | | | | | |
5.00%, 01/15/2030 | | | 600 | | | | 616 | |
Waverly Township Municipal Authority | | | | | | | | |
4.00%, 02/15/2029 | | | 1,030 | | | | 1,056 | |
York County School of Technology Authority | | | | | | | | |
5.00%, 02/15/2028 | | | 400 | | | | 401 | |
| | | | | | | | |
Total Pennsylvania | | | | 523,249 | |
| | | | | | | | |
| Puerto Rico – 1.70% | | | | | | | | |
Commonwealth of Puerto Rico | | | | | | | | |
0.00%, 07/01/2024 | | | 855 | | | | 855 | |
0.00%, 11/01/2043 (1) | | | 41,139 | | | | 25,199 | |
0.00%, 11/01/2051 (1) | | | 22,204 | | | | 13,989 | |
4.00%, 07/01/2033 | | | 13,090 | | | | 13,110 | |
4.00%, 07/01/2035 | | | 4,835 | | | | 4,746 | |
5.38%, 07/01/2025 | | | 1,800 | | | | 1,815 | |
5.63%, 07/01/2027 | | | 17,133 | | | | 17,875 | |
5.63%, 07/01/2029 | | | 1,552 | | | | 1,664 | |
5.75%, 07/01/2031 | | | 11,771 | | | | 13,071 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority | | | | | | | | |
5.00%, 07/01/2028 (3) | | | 2,075 | | | | 2,150 | |
5.00%, 07/01/2033 (3) | | | 4,540 | | | | 4,808 | |
5.00%, 07/01/2035 (3) | | | 5,555 | | | | 5,804 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Puerto Rico – 1.70% – (continued) | | | | | | | | |
5.00%, 07/01/2037 (3) | | $ | 2,425 | | | $ | 2,530 | |
5.00%, 07/01/2037 (3) | | | 3,810 | | | | 3,994 | |
5.00%, 07/01/2047 (3) | | | 9,025 | | | | 9,132 | |
Puerto Rico Housing Finance Authority | | | | | | | | |
5.00%, 12/01/2024 | | | 12,770 | | | | 12,829 | |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | | | | | | | | |
4.00%, 07/01/2037 | | | 240 | | | | 228 | |
5.00%, 07/01/2032 | | | 250 | | | | 264 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | | | | | | | | |
0.00%, 07/01/2024 | | | 939 | | | | 939 | |
0.00%, 07/01/2024 | | | 2,601 | | | | 2,601 | |
0.00%, 07/01/2027 | | | 2,061 | | | | 1,835 | |
0.00%, 07/01/2033 | | | 8,101 | | | | 5,632 | |
4.33%, 07/01/2040 | | | 16,104 | | | | 15,888 | |
4.33%, 07/01/2040 | | | 45,388 | | | | 44,780 | |
4.55%, 07/01/2040 | | | 21,154 | | | | 21,233 | |
4.75%, 07/01/2053 | | | 3,974 | | | | 3,916 | |
5.00%, 07/01/2058 | | | 17,365 | | | | 17,297 | |
| | | | | | | | |
Total Puerto Rico | | | | 248,184 | |
| | | | | | | | |
| Rhode Island – 0.51% | | | | | | | | |
Providence Public Building Authority | | | | | | | | |
5.00%, 09/15/2038 | | | 2,570 | | | | 2,699 | |
Providence Redevelopment Agency | | | | | | | | |
5.00%, 04/01/2028 | | | 1,200 | | | | 1,206 | |
Rhode Island Health & Educational Building Corp. | | | | | | | | |
3.90%, 06/01/2035 (1) | | | 4,435 | | | | 4,435 | |
5.00%, 09/01/2031 | | | 2,215 | | | | 2,223 | |
5.00%, 06/01/2033 | | | 650 | | | | 735 | |
5.00%, 05/15/2034 | | | 13,705 | | | | 15,173 | |
5.00%, 05/15/2035 | | | 480 | | | | 531 | |
5.00%, 09/01/2036 | | | 100 | | | | 100 | |
5.00%, 05/15/2037 | | | 265 | | | | 291 | |
5.00%, 05/15/2038 | | | 320 | | | | 350 | |
5.00%, 05/15/2039 | | | 700 | | | | 708 | |
5.00%, 05/15/2040 | | | 265 | | | | 286 | |
5.00%, 05/15/2041 | | | 290 | | | | 312 | |
5.00%, 06/01/2041 | | | 1,485 | | | | 1,616 | |
5.00%, 05/15/2043 | | | 285 | | | | 303 | |
5.00%, 05/15/2044 | | | 200 | | | | 212 | |
5.50%, 05/15/2040 | | | 1,205 | | | | 1,358 | |
5.50%, 05/15/2041 | | | 1,570 | | | | 1,762 | |
5.50%, 05/15/2047 | | | 4,130 | | | | 4,584 | |
Rhode Island Housing & Mortgage Finance Corp. | | | | | | | | |
3.50%, 10/01/2050 | | | 640 | | | | 629 | |
4.00%, 10/01/2049 | | | 245 | | | | 244 | |
5.00%, 10/01/2026 | | | 395 | | | | 407 | |
5.00%, 04/01/2027 | | | 215 | | | | 223 | |
5.00%, 10/01/2027 | | | 250 | | | | 261 | |
5.00%, 10/01/2027 | | | 520 | | | | 543 | |
5.00%, 04/01/2028 | | | 480 | | | | 503 | |
5.00%, 10/01/2028 | | | 275 | | | | 290 | |
5.00%, 10/01/2029 | | | 285 | | | | 306 | |
5.00%, 10/01/2041 | | | 4,285 | | | | 4,511 | |
Rhode Island Infrastructure Bank | | | | | | | | |
4.00%, 10/01/2034 | | | 2,000 | | | | 2,061 | |
Rhode Island Student Loan Authority | | | | | | | | |
3.50%, 12/01/2034 | | | 245 | | | | 227 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Rhode Island – 0.51% – (continued) | | | | | | | | |
4.13%, 12/01/2043 | | $ | 7,125 | | | $ | 6,867 | |
5.00%, 12/01/2024 | | | 600 | | | | 603 | |
5.00%, 12/01/2025 | | | 500 | | | | 507 | |
5.00%, 12/01/2025 | | | 1,000 | | | | 1,014 | |
5.00%, 12/01/2026 | | | 750 | | | | 768 | |
5.00%, 12/01/2027 | | | 800 | | | | 828 | |
5.00%, 12/01/2027 | | | 1,000 | | | | 1,035 | |
5.00%, 12/01/2028 | | | 1,150 | | | | 1,203 | |
5.00%, 12/01/2029 | | | 675 | | | | 712 | |
5.00%, 12/01/2030 | | | 1,645 | | | | 1,735 | |
5.00%, 12/01/2032 | | | 1,900 | | | | 2,021 | |
5.00%, 12/01/2033 | | | 1,775 | | | | 1,892 | |
State of Rhode Island | | | | | | | | |
4.13%, 08/01/2042 | | | 5,350 | | | | 5,425 | |
| | | | | | | | |
Total Rhode Island | | | | 73,699 | |
| | | | | | | | |
| South Carolina – 1.15% | | | | | | | | |
Beaufort County School District | | | | | | | | |
2.00%, 03/01/2034 | | | 1,400 | | | | 1,151 | |
Lexington County Health Services District, Inc. | | | | | | | | |
5.00%, 11/01/2024 | | | 780 | | | | 783 | |
Patriots Energy Group Financing Agency | | | | | | | | |
5.25%, 02/01/2054 (1) | | | 33,700 | | | | 36,488 | |
5.25%, 10/01/2054 (1) | | | 9,600 | | | | 10,282 | |
5.47% (SOFR + 1.90%), 02/01/2054 (2) | | | 5,350 | | | | 5,555 | |
Piedmont Municipal Power Agency | | | | | | | | |
4.00%, 01/01/2034 | | | 4,000 | | | | 4,048 | |
Richland County School District No 2 | | | | | | | | |
3.00%, 03/01/2033 | | | 3,000 | | | | 2,822 | |
South Carolina Jobs-Economic Development Authority | | | | | | | | |
4.00%, 11/01/2042 | | | 3,025 | | | | 2,985 | |
5.00%, 04/01/2031 | | | 510 | | | | 538 | |
5.00%, 11/01/2031 | | | 12,000 | | | | 13,341 | |
5.00%, 11/01/2032 | | | 1,700 | | | | 1,912 | |
5.00%, 11/01/2033 | | | 2,030 | | | | 2,309 | |
5.00%, 11/01/2034 | | | 19,875 | | | | 22,678 | |
5.00%, 11/01/2038 | | | 6,350 | | | | 7,127 | |
5.25%, 11/01/2040 | | | 10,925 | | | | 12,396 | |
South Carolina Ports Authority | | | | | | | | |
5.00%, 07/01/2026 | | | 1,940 | | | | 1,978 | |
5.00%, 07/01/2027 | | | 3,120 | | | | 3,214 | |
5.00%, 07/01/2028 | | | 1,100 | | | | 1,145 | |
South Carolina Public Service Authority | | | | | | | | |
4.00%, 12/01/2037 | | | 4,000 | | | | 4,018 | |
5.00%, 12/01/2031 | | | 2,860 | | | | 3,088 | |
5.00%, 12/01/2032 | | | 1,500 | | | | 1,525 | |
5.00%, 12/01/2032 | | | 3,670 | | | | 3,962 | |
5.00%, 12/01/2035 | | | 1,500 | | | | 1,526 | |
5.25%, 12/01/2038 | | | 10,000 | | | | 11,146 | |
South Carolina State Housing Finance & Development Authority | | | | | | | | |
4.00%, 01/01/2050 | | | 505 | | | | 502 | |
4.00%, 07/01/2050 | | | 510 | | | | 507 | |
5.00%, 10/01/2026 (1) | | | 4,000 | | | | 4,040 | |
South Carolina Transportation Infrastructure Bank | | | | | | | | |
5.00%, 10/01/2025 | | | 305 | | | | 312 | |
5.00%, 10/01/2035 | | | 5,325 | | | | 5,582 | |
| | | | | | | | |
Total South Carolina | | | | 166,960 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| South Dakota – 0.07% | | | | | | | | |
County of Lawrence SD | | | | | | | | |
4.00%, 12/01/2036 | | $ | 730 | | | $ | 751 | |
South Dakota Health & Educational Facilities Authority | | | | | | | | |
5.00%, 09/01/2024 | | | 355 | | | | 355 | |
5.00%, 09/01/2025 | | | 880 | | | | 891 | |
5.00%, 09/01/2026 | | | 2,000 | | | | 2,046 | |
5.00%, 11/01/2029 | | | 800 | | | | 817 | |
5.00%, 11/01/2030 | | | 1,000 | | | | 1,020 | |
South Dakota Housing Development Authority | | | | | | | | |
3.00%, 11/01/2051 | | | 890 | | | | 863 | |
4.00%, 11/01/2047 | | | 2,210 | | | | 2,197 | |
6.25%, 05/01/2055 | | | 950 | | | | 1,032 | |
| | | | | | | | |
Total South Dakota | | | | 9,972 | |
| | | | | | | | |
| Tennessee – 1.19% | | | | | | | | |
Chattanooga Health Educational & Housing Facility Board | | | | | | | | |
5.00%, 08/01/2044 | | | 1,500 | | | | 1,545 | |
County of Knox TN | | | | | | | | |
2.80%, 06/01/2031 | | | 3,000 | | | | 2,789 | |
Health Educational & Housing Facility Board of the City of Memphis | | | | | | | | |
5.00%, 07/01/2027 (1) | | | 4,220 | | | | 4,277 | |
5.00%, 07/01/2027 (1) | | | 7,157 | | | | 7,253 | |
Johnson City Health & Educational Facilities Board | | | | | | | | |
5.00%, 07/01/2025 | | | 1,425 | | | | 1,442 | |
Knox County Health Educational & Housing Facility Board | | | | | | | | |
4.05%, 12/01/2027 (1) | | | 5,710 | | | | 5,694 | |
5.00%, 04/01/2027 | | | 1,740 | | | | 1,778 | |
5.00%, 12/01/2027 (1) | | | 1,603 | | | | 1,636 | |
5.00%, 07/01/2032 | | | 275 | | | | 303 | |
5.00%, 07/01/2033 | | | 325 | | | | 361 | |
5.00%, 07/01/2036 | | | 500 | | | | 553 | |
5.00%, 07/01/2037 | | | 900 | | | | 997 | |
5.00%, 07/01/2038 | | | 1,070 | | | | 1,181 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | | | | | | | | |
4.00%, 04/01/2026 (1) | | | 4,580 | | | | 4,577 | |
Metropolitan Government of Nashville & Davidson County TN | | | | | | | | |
1.75%, 01/01/2036 | | | 6,820 | | | | 5,031 | |
5.00%, 07/01/2031 | | | 1,100 | | | | 1,119 | |
Metropolitan Government of Nashville & Davidson County TN Electric Revenue | | | | | | | | |
5.00%, 05/15/2042 | | | 2,000 | | | | 2,060 | |
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | | | | | | | | |
5.00%, 07/01/2036 | | | 2,000 | | | | 2,091 | |
Metropolitan Nashville Airport Authority | | | | | | | | |
5.00%, 07/01/2030 | | | 1,950 | | | | 2,081 | |
5.00%, 07/01/2031 | | | 1,920 | | | | 2,067 | |
5.00%, 07/01/2036 | | | 2,050 | | | | 2,181 | |
5.25%, 07/01/2032 | | | 1,150 | | | | 1,269 | |
5.25%, 07/01/2033 | | | 1,000 | | | | 1,110 | |
5.25%, 07/01/2034 | | | 1,250 | | | | 1,388 | |
5.25%, 07/01/2035 | | | 1,375 | | | | 1,526 | |
5.50%, 07/01/2036 | | | 1,125 | | | | 1,273 | |
5.50%, 07/01/2037 | | | 2,400 | | | | 2,707 | |
5.50%, 07/01/2038 | | | 3,225 | | | | 3,618 | |
5.50%, 07/01/2039 | | | 2,300 | | | | 2,569 | |
5.50%, 07/01/2040 | | | 2,000 | | | | 2,221 | |
Nashville Metropolitan Development & Housing Agency | | | | | | | | |
4.50%, 06/01/2028 (3) | | | 435 | | | | 433 | |
New Memphis Arena Public Building Authority | | | | | | | | |
0.00%, 04/01/2029 | | | 625 | | | | 570 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Tennessee – 1.19% – (continued) | | | | | | | | |
0.00%, 04/01/2030 | | $ | 750 | | | $ | 683 | |
0.00%, 04/01/2031 | | | 650 | | | | 590 | |
Shelby County Health Educational & Housing Facilities Board | | | | | | | | |
5.00%, 09/01/2049 (1) | | | 16,630 | | | | 17,521 | |
5.25%, 09/01/2039 | | | 14,870 | | | | 16,448 | |
Tennergy Corp. | | | | | | | | |
5.00%, 02/01/2050 (1) | | | 9,320 | | | | 9,351 | |
5.50%, 10/01/2053 (1) | | | 5,000 | | | | 5,342 | |
Tennessee Energy Acquisition Corp. | | | | | | | | |
4.00%, 11/01/2049 (1) | | | 8,955 | | | | 8,959 | |
5.00%, 05/01/2053 (1) | | | 4,065 | | | | 4,225 | |
Tennessee Housing Development Agency | | | | | | | | |
2.60%, 07/01/2039 | | | 395 | | | | 325 | |
2.80%, 07/01/2044 | | | 480 | | | | 378 | |
2.90%, 07/01/2039 | | | 875 | | | | 737 | |
3.00%, 01/01/2052 | | | 1,445 | | | | 1,393 | |
3.75%, 07/01/2052 | | | 2,120 | | | | 2,091 | |
5.00%, 01/01/2053 | | | 3,135 | | | | 3,210 | |
6.25%, 01/01/2054 | | | 6,600 | | | | 7,155 | |
Tennessee State School Bond Authority | | | | | | | | |
5.00%, 11/01/2040 | | | 25,000 | | | | 25,576 | |
| | | | | | | | |
Total Tennessee | | | | 173,684 | |
| | | | | | | | |
| Texas – 12.21% | | | | | | | | |
Alamito Public Facility Corp. | | | | | | | | |
3.50%, 09/01/2025 (1) | | | 1,990 | | | | 1,988 | |
3.50%, 09/01/2025 (1) | | | 4,315 | | | | 4,307 | |
5.00%, 08/01/2044 (1) | | | 6,600 | | | | 6,698 | |
Arlington Higher Education Finance Corp. | | | | | | | | |
4.00%, 08/15/2038 | | | 4,410 | | | | 4,510 | |
4.00%, 08/15/2039 | | | 4,925 | | | | 5,021 | |
4.00%, 08/15/2040 | | | 5,130 | | | | 5,198 | |
4.00%, 08/15/2041 | | | 5,400 | | | | 5,435 | |
4.00%, 08/15/2042 | | | 3,000 | | | | 3,002 | |
4.00%, 02/15/2044 | | | 3,500 | | | | 3,420 | |
4.25%, 08/15/2034 | | | 500 | | | | 498 | |
4.50%, 08/15/2039 | | | 1,535 | | | | 1,536 | |
5.00%, 08/15/2041 | | | 2,000 | | | | 2,194 | |
Austin Community College District Public Facility Corp. | | | | | | | | |
5.00%, 08/01/2024 | | | 430 | | | | 430 | |
5.00%, 08/01/2028 | | | 310 | | | | 326 | |
5.00%, 08/01/2031 | | | 300 | | | | 316 | |
5.00%, 08/01/2031 | | | 580 | | | | 611 | |
Austin Independent School District | | | | | | | | |
4.00%, 08/01/2032 | | | 2,835 | | | | 2,969 | |
4.00%, 08/01/2033 | | | 3,160 | | | | 3,306 | |
4.00%, 08/01/2034 | | | 3,620 | | | | 3,790 | |
4.00%, 08/01/2035 | | | 2,465 | | | | 2,578 | |
5.00%, 08/01/2039 | | | 3,600 | | | | 4,112 | |
5.00%, 08/01/2040 | | | 2,725 | | | | 3,029 | |
5.00%, 08/01/2041 | | | 5,100 | | | | 5,644 | |
5.00%, 08/01/2042 | | | 4,145 | | | | 4,564 | |
Austin-Bergstrom Landhost Enterprises, Inc. | | | | | | | | |
5.00%, 10/01/2025 | | | 1,780 | | | | 1,792 | |
5.00%, 10/01/2026 | | | 1,400 | | | | 1,418 | |
5.00%, 10/01/2028 | | | 1,925 | | | | 1,966 | |
5.00%, 10/01/2030 | | | 2,175 | | | | 2,223 | |
5.00%, 10/01/2033 | | | 2,000 | | | | 2,041 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
5.00%, 10/01/2034 | | $ | 2,000 | | | $ | 2,041 | |
5.00%, 10/01/2036 | | | 1,000 | | | | 1,014 | |
Barbers Hill Independent School District | | | | | | | | |
4.00%, 02/15/2041 | | | 1,625 | | | | 1,661 | |
Bastrop Independent School District | | | | | | | | |
5.00%, 02/15/2041 | | | 5,240 | | | | 5,784 | |
Birdville Independent School District | | | | | | | | |
5.00%, 02/15/2026 | | | 725 | | | | 744 | |
Boerne Independent School District | | | | | | | | |
3.13%, 02/01/2053 (1) | | | 2,255 | | | | 2,224 | |
Brazosport Independent School District | | | | | | | | |
2.13%, 02/15/2033 | | | 1,310 | | | | 1,107 | |
Capital Area Housing Finance Corp. | | | | | | | | |
0.29%, 08/01/2039 (1) | | | 2,015 | | | | 2,008 | |
Central Texas Regional Mobility Authority | | | | | | | | |
4.00%, 01/01/2033 | | | 965 | | | | 987 | |
4.00%, 01/01/2033 | | | 1,000 | | | | 1,008 | |
4.00%, 01/01/2036 | | | 500 | | | | 510 | |
4.00%, 01/01/2037 | | | 620 | | | | 630 | |
5.00%, 01/01/2025 | | | 225 | | | | 226 | |
5.00%, 01/01/2025 | | | 6,460 | | | | 6,471 | |
5.00%, 01/01/2028 | | | 300 | | | | 306 | |
5.00%, 01/01/2029 | | | 750 | | | | 790 | |
5.00%, 01/01/2031 | | | 600 | | | | 646 | |
5.00%, 01/01/2034 | | | 1,475 | | | | 1,500 | |
Central Texas Turnpike System | | | | | | | | |
0.00%, 08/15/2025 | | | 5,500 | | | | 5,268 | |
5.00%, 08/15/2039 | | | 3,500 | | | | 3,741 | |
5.00%, 08/15/2042 | | | 2,340 | | | | 2,341 | |
City of Amarillo TX | | | | | | | | |
2.00%, 02/15/2041 | | | 1,510 | | | | 1,053 | |
City of Amarillo TX Waterworks & Sewer System Revenue | | | | | | | | |
4.00%, 04/01/2039 | | | 1,310 | | | | 1,322 | |
4.00%, 04/01/2040 | | | 1,450 | | | | 1,456 | |
City of Arlington TX | | | | | | | | |
5.00%, 08/15/2033 | | | 290 | | | | 302 | |
5.00%, 08/15/2035 | | | 320 | | | | 333 | |
City of Austin TX | | | | | | | | |
5.00%, 09/01/2037 | | | 2,900 | | | | 3,253 | |
City of Austin TX Airport System Revenue | | | | | | | | |
5.00%, 11/15/2026 | | | 1,140 | | | | 1,171 | |
5.00%, 11/15/2028 | | | 1,000 | | | | 1,002 | |
City of Austin TX Electric Utility Revenue | | | | | | | | |
5.00%, 11/15/2040 | | | 15,550 | | | | 17,464 | |
City of Austin TX Water & Wastewater System Revenue | | | | | | | | |
5.00%, 11/15/2032 | | | 750 | | | | 855 | |
5.00%, 11/15/2034 | | | 500 | | | | 570 | |
5.00%, 11/15/2036 | | | 3,000 | | | | 3,043 | |
5.00%, 11/15/2039 | | | 1,575 | | | | 1,763 | |
5.00%, 11/15/2039 | | | 3,675 | | | | 4,202 | |
5.00%, 11/15/2040 | | | 2,820 | | | | 3,135 | |
5.00%, 11/15/2040 | | | 4,100 | | | | 4,650 | |
5.00%, 11/15/2041 | | | 2,500 | | | | 2,763 | |
5.00%, 11/15/2041 | | | 6,185 | | | | 6,969 | |
City of Bryan TX | | | | | | | | |
2.00%, 08/15/2032 | | | 1,000 | | | | 822 | |
2.25%, 08/15/2035 | | | 2,465 | | | | 1,974 | |
City of Cedar Park TX | | | | | | | | |
1.88%, 02/15/2038 | | | 1,625 | | | | 1,184 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
City of College Station TX | | | | | | | | |
2.13%, 02/15/2040 | | $ | 2,000 | | | $ | 1,410 | |
2.25%, 02/15/2041 | | | 1,000 | | | | 700 | |
City of Corpus Christi TX Utility System Revenue | | | | | | | | |
5.00%, 07/15/2025 | | | 2,495 | | | | 2,537 | |
5.00%, 07/15/2028 | | | 2,000 | | | | 2,137 | |
5.00%, 07/15/2029 | | | 3,890 | | | | 4,219 | |
5.00%, 07/15/2031 | | | 3,870 | | | | 4,302 | |
5.00%, 07/15/2032 | | | 3,130 | | | | 3,521 | |
5.00%, 07/15/2039 | | | 2,250 | | | | 2,535 | |
City of Crandall TX | | | | | | | | |
3.38%, 09/15/2026 (3) | | | 50 | | | | 48 | |
4.00%, 09/15/2031 (3) | | | 100 | | | | 95 | |
City of Dallas Housing Finance Corp. | | | | | | | | |
5.00%, 09/01/2026 (1) | | | 2,310 | | | | 2,337 | |
City of Dallas TX | | | | | | | | |
5.00%, 02/15/2026 | | | 3,500 | | | | 3,599 | |
5.00%, 02/15/2026 | | | 10,800 | | | | 11,105 | |
5.00%, 02/15/2027 | | | 8,125 | | | | 8,491 | |
5.00%, 02/15/2027 | | | 10,000 | | | | 10,450 | |
City of Dallas TX Hotel Occupancy Tax Revenue | | | | | | | | |
4.00%, 08/15/2029 | | | 1,110 | | | | 1,112 | |
4.00%, 08/15/2030 | | | 1,040 | | | | 1,041 | |
4.00%, 08/15/2032 | | | 1,000 | | | | 998 | |
City of Dallas TX Waterworks & Sewer System Revenue | | | | | | | | |
4.00%, 10/01/2032 | | | 3,210 | | | | 3,278 | |
4.00%, 10/01/2034 | | | 13,000 | | | | 12,993 | |
5.00%, 10/01/2031 | | | 800 | | | | 829 | |
City of Denton TX | | | | | | | | |
2.00%, 02/15/2039 | | | 1,340 | | | | 941 | |
City of El Paso TX | | | | | | | | |
5.00%, 08/15/2025 | | | 2,245 | | | | 2,285 | |
5.00%, 08/15/2033 | | | 670 | | | | 761 | |
5.00%, 08/15/2035 | | | 785 | | | | 901 | |
City of El Paso TX Water & Sewer Revenue | | | | | | | | |
5.00%, 03/01/2034 | | | 1,725 | | | | 1,897 | |
5.00%, 03/01/2035 | | | 1,035 | | | | 1,138 | |
5.00%, 03/01/2036 | | | 2,355 | | | | 2,586 | |
5.00%, 03/01/2040 | | | 1,700 | | | | 1,869 | |
5.25%, 03/01/2049 | | | 7,500 | | | | 8,170 | |
City of Fort Worth TX | | | | | | | | |
2.00%, 03/01/2040 | | | 3,000 | | | | 2,061 | |
City of Fort Worth TX Water & Sewer System Revenue | | | | | | | | |
5.00%, 02/15/2040 | | | 5,950 | | | | 6,539 | |
City of Frisco TX | | | | | | | | |
2.00%, 02/15/2041 | | | 820 | | | | 554 | |
City of Galveston TX Wharves & Terminal Revenue | | | | | | | | |
5.25%, 08/01/2033 | | | 790 | | | | 858 | |
City of Garland TX | | | | | | | | |
2.00%, 02/15/2040 | | | 2,205 | | | | 1,520 | |
5.00%, 02/15/2031 | | | 1,000 | | | | 1,110 | |
5.00%, 02/15/2032 | | | 1,000 | | | | 1,123 | |
5.00%, 02/15/2035 | | | 2,760 | | | | 3,175 | |
5.00%, 02/15/2036 | | | 1,000 | | | | 1,146 | |
5.00%, 02/15/2039 | | | 1,100 | | | | 1,240 | |
5.00%, 02/15/2041 | | | 1,600 | | | | 1,781 | |
City of Garland TX Water & Sewer System Revenue | | | | | | | | |
5.00%, 03/01/2028 | | | 700 | | | | 727 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
City of Georgetown TX Utility System Revenue | | | | | | | | |
5.00%, 08/15/2029 | | $ | 750 | | | $ | 815 | |
5.00%, 08/15/2032 | | | 1,250 | | | | 1,391 | |
5.00%, 08/15/2034 | | | 1,300 | | | | 1,442 | |
City of Grand Prairie TX | | | | | | | | |
4.00%, 02/15/2039 | | | 1,300 | | | | 1,323 | |
City of Greenville TX Waterworks & Sewer System Revenue | | | | | | | | |
5.00%, 02/15/2029 | | | 1,865 | | | | 2,000 | |
5.00%, 02/15/2041 | | | 2,155 | | | | 2,342 | |
5.00%, 02/15/2043 | | | 3,760 | | | | 4,042 | |
City of Houston TX | | | | | | | | |
5.00%, 03/01/2025 | | | 750 | | | | 758 | |
5.00%, 03/01/2028 | | | 1,000 | | | | 1,038 | |
5.00%, 03/01/2031 | | | 2,880 | | | | 3,102 | |
5.00%, 03/01/2034 | | | 3,000 | | | | 3,398 | |
5.00%, 03/01/2038 | | | 535 | | | | 599 | |
City of Houston TX Airport System Revenue | | | | | | | | |
5.00%, 07/01/2027 | | | 3,000 | | | | 3,151 | |
5.00%, 07/01/2029 | | | 1,000 | | | | 1,045 | |
5.00%, 07/15/2030 | | | 4,665 | | | | 4,687 | |
5.00%, 07/01/2033 | | | 1,770 | | | | 1,896 | |
5.00%, 07/01/2034 | | | 2,815 | | | | 3,017 | |
5.25%, 07/01/2042 | | | 2,540 | | | | 2,755 | |
City of Houston TX Combined Utility System Revenue | | | | | | | | |
4.00%, 11/15/2035 | | | 300 | | | | 310 | |
4.00%, 11/15/2036 | | | 300 | | | | 307 | |
5.00%, 11/15/2026 | | | 11,105 | | | | 11,563 | |
5.00%, 11/15/2027 | | | 9,575 | | | | 10,135 | |
5.00%, 05/15/2028 | | | 410 | | | | 411 | |
5.00%, 11/15/2035 | | | 22,440 | | | | 25,952 | |
City of Houston TX Hotel Occupancy Tax & Special Revenue | | | | | | | | |
5.00%, 09/01/2036 | | | 2,100 | | | | 2,219 | |
City of Lubbock TX Electric Light & Power System Revenue | | | | | | | | |
4.00%, 04/15/2038 | | | 3,000 | | | | 3,013 | |
4.00%, 04/15/2039 | | | 2,500 | | | | 2,503 | |
City of Midland TX | | | | | | | | |
4.00%, 03/01/2044 | | | 1,250 | | | | 1,246 | |
City of Plano TX | | | | | | | | |
5.00%, 09/01/2034 | | | 1,950 | | | | 1,980 | |
City of San Antonio TX | | | | | | | | |
4.00%, 08/01/2033 | | | 1,185 | | | | 1,243 | |
City of San Antonio TX Airport System | | | | | | | | |
5.00%, 07/01/2027 | | | 2,000 | | | | 2,069 | |
5.00%, 07/01/2028 | | | 1,750 | | | | 1,827 | |
City of San Antonio TX Electric & Gas Systems Revenue | | | | | | | | |
1.13%, 12/01/2045 (1) | | | 22,440 | | | | 20,427 | |
1.75%, 02/01/2049 (1) | | | 4,000 | | | | 3,858 | |
2.00%, 02/01/2049 (1) | | | 15,940 | | | | 14,749 | |
5.00%, 02/01/2030 | | | 1,000 | | | | 1,049 | |
5.25%, 02/01/2041 | | | 20,000 | | | | 22,503 | |
City of Temple TX | | | | | | | | |
4.00%, 08/01/2033 | | | 200 | | | | 205 | |
4.00%, 08/01/2034 | | | 240 | | | | 245 | |
4.00%, 08/01/2035 | | | 215 | | | | 219 | |
4.00%, 08/01/2039 | | | 220 | | | | 220 | |
City of Waco TX | | | | | | | | |
4.00%, 02/01/2039 | | | 1,605 | | | | 1,623 | |
5.00%, 02/01/2025 | | | 1,710 | | | | 1,713 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
Clear Creek Independent School District | | | | | | | | |
4.00%, 02/15/2032 | | $ | 10,250 | | | $ | 10,256 | |
Clifton Higher Education Finance Corp. | | | | | | | | |
3.00%, 08/15/2032 | | | 345 | | | | 327 | |
3.00%, 08/15/2033 | | | 260 | | | | 245 | |
3.00%, 08/15/2034 | | | 490 | | | | 461 | |
3.00%, 08/15/2035 | | | 680 | | | | 637 | |
3.00%, 08/15/2036 | | | 330 | | | | 307 | |
3.00%, 08/15/2038 | | | 380 | | | | 343 | |
3.00%, 08/15/2040 | | | 935 | | | | 815 | |
4.00%, 08/15/2036 | | | 350 | | | | 361 | |
4.00%, 08/15/2037 | | | 500 | | | | 514 | |
Collin County Community College District | | | | | | | | |
4.00%, 08/15/2038 | | | 3,300 | | | | 3,332 | |
Comal County Water Control & Improvement District No 6 | | | | | | | | |
4.00%, 09/01/2045 | | | 1,790 | | | | 1,724 | |
4.00%, 09/01/2048 | | | 2,085 | | | | 1,965 | |
5.25%, 09/01/2030 | | | 2,375 | | | | 2,528 | |
Comal Independent School District | | | | | | | | |
3.00%, 02/01/2040 | | | 7,150 | | | | 6,393 | |
Conroe Independent School District | | | | | | | | |
5.00%, 02/15/2041 | | | 3,365 | | | | 3,775 | |
Coppell Independent School District | | | | | | | | |
4.00%, 08/15/2034 | | | 2,310 | | | | 2,338 | |
4.00%, 08/15/2036 | | | 2,580 | | | | 2,599 | |
County of Collin TX | | | | | | | | |
4.00%, 02/15/2037 | | | 1,105 | | | | 1,139 | |
County of Denton TX | | | | | | | | |
3.00%, 07/15/2033 | | | 5,215 | | | | 4,999 | |
County of El Paso TX | | | | | | | | |
5.00%, 02/15/2029 | | | 1,500 | | | | 1,577 | |
5.00%, 02/15/2031 | | | 1,280 | | | | 1,312 | |
County of Harris TX | | | | | | | | |
5.00%, 10/01/2027 | | | 5,000 | | | | 5,284 | |
5.00%, 08/15/2031 | | | 1,760 | | | | 1,976 | |
5.00%, 08/15/2032 | | | 1,000 | | | | 1,138 | |
5.00%, 08/15/2041 | | | 8,500 | | | | 8,652 | |
County of Harris TX Toll Road Revenue | | | | | | | | |
5.00%, 08/15/2039 | | | 7,275 | | | | 8,298 | |
5.00%, 08/15/2040 | | | 5,500 | | | | 6,217 | |
County of Lubbock TX | | | | | | | | |
4.00%, 02/15/2040 | | | 3,385 | | | | 3,388 | |
5.00%, 02/15/2035 | | | 765 | | | | 858 | |
County of Tarrant TX | | | | | | | | |
5.00%, 07/15/2037 | | | 945 | | | | 1,048 | |
5.00%, 07/15/2038 | | | 2,500 | | | | 2,752 | |
Crowley Independent School District | | | | | | | | |
5.00%, 02/01/2040 | | | 4,650 | | | | 5,153 | |
Cypress-Fairbanks Independent School District | | | | | | | | |
2.25%, 02/15/2043 | | | 2,000 | | | | 1,366 | |
3.00%, 02/15/2034 | | | 2,420 | | | | 2,305 | |
4.00%, 02/15/2033 | | | 575 | | | | 594 | |
5.00%, 02/15/2027 | | | 470 | | | | 484 | |
5.00%, 02/15/2038 | | | 3,470 | | | | 3,892 | |
5.00%, 02/15/2039 | | | 11,225 | | | | 12,540 | |
5.00%, 02/15/2040 | | | 13,055 | | | | 14,531 | |
Dallas Area Rapid Transit | | | | | | | | |
5.00%, 12/01/2024 | | | 550 | | | | 553 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
Dallas College | | | | | | | | |
5.00%, 02/15/2035 | | $ | 3,250 | | | $ | 3,297 | |
5.00%, 02/15/2036 | | | 4,610 | | | | 4,673 | |
5.00%, 02/15/2037 | | | 2,250 | | | | 2,280 | |
Dallas Fort Worth International Airport | | | | | | | | |
4.00%, 11/01/2034 | | | 1,930 | | | | 1,980 | |
4.00%, 11/01/2035 | | | 3,870 | | | | 3,966 | |
4.00%, 11/01/2046 | | | 3,950 | | | | 3,872 | |
5.00%, 11/01/2031 | | | 2,310 | | | | 2,534 | |
5.00%, 11/01/2032 | | | 1,500 | | | | 1,693 | |
5.00%, 11/01/2039 | | | 2,645 | | | | 2,965 | |
Dallas Independent School District | | | | | | | | |
2.00%, 02/15/2042 | | | 3,900 | | | | 2,629 | |
4.00%, 02/15/2026 | | | 1,000 | | | | 1,013 | |
5.00%, 02/15/2041 | | | 13,295 | | | | 14,741 | |
Denton Independent School District | | | | | | | | |
0.00%, 08/15/2025 | | | 500 | | | | 481 | |
2.00%, 08/01/2044 (1) | | | 175 | | | | 175 | |
2.00%, 08/01/2044 (1) | | | 660 | | | | 659 | |
2.00%, 08/01/2044 (1) | | | 845 | | | | 844 | |
2.00%, 08/01/2044 (1) | | | 3,655 | | | | 3,649 | |
5.00%, 08/15/2040 | | | 2,780 | | | | 3,113 | |
5.00%, 08/15/2041 | | | 5,250 | | | | 5,853 | |
Dickinson Independent School District | | | | | | | | |
3.50%, 08/01/2037 (1) | | | 2,760 | | | | 2,754 | |
Eagle Mountain & Saginaw Independent School District | | | | | | | | |
5.00%, 08/15/2032 | | | 800 | | | | 907 | |
5.00%, 08/15/2034 | | | 1,225 | | | | 1,393 | |
Edinburg Consolidated Independent School District | | | | | | | | |
5.00%, 02/15/2035 | | | 1,235 | | | | 1,260 | |
El Paso County Hospital District | | | | | | | | |
5.00%, 08/15/2027 | | | 1,260 | | | | 1,261 | |
5.00%, 08/15/2028 | | | 1,140 | | | | 1,159 | |
5.00%, 08/15/2029 | | | 50 | | | | 50 | |
5.00%, 08/15/2030 | | | 1,455 | | | | 1,478 | |
5.00%, 08/15/2031 | | | 1,600 | | | | 1,627 | |
Forney Independent School District | | | | | | | | |
5.00%, 08/15/2034 | | | 2,540 | | | | 2,839 | |
5.00%, 08/15/2039 | | | 1,200 | | | | 1,340 | |
5.00%, 08/15/2040 | | | 1,200 | | | | 1,330 | |
Fort Bend County Municipal Utility District No 134B | | | | | | | | |
6.00%, 03/01/2029 | | | 2,325 | | | | 2,518 | |
Fort Bend Independent School District | | | | | | | | |
0.72%, 08/01/2051 (1) | | | 8,700 | | | | 8,034 | |
0.88%, 08/01/2050 (1) | | | 2,725 | | | | 2,639 | |
3.65%, 08/01/2052 (1) | | | 7,000 | | | | 6,999 | |
4.00%, 08/01/2054 (1) | | | 15,205 | | | | 15,415 | |
Fort Worth Independent School District | | | | | | | | |
5.00%, 02/15/2035 | | | 1,125 | | | | 1,284 | |
5.00%, 02/15/2036 | | | 560 | | | | 638 | |
5.00%, 02/15/2047 | | | 2,500 | | | | 2,595 | |
Frisco Independent School District | | | | | | | | |
5.00%, 02/15/2038 | | | 1,000 | | | | 1,130 | |
5.00%, 02/15/2039 | | | 5,465 | | | | 6,170 | |
5.00%, 02/15/2040 | | | 2,870 | | | | 3,219 | |
Galveston Independent School District | | | | | | | | |
5.00%, 02/01/2034 | | | 500 | | | | 546 | |
Georgetown Independent School District | | | | | | | | |
2.50%, 08/15/2035 | | | 3,000 | | | | 2,571 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
5.00%, 08/15/2035 | | $ | 3,745 | | | $ | 3,805 | |
Grand Parkway Transportation Corp. | | | | | | | | |
5.00%, 10/01/2031 | | | 2,630 | | | | 2,803 | |
5.00%, 10/01/2033 | | | 1,205 | | | | 1,282 | |
5.00%, 10/01/2034 | | | 1,500 | | | | 1,595 | |
5.00%, 10/01/2037 | | | 2,000 | | | | 2,111 | |
5.00%, 10/01/2038 | | | 5,000 | | | | 5,258 | |
5.00%, 10/01/2052 (1) | | | 16,195 | | | | 17,022 | |
Greater Texoma Utility Authority | | | | | | | | |
5.00%, 10/01/2037 | | | 1,305 | | | | 1,429 | |
Harlandale Independent School District | | | | | | | | |
5.00%, 08/01/2030 | | | 1,305 | | | | 1,374 | |
Harris County Cultural Education Facilities Finance Corp. | | | | | | | | |
0.90%, 05/15/2050 (1) | | | 1,630 | | | | 1,580 | |
4.60%, 10/01/2041 (1) | | | 2,500 | | | | 2,500 | |
4.75%, 12/01/2059 (1) | | | 6,000 | | | | 6,000 | |
5.00%, 05/15/2029 | | | 3,655 | | | | 3,915 | |
5.00%, 07/01/2031 | | | 10,150 | | | | 11,246 | |
5.00%, 07/01/2033 | | | 3,500 | | | | 3,955 | |
5.00%, 07/01/2034 | | | 5,000 | | | | 5,703 | |
5.00%, 07/01/2039 | | | 2,500 | | | | 2,790 | |
5.00%, 07/01/2040 | | | 1,500 | | | | 1,663 | |
5.00%, 07/01/2049 (1) | | | 1,480 | | | | 1,487 | |
5.00%, 10/01/2051 (1) | | | 14,500 | | | | 15,907 | |
5.00%, 07/01/2054 (1) | | | 4,070 | | | | 4,360 | |
Harris County Flood Control District | | | | | | | | |
4.00%, 10/01/2036 | | | 480 | | | | 494 | |
4.00%, 10/01/2037 | | | 4,400 | | | | 4,515 | |
5.00%, 10/01/2031 | | | 3,145 | | | | 3,494 | |
Harris County Municipal Utility District No 171 | | | | | | | | |
5.00%, 12/01/2030 | | | 1,620 | | | | 1,679 | |
Hays Consolidated Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 6,800 | | | | 7,434 | |
Hidalgo County Drain District No 1 | | | | | | | | |
3.13%, 09/01/2029 | | | 1,800 | | | | 1,702 | |
Housing Synergy PFC | | | | | | | | |
5.00%, 02/01/2027 (1) | | | 5,000 | | | | 5,068 | |
Houston Higher Education Finance Corp. | | | | | | | | |
3.38%, 10/01/2037 | | | 1,000 | | | | 837 | |
5.00%, 05/15/2034 | | | 5,000 | | | | 5,814 | |
Humble Independent School District | | | | | | | | |
5.00%, 02/15/2043 | | | 10,000 | | | | 10,289 | |
Hutto Independent School District | | | | | | | | |
5.00%, 08/01/2031 | | | 1,835 | | | | 2,060 | |
5.00%, 08/01/2036 | | | 1,775 | | | | 2,042 | |
5.00%, 08/01/2042 | | | 1,755 | | | | 1,956 | |
Irving Hospital Authority | | | | | | | | |
5.00%, 10/15/2035 | | | 625 | | | | 634 | |
Irving Independent School District | | | | | | | | |
5.00%, 02/15/2039 | | | 5,100 | | | | 5,679 | |
Judson Independent School District | | | | | | | | |
4.25%, 02/01/2031 | | | 3,780 | | | | 3,813 | |
Lake Houston Redevelopment Authority | | | | | | | | |
3.00%, 09/01/2039 | | | 350 | | | | 279 | |
Lamar Consolidated Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 4,675 | | | | 5,160 | |
Leander Independent School District | | | | | | | | |
5.00%, 08/15/2038 | | | 9,955 | | | | 10,081 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
Lewisville Independent School District | | | | | | | | |
5.00%, 08/15/2042 | | $ | 15,000 | | | $ | 16,474 | |
Little Elm Independent School District | | | | | | | | |
5.00%, 08/15/2039 | | | 1,645 | | | | 1,857 | |
5.00%, 08/15/2040 | | | 1,755 | | | | 1,966 | |
Lone Star College System | | | | | | | | |
4.00%, 02/15/2038 | | | 10,700 | | | | 10,462 | |
Love Field Airport Modernization Corp. | | | | | | | | |
4.00%, 11/01/2034 | | | 5,000 | | | | 5,026 | |
4.00%, 11/01/2035 | | | 5,000 | | | | 5,012 | |
4.00%, 11/01/2038 | | | 1,000 | | | | 984 | |
5.00%, 11/01/2030 | | | 1,080 | | | | 1,093 | |
5.00%, 11/01/2032 | | | 4,330 | | | | 4,687 | |
5.00%, 11/01/2035 | | | 1,000 | | | | 1,016 | |
Lower Colorado River Authority | | | | | | | | |
5.00%, 05/15/2025 | | | 1,190 | | | | 1,206 | |
5.00%, 05/15/2026 | | | 1,000 | | | | 1,032 | |
5.00%, 05/15/2030 | | | 1,635 | | | | 1,795 | |
5.00%, 05/15/2031 | | | 3,740 | | | | 3,781 | |
5.00%, 05/15/2032 | | | 705 | | | | 793 | |
5.00%, 05/15/2036 | | | 1,425 | | | | 1,522 | |
5.00%, 05/15/2039 | | | 3,250 | | | | 3,653 | |
5.00%, 05/15/2040 | | | 3,275 | | | | 3,628 | |
5.00%, 05/15/2040 | | | 5,250 | | | | 5,633 | |
Magnolia Independent School District | | | | | | | | |
5.00%, 08/15/2037 | | | 1,450 | | | | 1,628 | |
5.00%, 08/15/2038 | | | 515 | | | | 573 | |
Matagorda County Navigation District No 1 | | | | | | | | |
2.60%, 11/01/2029 | | | 3,605 | | | | 3,322 | |
4.25%, 05/01/2030 | | | 5,500 | | | | 5,453 | |
Medina Valley Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 7,385 | | | | 8,203 | |
Midland Independent School District | | | | | | | | |
4.00%, 02/15/2039 | | | 4,000 | | | | 4,095 | |
4.00%, 02/15/2040 | | | 2,450 | | | | 2,495 | |
5.00%, 02/15/2026 | | | 10,000 | | | | 10,284 | |
Midlothian Independent School District | | | | | | | | |
2.00%, 08/01/2051 (1) | | | 345 | | | | 344 | |
2.00%, 08/01/2051 (1) | | | 720 | | | | 719 | |
Mission Economic Development Corp. | | | | | | | | |
0.00%, 06/01/2048 (1) | | | 4,750 | | | | 4,750 | |
4.00%, 06/01/2054 (1) | | | 1,605 | | | | 1,619 | |
Montgomery County Municipal Utility District No 144 | | | | | | | | |
7.00%, 05/01/2030 | | | 1,335 | | | | 1,528 | |
Needville Independent School District | | | | | | | | |
5.00%, 08/15/2025 | | | 1,175 | | | | 1,196 | |
New Caney Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 1,500 | | | | 1,681 | |
5.00%, 02/15/2041 | | | 1,350 | | | | 1,504 | |
New Hope Cultural Education Facilities Finance Corp. | | | | | | | | |
4.00%, 08/15/2024 (3) | | | 775 | | | | 774 | |
4.00%, 08/15/2026 (3) | | | 665 | | | | 661 | |
4.00%, 08/15/2028 (3) | | | 1,075 | | | | 1,068 | |
4.00%, 08/15/2029 (3) | | | 1,000 | | | | 990 | |
4.00%, 08/15/2031 (3) | | | 1,210 | | | | 1,188 | |
4.00%, 08/15/2036 (3) | | | 1,545 | | | | 1,475 | |
4.25%, 10/01/2026 | | | 2,000 | | | | 1,994 | |
5.00%, 08/15/2024 | | | 730 | | | | 731 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
5.00%, 08/15/2026 | | $ | 200 | | | $ | 206 | |
5.00%, 08/15/2027 | | | 375 | | | | 393 | |
5.00%, 08/15/2030 | | | 3,500 | | | | 3,664 | |
5.00%, 12/01/2049 | | | 775 | | | | 720 | |
Newark Higher Education Finance Corp. | | | | | | | | |
5.00%, 04/01/2029 | | | 505 | | | | 516 | |
North East Independent School District | | | | | | | | |
4.00%, 08/01/2032 | | | 13,400 | | | | 13,420 | |
4.00%, 08/01/2033 | | | 10,500 | | | | 10,513 | |
North Texas Tollway Authority | | | | | | | | |
3.00%, 01/01/2038 | | | 4,000 | | | | 3,537 | |
5.00%, 01/01/2025 | | | 860 | | | | 867 | |
5.00%, 01/01/2027 | | | 6,100 | | | | 6,358 | |
5.00%, 01/01/2030 | | | 75 | | | | 76 | |
5.00%, 01/01/2031 | | | 105 | | | | 107 | |
5.00%, 01/01/2031 | | | 500 | | | | 508 | |
5.00%, 01/01/2031 | | | 1,100 | | | | 1,158 | |
5.00%, 01/01/2032 | | | 1,100 | | | | 1,157 | |
5.00%, 01/01/2033 | | | 500 | | | | 518 | |
5.00%, 01/01/2033 | | | 1,250 | | | | 1,314 | |
5.00%, 01/01/2034 | | | 1,400 | | | | 1,470 | |
5.00%, 01/01/2035 | | | 1,500 | | | | 1,573 | |
5.00%, 01/01/2036 | | | 550 | | | | 559 | |
5.00%, 01/01/2038 | | | 1,095 | | | | 1,099 | |
5.00%, 01/01/2039 | | | 4,915 | | | | 4,985 | |
5.00%, 01/01/2045 | | | 10,005 | | | | 10,030 | |
5.25%, 01/01/2038 | | | 5,400 | | | | 6,085 | |
Northside Independent School District | | | | | | | | |
0.70%, 06/01/2050 (1) | | | 24,595 | | | | 23,950 | |
1.60%, 08/01/2049 (1) | | | 14,685 | | | | 14,659 | |
3.00%, 08/01/2053 (1) | | | 18,120 | | | | 17,847 | |
Northwest Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 4,315 | | | | 4,769 | |
5.00%, 02/15/2041 | | | 2,700 | | | | 2,969 | |
Old Spanish Trail-Alemda Corridors Redevelopment Authority | | | | | | | | |
4.00%, 09/01/2033 | | | 1,360 | | | | 1,362 | |
Pasadena Independent School District | | | | | | | | |
1.50%, 02/15/2044 (1) | | | 4,295 | | | | 4,279 | |
4.00%, 02/15/2035 | | | 8,060 | | | | 8,063 | |
Pearland Independent School District | | | | | | | | |
5.25%, 02/15/2032 | | | 335 | | | | 345 | |
5.25%, 02/15/2032 | | | 1,665 | | | | 1,707 | |
Pecos Barstow Toyah Independent School District | | | | | | | | |
5.00%, 02/15/2036 | | | 2,000 | | | | 2,112 | |
5.00%, 02/15/2037 | | | 1,300 | | | | 1,367 | |
5.00%, 02/15/2038 | | | 1,650 | | | | 1,696 | |
5.00%, 02/15/2039 | | | 2,445 | | | | 2,509 | |
5.00%, 02/15/2040 | | | 2,750 | | | | 2,818 | |
5.00%, 02/15/2041 | | | 5,735 | | | | 5,870 | |
5.00%, 02/15/2042 | | | 2,970 | | | | 3,038 | |
5.00%, 02/15/2043 | | | 1,825 | | | | 1,865 | |
Permanent University Fund – Texas A&M University System | | | | | | | | |
5.00%, 07/01/2037 | | | 6,585 | | | | 7,418 | |
Permanent University Fund – University of Texas System | | | | | | | | |
5.00%, 07/01/2029 | | | 235 | | | | 242 | |
5.00%, 07/01/2032 | | | 5,315 | | | | 6,048 | |
Plano Independent School District | | | | | | | | |
5.00%, 02/15/2033 | | | 2,600 | | | | 2,947 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
5.00%, 02/15/2034 | | $ | 2,175 | | | $ | 2,462 | |
Port Authority of Houston of Harris County Texas | | | | | | | | |
5.00%, 10/01/2040 | | | 4,150 | | | | 4,610 | |
Port of Beaumont Navigation District | | | | | | | | |
1.88%, 01/01/2026 (3) | | | 850 | | | | 818 | |
2.00%, 01/01/2027 (3) | | | 550 | | | | 518 | |
2.13%, 01/01/2028 (3) | | | 575 | | | | 530 | |
2.25%, 01/01/2029 (3) | | | 820 | | | | 742 | |
2.50%, 01/01/2030 (3) | | | 1,000 | | | | 896 | |
2.63%, 01/01/2031 (3) | | | 800 | | | | 707 | |
Port of Port Arthur Navigation District | | | | | | | | |
5.00%, 04/01/2040 (1) | | | 17,485 | | | | 17,485 | |
5.00%, 04/01/2040 (1) | | | 33,865 | | | | 33,865 | |
5.00%, 04/01/2040 (1) | | | 40,990 | | | | 40,990 | |
Prosper Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 10,000 | | | | 10,054 | |
Richardson Independent School District | | | | | | | | |
5.00%, 02/15/2042 | | | 1,545 | | | | 1,705 | |
Sabine-Neches Navigation District | | | | | | | | |
5.25%, 02/15/2036 | | | 500 | | | | 553 | |
5.25%, 02/15/2038 | | | 650 | | | | 714 | |
5.25%, 02/15/2040 | | | 1,890 | | | | 2,056 | |
5.25%, 02/15/2042 | | | 1,500 | | | | 1,625 | |
San Antonio Independent School District | | | | | | | | |
5.00%, 08/15/2039 | | | 3,500 | | | | 3,895 | |
5.00%, 08/15/2040 | | | 4,330 | | | | 4,794 | |
San Antonio Public Facilities Corp. | | | | | | | | |
5.00%, 09/15/2025 | | | 1,000 | | | | 1,021 | |
5.00%, 09/15/2026 | | | 1,000 | | | | 1,035 | |
San Antonio Water System | | | | | | | | |
4.00%, 05/15/2039 | | | 4,500 | | | | 4,549 | |
5.00%, 05/15/2032 | | | 270 | | | | 304 | |
5.00%, 05/15/2033 | | | 1,500 | | | | 1,538 | |
5.00%, 05/15/2035 | | | 540 | | | | 608 | |
5.00%, 05/15/2035 | | | 4,985 | | | | 5,036 | |
5.00%, 05/15/2036 | | | 590 | | | | 661 | |
5.00%, 05/15/2036 | | | 7,400 | | | | 7,620 | |
Southwest Houston Redevelopment Authority | | | | | | | | |
4.00%, 09/01/2031 | | | 400 | | | | 408 | |
4.00%, 09/01/2033 | | | 425 | | | | 430 | |
4.00%, 09/01/2034 | | | 355 | | | | 359 | |
4.00%, 09/01/2035 | | | 225 | | | | 227 | |
4.00%, 09/01/2036 | | | 700 | | | | 706 | |
Spring Branch Independent School District | | | | | | | | |
3.00%, 02/01/2032 | | | 1,985 | | | | 1,922 | |
State of Texas | | | | | | | | |
3.00%, 08/01/2034 | | | 1,045 | | | | 955 | |
4.00%, 08/01/2029 | | | 3,345 | | | | 3,316 | |
4.00%, 08/01/2031 | | | 8,850 | | | | 8,746 | |
5.00%, 08/01/2025 | | | 2,035 | | | | 2,037 | |
5.00%, 08/01/2026 | | | 1,000 | | | | 1,001 | |
5.00%, 04/01/2033 | | | 1,900 | | | | 1,948 | |
5.00%, 04/01/2035 | | | 9,000 | | | | 9,217 | |
5.00%, 10/01/2036 | | | 17,810 | | | | 18,088 | |
5.00%, 08/01/2040 | | | 1,650 | | | | 1,668 | |
5.50%, 08/01/2032 | | | 1,000 | | | | 1,032 | |
Tarrant County College District | | | | | | | | |
5.00%, 08/15/2038 | | | 5,000 | | | | 5,561 | |
5.00%, 08/15/2039 | | | 7,000 | | | | 7,757 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
Tarrant County Cultural Education Facilities Finance Corp. | | | | | | | | |
4.00%, 12/01/2034 | | $ | 2,500 | | | $ | 2,514 | |
4.00%, 10/01/2041 | | | 1,950 | | | | 1,897 | |
4.00%, 10/01/2042 | | | 1,385 | | | | 1,343 | |
5.00%, 07/01/2026 | | | 1,775 | | | | 1,825 | |
5.00%, 07/01/2037 | | | 18,225 | | | | 19,266 | |
5.00%, 11/15/2037 | | | 4,400 | | | | 4,480 | |
5.00%, 10/01/2038 | | | 1,775 | | | | 1,952 | |
5.00%, 10/01/2039 | | | 1,650 | | | | 1,808 | |
5.00%, 11/15/2040 | | | 1,650 | | | | 1,652 | |
5.00%, 11/15/2052 (1) | | | 3,100 | | | | 3,353 | |
5.00%, 07/01/2053 (1) | | | 19,500 | | | | 21,607 | |
Tarrant County Hospital District | | | | | | | | |
5.25%, 08/15/2034 | | | 3,200 | | | | 3,662 | |
Tarrant Regional Water District Water Supply System Revenue | | | | | | | | |
5.00%, 03/01/2035 | | | 2,290 | | | | 2,642 | |
Texas A&M University | | | | | | | | |
3.00%, 05/15/2028 | | | 2,300 | | | | 2,275 | |
5.00%, 05/15/2035 | | | 1,500 | | | | 1,700 | |
Texas Department of Housing & Community Affairs | | | | | | | | |
2.95%, 07/01/2036 | | | 1,564 | | | | 1,346 | |
3.50%, 03/01/2051 | | | 4,965 | | | | 4,859 | |
3.50%, 07/01/2052 | | | 90 | | | | 88 | |
4.00%, 03/01/2050 | | | 1,070 | | | | 1,063 | |
6.00%, 03/01/2053 | | | 5,870 | | | | 6,341 | |
6.00%, 03/01/2054 | | | 23,925 | | | | 26,147 | |
Texas Department of Transportation State Highway Fund | | | | | | | | |
5.00%, 04/01/2025 | | | 5,000 | | | | 5,061 | |
Texas Municipal Gas Acquisition & Supply Corp. I | | | | | | | | |
5.25%, 12/15/2025 | | | 3,000 | | | | 3,038 | |
6.25%, 12/15/2026 | | | 2,020 | | | | 2,079 | |
Texas Municipal Gas Acquisition & Supply Corp. II | | | | | | | | |
4.39% (3 Month Term SOFR + 0.86%), 09/15/2027 (2) | | | 43,410 | | | | 43,388 | |
Texas Municipal Gas Acquisition & Supply Corp. III | | | | | | | | |
5.00%, 12/15/2027 | | | 4,500 | | | | 4,617 | |
5.00%, 12/15/2028 | | | 15,315 | | | | 15,725 | |
5.00%, 12/15/2032 | | | 4,430 | | | | 4,643 | |
Texas Municipal Gas Acquisition & Supply Corp. IV | | | | | | | | |
5.50%, 01/01/2054 (1) | | | 11,800 | | | | 13,178 | |
Texas Private Activity Bond Surface Transportation Corp. | | | | | | | | |
4.00%, 12/31/2032 | | | 2,500 | | | | 2,542 | |
4.00%, 12/31/2033 | | | 2,040 | | | | 2,071 | |
4.00%, 06/30/2036 | | | 1,175 | | | | 1,186 | |
5.00%, 06/30/2034 | | | 790 | | | | 855 | |
5.00%, 12/31/2034 | | | 995 | | | | 1,076 | |
5.00%, 12/31/2045 | | | 1,020 | | | | 1,026 | |
5.13%, 06/30/2035 | | | 815 | | | | 885 | |
5.13%, 12/31/2035 | | | 785 | | | | 851 | |
5.25%, 06/30/2036 | | | 865 | | | | 940 | |
5.25%, 12/31/2036 | | | 735 | | | | 797 | |
5.38%, 06/30/2037 | | | 475 | | | | 517 | |
5.38%, 06/30/2039 | | | 3,250 | | | | 3,514 | |
Texas Public Finance Authority | | | | | | | | |
5.00%, 02/01/2028 | | | 2,300 | | | | 2,442 | |
5.25%, 05/01/2034 | | | 1,000 | | | | 1,092 | |
5.25%, 05/01/2036 | | | 750 | | | | 818 | |
5.25%, 05/01/2038 | | | 500 | | | | 542 | |
Texas State Technical College | | | | | | | | |
5.25%, 08/01/2035 | | | 2,750 | | | | 3,128 | |
5.25%, 08/01/2036 | | | 2,675 | | | | 3,036 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 12.21% – (continued) | | | | | | | | |
Texas State University System | | | | | | | | |
5.00%, 03/15/2027 | | $ | 2,790 | | | $ | 2,921 | |
5.00%, 03/15/2029 | | | 610 | | | | 637 | |
5.00%, 03/15/2032 | | | 1,325 | | | | 1,381 | |
5.00%, 03/15/2033 | | | 10,000 | | | | 11,466 | |
5.00%, 03/15/2040 | | | 2,725 | | | | 3,063 | |
Texas Transportation Commission | | | | | | | | |
0.65%, 10/01/2041 (1) | | | 15,145 | | | | 14,155 | |
Texas Transportation Commission State Highway 249 System | | | | | | | | |
0.00%, 08/01/2034 | | | 1,060 | | | | 696 | |
0.00%, 08/01/2037 | | | 725 | | | | 408 | |
0.00%, 08/01/2038 | | | 800 | | | | 424 | |
0.00%, 08/01/2039 | | | 710 | | | | 356 | |
0.00%, 08/01/2040 | | | 1,500 | | | | 709 | |
Texas Water Development Board | | | | | | | | |
3.00%, 10/15/2033 | | | 1,310 | | | | 1,252 | |
4.00%, 08/01/2035 | | | 2,640 | | | | 2,720 | |
4.00%, 10/15/2036 | | | 8,740 | | | | 8,826 | |
4.00%, 10/15/2045 | | | 5,000 | | | | 4,908 | |
4.60%, 10/15/2039 | | | 5,000 | | | | 5,394 | |
5.00%, 04/15/2028 | | | 1,500 | | | | 1,599 | |
5.00%, 10/15/2028 | | | 2,370 | | | | 2,549 | |
5.00%, 04/15/2029 | | | 2,000 | | | | 2,170 | |
5.00%, 10/15/2029 | | | 4,100 | | | | 4,487 | |
5.00%, 04/15/2030 | | | 2,000 | | | | 2,203 | |
5.00%, 10/15/2030 | | | 3,060 | | | | 3,397 | |
5.00%, 04/15/2032 | | | 1,420 | | | | 1,550 | |
5.00%, 04/15/2033 | | | 1,000 | | | | 1,140 | |
5.00%, 10/15/2033 | | | 3,420 | | | | 3,897 | |
5.00%, 10/15/2034 | | | 1,900 | | | | 2,164 | |
5.00%, 08/01/2040 | | | 950 | | | | 1,061 | |
5.00%, 08/01/2041 | | | 1,000 | | | | 1,098 | |
5.00%, 10/15/2043 | | | 1,040 | | | | 1,086 | |
5.00%, 10/15/2047 | | | 1,425 | | | | 1,546 | |
Tomball Independent School District | | | | | | | | |
5.00%, 02/15/2041 | | | 4,000 | | | | 4,188 | |
Trinity River Authority | | | | | | | | |
5.00%, 02/01/2039 | | | 1,550 | | | | 1,721 | |
University of Houston | | | | | | | | |
5.00%, 02/15/2030 | | | 860 | | | | 880 | |
University of North Texas System | | | | | | | | |
5.00%, 04/15/2032 | | | 210 | | | | 238 | |
5.00%, 04/15/2033 | | | 205 | | | | 229 | |
5.00%, 04/15/2034 | | | 280 | | | | 312 | |
5.00%, 04/15/2035 | | | 295 | | | | 328 | |
5.00%, 04/15/2036 | | | 280 | | | | 311 | |
5.00%, 04/15/2037 | | | 370 | | | | 410 | |
5.00%, 04/15/2038 | | | 425 | | | | 468 | |
5.00%, 04/15/2039 | | | 465 | | | | 510 | |
Uptown Development Authority | | | | | | | | |
5.00%, 09/01/2033 | | | 715 | | | | 722 | |
Viridian Municipal Management District | | | | | | | | |
4.00%, 12/01/2029 | | | 520 | | | | 520 | |
4.00%, 12/01/2031 | | | 560 | | | | 560 | |
4.00%, 12/01/2032 | | | 580 | | | | 578 | |
4.00%, 12/01/2033 | | | 605 | | | | 600 | |
Weatherford Independent School District | | | | | | | | |
5.00%, 02/15/2040 | | | 2,550 | | | | 2,569 | |
Willis Independent School District | | | | | | | | |
2.00%, 02/15/2037 | | | 1,755 | | | | 1,343 | |
| | | | | | | | |
Total Texas | | | | 1,779,082 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Utah – 0.75% | | | | | | | | |
Canyons School District | | | | | | | | |
1.50%, 06/15/2034 | | $ | 3,545 | | | $ | 2,664 | |
1.50%, 06/15/2035 | | | 2,000 | | | | 1,452 | |
2.50%, 06/15/2030 | | | 1,965 | | | | 1,818 | |
Central Utah Water Conservancy District | | | | | | | | |
4.00%, 10/01/2039 | | | 1,460 | | | | 1,463 | |
County of Utah UT | | | | | | | | |
5.00%, 05/15/2046 | | | 7,500 | | | | 7,608 | |
Intermountain Power Agency | | | | | | | | |
4.00%, 07/01/2036 | | | 1,860 | | | | 1,937 | |
5.00%, 07/01/2029 | | | 1,125 | | | | 1,224 | |
5.00%, 07/01/2030 | | | 1,250 | | | | 1,383 | |
5.00%, 07/01/2037 | | | 5,175 | | | | 5,746 | |
5.00%, 07/01/2041 | | | 1,000 | | | | 1,089 | |
5.00%, 07/01/2041 | | | 8,075 | | | | 8,881 | |
5.00%, 07/01/2042 | | | 640 | | | | 695 | |
5.25%, 07/01/2044 | | | 8,285 | | | | 9,194 | |
Nebo School District | | | | | | | | |
2.00%, 07/01/2032 | | | 2,510 | | | | 2,094 | |
Salt Lake City UT Airport Revenue | | | | | | | | |
5.00%, 07/01/2025 | | | 1,000 | | | | 1,011 | |
5.00%, 07/01/2026 | | | 1,700 | | | | 1,737 | |
5.00%, 07/01/2026 | | | 3,000 | | | | 3,065 | |
5.00%, 07/01/2030 | | | 1,000 | | | | 1,044 | |
5.25%, 07/01/2036 | | | 3,730 | | | | 4,209 | |
5.25%, 07/01/2037 | | | 2,250 | | | | 2,531 | |
5.25%, 07/01/2038 | | | 4,600 | | | | 5,143 | |
5.25%, 07/01/2039 | | | 2,850 | | | | 3,172 | |
5.25%, 07/01/2041 | | | 7,580 | | | | 8,351 | |
5.25%, 07/01/2042 | | | 7,555 | | | | 8,273 | |
5.25%, 07/01/2043 | | | 4,125 | | | | 4,497 | |
Utah Charter School Finance Authority | | | | | | | | |
4.00%, 04/15/2040 | | | 2,440 | | | | 2,351 | |
Utah Infrastructure Agency | | | | | | | | |
4.00%, 10/15/2029 | | | 1,210 | | | | 1,196 | |
4.00%, 10/15/2031 | | | 750 | | | | 740 | |
4.00%, 10/15/2041 | | | 2,650 | | | | 2,468 | |
5.00%, 10/15/2027 | | | 1,070 | | | | 1,092 | |
5.25%, 10/15/2033 | | | 965 | | | | 994 | |
5.25%, 10/15/2035 | | | 1,335 | | | | 1,436 | |
5.25%, 10/15/2039 | | | 400 | | | | 444 | |
5.50%, 10/15/2033 | | | 2,865 | | | | 3,161 | |
Weber School District | | | | | | | | |
2.50%, 06/15/2037 | | | 1,735 | | | | 1,399 | |
2.50%, 06/15/2038 | | | 2,000 | | | | 1,590 | |
2.63%, 06/15/2039 | | | 2,050 | | | | 1,627 | |
| | | | | | | | |
Total Utah | | | | 108,779 | |
| | | | | | | | |
| Vermont – 0.05% | | | | | | | | |
Vermont Educational & Health Buildings Financing Agency | | | | | | | | |
5.00%, 10/15/2027 | | | 1,000 | | | | 997 | |
5.00%, 10/15/2029 | | | 890 | | | | 889 | |
Vermont Housing Finance Agency | | | | | | | | |
3.00%, 11/01/2051 | | | 1,711 | | | | 1,637 | |
Vermont Student Assistance Corp. | | | | | | | | |
5.00%, 06/15/2025 | | | 800 | | | | 806 | |
5.00%, 06/15/2026 | | | 100 | | | | 102 | |
5.00%, 06/15/2026 | | | 500 | | | | 509 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Vermont – 0.05% – (continued) | | | | | | | | |
5.00%, 06/15/2027 | | $ | 700 | | | $ | 711 | |
5.00%, 06/15/2030 | | | 450 | | | | 467 | |
5.00%, 06/15/2031 | | | 500 | | | | 521 | |
| | | | | | | | |
Total Vermont | | | | 6,639 | |
| | | | | | | | |
| Virgin Islands – 0.21% | | | | | | | | |
Matching Fund Special Purpose Securitization Corp. | | | | | | | | |
5.00%, 10/01/2026 | | | 5,995 | | | | 6,126 | |
5.00%, 10/01/2027 | | | 14,870 | | | | 15,318 | |
5.00%, 10/01/2028 | | | 4,145 | | | | 4,279 | |
5.00%, 10/01/2030 | | | 4,035 | | | | 4,230 | |
Virgin Islands Public Finance Authority | | | | | | | | |
5.00%, 10/01/2024 (3) | | | 1,165 | | | | 1,164 | |
| | | | | | | | |
Total Virgin Islands | | | | 31,117 | |
| | | | | | | | |
| Virginia – 1.83% | | | | | | | | |
Albemarle County Economic Development Authority | | | | | | | | |
5.00%, 06/01/2038 | | | 5,570 | | | | 6,318 | |
Arlington County Industrial Development Authority | | | | | | | | |
5.00%, 01/01/2026 | | | 3,710 | | | | 3,768 | |
5.00%, 07/01/2027 | | | 905 | | | | 945 | |
5.00%, 07/01/2053 (1) | | | 6,680 | | | | 7,157 | |
Chesapeake Bay Bridge & Tunnel District | | | | | | | | |
5.00%, 07/01/2041 | | | 4,835 | | | | 4,938 | |
Chesapeake Economic Development Authority | | | | | | | | |
3.65%, 02/01/2032 (1) | | | 1,000 | | | | 999 | |
Chesapeake Redevelopment & Housing Authority | | | | | | | | |
5.00%, 06/01/2026 (1) | | | 5,260 | | | | 5,298 | |
City of Harrisonburg VA | | | | | | | | |
1.75%, 07/15/2035 | | | 595 | | | | 454 | |
1.75%, 07/15/2036 | | | 4,000 | | | | 2,981 | |
City of Newport News VA Water Revenue | | | | | | | | |
1.63%, 07/15/2034 | | | 2,980 | | | | 2,285 | |
County of Fairfax VA | | | | | | | | |
4.00%, 10/01/2028 | | | 4,920 | | | | 4,973 | |
4.00%, 10/01/2038 | | | 2,660 | | | | 2,775 | |
Fairfax County Industrial Development Authority | | | | | | | | |
4.00%, 05/15/2042 | | | 4,740 | | | | 4,744 | |
Fairfax County Redevelopment & Housing Authority | | | | | | | | |
5.00%, 01/01/2045 (1) | | | 1,645 | | | | 1,693 | |
Gloucester County Economic Development Authority | | | | | | | | |
4.25%, 09/01/2038 (1) | | | 2,000 | | | | 2,000 | |
Halifax County Industrial Development Authority | | | | | | | | |
3.80%, 12/01/2041 (1) | | | 5,125 | | | | 5,139 | |
Hampton Roads Transportation Accountability Commission | | | | | | | | |
5.00%, 07/01/2026 | | | 9,300 | | | | 9,609 | |
Isle Wight County Industrial Development Authority | | | | | | | | |
5.25%, 07/01/2043 | | | 1,900 | | | | 2,086 | |
James City County Economic Development Authority | | | | | | | | |
4.00%, 12/01/2029 | | | 235 | | | | 234 | |
4.00%, 12/01/2035 | | | 515 | | | | 496 | |
5.00%, 02/01/2026 (1) | | | 4,267 | | | | 4,280 | |
Louisa Industrial Development Authority | | | | | | | | |
3.65%, 11/01/2035 (1) | | | 1,100 | | | | 1,099 | |
Norfolk Redevelopment & Housing Authority | | | | | | | | |
4.00%, 01/01/2025 | | | 1,600 | | | | 1,593 | |
Petersburg Redevelopment & Housing Authority | | | | | | | | |
4.00%, 05/01/2045 (1) | | | 11,500 | | | | 11,493 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Virginia – 1.83% – (continued) | | | | | | | | |
Roanoke Economic Development Authority | | | | | | | | |
3.85%, 07/01/2037 (1) | | $ | 41,200 | | | $ | 41,200 | |
Salem Economic Development Authority | | | | | | | | |
5.00%, 04/01/2030 | | | 710 | | | | 740 | |
5.00%, 04/01/2031 | | | 400 | | | | 416 | |
5.00%, 04/01/2032 | | | 700 | | | | 727 | |
5.00%, 04/01/2033 | | | 350 | | | | 363 | |
5.00%, 04/01/2034 | | | 925 | | | | 961 | |
Stafford County Economic Development Authority | | | | | | | | |
4.00%, 06/15/2037 | | | 50 | | | | 49 | |
5.00%, 06/15/2030 | | | 150 | | | | 153 | |
5.00%, 06/15/2033 | | | 150 | | | | 153 | |
5.00%, 06/15/2034 | | | 500 | | | | 509 | |
Virginia College Building Authority | | | | | | | | |
3.00%, 02/01/2036 | | | 1,320 | | | | 1,220 | |
3.00%, 02/01/2039 | | | 1,080 | | | | 958 | |
4.00%, 02/01/2034 | | | 2,610 | | | | 2,631 | |
4.00%, 09/01/2036 | | | 6,500 | | | | 6,586 | |
4.00%, 09/01/2041 | | | 1,690 | | | | 1,697 | |
5.00%, 02/01/2026 | | | 1,000 | | | | 1,029 | |
5.00%, 02/01/2030 | | | 1,500 | | | | 1,589 | |
5.00%, 02/01/2034 | | | 1,000 | | | | 1,094 | |
5.00%, 02/01/2039 | | | 18,215 | | | | 20,215 | |
5.00%, 02/01/2040 | | | 5,750 | | | | 6,416 | |
5.25%, 02/01/2041 | | | 6,400 | | | | 7,147 | |
Virginia Commonwealth Transportation Board | | | | | | | | |
4.00%, 05/15/2031 | | | 1,250 | | | | 1,262 | |
Virginia Housing Development Authority | | | | | | | | |
3.85%, 01/01/2055 (1) | | | 4,000 | | | | 3,991 | |
3.90%, 07/01/2055 (1) | | | 23,000 | | | | 22,989 | |
Virginia Port Authority | | | | | | | | |
5.00%, 07/01/2041 | | | 2,460 | | | | 2,472 | |
Virginia Public Building Authority | | | | | | | | |
5.00%, 08/01/2029 | | | 4,570 | | | | 4,650 | |
Virginia Public School Authority | | | | | | | | |
5.00%, 08/01/2036 | | | 4,220 | | | | 4,877 | |
Virginia Small Business Financing Authority | | | | | | | | |
4.00%, 01/01/2033 | | | 3,250 | | | | 3,280 | |
4.00%, 07/01/2033 | | | 1,160 | | | | 1,171 | |
4.00%, 01/01/2034 | | | 2,500 | | | | 2,523 | |
4.00%, 07/01/2034 | | | 1,785 | | | | 1,802 | |
4.00%, 01/01/2048 | | | 2,955 | | | | 2,702 | |
5.00%, 01/01/2026 | | | 750 | | | | 761 | |
5.00%, 01/01/2027 | | | 1,000 | | | | 1,026 | |
5.00%, 01/01/2033 | | | 4,000 | | | | 4,269 | |
5.00%, 07/01/2033 | | | 2,325 | | | | 2,481 | |
5.00%, 01/01/2036 | | | 2,500 | | | | 2,663 | |
5.00%, 07/01/2037 | | | 1,355 | | | | 1,437 | |
5.00%, 01/01/2038 | | | 2,000 | | | | 2,116 | |
5.00%, 07/01/2038 | | | 6,250 | | | | 6,599 | |
5.00%, 12/31/2038 | | | 830 | | | | 887 | |
5.00%, 12/31/2047 | | | 1,500 | | | | 1,552 | |
Williamsburg Economic Development Authority | | | | | | | | |
4.00%, 07/01/2043 | | | 4,000 | | | | 3,924 | |
York County Economic Development Authority | | | | | | | | |
3.65%, 05/01/2033 (1) | | | 3,650 | | | | 3,645 | |
| | | | | | | | |
Total Virginia | | | | 266,289 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Washington – 3.08% | | | | | | | | |
Auburn School District No 408 of King & Pierce Counties | | | | | | | | |
5.00%, 12/01/2033 | | $ | 2,000 | | | $ | 2,101 | |
Central Puget Sound Regional Transit Authority | | | | | | | | |
4.00%, 11/01/2040 | | | 7,500 | | | | 7,685 | |
5.00%, 11/01/2035 | | | 960 | | | | 982 | |
5.00%, 11/01/2041 | | | 9,760 | | | | 10,004 | |
City of Seattle WA Municipal Light & Power Revenue | | | | | | | | |
4.00%, 01/01/2032 | | | 3,385 | | | | 3,446 | |
4.00%, 07/01/2035 | | | 3,430 | | | | 3,566 | |
4.00%, 07/01/2041 | | | 2,360 | | | | 2,371 | |
City of Tacoma WA Electric System Revenue | | | | | | | | |
5.00%, 01/01/2039 | | | 675 | | | | 694 | |
City of Tacoma WA Solid Waste Utility Revenue | | | | | | | | |
5.00%, 12/01/2031 | | | 460 | | | | 474 | |
County of King WA Sewer Revenue | | | | | | | | |
4.00%, 07/01/2041 | | | 4,000 | | | | 3,940 | |
4.11% (SIFMA Municipal Swap Index Yield + 0.23%), 01/01/2040 (2) | | | 13,060 | | | | 12,925 | |
County of Pierce WA | | | | | | | | |
2.60%, 07/01/2036 | | | 2,040 | | | | 1,762 | |
East Pierce Fire & Rescue | | | | | | | | |
5.00%, 12/01/2029 | | | 635 | | | | 681 | |
5.00%, 12/01/2031 | | | 925 | | | | 996 | |
Energy Northwest | | | | | | | | |
5.00%, 07/01/2034 | | | 6,890 | | | | 7,614 | |
5.00%, 07/01/2037 | | | 10,000 | | | | 10,793 | |
5.00%, 07/01/2039 | | | 10,400 | | | | 11,854 | |
5.00%, 07/01/2040 | | | 14,500 | | | | 16,422 | |
Franklin County School District No 1 Pasco | | | | | | | | |
5.50%, 12/01/2040 | | | 8,125 | | | | 9,445 | |
King & Snohomish Counties School District No 417 Northshore | | | | | | | | |
5.00%, 12/01/2026 | | | 2,575 | | | | 2,689 | |
5.00%, 12/01/2039 | | | 1,250 | | | | 1,421 | |
5.00%, 12/01/2040 | | | 1,380 | | | | 1,558 | |
5.00%, 12/01/2041 | | | 2,655 | | | | 2,983 | |
5.00%, 12/01/2042 | | | 2,245 | | | | 2,512 | |
King County Housing Authority | | | | | | | | |
3.00%, 12/01/2024 | | | 800 | | | | 797 | |
4.00%, 12/01/2026 | | | 430 | | | | 432 | |
4.00%, 06/01/2027 | | | 585 | | | | 587 | |
4.00%, 12/01/2027 | | | 400 | | | | 403 | |
4.00%, 06/01/2031 | | | 650 | | | | 650 | |
4.00%, 11/01/2031 | | | 1,640 | | | | 1,642 | |
4.00%, 06/01/2032 | | | 455 | | | | 455 | |
4.00%, 11/01/2032 | | | 1,705 | | | | 1,720 | |
4.00%, 06/01/2033 | | | 500 | | | | 495 | |
4.00%, 06/01/2034 | | | 525 | | | | 519 | |
4.00%, 06/01/2035 | | | 735 | | | | 730 | |
5.00%, 11/01/2027 | | | 1,000 | | | | 1,043 | |
5.00%, 11/01/2028 | | | 1,430 | | | | 1,498 | |
5.00%, 11/01/2029 | | | 750 | | | | 790 | |
King County Public Hospital District No 1 | | | | | | | | |
5.00%, 12/01/2032 | | | 3,900 | | | | 3,987 | |
King County School District No 403 Renton | | | | | | | | |
5.00%, 12/01/2038 | | | 2,410 | | | | 2,705 | |
King County School District No 414 Lake Washington | | | | | | | | |
5.00%, 12/01/2035 | | | 1,600 | | | | 1,705 | |
5.00%, 12/01/2036 | | | 3,205 | | | | 3,408 | |
5.00%, 12/01/2037 | | | 1,425 | | | | 1,510 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Washington – 3.08% – (continued) | | | | | | | | |
5.00%, 12/01/2038 | | $ | 865 | | | $ | 914 | |
Pierce & King Counties School District No 417 Fife | | | | | | | | |
4.00%, 12/01/2038 | | | 2,000 | | | | 2,013 | |
4.00%, 12/01/2039 | | | 2,500 | | | | 2,517 | |
Pierce County School District No 10 Tacoma | | | | | | | | |
5.00%, 12/01/2034 | | | 2,800 | | | | 2,818 | |
Pierce County School District No 403 Bethel | | | | | | | | |
4.00%, 12/01/2038 | | | 6,500 | | | | 6,552 | |
Port of Seattle WA | | | | | | | | |
5.00%, 07/01/2024 | | | 595 | | | | 595 | |
5.00%, 03/01/2025 | | | 440 | | | | 441 | |
5.00%, 04/01/2030 | | | 2,000 | | | | 2,003 | |
5.00%, 08/01/2030 | | | 3,085 | | | | 3,292 | |
5.00%, 08/01/2031 | | | 12,510 | | | | 13,478 | |
5.00%, 04/01/2033 | | | 3,205 | | | | 3,368 | |
5.00%, 04/01/2036 | | | 3,940 | | | | 4,142 | |
5.00%, 08/01/2038 | | | 12,000 | | | | 12,861 | |
5.00%, 08/01/2039 | | | 1,380 | | | | 1,476 | |
5.00%, 08/01/2041 | | | 2,930 | | | | 3,096 | |
5.50%, 08/01/2047 | | | 4,415 | | | | 4,774 | |
Port of Tacoma WA | | | | | | | | |
5.00%, 12/01/2043 | | | 8,000 | | | | 8,072 | |
Seattle Housing Authority | | | | | | | | |
1.00%, 06/01/2026 | | | 2,365 | | | | 2,203 | |
Skagit County Public Hospital District No 1 | | | | | | | | |
5.50%, 12/01/2040 | | | 500 | | | | 541 | |
5.50%, 12/01/2043 | | | 1,010 | | | | 1,082 | |
Snohomish County Housing Authority | | | | | | | | |
5.00%, 04/01/2031 | | | 1,135 | | | | 1,204 | |
Snohomish County Public Utility District No 1 Electric System Revenue | | | | | | | | |
5.00%, 12/01/2037 | | | 5,530 | | | | 5,635 | |
5.00%, 12/01/2040 | | | 3,500 | | | | 3,548 | |
Snohomish County School District No 15 Edmonds | | | | | | | | |
5.00%, 12/01/2039 | | | 3,450 | | | | 3,916 | |
5.00%, 12/01/2040 | | | 5,000 | | | | 5,640 | |
5.00%, 12/01/2041 | | | 6,500 | | | | 7,269 | |
Snohomish County School District No 6 Mukilteo | | | | | | | | |
3.00%, 12/01/2037 | | | 1,000 | | | | 909 | |
State of Washington | | | | | | | | |
4.00%, 07/01/2035 | | | 1,600 | | | | 1,684 | |
4.00%, 07/01/2035 | | | 3,700 | | | | 3,894 | |
5.00%, 08/01/2026 | | | 9,630 | | | | 9,993 | |
5.00%, 08/01/2027 | | | 235 | | | | 243 | |
5.00%, 08/01/2027 | | | 550 | | | | 560 | |
5.00%, 08/01/2027 | | | 10,025 | | | | 10,589 | |
5.00%, 08/01/2028 | | | 235 | | | | 243 | |
5.00%, 08/01/2030 | | | 235 | | | | 242 | |
5.00%, 08/01/2030 | | | 1,830 | | | | 1,924 | |
5.00%, 02/01/2034 | | | 15,730 | | | | 15,858 | |
5.00%, 06/01/2034 | | | 660 | | | | 704 | |
5.00%, 02/01/2035 | | | 9,500 | | | | 9,577 | |
5.00%, 08/01/2035 | | | 1,855 | | | | 1,939 | |
5.00%, 08/01/2037 | | | 2,500 | | | | 2,565 | |
5.00%, 08/01/2037 | | | 12,685 | | | | 14,658 | |
5.00%, 08/01/2038 | | | 4,535 | | | | 4,652 | |
5.00%, 02/01/2039 | | | 2,135 | | | | 2,246 | |
5.00%, 06/01/2039 | | | 2,000 | | | | 2,114 | |
5.00%, 08/01/2039 | | | 13,350 | | | | 13,398 | |
5.00%, 08/01/2039 | | | 15,000 | | | | 16,752 | |
5.00%, 08/01/2040 | | | 1,980 | | | | 2,244 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Washington – 3.08% – (continued) | | | | | | | | |
5.00%, 02/01/2041 | | $ | 1,585 | | | $ | 1,658 | |
5.00%, 06/01/2042 | | | 1,000 | | | | 1,086 | |
5.00%, 07/01/2042 | | | 6,750 | | | | 7,478 | |
5.00%, 08/01/2042 | | | 1,810 | | | | 1,871 | |
5.00%, 02/01/2047 | | | 2,650 | | | | 2,852 | |
5.00%, 08/01/2047 | | | 1,500 | | | | 1,621 | |
University of Washington | | | | | | | | |
4.00%, 05/01/2048 (1) | | | 10,000 | | | | 10,109 | |
5.00%, 12/01/2036 | | | 6,000 | | | | 6,177 | |
Washington Health Care Facilities Authority | | | | | | | | |
4.00%, 08/15/2041 | | | 2,100 | | | | 2,001 | |
5.00%, 10/01/2024 | | | 465 | | | | 465 | |
5.00%, 07/01/2025 | | | 360 | | | | 362 | |
5.00%, 08/01/2028 | | | 1,005 | | | | 1,063 | |
5.00%, 07/01/2029 | | | 115 | | | | 117 | |
5.00%, 07/01/2030 | | | 410 | | | | 416 | |
5.00%, 08/01/2030 | | | 3,500 | | | | 3,727 | |
5.00%, 08/15/2030 | | | 1,000 | | | | 1,021 | |
5.00%, 08/15/2031 | | | 845 | | | | 863 | |
5.00%, 09/01/2031 | | | 185 | | | | 199 | |
5.00%, 08/15/2032 | | | 480 | | | | 490 | |
5.00%, 09/01/2033 | | | 225 | | | | 242 | |
5.00%, 07/01/2034 | | | 105 | | | | 106 | |
5.00%, 09/01/2034 | | | 450 | | | | 486 | |
5.00%, 09/01/2035 | | | 365 | | | | 393 | |
5.00%, 07/01/2042 | | | 2,415 | | | | 2,414 | |
5.00%, 08/01/2049 (1) | | | 10,000 | | | | 10,096 | |
5.00%, 09/01/2050 | | | 500 | | | | 519 | |
Washington Higher Education Facilities Authority | | | | | | | | |
4.00%, 10/01/2035 | | | 380 | | | | 370 | |
4.00%, 01/01/2043 | | | 1,765 | | | | 1,709 | |
5.00%, 05/01/2028 | | | 420 | | | | 441 | |
5.00%, 05/01/2029 | | | 180 | | | | 191 | |
5.00%, 10/01/2029 | | | 565 | | | | 585 | |
5.00%, 10/01/2029 | | | 1,855 | | | | 1,893 | |
5.00%, 10/01/2033 | | | 690 | | | | 719 | |
5.00%, 10/01/2033 | | | 735 | | | | 748 | |
Washington State Convention Center Public Facilities District | | | | | | | | |
3.00%, 07/01/2043 | | | 810 | | | | 640 | |
4.00%, 07/01/2031 | | | 13,860 | | | | 13,683 | |
Washington State Housing Finance Commission | | | | | | | | |
2.13%, 07/01/2027 (3) | | | 520 | | | | 484 | |
5.00%, 01/01/2025 (3) | | | 375 | | | | 375 | |
5.00%, 01/01/2026 (3) | | | 300 | | | | 299 | |
5.00%, 12/01/2026 | | | 350 | | | | 362 | |
5.00%, 06/01/2028 | | | 500 | | | | 525 | |
5.00%, 06/01/2029 | | | 500 | | | | 534 | |
5.00%, 06/01/2030 | | | 500 | | | | 534 | |
5.00%, 12/01/2030 | | | 500 | | | | 537 | |
Washington State University | | | | | | | | |
5.00%, 04/01/2029 | | | 425 | | | | 426 | |
Yelm Community School District No 2 | | | | | | | | |
5.00%, 12/01/2031 | | | 1,100 | | | | 1,187 | |
| | | | | | | | |
Total Washington | | | | | | | 448,506 | |
| | | | | | | | |
| West Virginia – 0.18% | | | | | | | | |
Ohio County Board of Education | | | | | | | | |
3.00%, 06/01/2030 | | | 2,275 | | | | 2,159 | |
State of West Virginia | | | | | | | | |
5.00%, 12/01/2036 | | | 2,910 | | | | 3,075 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| West Virginia – 0.18% – (continued) | | | | | | | | |
5.00%, 06/01/2041 | | $ | 1,330 | | | $ | 1,406 | |
West Virginia Economic Development Authority | | | | | | | | |
3.38%, 03/01/2040 (1) | | | 4,980 | | | | 4,895 | |
4.70%, 04/01/2036 (1) | | | 2,450 | | | | 2,477 | |
West Virginia Hospital Finance Authority | | | | | | | | |
5.00%, 01/01/2031 | | | 620 | | | | 621 | |
5.00%, 09/01/2039 | | | 3,125 | | | | 3,176 | |
5.00%, 01/01/2043 | | | 2,085 | | | | 2,072 | |
5.13%, 09/01/2042 | | | 3,500 | | | | 3,832 | |
West Virginia Lottery Excess Lottery Revenue | | | | | | | | |
5.00%, 07/01/2032 | | | 940 | | | | 964 | |
West Virginia Parkways Authority | | | | | | | | |
5.00%, 06/01/2037 | | | 2,000 | | | | 2,112 | |
| | | | | | | | |
Total West Virginia | | | | 26,789 | |
| | | | | | | | |
| Wisconsin – 1.33% | | | | | | | | |
City of Madison WI | | | | | | | | |
2.00%, 10/01/2025 | | | 7,690 | | | | 7,476 | |
City of Milwaukee WI | | | | | | | | |
5.00%, 04/01/2030 | | | 3,000 | | | | 3,258 | |
County of Marathon WI | | | | | | | | |
2.00%, 02/01/2033 | | | 1,005 | | | | 837 | |
2.00%, 02/01/2033 | | | 1,380 | | | | 1,149 | |
2.00%, 02/01/2034 | | | 1,025 | | | | 839 | |
2.00%, 02/01/2034 | | | 1,330 | | | | 1,089 | |
Hudson School District | | | | | | | | |
2.25%, 03/01/2027 | | | 1,185 | | | | 1,128 | |
Marinette School District | | | | | | | | |
1.75%, 03/01/2035 | | | 825 | | | | 780 | |
1.75%, 03/01/2035 | | | 2,055 | | | | 1,566 | |
Milwaukee Redevelopment Authority | | | | | | | | |
5.00%, 11/15/2031 | | | 570 | | | | 590 | |
5.00%, 11/15/2032 | | | 500 | | | | 517 | |
Monroe School District | | | | | | | | |
4.00%, 03/01/2041 | | | 1,485 | | | | 1,492 | |
5.00%, 03/01/2037 | | | 775 | | | | 845 | |
5.00%, 03/01/2038 | | | 700 | | | | 759 | |
Public Finance Authority | | | | | | | | |
3.00%, 04/01/2025 (3) | | | 110 | | | | 109 | |
3.00%, 12/01/2026 (3) | | | 1,000 | | | | 929 | |
4.00%, 03/01/2025 (3) | | | 535 | | | | 530 | |
4.00%, 06/15/2031 (3) | | | 450 | | | | 433 | |
4.00%, 12/01/2031 (3) | | | 450 | | | | 423 | |
4.00%, 04/01/2032 (3) | | | 1,720 | | | | 1,720 | |
4.00%, 08/01/2035 | | | 1,500 | | | | 1,419 | |
4.00%, 12/01/2041 | | | 2,000 | | | | 1,885 | |
4.00%, 06/15/2042 (3) | | | 750 | | | | 666 | |
4.00%, 06/01/2045 | | | 7,495 | | | | 6,957 | |
4.13%, 05/01/2026 (3) | | | 270 | | | | 266 | |
5.00%, 10/01/2026 (3) | | | 590 | | | | 598 | |
5.00%, 10/01/2027 (3) | | | 610 | | | | 624 | |
5.00%, 12/01/2027 | | | 6,400 | | | | 6,447 | |
5.00%, 05/15/2028 (3) | | | 200 | | | | 202 | |
5.00%, 10/01/2029 (3) | | | 155 | | | | 161 | |
5.00%, 10/01/2034 (3) | | | 1,000 | | | | 1,035 | |
5.00%, 07/01/2035 | | | 5,000 | | | | 5,283 | |
5.00%, 07/01/2036 | | | 255 | | | | 261 | |
5.00%, 01/01/2037 | | | 500 | | | | 522 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Wisconsin – 1.33% – (continued) | | | | | | | | |
5.00%, 01/01/2038 | | $ | 350 | | | $ | 363 | |
5.00%, 07/01/2038 | | | 80 | | | | 81 | |
5.00%, 10/01/2039 (3) | | | 600 | | | | 610 | |
5.00%, 03/01/2041 | | | 5,640 | | | | 5,732 | |
5.00%, 10/01/2043 (3) | | | 360 | | | | 353 | |
5.00%, 10/01/2044 | | | 1,300 | | | | 1,341 | |
5.00%, 03/01/2046 | | | 6,900 | | | | 6,995 | |
5.00%, 10/01/2048 (3) | | | 380 | | | | 361 | |
5.00%, 10/01/2053 (3) | | | 780 | | | | 727 | |
5.25%, 07/01/2028 | | | 3,160 | | | | 3,161 | |
5.25%, 05/15/2037 (3) | | | 120 | | | | 121 | |
5.25%, 03/01/2042 | | | 2,190 | | | | 2,259 | |
5.25%, 05/15/2042 (3) | | | 60 | | | | 60 | |
5.25%, 10/01/2043 | | | 2,105 | | | | 2,022 | |
5.25%, 05/15/2047 (3) | | | 60 | | | | 59 | |
5.25%, 10/01/2048 | | | 2,105 | | | | 1,968 | |
5.25%, 05/15/2052 (3) | | | 115 | | | | 110 | |
State of Wisconsin | | | | | | | | |
5.00%, 05/01/2032 | | | 450 | | | | 479 | |
5.00%, 05/01/2033 | | | 9,790 | | | | 10,418 | |
5.00%, 05/01/2034 | | | 2,400 | | | | 2,475 | |
5.00%, 05/01/2035 | | | 1,750 | | | | 1,987 | |
University of Wisconsin Hospitals & Clinics | | | | | | | | |
4.00%, 04/01/2037 | | | 1,375 | | | | 1,391 | |
4.00%, 04/01/2038 | | | 2,110 | | | | 2,114 | |
Wisconsin Center District | | | | | | | | |
0.00%, 12/15/2028 | | | 1,025 | | | | 864 | |
0.00%, 12/15/2030 | | | 550 | | | | 430 | |
0.00%, 12/15/2030 | | | 1,045 | | | | 815 | |
0.00%, 12/15/2032 | | | 1,400 | | | | 1,006 | |
0.00%, 12/15/2033 | | | 1,500 | | | | 1,034 | |
Wisconsin Health & Educational Facilities Authority | | | | | | | | |
2.83%, 11/01/2028 | | | 195 | | | | 181 | |
4.00%, 02/15/2025 | | | 270 | | | | 270 | |
4.00%, 02/15/2026 | | | 510 | | | | 511 | |
4.00%, 02/15/2031 | | | 460 | | | | 461 | |
4.00%, 02/15/2033 | | | 550 | | | | 551 | |
4.00%, 04/01/2039 | | | 2,005 | | | | 1,956 | |
4.00%, 11/15/2043 | | | 3,630 | | | | 3,472 | |
4.20%, 08/15/2028 | | | 2,050 | | | | 2,035 | |
4.50%, 02/15/2054 | | | 1,660 | | | | 1,645 | |
5.00%, 11/01/2024 | | | 155 | | | | 155 | |
5.00%, 04/01/2026 | | | 1,000 | | | | 1,025 | |
5.00%, 02/15/2027 | | | 300 | | | | 304 | |
5.00%, 04/01/2027 | | | 1,700 | | | | 1,769 | |
5.00%, 10/01/2027 | | | 580 | | | | 608 | |
5.00%, 04/01/2028 | | | 900 | | | | 950 | |
5.00%, 10/01/2028 | | | 700 | | | | 746 | |
5.00%, 11/01/2029 | | | 760 | | | | 748 | |
5.00%, 04/01/2030 | | | 1,670 | | | | 1,759 | |
5.00%, 02/15/2033 | | | 2,130 | | | | 2,297 | |
5.00%, 12/15/2033 | | | 1,450 | | | | 1,533 | |
5.00%, 11/15/2035 | | | 5,500 | | | | 5,631 | |
5.00%, 09/01/2036 | | | 400 | | | | 419 | |
5.00%, 08/15/2039 | | | 5,395 | | | | 5,668 | |
5.00%, 10/01/2041 | | | 640 | | | | 673 | |
5.00%, 08/15/2054 (1) | | | 830 | | | | 849 | |
5.00%, 08/15/2054 (1) | | | 1,770 | | | | 1,898 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Wisconsin – 1.33% – (continued) | | | | | | | | |
5.00%, 08/15/2054 (1) | | $ | 2,565 | | | $ | 2,751 | |
5.25%, 02/15/2035 | | | 4,890 | | | | 5,398 | |
5.50%, 02/15/2054 | | | 1,775 | | | | 1,887 | |
Wisconsin Housing & Economic Development Authority | | | | | | | | |
5.00%, 12/01/2027 (1) | | | 6,060 | | | | 6,176 | |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue | | | | | | | | |
3.00%, 03/01/2052 | | | 1,165 | | | | 1,123 | |
3.00%, 09/01/2052 | | | 1,990 | | | | 1,919 | |
3.25%, 09/01/2026 | | | 4,425 | | | | 4,415 | |
3.50%, 09/01/2031 | | | 8,475 | | | | 8,318 | |
3.50%, 09/01/2050 | | | 1,480 | | | | 1,452 | |
3.63%, 03/01/2034 | | | 3,605 | | | | 3,521 | |
4.25%, 09/01/2044 | | | 3,075 | | | | 3,003 | |
5.00%, 09/01/2039 | | | 3,100 | | | | 3,367 | |
6.00%, 03/01/2054 | | | 2,835 | | | | 3,087 | |
6.00%, 09/01/2054 | | | 4,000 | | | | 4,317 | |
Wisconsin Housing & Economic Development Authority Housing Revenue | | | | | | | | |
0.50%, 11/01/2050 (1) | | | 2,285 | | | | 2,247 | |
0.81%, 11/01/2052 (1) | | | 1,350 | | | | 1,302 | |
| | | | | | | | |
Total Wisconsin | | | | 194,528 | |
| | | | | | | | |
| Wyoming – 0.04% | | | | | | | | |
County of Laramie WY | | | | | | | | |
4.00%, 05/01/2026 | | | 200 | | | | 201 | |
4.00%, 05/01/2038 | | | 1,365 | | | | 1,356 | |
Wyoming Community Development Authority | | | | | | | | |
3.00%, 06/01/2049 | | | 4,960 | | | | 4,802 | |
| | | | | | | | |
Total Wyoming | | | | 6,359 | |
| | | | | | | | |
Total Municipal Bonds
(Cost: $14,718,136) | | | | 14,614,424 | |
| | | | | | | | |
| | |
| | | Shares
(000s) | | | Value
(000s) | |
SHORT-TERM INVESTMENTS – 0.78% | | | | | | | | |
| Money Market Funds – 0.78% | | | | | | | | |
Fidelity Institutional Money Market Government Fund – Class I, 5.25% (6) | | | 113,151 | | | | 113,151 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $113,151) | | | | | | | 113,151 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Time Deposits – 0.00% (7) | | | | | | | | |
JP Morgan, New York, 4.83% due 07/01/2024 | | $ | 219 | | | $ | 219 | |
Sumitomo Trust Bank, London, 4.83% due 07/01/2024 | | | 186 | | | | 186 | |
| | | | | | | | |
Total Time Deposits
(Cost: $405) | | | | | | | 405 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $113,556) | | | | | | | 113,556 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 101.01%
(Cost: $14,831,692) | | | | | | | 14,727,980 | |
| | | | | | | | |
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.01)% | | | | | | | (147,031 | ) |
| | | | | | | | |
TOTAL NET ASSETS – 100.00% | | | | | | $ | 14,580,949 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
| (1) | Adjustable rate security. The rate reported is the rate in effect as of June 30, 2024. |
| (2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2024. |
| (3) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $306,639, which represents 2.10% of total net assets. |
| (4) | Security in default as of June 30, 2024. The value of these securities totals $1,377, which represents 0.01% of total net assets. |
| (5) | Non-income producing security. |
| (6) | Represents annualized seven-day yield as of the close of the reporting period. |
| (7) | Amount calculated is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | |
MUNICIPAL BONDS | | Percentages of
Net Assets | |
Education | | | 6.12 | % |
General Obligation | | | 21.85 | |
General Revenue | | | 28.41 | |
Healthcare | | | 11.41 | |
Housing | | | 6.55 | |
Transportation | | | 15.81 | |
Utilities | | | 10.08 | |
| | | | |
Total Municipal Bonds | | | 100.23 | |
| | | | |
SHORT-TERM INVESTMENTS | | | 0.78 | |
| | | | |
TOTAL INVESTMENTS IN SECURITIES | | | 101.01 | |
LIABILITIES IN EXCESS OF OTHER ASSETS | | | -1.01 | |
| | | | |
TOTAL NET ASSETS | | | 100.00 | % |
| | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
MUNICIPAL BONDS – 98.68% | | | | | | | | |
| Alabama – 1.85% | | | | | | | | |
Black Belt Energy Gas District | | | | | | | | |
4.00%, 06/01/2051 (1) | | $ | 2,500 | | | $ | 2,509 | |
4.00%, 10/01/2052 (1) | | | 1,075 | | | | 1,077 | |
4.00%, 10/01/2052 (1) | | | 3,380 | | | | 3,385 | |
4.00%, 04/01/2053 (1) | | | 500 | | | | 502 | |
5.25%, 12/01/2053 (1) | | | 3,775 | | | | 4,081 | |
5.25%, 01/01/2054 (1) | | | 4,160 | | | | 4,455 | |
County of Jefferson AL Sewer Revenue | | | | | | | | |
5.00%, 10/01/2025 | | | 1,515 | | | | 1,539 | |
5.00%, 10/01/2026 | | | 1,050 | | | | 1,082 | |
5.25%, 10/01/2040 | | | 1,000 | | | | 1,109 | |
5.25%, 10/01/2043 | | | 2,095 | | | | 2,300 | |
5.25%, 10/01/2045 | | | 100 | | | | 109 | |
5.25%, 10/01/2049 | | | 490 | | | | 524 | |
5.50%, 10/01/2053 | | | 2,450 | | | | 2,651 | |
Energy Southeast A Cooperative District | | | | | | | | |
5.25%, 07/01/2054 (1) | | | 1,050 | | | | 1,123 | |
5.50%, 11/01/2053 (1) | | | 6,665 | | | | 7,176 | |
Health Care Authority of the City of Huntsville | | | | | | | | |
4.00%, 06/01/2045 | | | 2,500 | | | | 2,389 | |
Homewood Educational Building Authority | | | | | | | | |
5.00%, 10/01/2056 | | | 275 | | | | 275 | |
Huntsville-Redstone Village Special Care Facilities Financing Authority | | | | | | | | |
5.50%, 01/01/2028 (2)(3) | | | 250 | | | | 143 | |
5.50%, 01/01/2043 (2)(3) | | | 195 | | | | 111 | |
6.88%, 01/01/2043 (2)(3) | | | 135 | | | | 77 | |
7.50%, 01/01/2047 (2)(3) | | | 245 | | | | 140 | |
Mobile County Industrial Development Authority | | | | | | | | |
5.00%, 06/01/2054 | | | 3,980 | | | | 4,045 | |
Phenix City Industrial Development Board | | | | | | | | |
4.13%, 05/15/2035 | | | 795 | | | | 795 | |
Prattville Industrial Development Board | | | | | | | | |
5.30%, 09/01/2028 | | | 1,325 | | | | 1,400 | |
Southeast Alabama Gas Supply District | | | | | | | | |
5.00%, 06/01/2049 (1) | | | 400 | | | | 422 | |
Southeast Energy Authority A Cooperative District | | | | | | | | |
4.00%, 12/01/2051 (1) | | | 5,815 | | | | 5,780 | |
5.50%, 01/01/2053 (1) | | | 2,000 | | | | 2,143 | |
Tuscaloosa County Industrial Development Authority | | | | | | | | |
5.25%, 05/01/2044 (4) | | | 7,160 | | | | 7,182 | |
| | | | | | | | |
Total Alabama | | | | 58,524 | |
| | | | | | | | |
| Alaska – 0.08% | | | | | | | | |
Alaska Housing Finance Corp. | | | | | | | | |
6.00%, 06/01/2054 | | | 105 | | | | 113 | |
Alaska Industrial Development & Export Authority | | | | | | | | |
5.00%, 01/01/2030 | | | 1,415 | | | | 1,423 | |
Northern Tobacco Securitization Corp. | | | | | | | | |
0.00%, 06/01/2066 | | | 2,275 | | | | 292 | |
4.00%, 06/01/2050 | | | 785 | | | | 788 | |
| | | | | | | | |
Total Alaska | | | | 2,616 | |
| | | | | | | | |
| Arizona – 2.06% | | | | | | | | |
Arizona Board of Regents | | | | | | | | |
5.00%, 07/01/2054 | | | 800 | | | | 868 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Arizona – 2.06% – (continued) | | | | | | | | |
Arizona Health Facilities Authority | | | | | | | | |
4.52% (S&P 7 Day Municipal High Grade Rate + 0.81%), 01/01/2037 (5) | | $ | 980 | | | $ | 958 | |
Arizona Industrial Development Authority | | | | | | | | |
0.00%, 05/20/2033 (1) | | | 4,153 | | | | 166 | |
3.63%, 05/20/2033 | | | 1,509 | | | | 1,418 | |
4.00%, 07/15/2030 (4) | | | 250 | | | | 244 | |
4.00%, 11/01/2037 | | | 100 | | | | 100 | |
4.00%, 07/15/2040 (4) | | | 990 | | | | 899 | |
4.00%, 07/15/2041 (4) | | | 265 | | | | 236 | |
4.00%, 12/15/2041 (4) | | | 600 | | | | 528 | |
4.00%, 07/15/2050 (4) | | | 1,610 | | | | 1,351 | |
4.00%, 07/01/2051 | | | 1,925 | | | | 1,714 | |
4.00%, 07/15/2051 (4) | | | 500 | | | | 412 | |
4.00%, 12/15/2051 (4) | | | 1,025 | | | | 823 | |
4.00%, 07/15/2056 (4) | | | 475 | | | | 380 | |
4.50%, 07/15/2029 (4) | | | 3,250 | | | | 3,105 | |
4.95%, 02/01/2048 (1) | | | 1,000 | | | | 1,000 | |
5.00%, 07/01/2032 | | | 425 | | | | 452 | |
5.00%, 07/01/2039 (4) | | | 100 | | | | 100 | |
5.00%, 07/15/2039 | | | 190 | | | | 192 | |
5.00%, 07/15/2040 (4) | | | 505 | | | | 510 | |
5.00%, 07/15/2040 (4) | | | 1,300 | | | | 1,311 | |
5.00%, 07/01/2047 (4) | | | 225 | | | | 223 | |
5.00%, 07/01/2049 (4) | | | 100 | | | | 96 | |
5.00%, 07/01/2049 (4) | | | 945 | | | | 892 | |
5.00%, 07/15/2049 | | | 1,330 | | | | 1,328 | |
5.00%, 07/15/2050 (4) | | | 2,365 | | | | 2,356 | |
5.00%, 07/01/2051 (4) | | | 255 | | | | 250 | |
5.00%, 07/01/2054 (4) | | | 500 | | | | 489 | |
5.00%, 07/01/2054 (4) | | | 1,000 | | | | 949 | |
5.25%, 07/01/2037 (4) | | | 205 | | | | 208 | |
5.38%, 07/01/2050 (4) | | | 510 | | | | 513 | |
5.50%, 07/01/2038 (4) | | | 945 | | | | 963 | |
5.50%, 07/01/2052 (4) | | | 885 | | | | 886 | |
5.75%, 07/15/2048 (4) | | | 250 | | | | 254 | |
Chandler Industrial Development Authority | | | | | | | | |
5.00%, 09/01/2052 (1) | | | 1,900 | | | | 1,950 | |
City of Phoenix Civic Improvement Corp. | | | | | | | | |
4.00%, 07/01/2045 | | | 2,000 | | | | 1,921 | |
Glendale Industrial Development Authority | | | | | | | | |
4.00%, 07/01/2028 | | | 300 | | | | 294 | |
5.00%, 07/01/2033 | | | 435 | | | | 437 | |
5.00%, 07/01/2038 | | | 1,070 | | | | 1,058 | |
5.00%, 07/01/2048 | | | 915 | | | | 836 | |
Industrial Development Authority of the City of Phoenix Arizona | | | | | | | | |
5.00%, 07/01/2030 | | | 700 | | | | 725 | |
5.00%, 07/01/2035 (4) | | | 375 | | | | 378 | |
5.00%, 07/01/2035 (4) | | | 580 | | | | 584 | |
5.00%, 07/01/2037 | | | 4,750 | | | | 4,886 | |
5.00%, 07/01/2044 | | | 85 | | | | 87 | |
5.00%, 07/01/2045 (4) | | | 150 | | | | 150 | |
5.00%, 07/01/2045 (4) | | | 290 | | | | 291 | |
5.00%, 07/01/2049 | | | 565 | | | | 571 | |
5.00%, 07/01/2059 | | | 145 | | | | 146 | |
Industrial Development Authority of the County of Pima | | | | | | | | |
4.00%, 06/15/2041 (4) | | | 2,380 | | | | 2,091 | |
4.00%, 06/15/2051 (4) | | | 1,215 | | | | 985 | |
4.00%, 06/15/2057 (4) | | | 1,245 | | | | 972 | |
5.00%, 06/15/2049 (4) | | | 125 | | | | 120 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Arizona – 2.06% – (continued) | | | | | | | | |
7.00%, 11/15/2057 (4) | | $ | 250 | | | $ | 270 | |
Maricopa County Industrial Development Authority | | | | | | | | |
4.00%, 07/01/2029 (4) | | | 295 | | | | 295 | |
4.00%, 10/15/2047 (4) | | | 4,980 | | | | 4,536 | |
4.00%, 07/01/2050 | | | 100 | | | | 87 | |
4.00%, 07/01/2056 (4) | | | 1,350 | | | | 1,119 | |
5.00%, 07/01/2054 (4) | | | 250 | | | | 250 | |
Maricopa County Pollution Control Corp. | | | | | | | | |
3.60%, 02/01/2040 | | | 250 | | | | 224 | |
3.60%, 04/01/2040 | | | 1,000 | | | | 896 | |
4.50%, 08/01/2042 | | | 220 | | | | 215 | |
Salt River Project Agricultural Improvement & Power District | | | | | | | | |
5.00%, 01/01/2047 | | | 950 | | | | 1,032 | |
5.25%, 01/01/2053 | | | 1,000 | | | | 1,105 | |
Salt Verde Financial Corp. | | | | | | | | |
5.00%, 12/01/2032 | | | 1,730 | | | | 1,840 | |
5.00%, 12/01/2037 | | | 5,545 | | | | 6,040 | |
Tempe Industrial Development Authority | | | | | | | | |
4.00%, 12/01/2038 | | | 1,190 | | | | 1,087 | |
4.00%, 12/01/2046 | | | 170 | | | | 143 | |
5.00%, 12/01/2050 | | | 605 | | | | 582 | |
5.00%, 12/01/2054 | | | 750 | | | | 712 | |
| | | | | | | | |
Total Arizona | | | | 65,089 | |
| | | | | | | | |
| Arkansas – 0.80% | | | | | | | | |
Arkansas Development Finance Authority | | | | | | | | |
4.50%, 09/01/2049 (4) | | | 7,390 | | | | 7,269 | |
4.75%, 09/01/2049 (4) | | | 2,840 | | | | 2,815 | |
5.45%, 09/01/2052 | | | 4,305 | | | | 4,427 | |
5.70%, 05/01/2053 | | | 500 | | | | 523 | |
6.88%, 07/01/2048 (4) | | | 2,500 | | | | 2,727 | |
7.38%, 07/01/2048 (4) | | | 2,500 | | | | 2,743 | |
City of Osceola AR | | | | | | | | |
5.50%, 04/01/2036 (1) | | | 4,850 | | | | 4,858 | |
| | | | | | | | |
Total Arkansas | | | | 25,362 | |
| | | | | | | | |
| California – 8.92% | | | | | | | | |
Alameda Corridor Transportation Authority | | | | | | | | |
5.00%, 10/01/2036 | | | 2,500 | | | | 2,556 | |
5.00%, 10/01/2037 | | | 2,000 | | | | 2,046 | |
California Community Choice Financing Authority | | | | | | | | |
4.00%, 02/01/2052 (1) | | | 2,000 | | | | 2,004 | |
5.00%, 12/01/2053 (1) | | | 5,995 | | | | 6,320 | |
5.00%, 05/01/2054 (1) | | | 500 | | | | 534 | |
5.25%, 11/01/2054 (1) | | | 450 | | | | 481 | |
5.50%, 10/01/2054 (1) | | | 2,975 | | | | 3,253 | |
California Community Housing Agency | | | | | | | | |
3.00%, 08/01/2056 (4) | | | 200 | | | | 148 | |
4.00%, 08/01/2046 (4) | | | 925 | | | | 794 | |
4.00%, 08/01/2047 (4) | | | 2,600 | | | | 2,126 | |
4.00%, 02/01/2050 (4) | | | 285 | | | | 219 | |
4.00%, 08/01/2050 (4) | | | 3,350 | | | | 2,682 | |
4.00%, 08/01/2051 (4) | | | 500 | | | | 255 | |
4.00%, 02/01/2056 (4) | | | 5,290 | | | | 4,341 | |
4.00%, 02/01/2056 (4) | | | 8,825 | | | | 6,048 | |
5.00%, 08/01/2049 (4) | | | 7,040 | | | | 6,853 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 8.92% – (continued) | | | | | | | | |
California Educational Facilities Authority | | | | | | | | |
5.00%, 05/01/2045 | | $ | 1,000 | | | $ | 1,204 | |
5.25%, 10/01/2044 | | | 500 | | | | 530 | |
5.50%, 10/01/2053 | | | 1,130 | | | | 1,196 | |
California Health Facilities Financing Authority | | | | | | | | |
3.00%, 08/15/2051 | | | 1,385 | | | | 1,109 | |
5.00%, 12/01/2039 | | | 520 | | | | 569 | |
5.25%, 11/15/2058 | | | 255 | | | | 268 | |
California Housing Finance Agency | | | | | | | | |
3.25%, 08/20/2036 | | | 3,959 | | | | 3,677 | |
3.50%, 11/20/2035 | | | 1,759 | | | | 1,681 | |
4.00%, 03/20/2033 | | | 2,778 | | | | 2,798 | |
4.25%, 01/15/2035 | | | 1,411 | | | | 1,447 | |
4.38%, 09/20/2036 | | | 993 | | | | 1,032 | |
California Infrastructure & Economic Development Bank | | | | | | | | |
4.00%, 10/01/2041 | | | 2,235 | | | | 2,321 | |
5.00%, 11/01/2047 | | | 155 | | | | 164 | |
5.00%, 01/01/2056 (4) | | | 510 | | | | 481 | |
5.00%, 11/01/2057 | | | 1,380 | | | | 1,440 | |
California Municipal Finance Authority | | | | | | | | |
2.75%, 11/15/2027 | | | 100 | | | | 100 | |
3.00%, 10/01/2049 | | | 100 | | | | 78 | |
3.00%, 05/15/2054 | | | 125 | | | | 94 | |
3.88%, 03/01/2054 (1) | | | 150 | | | | 152 | |
4.00%, 11/15/2027 | | | 200 | | | | 198 | |
4.00%, 07/15/2029 | | | 2,000 | | | | 1,998 | |
4.00%, 08/15/2037 | | | 1,560 | | | | 1,544 | |
4.00%, 09/01/2041 | | | 550 | | | | 518 | |
4.00%, 08/15/2042 | | | 1,635 | | | | 1,534 | |
4.00%, 12/31/2047 | | | 1,270 | | | | 1,147 | |
4.00%, 03/01/2050 | | | 250 | | | | 201 | |
4.00%, 02/01/2051 | | | 2,180 | | | | 1,974 | |
4.00%, 11/15/2056 | | | 750 | | | | 594 | |
4.38%, 09/01/2053 (1) | | | 100 | | | | 105 | |
5.00%, 07/01/2027 | | | 300 | | | | 308 | |
5.00%, 07/01/2032 | | | 1,055 | | | | 1,082 | |
5.00%, 05/15/2033 | | | 1,870 | | | | 1,980 | |
5.00%, 04/01/2035 | | | 1,235 | | | | 1,225 | |
5.00%, 05/15/2036 | | | 2,680 | | | | 2,802 | |
5.00%, 10/01/2039 (4) | | | 1,115 | | | | 1,121 | |
5.00%, 11/01/2039 (4) | | | 195 | | | | 190 | |
5.00%, 12/31/2043 | | | 18,430 | | | | 18,715 | |
5.00%, 06/01/2046 | | | 150 | | | | 150 | |
5.00%, 11/01/2046 (4) | | | 1,500 | | | | 1,500 | |
5.00%, 06/01/2048 | | | 1,000 | | | | 1,007 | |
5.00%, 05/15/2049 | | | 1,205 | | | | 1,229 | |
5.00%, 10/01/2049 (4) | | | 515 | | | | 503 | |
5.00%, 05/15/2052 | | | 170 | | | | 173 | |
5.00%, 09/01/2054 | | | 135 | | | | 138 | |
5.00%, 10/01/2057 (4) | | | 1,000 | | | | 952 | |
5.13%, 09/01/2059 | | | 110 | | | | 113 | |
5.25%, 11/01/2052 | | | 2,165 | | | | 2,300 | |
5.25%, 06/01/2053 | | | 2,655 | | | | 2,849 | |
5.88%, 05/01/2059 (4) | | | 15 | | | | 15 | |
California Pollution Control Financing Authority | | | | | | | | |
4.13%, 07/01/2043 (1)(4) | | | 670 | | | | 670 | |
5.00%, 07/01/2037 (4) | | | 5,000 | | | | 5,018 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 8.92% – (continued) | | | | | | | | |
California Public Finance Authority | | | | | | | | |
2.38%, 11/15/2028 (4) | | $ | 800 | | | $ | 786 | |
3.13%, 05/15/2029 (4) | | | 110 | | | | 108 | |
4.00%, 10/15/2024 | | | 385 | | | | 384 | |
5.00%, 11/15/2036 (4) | | | 250 | | | | 250 | |
5.00%, 11/15/2046 (4) | | | 225 | | | | 210 | |
5.00%, 10/15/2047 | | | 3,075 | | | | 3,083 | |
5.00%, 11/15/2051 (4) | | | 100 | | | | 91 | |
5.00%, 11/15/2056 (4) | | | 100 | | | | 89 | |
California School Finance Authority | | | | | | | | |
4.00%, 06/01/2061 (4) | | | 1,000 | | | | 717 | |
5.00%, 06/01/2029 (4) | | | 250 | | | | 252 | |
5.00%, 06/01/2030 (4) | | | 310 | | | | 318 | |
5.00%, 07/01/2037 (4) | | | 215 | | | | 221 | |
5.00%, 10/01/2042 (4) | | | 500 | | | | 510 | |
5.00%, 07/01/2047 (4) | | | 500 | | | | 501 | |
5.00%, 07/01/2047 (4) | | | 1,235 | | | | 1,250 | |
5.00%, 07/01/2052 (4) | | | 1,340 | | | | 1,334 | |
6.38%, 07/01/2046 (4) | | | 1,000 | | | | 1,029 | |
California State Public Works Board | | | | | | | | |
5.00%, 04/01/2049 | | | 500 | | | | 552 | |
California Statewide Communities Development Authority | | | | | | | | |
3.00%, 04/01/2051 | | | 45 | | | | 34 | |
4.00%, 09/02/2028 | | | 20 | | | | 20 | |
4.00%, 09/02/2029 | | | 20 | | | | 20 | |
4.00%, 09/02/2029 | | | 335 | | | | 339 | |
4.00%, 09/02/2030 | | | 20 | | | | 20 | |
4.00%, 09/02/2031 | | | 15 | | | | 15 | |
4.00%, 09/02/2031 | | | 75 | | | | 72 | |
4.00%, 04/01/2038 | | | 2,400 | | | | 2,412 | |
4.00%, 09/02/2041 | | | 110 | | | | 103 | |
4.00%, 09/02/2041 | | | 110 | | | | 103 | |
4.00%, 09/02/2041 | | | 135 | | | | 121 | |
4.00%, 09/02/2051 | | | 1,070 | | | | 921 | |
4.00%, 09/02/2051 | | | 1,315 | | | | 1,089 | |
4.00%, 09/02/2051 | | | 1,340 | | | | 1,165 | |
4.31%, 07/01/2032 | | | 320 | | | | 295 | |
5.00%, 12/01/2027 (4) | | | 205 | | | | 208 | |
5.00%, 11/01/2032 (4) | | | 1,135 | | | | 1,168 | |
5.00%, 09/02/2034 | | | 75 | | | | 80 | |
5.00%, 01/01/2038 | | | 750 | | | | 794 | |
5.00%, 09/02/2039 | | | 70 | | | | 74 | |
5.00%, 09/02/2039 | | | 745 | | | | 772 | |
5.00%, 05/15/2040 | | | 1,000 | | | | 1,014 | |
5.00%, 11/01/2041 (4) | | | 1,375 | | | | 1,384 | |
5.00%, 09/02/2042 | | | 1,595 | | | | 1,651 | |
5.00%, 01/01/2043 | | | 1,000 | | | | 1,047 | |
5.00%, 09/02/2044 | | | 700 | | | | 717 | |
5.00%, 09/02/2044 | | | 1,000 | | | | 1,047 | |
5.00%, 09/02/2044 | | | 1,350 | | | | 1,395 | |
5.00%, 12/01/2046 (4) | | | 270 | | | | 272 | |
5.00%, 01/01/2048 | | | 2,840 | | | | 2,944 | |
5.00%, 09/02/2049 | | | 35 | | | | 36 | |
5.00%, 09/02/2049 | | | 700 | | | | 711 | |
5.00%, 09/02/2052 | | | 2,320 | | | | 2,345 | |
5.25%, 12/01/2044 | | | 585 | | | | 587 | |
5.25%, 12/01/2048 (4) | | | 800 | | | | 816 | |
5.25%, 12/01/2056 (4) | | | 12,195 | | | | 12,291 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 8.92% – (continued) | | | | | | | | |
5.38%, 11/01/2049 (4) | | $ | 340 | | | $ | 329 | |
5.50%, 12/01/2054 | | | 4,425 | | | | 4,438 | |
5.50%, 12/01/2058 (4) | | | 8,575 | | | | 8,788 | |
California Statewide Financing Authority | | | | | | | | |
6.00%, 05/01/2043 | | | 100 | | | | 102 | |
City & County of San Francisco CA Community Facilities District No 2016-1 | | | | | | | | |
4.00%, 09/01/2032 (4) | | | 345 | | | | 336 | |
City & County of San Francisco CA Special Tax District No 2020-1 | | | | | | | | |
4.00%, 09/01/2041 (4) | | | 1,500 | | | | 1,356 | |
4.00%, 09/01/2051 (4) | | | 340 | | | | 285 | |
5.75%, 09/01/2053 (4) | | | 95 | | | | 102 | |
5.75%, 09/01/2053 (4) | | | 1,550 | | | | 1,657 | |
City of Irvine CA | | | | | | | | |
4.00%, 09/02/2027 | | | 20 | | | | 20 | |
4.00%, 09/02/2028 | | | 30 | | | | 30 | |
City of Los Angeles Department of Airports | | | | | | | | |
4.00%, 05/15/2044 | | | 3,000 | | | | 2,916 | |
5.00%, 05/15/2051 | | | 1,000 | | | | 1,038 | |
5.50%, 05/15/2047 | | | 2,725 | | | | 2,965 | |
City of Palm Desert CA | | | | | | | | |
4.00%, 09/01/2041 | | | 375 | | | | 346 | |
City of Rancho Cordova CA | | | | | | | | |
5.00%, 09/01/2049 | | | 700 | | | | 719 | |
City of Vernon CA Electric System Revenue | | | | | | | | |
5.00%, 10/01/2025 | | | 500 | | | | 507 | |
CMFA Special Finance Agency | | | | | | | | |
4.00%, 08/01/2045 (4) | | | 1,215 | | | | 1,019 | |
CMFA Special Finance Agency VII | | | | | | | | |
4.00%, 08/01/2047 (4) | | | 3,135 | | | | 2,618 | |
CMFA Special Finance Agency XII | | | | | | | | |
3.25%, 02/01/2057 (4) | | | 1,500 | | | | 1,127 | |
4.38%, 08/01/2049 (4) | | | 1,015 | | | | 851 | |
County of Los Angeles CA Community Facilities District No 2021-01 | | | | | | | | |
5.00%, 09/01/2052 | | | 150 | | | | 153 | |
CSCDA Community Improvement Authority | | | | | | | | |
2.88%, 08/01/2041 (4) | | | 100 | | | | 93 | |
3.00%, 07/01/2045 (4) | | | 2,000 | | | | 1,567 | |
3.00%, 06/01/2048 (4) | | | 100 | | | | 72 | |
3.10%, 07/01/2045 (4) | | | 250 | | | | 215 | |
3.13%, 07/01/2056 (4) | | | 7,600 | | | | 5,253 | |
3.13%, 08/01/2056 (4) | | | 1,530 | | | | 1,165 | |
3.13%, 06/01/2057 (4) | | | 1,850 | | | | 1,163 | |
3.38%, 07/01/2043 (4) | | | 300 | | | | 253 | |
4.00%, 07/01/2056 (4) | | | 1,500 | | | | 1,186 | |
4.00%, 07/01/2056 (4) | | | 5,737 | | | | 4,336 | |
4.00%, 08/01/2056 (4) | | | 3,070 | | | | 2,684 | |
4.00%, 09/01/2056 (4) | | | 1,015 | | | | 806 | |
4.00%, 10/01/2056 (4) | | | 6,210 | | | | 4,936 | |
4.00%, 12/01/2056 (4) | | | 4,745 | | | | 3,621 | |
4.00%, 02/01/2057 (4) | | | 1,500 | | | | 1,130 | |
4.00%, 04/01/2057 (4) | | | 100 | | | | 75 | |
5.00%, 07/01/2051 (4) | | | 165 | | | | 160 | |
Foothill-Eastern Transportation Corridor Agency | | | | | | | | |
4.00%, 01/15/2046 | | | 9,300 | | | | 9,044 | |
Freddie Mac Multifamily ML Certificates | | | | | | | | |
0.00%, 06/25/2035 (1)(4) | | | 4,972 | | | | 304 | |
2.75%, 11/25/2035 (4) | | | 246 | | | | 213 | |
Golden State Tobacco Securitization Corp. | | | | | | | | |
0.00%, 06/01/2066 | | | 65,925 | | | | 7,329 | |
5.00%, 06/01/2051 | | | 290 | | | | 300 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| California – 8.92% – (continued) | | | | | | | | |
Hastings Campus Housing Finance Authority | | | | | | | | |
5.00%, 07/01/2061 (4) | | $ | 3,500 | | | $ | 3,325 | |
Hayward Unified School District | | | | | | | | |
4.00%, 08/01/2050 | | | 1,380 | | | | 1,343 | |
Irvine Unified School District | | | | | | | | |
5.00%, 03/01/2057 | | | 795 | | | | 807 | |
Lodi Unified School District | | | | | | | | |
3.00%, 08/01/2046 | | | 500 | | | | 412 | |
Manteca Unified School District | | | | | | | | |
0.00%, 08/01/2024 | | | 2,500 | | | | 2,492 | |
Northern California Gas Authority No 1 | | | | | | | | |
4.45% (3 Month Term SOFR + 0.72%), 07/01/2027 (5) | | | 330 | | | | 330 | |
Orange County Community Facilities District | | | | | | | | |
5.00%, 08/15/2037 | | | 250 | | | | 266 | |
5.00%, 08/15/2038 | | | 260 | | | | 277 | |
5.25%, 08/15/2045 | | | 975 | | | | 983 | |
Regents of the University of California Medical Center Pooled Revenue | | | | | | | | |
5.00%, 05/15/2047 | | | 5,000 | | | | 5,438 | |
River Islands Public Financing Authority | | | | | | | | |
4.00%, 09/01/2041 | | | 485 | | | | 452 | |
5.00%, 09/01/2048 | | | 500 | | | | 504 | |
5.00%, 09/01/2048 | | | 750 | | | | 758 | |
5.00%, 09/01/2054 | | | 235 | | | | 237 | |
Riverside County Redevelopment Successor Agency | | | | | | | | |
0.00%, 10/01/2039 | | | 1,000 | | | | 529 | |
Riverside County Transportation Commission | | | | | | | | |
3.00%, 06/01/2049 | | | 250 | | | | 195 | |
4.00%, 06/01/2046 | | | 5,250 | | | | 5,038 | |
4.00%, 06/01/2047 | | | 1,000 | | | | 955 | |
San Diego County Regional Airport Authority | | | | | �� | | | |
4.00%, 07/01/2046 | | | 1,000 | | | | 954 | |
4.00%, 07/01/2056 | | | 1,000 | | | | 974 | |
5.00%, 07/01/2048 | | | 100 | | | | 105 | |
San Francisco City & County Airport Comm-San Francisco International Airport | | | | | | | | |
5.25%, 05/01/2049 | | | 200 | | | | 216 | |
San Francisco City & County Public Utilities Commission Power Revenue | | | | | | | | |
5.00%, 11/01/2053 | | | 1,000 | | | | 1,090 | |
San Francisco Community College District | | | | | | | | |
3.00%, 06/15/2045 | | | 100 | | | | 81 | |
Southern California Public Power Authority | | | | | | | | |
5.00%, 04/01/2055 (1) | | | 350 | | | | 371 | |
State of California | | | | | | | | |
3.00%, 11/01/2040 | | | 500 | | | | 440 | |
5.00%, 09/01/2043 | | | 1,000 | | | | 1,120 | |
5.00%, 09/01/2048 | | | 2,550 | | | | 2,841 | |
5.00%, 09/01/2052 | | | 1,000 | | | | 1,096 | |
5.25%, 10/01/2050 | | | 2,650 | | | | 2,985 | |
5.50%, 12/01/2052 | | | 1,465 | | | | 1,588 | |
Transbay Joint Powers Authority | | | | | | | | |
5.00%, 10/01/2033 | | | 250 | | | | 261 | |
5.00%, 10/01/2034 | | | 250 | | | | 261 | |
5.00%, 10/01/2035 | | | 240 | | | | 250 | |
5.00%, 10/01/2038 | | | 600 | | | | 617 | |
West Sacramento Financing Authority | | | | | | | | |
5.00%, 09/01/2034 | | | 135 | | | | 150 | |
| | | | | | | | |
Total California | | | | 281,969 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Colorado – 4.57% | | | | | | | | |
Aerotropolis Regional Transportation Authority | | | | | | | | |
4.38%, 12/01/2052 | | $ | 2,715 | | | $ | 2,381 | |
Amber Creek Metropolitan District | | | | | | | | |
5.00%, 12/01/2037 | | | 714 | | | | 658 | |
5.13%, 12/01/2047 | | | 1,550 | | | | 1,370 | |
Arista Metropolitan District | | | | | | | | |
8.25%, 12/15/2039 | | | 500 | | | | 516 | |
Arkansas River Power Authority | | | | | | | | |
5.00%, 10/01/2033 | | | 500 | | | | 514 | |
5.00%, 10/01/2043 | | | 225 | | | | 229 | |
Aurora Crossroads Metropolitan District No 2 | | | | | | | | |
5.00%, 12/01/2040 | | | 500 | | | | 487 | |
5.00%, 12/01/2050 | | | 1,000 | | | | 922 | |
Baseline Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2051 | | | 500 | | | | 459 | |
Berthoud-Heritage Metropolitan District No 1 | | | | | | | | |
5.63%, 12/01/2048 | | | 3,490 | | | | 3,468 | |
Board of Water Commissioners City & County of Denver | | | | | | | | |
3.00%, 09/15/2045 | | | 2,000 | | | | 1,619 | |
5.00%, 12/15/2052 | | | 1,665 | | | | 1,796 | |
Brighton Crossing Metropolitan District No 4 | | | | | | | | |
5.00%, 12/01/2037 | | | 525 | | | | 525 | |
Brighton Crossing Metropolitan District No 6 | | | | | | | | |
5.00%, 12/01/2040 | | | 515 | | | | 478 | |
5.00%, 12/01/2050 | | | 2,785 | | | | 2,464 | |
Broadway Park North Metropolitan District No 2 | | | | | | | | |
5.00%, 12/01/2040 (4) | | | 2,255 | | | | 2,171 | |
5.00%, 12/01/2049 (4) | | | 730 | | | | 685 | |
Buffalo Highlands Metropolitan District | | | | | | | | |
5.25%, 12/01/2038 | | | 500 | | | | 495 | |
Canyons Metropolitan District No 5 | | | | | | | | |
6.00%, 12/01/2037 | | | 600 | | | | 600 | |
Chambers Highpoint Metropolitan District No 2 | | | | | | | | |
5.00%, 12/01/2041 | | | 1,030 | | | | 903 | |
City & County of Denver CO | | | | | | | | |
5.00%, 10/01/2032 | | | 4,175 | | | | 4,175 | |
City & County of Denver CO Airport System Revenue | | | | | | | | |
5.00%, 12/01/2048 | | | 340 | | | | 346 | |
City & County of Denver CO Pledged Excise Tax Revenue | | | | | | | | |
0.00%, 08/01/2034 | | | 500 | | | | 326 | |
Clear Creek Transit Metropolitan District No 2 | | | | | | | | |
5.00%, 12/01/2050 | | | 1,309 | | | | 1,061 | |
Colorado Crossing Metropolitan District No 2 | | | | | | | | |
4.00%, 12/01/2030 | | | 500 | | | | 477 | |
5.00%, 12/01/2050 | | | 500 | | | | 478 | |
Colorado Educational & Cultural Facilities Authority | | | | | | | | |
5.75%, 04/01/2059 (4) | | | 675 | | | | 696 | |
5.80%, 04/01/2054 (4) | | | 1,345 | | | | 1,398 | |
Colorado Health Facilities Authority | | | | | | | | |
3.00%, 09/01/2024 | | | 235 | | | | 235 | |
3.25%, 08/01/2049 | | | 620 | | | | 486 | |
4.00%, 05/15/2031 | | | 40 | | | | 39 | |
4.00%, 05/15/2032 | | | 50 | | | | 49 | |
4.00%, 05/15/2033 | | | 55 | | | | 54 | |
4.00%, 05/15/2034 | | | 55 | | | | 53 | |
4.00%, 05/15/2035 | | | 55 | | | | 53 | |
4.00%, 05/15/2036 | | | 60 | | | | 58 | |
4.00%, 11/01/2039 | | | 3,775 | | | | 3,673 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Colorado – 4.57% – (continued) | | | | | | | | |
4.00%, 12/01/2040 | | $ | 250 | | | $ | 239 | |
4.00%, 05/15/2041 | | | 100 | | | | 91 | |
4.00%, 05/15/2048 | | | 150 | | | | 127 | |
4.00%, 09/01/2050 | | | 375 | | | | 360 | |
5.00%, 01/01/2037 | | | 100 | | | | 100 | |
5.00%, 01/01/2038 | | | 100 | | | | 101 | |
5.00%, 05/15/2054 | | | 850 | | | | 900 | |
5.25%, 05/15/2028 | | | 500 | | | | 511 | |
5.75%, 12/01/2035 (4) | | | 100 | | | | 75 | |
6.13%, 12/01/2045 (4) | | | 875 | | | | 600 | |
6.25%, 12/01/2050 (4) | | | 485 | | | | 327 | |
Colorado High Performance Transportation Enterprise | | | | | | | | |
5.00%, 12/31/2047 | | | 3,330 | | | | 3,334 | |
5.00%, 12/31/2051 | | | 5,000 | | | | 5,004 | |
5.00%, 12/31/2056 | | | 5,760 | | | | 5,761 | |
Colorado International Center Metropolitan District No 14 | | | | | | | | |
5.88%, 12/01/2046 | | | 1,090 | | | | 1,092 | |
Colorado Science & Technology Park Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2033 | | | 4,040 | | | | 4,164 | |
5.25%, 12/01/2048 | | | 2,200 | | | | 2,268 | |
Copper Ridge Metropolitan District | | | | | | | | |
5.00%, 12/01/2039 | | | 500 | | | | 478 | |
Copperleaf Metropolitan District No 4 | | | | | | | | |
5.00%, 12/01/2039 | | | 1,275 | | | | 1,256 | |
5.00%, 12/01/2049 | | | 1,500 | | | | 1,402 | |
Cornerstar Metropolitan District | | | | | | | | |
5.13%, 12/01/2037 | | | 500 | | | | 500 | |
Cottonwood Highlands Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2049 | | | 900 | | | | 894 | |
Crowfoot Valley Ranch Metropolitan District No 2 | | | | | | | | |
5.75%, 12/01/2048 | | | 1,500 | | | | 1,490 | |
Denver Convention Center Hotel Authority | | | | | | | | |
5.00%, 12/01/2030 | | | 2,000 | | | | 2,044 | |
Denver Gateway Center Metropolitan District | | | | | | | | |
5.50%, 12/01/2038 | | | 2,668 | | | | 2,677 | |
5.63%, 12/01/2048 | | | 2,130 | | | | 2,108 | |
Denver Health & Hospital Authority | | | | | | | | |
5.00%, 12/01/2048 | | | 1,800 | | | | 1,727 | |
Denver International Business Center Metropolitan District No 1 | | | | | | | | |
6.00%, 12/01/2048 | | | 600 | | | | 615 | |
Denver Urban Renewal Authority | | | | | | | | |
5.25%, 12/01/2039 (4) | | | 1,000 | | | | 1,007 | |
DIATC Metropolitan District | | | | | | | | |
3.25%, 12/01/2029 (4) | | | 590 | | | | 542 | |
5.00%, 12/01/2039 (4) | | | 500 | | | | 494 | |
E-470 Public Highway Authority | | | | | | | | |
4.33% (SOFR + 0.75%), 09/01/2039 (5) | | | 900 | | | | 900 | |
5.00%, 09/01/2040 | | | 105 | | | | 117 | |
5.00%, 09/01/2040 | | | 4,975 | | | | 4,986 | |
First Creek Village Metropolitan District | | | | | | | | |
5.00%, 12/01/2039 | | | 595 | | | | 603 | |
Fitzsimons Village Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2049 | | | 500 | | | | 453 | |
Great Western Metropolitan District | | | | | | | | |
4.75%, 12/01/2050 | | | 625 | | | | 560 | |
Greenways Metropolitan District No 1 | | | | | | | | |
4.63%, 12/01/2051 | | | 500 | | | | 350 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Colorado – 4.57% – (continued) | | | | | | | | |
Highlands Metropolitan District No 1 | | | | | | | | |
4.00%, 12/01/2031 | | $ | 500 | | | $ | 446 | |
5.00%, 12/01/2041 | | | 550 | | | | 494 | |
Hogback Metropolitan District | | | | | | | | |
5.00%, 12/01/2041 | | | 725 | | | | 667 | |
5.00%, 12/01/2051 | | | 1,050 | | | | 922 | |
Jefferson Center Metropolitan District No 1 | | | | | | | | |
5.75%, 12/15/2050 | | | 665 | | | | 672 | |
Kinston Metropolitan District No 5 | | | | | | | | |
5.13%, 12/01/2050 | | | 500 | | | | 495 | |
Longs Peak Metropolitan District | | | | | | | | |
5.25%, 12/01/2051 (4) | | | 500 | | | | 493 | |
Mirabelle Metropolitan District No 2 | | | | | | | | |
5.00%, 12/01/2039 | | | 700 | | | | 697 | |
5.00%, 12/01/2049 | | | 1,750 | | | | 1,741 | |
Nexus North at DIA Metropolitan District | | | | | | | | |
5.00%, 12/01/2041 | | | 500 | | | | 456 | |
North Holly Metropolitan District | | | | | | | | |
5.50%, 12/01/2048 | | | 1,510 | | | | 1,499 | |
North Range Metropolitan District No 2 | | | | | | | | |
5.75%, 12/01/2047 | | | 1,000 | | | | 1,001 | |
Painted Prairie Metropolitan District No 2 | | | | | | | | |
5.25%, 12/01/2048 | | | 2,338 | | | | 2,256 | |
Palisade Park North Metropolitan District No 1 | | | | | | | | |
5.25%, 12/15/2051 | | | 500 | | | | 438 | |
Park Creek Metropolitan District | | | | | | | | |
5.00%, 12/01/2027 | | | 50 | | | | 51 | |
5.00%, 12/01/2045 | | | 3,100 | | | | 3,104 | |
Peak Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2041 (4) | | | 1,000 | | | | 913 | |
Pronghorn Valley Metropolitan District | | | | | | | | |
3.75%, 12/01/2041 | | | 515 | | | | 415 | |
4.00%, 12/01/2051 | | | 650 | | | | 505 | |
Public Authority for Colorado Energy | | | | | | | | |
6.25%, 11/15/2028 | | | 410 | | | | 430 | |
6.50%, 11/15/2038 | | | 790 | | | | 968 | |
Pueblo Urban Renewal Authority | | | | | | | | |
0.00%, 12/01/2025 (4) | | | 250 | | | | 227 | |
4.75%, 12/01/2045 (4) | | | 2,390 | | | | 1,624 | |
Rampart Range Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2047 | | | 650 | | | | 661 | |
Rampart Range Metropolitan District No 5 | | | | | | | | |
4.00%, 12/01/2036 | | | 1,250 | | | | 1,154 | |
4.00%, 12/01/2051 | | | 3,225 | | | | 2,476 | |
Regional Transportation District | | | | | | | | |
4.00%, 07/15/2038 | | | 1,150 | | | | 1,151 | |
Ridgeline Vista Metropolitan District | | | | | | | | |
5.25%, 12/01/2060 | | | 1,000 | | | | 834 | |
Riverwalk Metropolitan District No 2 | | | | | | | | |
5.00%, 12/01/2052 | | | 1,865 | | | | 1,668 | |
Rocky Mountain Rail Park Metropolitan District | | | | | | | | |
5.00%, 12/01/2031 (4) | | | 500 | | | | 441 | |
Southglenn Metropolitan District | | | | | | | | |
5.00%, 12/01/2046 | | | 623 | | | | 580 | |
Southlands Metropolitan District No 1 | | | | | | | | |
5.00%, 12/01/2047 | | | 1,000 | | | | 985 | |
State of Colorado | | | | | | | | |
6.00%, 12/15/2040 | | | 5,165 | | | | 6,155 | |
6.00%, 12/15/2041 | | | 6,125 | | | | 7,271 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Colorado – 4.57% – (continued) | | | | | | | | |
STC Metropolitan District No 2 | | | | | | | | |
4.00%, 12/01/2029 | | $ | 1,305 | | | $ | 1,262 | |
5.00%, 12/01/2038 | | | 565 | | | | 549 | |
5.00%, 12/01/2049 | | | 500 | | | | 469 | |
Sterling Ranch Community Authority Board | | | | | | | | |
5.63%, 12/01/2043 | | | 2,275 | | | | 2,342 | |
8.75%, 12/15/2054 | | | 500 | | | | 506 | |
Talon Pointe Metropolitan District | | | | | | | | |
5.25%, 12/01/2051 | | | 1,000 | | | | 749 | |
Thompson Crossing Metropolitan District No 4 | | | | | | | | |
5.00%, 12/01/2049 | | | 500 | | | | 460 | |
Trails at Crowfoot Metropolitan District No 3 | | | | | | | | |
5.00%, 12/01/2049 | | | 500 | | | | 481 | |
Vauxmont Metropolitan District | | | | | | | | |
5.00%, 12/15/2030 | | | 375 | | | | 388 | |
Village at Dry Creek Metropolitan District No 2 | | | | | | | | |
4.38%, 12/01/2044 | | | 500 | | | | 481 | |
Waterview II Metropolitan District | | | | | | | | |
4.50%, 12/01/2031 | | | 525 | | | | 511 | |
Weld County School District No 6 Greeley | | | | | | | | |
4.00%, 12/01/2045 | | | 1,000 | | | | 988 | |
Westcreek Metropolitan District No 2 | | | | | | | | |
5.38%, 12/01/2048 | | | 500 | | | | 498 | |
Willow Bend Metropolitan District | | | | | | | | |
5.00%, 12/01/2039 | | | 600 | | | | 584 | |
5.00%, 12/01/2049 | | | 1,500 | | | | 1,389 | |
Windler Public Improvement Authority | | | | | | | | |
4.13%, 12/01/2051 | | | 3,500 | | | | 2,629 | |
| | | | | | | | |
Total Colorado | | | | 144,830 | |
| | | | | | | | |
| Connecticut – 0.78% | | | | | | | | |
Connecticut Housing Finance Authority | | | | | | | | |
4.75%, 11/15/2049 | | | 1,750 | | | | 1,774 | |
4.80%, 11/15/2054 | | | 1,500 | | | | 1,521 | |
6.00%, 11/15/2054 | | | 35 | | | | 38 | |
6.00%, 11/15/2054 | | | 305 | | | | 335 | |
Connecticut State Health & Educational Facilities Authority | | | | | | | | |
4.00%, 07/01/2030 | | | 400 | | | | 390 | |
4.00%, 07/01/2041 | | | 275 | | | | 242 | |
4.00%, 07/01/2044 | | | 1,110 | | | | 879 | |
4.00%, 07/01/2045 | | | 250 | | | | 243 | |
4.00%, 07/01/2049 | | | 3,730 | | | | 2,820 | |
4.00%, 07/01/2051 | | | 250 | | | | 199 | |
5.00%, 07/01/2031 | | | 1,080 | | | | 1,090 | |
5.00%, 07/01/2032 | | | 280 | | | | 283 | |
5.00%, 07/01/2033 | | | 175 | | | | 177 | |
5.00%, 07/01/2034 | | | 125 | | | | 126 | |
5.00%, 07/01/2043 | | | 2,445 | | | | 2,445 | |
5.00%, 09/01/2046 (4) | | | 250 | | | | 228 | |
5.00%, 09/01/2053 (4) | | | 110 | | | | 97 | |
5.38%, 07/01/2054 | | | 1,750 | | | | 1,746 | |
Connecticut State Higher Education Supplement Loan Authority | | | | | | | | |
4.13%, 11/15/2040 | | | 105 | | | | 104 | |
Harbor Point Infrastructure Improvement District | | | | | | | | |
5.00%, 04/01/2039 (4) | | | 500 | | | | 502 | |
Mashantucket Western Pequot Tribe | | | | | | | | |
6.05%, 07/01/2031 | | | 1,985 | | | | 442 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Connecticut – 0.78% – (continued) | | | | | | | | |
Mohegan Tribe of Indians of Connecticut | | | | | | | | |
6.25%, 02/01/2030 (4) | | $ | 1,000 | | | $ | 1,017 | |
6.75%, 02/01/2045 (4) | | | 530 | | | | 531 | |
State of Connecticut Special Tax Revenue | | | | | | | | |
5.00%, 07/01/2024 | | | 900 | | | | 900 | |
Steel Point Infrastructure Improvement District | | | | | | | | |
4.00%, 04/01/2036 (4) | | | 850 | | | | 783 | |
4.00%, 04/01/2041 (4) | | | 235 | | | | 207 | |
4.00%, 04/01/2051 (4) | | | 1,440 | | | | 1,199 | |
5.63%, 04/01/2044 (4) | | | 200 | | | | 209 | |
6.00%, 04/01/2052 (4) | | | 1,000 | | | | 1,062 | |
Town of Hamden CT | | | | | | | | |
5.00%, 01/01/2040 | | | 2,485 | | | | 2,447 | |
5.00%, 01/01/2050 | | | 820 | | | | 758 | |
| | | | | | | | |
Total Connecticut | | | | 24,794 | |
| | | | | | | | |
| Delaware – 0.85% | | | | | | | | |
County of Kent DE | | | | | | | | |
5.00%, 07/01/2032 | | | 20 | | | | 21 | |
5.00%, 07/01/2040 | | | 2,195 | | | | 2,227 | |
5.00%, 07/01/2048 | | | 2,505 | | | | 2,522 | |
5.00%, 07/01/2053 | | | 295 | | | | 296 | |
5.00%, 07/01/2058 | | | 250 | | | | 250 | |
County of Sussex DE | | | | | | | | |
5.00%, 01/01/2036 | | | 2,680 | | | | 2,673 | |
Delaware State Economic Development Authority | | | | | | | | |
4.00%, 09/01/2030 | | | 195 | | | | 195 | |
4.00%, 09/01/2041 | | | 550 | | | | 514 | |
4.00%, 06/01/2042 | | | 1,000 | | | | 889 | |
4.00%, 06/01/2052 | | | 110 | | | | 90 | |
4.00%, 06/01/2057 | | | 105 | | | | 84 | |
5.00%, 09/01/2036 | | | 1,225 | | | | 1,252 | |
5.00%, 08/01/2039 | | | 715 | | | | 723 | |
5.00%, 09/01/2040 | | | 340 | | | | 351 | |
5.00%, 09/01/2046 | | | 700 | | | | 705 | |
5.00%, 11/15/2048 | | | 2,000 | | | | 2,029 | |
5.00%, 08/01/2049 | | | 900 | | | | 881 | |
5.00%, 09/01/2050 | | | 370 | | | | 374 | |
5.00%, 08/01/2054 | | | 835 | | | | 809 | |
Delaware State Health Facilities Authority | | | | | | | | |
5.00%, 06/01/2037 | | | 1,455 | | | | 1,465 | |
5.00%, 06/01/2043 | | | 1,420 | | | | 1,409 | |
5.00%, 06/01/2048 | | | 675 | | | | 658 | |
5.00%, 06/01/2050 | | | 3,165 | | | | 3,072 | |
Delaware State Housing Authority | | | | | | | | |
4.65%, 07/01/2049 | | | 2,250 | | | | 2,237 | |
Town of Bridgeville DE | | | | | | | | |
5.63%, 07/01/2053 (4) | | | 1,135 | | | | 1,191 | |
| | | | | | | | |
Total Delaware | | | | 26,917 | |
| | | | | | | | |
| District of Columbia – 1.37% | | | | | | | | |
District of Columbia | | | | | | | | |
0.00%, 06/01/2041 (4) | | | 1,000 | | | | 574 | |
0.00%, 06/01/2046 (4) | | | 1,440 | | | | 1,083 | |
0.00%, 06/01/2049 (4) | | | 2,175 | | | | 1,222 | |
5.00%, 07/01/2027 | | | 225 | | | | 232 | |
5.00%, 06/01/2036 | | | 205 | | | | 208 | |
5.00%, 07/01/2037 | | | 245 | | | | 246 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| District of Columbia – 1.37% – (continued) | | | | | | | | |
5.00%, 06/01/2041 | | $ | 580 | | | $ | 583 | |
5.00%, 07/01/2042 | | | 2,520 | | | | 2,459 | |
5.00%, 06/01/2046 | | | 3,665 | | | | 3,676 | |
5.00%, 07/01/2052 | | | 2,085 | | | | 1,912 | |
5.13%, 01/01/2035 | | | 105 | | | | 95 | |
5.25%, 01/01/2039 | | | 70 | | | | 61 | |
5.63%, 06/01/2044 | | | 2,205 | | | | 2,287 | |
5.75%, 06/01/2054 | | | 1,000 | | | | 1,028 | |
District of Columbia Tobacco Settlement Financing Corp. | | | | | | | | |
0.00%, 06/15/2046 | | | 3,560 | | | | 753 | |
0.00%, 06/15/2046 | | | 16,530 | | | | 3,931 | |
Metropolitan Washington Airports Authority Aviation Revenue | | | | | | | | |
5.00%, 10/01/2042 | | | 4,000 | | | | 4,087 | |
5.00%, 10/01/2043 | | | 6,410 | | | | 6,573 | |
5.50%, 10/01/2054 | | | 1,000 | | | | 1,096 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | | | | | | | | |
0.00%, 10/01/2035 | | | 6,025 | | | | 3,852 | |
0.00%, 10/01/2037 | | | 1,870 | | | | 1,086 | |
0.00%, 10/01/2038 | | | 680 | | | | 358 | |
0.00%, 10/01/2039 | | | 135 | | | | 67 | |
0.00%, 10/01/2040 | | | 340 | | | | 159 | |
4.00%, 10/01/2053 | | | 1,000 | | | | 943 | |
5.00%, 10/01/2044 | | | 1,500 | | | | 1,553 | |
6.50%, 10/01/2044 | | | 950 | | | | 1,040 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue | | | | | | | | |
4.00%, 07/15/2046 | | | 2,260 | | | | 2,202 | |
| | | | | | | | |
Total District of Columbia | | | | 43,366 | |
| | | | | | | | |
| Florida – 5.24% | | | | | | | | |
Alachua County Health Facilities Authority | | | | | | | | |
4.00%, 12/01/2049 | | | 5,000 | | | | 4,658 | |
5.00%, 12/01/2036 | | | 1,000 | | | | 1,003 | |
5.00%, 12/01/2044 | | | 3,160 | | | | 3,162 | |
6.00%, 11/15/2034 | | | 50 | | | | 38 | |
6.25%, 11/15/2044 | | | 400 | | | | 275 | |
6.38%, 11/15/2049 | | | 940 | | | | 632 | |
Avenir Community Development District | | | | | | | | |
5.38%, 05/01/2043 | | | 165 | | | | 168 | |
5.63%, 05/01/2054 | | | 1,695 | | | | 1,733 | |
Boggy Creek Improvement District | | | | | | | | |
5.13%, 05/01/2043 | | | 580 | | | | 580 | |
Capital Projects Finance Authority | | | | | | | | |
5.00%, 10/01/2034 | | | 585 | | | | 599 | |
5.00%, 10/01/2035 | | | 500 | | | | 512 | |
Capital Trust Agency, Inc. | | | | | | | | |
4.00%, 06/15/2025 (4) | | | 250 | | | | 248 | |
4.00%, 06/15/2031 (4) | | | 800 | | | | 745 | |
4.00%, 06/15/2041 (4) | | | 155 | | | | 132 | |
4.00%, 06/15/2051 (4) | | | 235 | | | | 180 | |
5.00%, 10/15/2037 (4) | | | 160 | | | | 162 | |
5.00%, 07/01/2049 (4) | | | 265 | | | | 261 | |
5.00%, 07/01/2056 (4) | | | 200 | | | | 192 | |
5.13%, 06/15/2037 (4) | | | 250 | | | | 252 | |
5.25%, 12/01/2058 (4) | | | 3,270 | | | | 3,247 | |
Capital Trust Authority | | | | | | | | |
6.25%, 06/15/2053 (4) | | | 200 | | | | 209 | |
6.38%, 06/15/2058 (4) | | | 210 | | | | 220 | |
6.50%, 12/15/2058 (4) | | | 370 | | | | 375 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 5.24% – (continued) | | | | | | | | |
Celebration Pointe Community Development District No 1 | | | | | | | | |
3.00%, 05/01/2031 | | $ | 715 | | | $ | 666 | |
3.38%, 05/01/2041 | | | 90 | | | | 75 | |
4.00%, 05/01/2053 | | | 2,445 | | | | 2,009 | |
5.00%, 05/01/2032 | | | 630 | | | | 641 | |
5.13%, 05/01/2045 | | | 65 | | | | 65 | |
Central Florida Expressway Authority | | | | | | | | |
5.00%, 07/01/2044 | | | 2,000 | | | | 2,087 | |
City of Atlantic Beach FL | | | | | | | | |
5.00%, 11/15/2043 | | | 250 | | | | 254 | |
5.00%, 11/15/2048 | | | 500 | | | | 503 | |
City of Cape Coral FL Water & Sewer Revenue | | | | | | | | |
2.75%, 09/01/2025 | | | 1,280 | | | | 1,258 | |
City of Jacksonville FL | | | | | | | | |
5.00%, 06/01/2053 (4) | | | 2,265 | | | | 2,149 | |
City of Pompano Beach FL | | | | | | | | |
3.50%, 09/01/2030 | | | 1,000 | | | | 974 | |
3.50%, 09/01/2035 | | | 1,075 | | | | 1,008 | |
4.00%, 09/01/2036 | | | 500 | | | | 488 | |
4.00%, 09/01/2040 | | | 100 | | | | 93 | |
4.00%, 09/01/2041 | | | 570 | | | | 525 | |
City of Tampa FL | | | | | | | | |
0.00%, 09/01/2036 | | | 800 | | | | 477 | |
0.00%, 09/01/2037 | | | 800 | | | | 454 | |
4.00%, 04/01/2050 | | | 2,000 | | | | 1,900 | |
5.00%, 04/01/2040 | | | 1,115 | | | | 1,121 | |
County of Miami-Dade FL Aviation Revenue | | | | | | | | |
4.00%, 10/01/2041 | | | 1,500 | | | | 1,501 | |
5.00%, 10/01/2034 | | | 3,000 | | | | 3,004 | |
5.00%, 10/01/2034 | | | 6,070 | | | | 6,078 | |
5.00%, 10/01/2040 | | | 1,000 | | | | 1,017 | |
County of Miami-Dade FL Water & Sewer System Revenue | | | | | | | | |
4.00%, 10/01/2048 | | | 2,085 | | | | 2,020 | |
Crossings At Fleming Island Community Development District | | | | | | | | |
4.50%, 05/01/2030 | | | 3,290 | | | | 3,209 | |
Double Branch Community Development District | | | | | | | | |
4.00%, 05/01/2025 | | | 15 | | | | 15 | |
Everest GMR Community Development District | | | | | | | | |
6.20%, 05/01/2054 | | | 3,515 | | | | 3,611 | |
Florida Development Finance Corp. | | | | | | | | |
3.00%, 06/01/2032 | | | 7,205 | | | | 6,269 | |
4.00%, 09/15/2030 (4) | | | 250 | | | | 240 | |
4.00%, 06/01/2036 (4) | | | 500 | | | | 443 | |
4.00%, 07/01/2051 (4) | | | 1,000 | | | | 857 | |
4.00%, 02/01/2052 | | | 255 | | | | 193 | |
4.00%, 06/01/2055 (4) | | | 250 | | | | 178 | |
5.00%, 06/15/2028 | | | 180 | | | | 185 | |
5.00%, 06/15/2028 | | | 310 | | | | 319 | |
5.00%, 06/15/2029 | | | 235 | | | | 242 | |
5.00%, 06/15/2030 | | | 375 | | | | 387 | |
5.00%, 06/15/2030 | | | 395 | | | | 407 | |
5.00%, 02/15/2031 | | | 530 | | | | 536 | |
5.00%, 06/15/2031 | | | 260 | | | | 268 | |
5.00%, 06/15/2035 | | | 145 | | | | 149 | |
5.00%, 02/01/2038 | | | 250 | | | | 252 | |
5.00%, 02/15/2038 | | | 600 | | | | 604 | |
5.00%, 09/15/2040 (4) | | | 500 | | | | 480 | |
5.00%, 06/15/2042 | | | 400 | | | | 406 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 5.24% – (continued) | | | | | | | | |
5.00%, 06/15/2047 | | $ | 150 | | | $ | 151 | |
5.00%, 02/15/2048 | | | 1,600 | | | | 1,561 | |
5.00%, 06/15/2050 | | | 200 | | | | 201 | |
5.00%, 02/01/2052 | | | 2,955 | | | | 2,815 | |
5.00%, 06/15/2052 | | | 250 | | | | 252 | |
5.25%, 08/01/2049 | | | 150 | | | | 157 | |
5.25%, 07/01/2053 | | | 450 | | | | 471 | |
5.50%, 06/01/2059 (4) | | | 500 | | | | 504 | |
6.13%, 07/01/2032 (1)(4) | | | 6,500 | | | | 6,672 | |
Florida Higher Educational Facilities Financial Authority | | | | | | | | |
4.50%, 06/01/2033 (4) | | | 2,000 | | | | 2,007 | |
4.75%, 06/01/2038 (4) | | | 215 | | | | 213 | |
5.00%, 06/01/2048 (4) | | | 3,155 | | | | 3,044 | |
Florida Housing Finance Corp. | | | | | | | | |
6.25%, 01/01/2055 | | | 120 | | | | 131 | |
6.25%, 07/01/2055 | | | 55 | | | | 61 | |
Golden Gem Community Development District | | | | | | | | |
5.70%, 05/01/2044 | | | 2,900 | | | | 2,931 | |
Greater Orlando Aviation Authority | | | | | | | | |
5.00%, 10/01/2046 | | | 2,000 | | | | 2,084 | |
Halifax Hospital Medical Center | | | | | | | | |
5.00%, 06/01/2036 | | | 3,000 | | | | 3,027 | |
Hillsborough County Aviation Authority | | | | | | | | |
5.00%, 10/01/2033 | | | 250 | | | | 250 | |
Hobe-St Lucie Conservancy District | | | | | | | | |
5.60%, 05/01/2044 | | | 1,305 | | | | 1,345 | |
5.88%, 05/01/2055 | | | 225 | | | | 231 | |
JEA Electric System Revenue | | | | | | | | |
4.00%, 10/01/2036 | | | 250 | | | | 251 | |
Lakes of Sarasota Community Development District | | | | | | | | |
3.88%, 05/01/2031 | | | 200 | | | | 197 | |
3.90%, 05/01/2041 | | | 285 | | | | 256 | |
4.10%, 05/01/2051 | | | 265 | | | | 225 | |
4.13%, 05/01/2031 | | | 1,000 | | | | 991 | |
4.13%, 05/01/2041 | | | 200 | | | | 184 | |
4.30%, 05/01/2051 | | | 325 | | | | 284 | |
Lakewood Ranch Stewardship District | | | | | | | | |
3.13%, 05/01/2025 | | | 65 | | | | 64 | |
3.40%, 05/01/2030 | | | 370 | | | | 354 | |
4.00%, 05/01/2040 | | | 600 | | | | 551 | |
4.00%, 05/01/2050 | | | 1,000 | | | | 851 | |
5.00%, 05/01/2036 | | | 100 | | | | 101 | |
5.13%, 05/01/2046 | | | 200 | | | | 201 | |
5.25%, 05/01/2037 | | | 245 | | | | 250 | |
5.30%, 05/01/2039 | | | 70 | | | | 72 | |
5.38%, 05/01/2047 | | | 310 | | | | 315 | |
5.45%, 05/01/2048 | | | 115 | | | | 117 | |
5.50%, 05/01/2039 (4) | | | 55 | | | | 57 | |
Laurel Road Community Development District | | | | | | | | |
3.00%, 05/01/2031 | | | 200 | | | | 179 | |
3.13%, 05/01/2031 | | | 1,165 | | | | 1,050 | |
4.00%, 05/01/2052 | | | 1,450 | | | | 1,147 | |
Lee County Industrial Development Authority | | | | | | | | |
5.25%, 11/15/2054 | | | 540 | | | | 569 | |
5.63%, 12/01/2037 (4) | | | 350 | | | | 291 | |
LTC Ranch West Residential Community Development District | | | | | | | | |
5.70%, 05/01/2044 | | | 315 | | | | 318 | |
5.75%, 05/01/2044 | | | 1,150 | | | | 1,161 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 5.24% – (continued) | | | | | | | | |
Miami Beach Health Facilities Authority | | | | | | | | |
3.00%, 11/15/2051 | | $ | 300 | | | $ | 231 | |
Miami-Dade County Educational Facilities Authority | | | | | | | | |
5.00%, 04/01/2040 | | | 2,855 | | | | 2,873 | |
Miami-Dade County Industrial Development Authority | | | | | | | | |
6.25%, 01/01/2059 (4) | | | 500 | | | | 507 | |
Midtown Miami Community Development District | | | | | | | | |
5.00%, 05/01/2029 | | | 500 | | | | 500 | |
Mirada Community Development District | | | | | | | | |
5.63%, 05/01/2044 | | | 1,250 | | | | 1,256 | |
6.00%, 05/01/2055 | | | 750 | | | | 757 | |
North AR-1 Pasco Community Development District | | | | | | | | |
5.75%, 05/01/2044 | | | 1,250 | | | | 1,268 | |
Orange County Health Facilities Authority | | | | | | | | |
4.00%, 10/01/2052 | | | 395 | | | | 377 | |
5.00%, 08/01/2035 | | | 1,500 | | | | 1,518 | |
5.00%, 10/01/2053 | | | 2,300 | | | | 2,417 | |
Palm Beach County Health Facilities Authority | | | | | | | | |
4.00%, 06/01/2041 | | | 1,675 | | | | 1,501 | |
4.00%, 11/15/2041 | | | 850 | | | | 813 | |
4.25%, 06/01/2056 | | | 3,350 | | | | 2,758 | |
5.00%, 06/01/2055 | | | 2,500 | | | | 2,365 | |
Pinellas County Educational Facilities Authority | | | | | | | | |
5.00%, 06/01/2056 (4) | | | 100 | | | | 88 | |
Pinellas County Industrial Development Authority | | | | | | | | |
5.00%, 07/01/2039 | | | 400 | | | | 405 | |
Polk County Industrial Development Authority | | | | | | | | |
5.00%, 01/01/2039 | | | 350 | | | | 351 | |
5.00%, 01/01/2055 | | | 400 | | | | 370 | |
River Hall Community Development District | | | | | | | | |
3.00%, 05/01/2036 | | | 150 | | | | 128 | |
Sarasota County Health Facilities Authority | | | | | | | | |
5.00%, 01/01/2037 | | | 1,095 | | | | 1,099 | |
5.00%, 01/01/2042 | | | 940 | | | | 918 | |
5.00%, 01/01/2047 | | | 1,095 | | | | 1,033 | |
5.00%, 01/01/2052 | | | 460 | | | | 423 | |
Sawyers Landing Community Development District | | | | | | | | |
3.75%, 05/01/2031 | | | 500 | | | | 471 | |
4.13%, 05/01/2041 | | | 885 | | | | 764 | |
4.25%, 05/01/2053 | | | 2,930 | | | | 2,440 | |
Seminole County Industrial Development Authority | | | | | | | | |
4.00%, 06/15/2041 (4) | | | 425 | | | | 381 | |
4.00%, 06/15/2051 (4) | | | 830 | | | | 693 | |
4.00%, 06/15/2056 (4) | | | 705 | | | | 575 | |
Shadowlawn Community Development District | | | | | | | | |
5.85%, 05/01/2054 | | | 1,850 | | | | 1,859 | |
Southeast Overtown Park West Community Redevelopment Agency | | | | | | | | |
5.00%, 03/01/2030 (4) | | | 1,550 | | | | 1,551 | |
St Johns County Industrial Development Authority | | | | | | | | |
4.00%, 12/15/2050 | | | 500 | | | | 377 | |
4.00%, 08/01/2055 | | | 100 | | | | 86 | |
Tolomato Community Development District | | | | | | | | |
0.00%, 05/01/2040 | | | 45 | | | | 44 | |
Town of Davie FL | | | | | | | | |
5.00%, 04/01/2048 | | | 1,440 | | | | 1,474 | |
Two Rivers West Community Development District | | | | | | | | |
5.63%, 05/01/2044 (4) | | | 250 | | | | 251 | |
5.88%, 05/01/2054 (4) | | | 1,000 | | | | 1,005 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Florida – 5.24% – (continued) | | | | | | | | |
Viera Stewardship District | | | | | | | | |
3.13%, 05/01/2041 | | $ | 820 | | | $ | 654 | |
4.00%, 05/01/2053 | | | 110 | | | | 90 | |
5.30%, 05/01/2043 | | | 2,000 | | | | 2,051 | |
5.50%, 05/01/2054 | | | 1,505 | | | | 1,538 | |
Village Community Development District No 12 | | | | | | | | |
4.25%, 05/01/2043 | | | 1,260 | | | | 1,222 | |
Village Community Development District No 13 | | | | | | | | |
3.00%, 05/01/2029 | | | 1,045 | | | | 1,003 | |
3.38%, 05/01/2034 | | | 955 | | | | 905 | |
Village Community Development District No 14 | | | | | | | | |
5.38%, 05/01/2042 | | | 4,000 | | | | 4,183 | |
Village Community Development District No 15 | | | | | | | | |
5.25%, 05/01/2054 (4) | | | 4,450 | | | | 4,575 | |
West Villages Improvement District | | | | | | | | |
5.38%, 05/01/2044 | | | 1,000 | | | | 1,006 | |
5.63%, 05/01/2054 | | | 550 | | | | 551 | |
Westside Haines City Community Development District | | | | | | | | |
5.75%, 05/01/2044 | | | 1,500 | | | | 1,522 | |
Westview South Community Development District | | | | | | | | |
5.38%, 05/01/2043 | | | 1,810 | | | | 1,844 | |
5.60%, 05/01/2053 | | | 1,585 | | | | 1,615 | |
| | | | | | | | |
Total Florida | | | | 166,030 | |
| | | | | | | | |
| Georgia – 2.87% | | | | | | | | |
Atlanta Development Authority | | | | | | | | |
5.25%, 07/01/2044 | | | 5,500 | | | | 5,567 | |
6.50%, 01/01/2029 (2)(3) | | | 665 | | | | 299 | |
6.75%, 01/01/2035 (2)(3) | | | 3,570 | | | | 1,607 | |
7.00%, 01/01/2040 (2)(3) | | | 3,315 | | | | 1,492 | |
Atlanta Urban Redevelopment Agency | | | | | | | | |
2.38%, 07/01/2026 (4) | | | 100 | | | | 97 | |
2.88%, 07/01/2031 (4) | | | 440 | | | | 405 | |
3.63%, 07/01/2042 (4) | | | 1,870 | | | | 1,705 | |
3.88%, 07/01/2051 (4) | | | 1,780 | | | | 1,586 | |
Augusta GA Airport Revenue | | | | | | | | |
5.00%, 01/01/2027 | | | 370 | | | | 371 | |
Cobb County Kennestone Hospital Authority | | | | | | | | |
5.00%, 04/01/2047 | | | 1,150 | | | | 1,165 | |
Coweta County Residential Care Facilities for the Elderly Authority | | | | | | | | |
4.00%, 03/01/2031 | | | 1,260 | | | | 1,181 | |
4.00%, 03/01/2041 | | | 935 | | | | 766 | |
Development Authority for Fulton County | | | | | | | | |
5.00%, 04/01/2047 | | | 1,500 | | | | 1,520 | |
Development Authority of Burke County | | | | | | | | |
1.50%, 01/01/2040 (1) | | | 345 | | | | 337 | |
4.13%, 11/01/2045 | | | 400 | | | | 364 | |
Development Authority of Cobb County | | | | | | | | |
6.40%, 06/15/2053 (4) | | | 100 | | | | 102 | |
Development Authority of Rockdale County | | | | | | | | |
4.00%, 01/01/2038 (4) | | | 5,055 | | | | 4,982 | |
Development Authority Of The City Of Marietta | | | | | | | | |
5.00%, 11/01/2027 (4) | | | 235 | | | | 237 | |
5.00%, 11/01/2037 (4) | | | 3,815 | | | | 3,796 | |
5.00%, 11/01/2047 (4) | | | 1,245 | | | | 1,178 | |
Fulton County Residential Care Facilities for the Elderly Authority | | | | | | | | |
4.00%, 04/01/2041 (4) | | | 205 | | | | 177 | |
4.00%, 04/01/2051 (4) | | | 2,075 | | | | 1,617 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Georgia – 2.87% – (continued) | | | | | | | | |
5.00%, 04/01/2047 (4) | | $ | 935 | | | $ | 875 | |
5.00%, 04/01/2054 (4) | | | 735 | | | | 666 | |
Gainesville & Hall County Hospital Authority | | | | | | | | |
5.50%, 02/15/2042 | | | 1,330 | | | | 1,386 | |
George L Smith II Congress Center Authority | | | | | | | | |
2.38%, 01/01/2031 | | | 190 | | | | 171 | |
3.63%, 01/01/2031 (4) | | | 105 | | | | 100 | |
4.00%, 01/01/2036 | | | 100 | | | | 99 | |
4.00%, 01/01/2054 | | | 7,480 | | | | 6,577 | |
5.00%, 01/01/2036 (4) | | | 2,125 | | | | 2,127 | |
5.00%, 01/01/2054 (4) | | | 6,620 | | | | 6,134 | |
Macon-Bibb County Urban Development Authority | | | | | | | | |
5.00%, 06/15/2027 (4) | | | 15 | | | | 15 | |
5.75%, 06/15/2037 (4) | | | 1,105 | | | | 1,144 | |
5.88%, 06/15/2047 (4) | | | 240 | | | | 246 | |
6.00%, 06/15/2052 (4) | | | 105 | | | | 108 | |
Main Street Natural Gas, Inc. | | | | | | | | |
4.00%, 07/01/2052 (1) | | | 500 | | | | 502 | |
5.00%, 05/15/2043 | | | 4,520 | | | | 4,633 | |
5.00%, 12/01/2052 (1) | | | 6,490 | | | | 6,803 | |
5.00%, 06/01/2053 (1) | | | 240 | | | | 254 | |
5.00%, 07/01/2053 (1) | | | 790 | | | | 838 | |
5.00%, 09/01/2053 (1) | | | 400 | | | | 425 | |
5.00%, 05/01/2054 (1) | | | 2,975 | | | | 3,159 | |
5.00%, 12/01/2054 (1) | | | 1,445 | | | | 1,524 | |
5.00%, 12/01/2054 (1) | | | 2,510 | | | | 2,660 | |
Municipal Electric Authority of Georgia | | | | | | | | |
5.00%, 01/01/2031 | | | 180 | | | | 190 | |
5.00%, 01/01/2034 | | | 500 | | | | 527 | |
5.00%, 01/01/2049 | | | 4,455 | | | | 4,570 | |
5.25%, 07/01/2064 | | | 2,000 | | | | 2,120 | |
Private Colleges & Universities Authority | | | | | | | | |
4.00%, 09/01/2037 | | | 5,000 | | | | 5,131 | |
4.00%, 09/01/2038 | | | 4,665 | | | | 4,750 | |
4.00%, 04/01/2044 | | | 2,000 | | | | 1,963 | |
State of Georgia | | | | | | | | |
5.00%, 07/01/2024 | | | 600 | | | | 600 | |
| | | | | | | | |
Total Georgia | | | | 90,848 | |
| | | | | | | | |
| Guam – 0.68% | | | | | | | | |
Antonio B Won Pat International Airport Authority | | | | | | | | |
5.13%, 10/01/2034 | | | 780 | | | | 782 | |
5.25%, 10/01/2029 | | | 1,145 | | | | 1,162 | |
5.38%, 10/01/2033 | | | 1,050 | | | | 1,067 | |
5.38%, 10/01/2043 | | | 1,250 | | | | 1,243 | |
Guam Department of Education | | | | | | | | |
3.63%, 02/01/2025 | | | 100 | | | | 99 | |
Guam Government Waterworks Authority | | | | | | | | |
5.00%, 07/01/2035 | | | 1,550 | | | | 1,550 | |
Guam Power Authority | | | | | | | | |
5.00%, 10/01/2033 | | | 765 | | | | 789 | |
5.00%, 10/01/2042 | | | 350 | | | | 363 | |
5.00%, 10/01/2043 | | | 1,965 | | | | 2,031 | |
5.00%, 10/01/2044 | | | 1,145 | | | | 1,181 | |
Territory of Guam | | | | | | | | |
4.00%, 11/15/2039 | | | 730 | | | | 691 | |
4.00%, 01/01/2042 | | | 2,215 | | | | 2,130 | |
5.00%, 11/15/2027 | | | 1,000 | | | | 1,013 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Guam – 0.68% – (continued) | | | | | | | | |
5.00%, 11/01/2028 | | $ | 250 | | | $ | 259 | |
5.00%, 01/01/2030 | | | 1,070 | | | | 1,131 | |
5.00%, 11/01/2030 | | | 250 | | | | 262 | |
5.00%, 01/01/2031 | | | 695 | | | | 741 | |
5.00%, 11/15/2031 | | | 1,760 | | | | 1,786 | |
5.00%, 11/01/2035 | | | 875 | | | | 915 | |
5.00%, 11/01/2040 | | | 2,200 | | | | 2,239 | |
| | | | | | | | |
Total Guam | | | | 21,434 | |
| | | | | | | | |
| Hawaii – 0.03% | | | | | | | | |
City & County Honolulu HI Wastewater System Revenue | | | | | | | | |
3.00%, 07/01/2041 | | | 1,000 | | | | 860 | |
State of Hawaii Department of Budget & Finance | | | | | | | | |
4.00%, 03/01/2037 | | | 340 | | | | 226 | |
| | | | | | | | |
Total Hawaii | | | | 1,086 | |
| | | | | | | | |
| Idaho – 0.41% | | | | | | | | |
Idaho Health Facilities Authority | | | | | | | | |
5.00%, 03/01/2034 | | | 3,155 | | | | 3,156 | |
Idaho Housing & Finance Association | | | | | | | | |
4.00%, 08/15/2049 | | | 1,000 | | | | 959 | |
5.00%, 07/01/2040 (4) | | | 250 | | | | 245 | |
6.00%, 07/01/2054 | | | 195 | | | | 214 | |
Power County Industrial Development Corp. | | | | | | | | |
6.45%, 08/01/2032 | | | 310 | | | | 311 | |
Spring Valley Community Infrastructure District No 1 | | | | | | | | |
3.75%, 09/01/2051 (4) | | | 4,387 | | | | 4,023 | |
6.25%, 09/01/2053 (4) | | | 3,800 | | | | 3,940 | |
| | | | | | | | |
Total Idaho | | | | 12,848 | |
| | | | | | | | |
| Illinois – 5.72% | | | | | | | | |
Chicago Board of Education | | | | | | | | |
0.00%, 12/01/2024 | | | 165 | | | | 162 | |
0.00%, 12/01/2024 | | | 200 | | | | 197 | |
0.00%, 12/01/2025 | | | 700 | | | | 660 | |
0.00%, 12/01/2027 | | | 1,055 | | | | 911 | |
0.00%, 12/01/2028 | | | 170 | | | | 140 | |
0.00%, 12/01/2029 | | | 55 | | | | 43 | |
0.00%, 12/01/2029 | | | 120 | | | | 94 | |
0.00%, 12/01/2029 | | | 965 | | | | 768 | |
0.00%, 12/01/2030 | | | 1,765 | | | | 1,330 | |
0.00%, 12/01/2031 | | | 150 | | | | 108 | |
4.00%, 12/01/2041 | | | 1,000 | | | | 925 | |
4.00%, 12/01/2047 | | | 500 | | | | 438 | |
5.00%, 12/01/2033 | | | 1,750 | | | | 1,819 | |
5.00%, 12/01/2034 | | | 320 | | | | 334 | |
5.00%, 12/01/2034 | | | 555 | | | | 552 | |
5.00%, 12/01/2034 | | | 3,750 | | | | 3,928 | |
5.00%, 12/01/2035 | | | 2,550 | | | | 2,661 | |
5.00%, 12/01/2036 | | | 335 | | | | 342 | |
5.00%, 12/01/2041 | | | 100 | | | | 102 | |
5.00%, 12/01/2042 | | | 1,160 | | | | 1,160 | |
5.00%, 12/01/2046 | | | 2,500 | | | | 2,507 | |
5.00%, 12/01/2047 | | | 1,250 | | | | 1,261 | |
5.50%, 12/01/2026 | | | 170 | | | | 173 | |
7.00%, 12/01/2042 (4) | | | 100 | | | | 108 | |
7.00%, 12/01/2044 | | | 820 | | | | 846 | |
Chicago Midway International Airport | | | | | | | | |
5.00%, 01/01/2046 | | | 300 | | | | 303 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 5.72% – (continued) | | | | | | | | |
Chicago O’Hare International Airport | | | | | | | | |
5.00%, 01/01/2039 | | $ | 5,000 | | | $ | 5,139 | |
Chicago Transit Authority Sales Tax Receipts Fund | | | | | | | | |
4.00%, 12/01/2049 | | | 2,265 | | | | 2,171 | |
City of Chicago IL | | | | | | | | |
0.00%, 01/01/2025 | | | 515 | | | | 504 | |
0.00%, 01/01/2027 | | | 680 | | | | 621 | |
4.00%, 01/01/2036 | | | 250 | | | | 250 | |
5.00%, 01/01/2028 | | | 1,290 | | | | 1,344 | |
5.00%, 01/01/2034 | | | 385 | | | | 416 | |
5.00%, 01/01/2035 | | | 750 | | | | 756 | |
5.00%, 01/01/2038 | | | 2,500 | | | | 2,513 | |
5.00%, 01/01/2039 | | | 1,290 | | | | 1,333 | |
5.00%, 01/01/2040 | | | 205 | | | | 211 | |
5.50%, 01/01/2034 | | | 2,500 | | | | 2,516 | |
5.50%, 01/01/2035 | | | 270 | | | | 288 | |
5.50%, 01/01/2035 | | | 1,100 | | | | 1,106 | |
5.50%, 01/01/2039 | | | 320 | | | | 348 | |
5.50%, 01/01/2040 | | | 815 | | | | 817 | |
5.50%, 01/01/2040 | | | 3,640 | | | | 3,938 | |
5.50%, 01/01/2041 | | | 180 | | | | 191 | |
5.50%, 01/01/2043 | | | 1,830 | | | | 1,928 | |
5.63%, 01/01/2031 | | | 500 | | | | 518 | |
City of Chicago IL Wastewater Transmission Revenue | | | | | | | | |
5.00%, 01/01/2039 | | | 945 | | | | 945 | |
5.00%, 01/01/2039 | | | 2,000 | | | | 2,006 | |
5.00%, 01/01/2044 | | | 530 | | | | 580 | |
5.25%, 01/01/2053 | | | 940 | | | | 1,015 | |
City of Chicago IL Waterworks Revenue | | | | | | | | |
5.00%, 11/01/2026 | | | 500 | | | | 517 | |
5.00%, 11/01/2033 | | | 500 | | | | 501 | |
5.00%, 11/01/2038 | | | 525 | | | | 577 | |
5.00%, 11/01/2039 | | | 1,000 | | | | 1,002 | |
5.00%, 11/01/2044 | | | 150 | | | | 150 | |
County of Cook IL | | | | | | | | |
5.00%, 11/15/2031 | | | 200 | | | | 206 | |
Illinois Development Finance Authority | | | | | | | | |
8.00%, 06/01/2032 | | | 1,050 | | | | 1,051 | |
Illinois Finance Authority | | | | | | | | |
2.45%, 10/01/2039 (1) | | | 250 | | | | 231 | |
3.00%, 07/15/2040 | | | 235 | | | | 200 | |
4.00%, 10/15/2031 | | | 1,135 | | | | 1,050 | |
4.00%, 10/15/2044 | | | 200 | | | | 160 | |
4.00%, 05/01/2050 | | | 440 | | | | 376 | |
4.13%, 08/15/2037 | | | 1,000 | | | | 952 | |
5.00%, 11/01/2031 | | | 95 | | | | 97 | |
5.00%, 02/15/2032 | | | 80 | | | | 81 | |
5.00%, 05/15/2033 | | | 1,585 | | | | 1,497 | |
5.00%, 02/15/2034 | | | 120 | | | | 124 | |
5.00%, 05/15/2034 | | | 300 | | | | 288 | |
5.00%, 12/01/2034 | | | 50 | | | | 51 | |
5.00%, 05/15/2035 | | | 315 | | | | 302 | |
5.00%, 08/15/2035 | | | 180 | | | | 181 | |
5.00%, 02/15/2036 | | | 170 | | | | 176 | |
5.00%, 05/15/2037 | | | 655 | | | | 661 | |
5.00%, 05/15/2037 | | | 1,050 | | | | 1,062 | |
5.00%, 02/15/2041 | | | 235 | | | | 241 | |
5.00%, 05/15/2041 | | | 400 | | | | 363 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 5.72% – (continued) | | | | | | | | |
5.00%, 10/01/2041 | | $ | 425 | | | $ | 431 | |
5.00%, 08/15/2044 | | | 340 | | | | 342 | |
5.00%, 12/01/2046 | | | 1,510 | | | | 1,520 | |
5.00%, 02/15/2047 | | | 120 | | | | 119 | |
5.00%, 05/15/2047 | | | 205 | | | | 200 | |
5.00%, 07/01/2047 | | | 410 | | | | 339 | |
5.00%, 02/15/2050 | | | 100 | | | | 98 | |
5.00%, 05/15/2051 | | | 1,000 | | | | 855 | |
5.00%, 05/15/2056 | | | 1,630 | | | | 1,363 | |
5.13%, 05/15/2038 | | | 1,935 | | | | 1,720 | |
5.25%, 02/15/2037 | | | 435 | | | | 440 | |
5.25%, 05/15/2042 | | | 170 | | | | 144 | |
5.25%, 05/15/2045 | | | 80 | | | | 81 | |
5.25%, 05/15/2050 | | | 220 | | | | 223 | |
5.25%, 05/15/2054 | | | 1,575 | | | | 1,219 | |
5.63%, 08/01/2053 (4) | | | 1,705 | | | | 1,808 | |
6.13%, 11/15/2035 | | | 200 | | | | 202 | |
6.38%, 11/15/2043 | | | 270 | | | | 272 | |
7.25%, 09/01/2052 (1)(4) | | | 500 | | | | 532 | |
Illinois Housing Development Authority | | | | | | | | |
3.00%, 04/01/2051 | | | 120 | | | | 116 | |
5.00%, 10/01/2046 | | | 120 | | | | 124 | |
5.25%, 10/01/2052 | | | 1,000 | | | | 1,036 | |
6.00%, 10/01/2054 | | | 350 | | | | 378 | |
6.25%, 10/01/2052 | | | 105 | | | | 112 | |
6.25%, 10/01/2054 | | | 450 | | | | 499 | |
Illinois Sports Facilities Authority | | | | | | | | |
0.00%, 06/15/2026 | | | 130 | | | | 120 | |
Illinois State Toll Highway Authority | | | | | | | | |
4.00%, 01/01/2046 | | | 2,315 | | | | 2,234 | |
5.00%, 01/01/2042 | | | 250 | | | | 260 | |
Joliet Regional Port District | | | | | | | | |
4.65%, 10/01/2024 (1) | | | 1,885 | | | | 1,885 | |
Metropolitan Pier & Exposition Authority | | | | | | | | |
0.00%, 12/15/2025 | | | 65 | | | | 61 | |
0.00%, 06/15/2028 | | | 500 | | | | 426 | |
0.00%, 12/15/2029 | | | 1,000 | | | | 810 | |
0.00%, 12/15/2030 | | | 260 | | | | 200 | |
0.00%, 12/15/2032 | | | 1,000 | | | | 709 | |
0.00%, 12/15/2033 | | | 3,950 | | | | 2,690 | |
0.00%, 12/15/2034 | | | 550 | | | | 359 | |
0.00%, 12/15/2035 | | | 75 | | | | 47 | |
0.00%, 12/15/2035 | | | 10,000 | | | | 6,258 | |
0.00%, 06/15/2036 | | | 3,065 | | | | 1,852 | |
0.00%, 06/15/2036 | | | 3,300 | | | | 2,018 | |
0.00%, 06/15/2037 | | | 1,585 | | | | 913 | |
0.00%, 12/15/2038 | | | 205 | | | | 109 | |
0.00%, 06/15/2039 | | | 220 | | | | 113 | |
0.00%, 06/15/2041 | | | 1,535 | | | | 704 | |
0.00%, 12/15/2041 | | | 510 | | | | 229 | |
0.00%, 06/15/2045 | | | 1,500 | | | | 573 | |
0.00%, 12/15/2056 | | | 310 | | | | 63 | |
4.00%, 12/15/2042 | | | 1,040 | | | | 1,025 | |
4.00%, 12/15/2047 | | | 210 | | | | 199 | |
4.00%, 06/15/2050 | | | 1,385 | | | | 1,294 | |
4.00%, 06/15/2052 | | | 2,030 | | | | 1,878 | |
5.00%, 12/15/2027 | | | 2,500 | | | | 2,542 | |
5.00%, 06/15/2042 | | | 4,600 | | | | 4,864 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Illinois – 5.72% – (continued) | | | | | | | | |
5.00%, 12/15/2045 | | $ | 50 | | | $ | 52 | |
5.00%, 06/15/2050 | | | 6,300 | | | | 6,511 | |
5.00%, 06/15/2057 | | | 4,020 | | | | 4,087 | |
5.50%, 06/15/2053 | | | 5,000 | | | | 5,062 | |
Northern Illinois University | | | | | | | | |
4.00%, 10/01/2039 | | | 875 | | | | 854 | |
4.00%, 04/01/2040 | | | 100 | | | | 96 | |
4.00%, 10/01/2040 | | | 800 | | | | 771 | |
4.00%, 04/01/2041 | | | 340 | | | | 321 | |
4.00%, 10/01/2041 | | | 800 | | | | 767 | |
4.00%, 10/01/2043 | | | 975 | | | | 913 | |
Regional Transportation Authority | | | | | | | | |
5.75%, 06/01/2034 | | | 130 | | | | 152 | |
6.00%, 07/01/2033 | | | 510 | | | | 597 | |
State of Illinois | | | | | | | | |
4.00%, 06/01/2036 | | | 540 | | | | 534 | |
4.00%, 03/01/2039 | | | 2,055 | | | | 2,013 | |
4.00%, 11/01/2039 | | | 2,000 | | | | 1,945 | |
4.25%, 10/01/2045 | | | 130 | | | | 128 | |
5.00%, 11/01/2025 | | | 8,810 | | | | 8,974 | |
5.00%, 02/01/2026 | | | 95 | | | | 97 | |
5.00%, 11/01/2026 | | | 3,000 | | | | 3,097 | |
5.00%, 02/01/2027 | | | 1,000 | | | | 1,035 | |
5.00%, 11/01/2027 | | | 100 | | | | 103 | |
5.00%, 02/01/2028 | | | 290 | | | | 300 | |
5.00%, 11/01/2028 | | | 3,485 | | | | 3,634 | |
5.00%, 11/01/2028 | | | 5,000 | | | | 5,130 | |
5.00%, 10/01/2031 | | | 955 | | | | 1,004 | |
5.00%, 05/01/2032 | | | 5,250 | | | | 5,254 | |
5.00%, 10/01/2032 | | | 215 | | | | 226 | |
5.00%, 12/01/2033 | | | 235 | | | | 256 | |
5.00%, 11/01/2037 | | | 2,240 | | | | 2,279 | |
5.25%, 05/01/2047 | | | 1,605 | | | | 1,741 | |
5.50%, 05/01/2025 | | | 840 | | | | 853 | |
5.50%, 03/01/2042 | | | 3,410 | | | | 3,774 | |
5.50%, 03/01/2047 | | | 435 | | | | 473 | |
5.50%, 05/01/2047 | | | 160 | | | | 174 | |
State of Illinois Sales Tax Revenue | | | | | | | | |
5.00%, 06/15/2027 | | | 230 | | | | 239 | |
Upper Illinois River Valley Development Authority | | | | | | | | |
5.00%, 12/01/2032 (4) | | | 180 | | | | 180 | |
5.25%, 12/01/2037 (4) | | | 2,005 | | | | 2,005 | |
5.25%, 12/01/2047 (4) | | | 550 | | | | 520 | |
Village of Volo IL Special Service Area No 17 | | | | | | | | |
5.50%, 03/01/2047 | | | 1,000 | | | | 1,000 | |
| | | | | | | | |
Total Illinois | | | | 181,182 | |
| | | | | | | | |
| Indiana – 1.29% | | | | | | | | |
City of East Chicago IN | | | | | | | | |
5.50%, 09/01/2028 | | | 120 | | | | 115 | |
City of Valparaiso IN | | | | | | | | |
4.88%, 01/01/2044 (4) | | | 200 | | | | 207 | |
5.00%, 01/01/2054 (4) | | | 3,105 | | | | 3,214 | |
City of Whiting IN | | | | | | | | |
4.40%, 11/01/2045 (1) | | | 575 | | | | 576 | |
4.40%, 03/01/2046 (1) | | | 550 | | | | 551 | |
5.00%, 12/01/2044 (1) | | | 2,725 | | | | 2,776 | |
Indiana Finance Authority | | | | | | | | |
1.40%, 08/01/2029 | | | 105 | | | | 89 | |
2.50%, 11/01/2030 | | | 1,100 | | | | 982 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Indiana – 1.29% – (continued) | | | | | | | | |
3.00%, 11/01/2030 | | $ | 1,000 | | | $ | 937 | |
3.13%, 12/01/2024 | | | 1,500 | | | | 1,489 | |
4.00%, 11/15/2037 | | | 1,000 | | | | 942 | |
4.00%, 11/15/2041 | | | 100 | | | | 94 | |
4.00%, 11/15/2043 | | | 155 | | | | 135 | |
4.13%, 12/01/2026 | | | 5,830 | | | | 5,841 | |
4.20%, 05/01/2034 (1) | | | 1,320 | | | | 1,321 | |
4.25%, 11/01/2030 | | | 6,780 | | | | 6,802 | |
5.00%, 03/01/2036 | | | 2,000 | | | | 2,013 | |
5.00%, 11/15/2038 | | | 600 | | | | 618 | |
5.00%, 06/01/2053 | | | 1,800 | | | | 1,847 | |
5.50%, 07/01/2052 | | | 4,145 | | | | 4,316 | |
5.75%, 03/01/2054 | | | 4,520 | | | | 4,836 | |
Indiana Housing & Community Development Authority | | | | | | | | |
3.00%, 01/01/2052 | | | 945 | | | | 909 | |
Town of Shoals IN | | | | | | | | |
7.25%, 11/01/2043 | | | 335 | | | | 336 | |
| | | | | | | | |
Total Indiana | | | | 40,946 | |
| | | | | | | | |
| Iowa – 0.28% | | | | | | | | |
Iowa Finance Authority | | | | | | | | |
3.88%, 01/01/2042 (1) | | | 850 | | | | 848 | |
4.00%, 12/01/2050 (1) | | | 1,075 | | | | 1,127 | |
4.75%, 08/01/2042 | | | 1,180 | | | | 1,170 | |
5.00%, 11/01/2026 (1) | | | 200 | | | | 202 | |
5.00%, 05/15/2043 | | | 70 | | | | 67 | |
5.00%, 05/15/2048 | | | 900 | | | | 832 | |
5.00%, 12/01/2050 | | | 1,600 | | | | 1,695 | |
Iowa Tobacco Settlement Authority | | | | | | | | |
0.00%, 06/01/2065 | | | 12,175 | | | | 1,563 | |
4.00%, 06/01/2036 | | | 775 | | | | 779 | |
PEFA, Inc. | | | | | | | | |
5.00%, 09/01/2049 (1) | | | 500 | | | | 510 | |
| | | | | | | | |
Total Iowa | | | | 8,793 | |
| | | | | | | | |
| Kansas – 0.26% | | | | | | | | |
City of Lenexa KS | | | | | | | | |
5.00%, 05/15/2030 | | | 85 | | | | 86 | |
5.00%, 05/15/2032 | | | 330 | | | | 334 | |
5.00%, 05/15/2039 | | | 405 | | | | 407 | |
City of Manhattan KS | | | | | | | | |
4.00%, 06/01/2027 | | | 1,505 | | | | 1,503 | |
4.00%, 06/01/2036 | | | 500 | | | | 475 | |
4.00%, 06/01/2046 | | | 650 | | | | 542 | |
City of Overland Park KS Sales Tax Revenue | | | | | | | | |
6.50%, 11/15/2042 (4) | | | 4,025 | | | | 4,133 | |
Wyandotte County-Kansas City Unified Government | | | | | | | | |
5.75%, 09/01/2032 | | | 250 | | | | 235 | |
5.75%, 09/01/2039 (4) | | | 450 | | | | 460 | |
| | | | | | | | |
Total Kansas | | | | 8,175 | |
| | | | | | | | |
| Kentucky – 1.06% | | | | | | | | |
City of Ashland KY | | | | | | | | |
4.00%, 02/01/2034 | | | 500 | | | | 488 | |
4.00%, 02/01/2038 | | | 620 | | | | 592 | |
City of Henderson KY | | | | | | | | |
3.70%, 01/01/2032 (4) | | | 100 | | | | 100 | |
4.45%, 01/01/2042 (4) | | | 1,165 | | | | 1,159 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Kentucky – 1.06% – (continued) | | | | | | | | |
4.70%, 01/01/2052 (4) | | $ | 1,000 | | | $ | 979 | |
4.70%, 01/01/2052 (4) | | | 2,495 | | | | 2,442 | |
County of Boyle KY | | | | | | | | |
5.25%, 06/01/2049 | | | 1,900 | | | | 1,998 | |
Kentucky Economic Development Finance Authority | | | | | | | | |
5.00%, 06/01/2026 | | | 2,700 | | | | 2,725 | |
5.00%, 05/15/2031 | | | 350 | | | | 328 | |
5.00%, 06/01/2037 | | | 785 | | | | 799 | |
5.00%, 06/01/2041 | | | 570 | | | | 575 | |
5.00%, 06/01/2045 | | | 2,175 | | | | 2,185 | |
5.00%, 12/01/2045 | | | 300 | | | | 309 | |
5.00%, 05/15/2046 | | | 980 | | | | 764 | |
5.00%, 12/01/2047 | | | 180 | | | | 180 | |
5.00%, 05/15/2051 | | | 575 | | | | 435 | |
5.25%, 06/01/2041 | | | 1,240 | | | | 1,256 | |
5.25%, 06/01/2050 | | | 955 | | | | 953 | |
5.38%, 11/15/2042 | | | 305 | | | | 252 | |
5.50%, 11/15/2045 | | | 160 | | | | 131 | |
6.00%, 11/15/2036 | | | 275 | | | | 231 | |
6.25%, 11/15/2046 | | | 2,565 | | | | 1,962 | |
6.38%, 11/15/2051 | | | 645 | | | | 484 | |
Kentucky Higher Education Student Loan Corp. | | | | | | | | |
4.00%, 06/01/2037 | | | 500 | | | | 480 | |
Kentucky Housing Corp. | | | | | | | | |
6.25%, 01/01/2055 | | | 100 | | | | 110 | |
Kentucky Public Energy Authority | | | | | | | | |
4.00%, 01/01/2049 (1) | | | 2,000 | | | | 2,005 | |
4.00%, 02/01/2050 (1) | | | 4,805 | | | | 4,810 | |
5.00%, 01/01/2055 (1) | | | 2,005 | | | | 2,117 | |
5.00%, 05/01/2055 (1) | | | 200 | | | | 210 | |
5.25%, 04/01/2054 (1) | | | 2,000 | | | | 2,159 | |
Louisville/Jefferson County Metropolitan Government | | | | | | | | |
3.00%, 10/01/2043 | | | 125 | | | | 98 | |
5.00%, 05/15/2052 | | | 210 | | | | 217 | |
| | | | | | | | |
Total Kentucky | | | | 33,533 | |
| | | | | | | | |
| Louisiana – 1.31% | | | | | | | | |
City of New Orleans LA Sewerage Service Revenue | | | | | | | | |
5.00%, 06/01/2033 | | | 100 | | | | 102 | |
5.00%, 06/01/2040 | | | 185 | | | | 188 | |
City of New Orleans LA Water System Revenue | | | | | | | | |
5.00%, 12/01/2045 | | | 375 | | | | 384 | |
City of Shreveport LA | | | | | | | | |
5.00%, 09/01/2033 | | | 1,270 | | | | 1,273 | |
East Baton Rouge Parish Industrial Development Board, Inc. | | | | | | | | |
4.67%, 08/01/2035 (1) | | | 600 | | | | 600 | |
Jefferson Parish Economic Development & Port District | | | | | | | | |
5.50%, 06/15/2038 (4) | | | 765 | | | | 776 | |
5.63%, 06/15/2048 (4) | | | 1,750 | | | | 1,760 | |
Juban Crossing Economic Development District | | | | | | | | |
7.00%, 09/15/2044 (4) | | | 1,000 | | | | 1,001 | |
Louisiana Housing Corp. | | | | | | | | |
5.75%, 06/01/2054 | | | 635 | | | | 679 | |
5.88%, 06/01/2055 | | | 1,215 | | | | 1,317 | |
Louisiana Local Government Environmental Facilities & Community Development Auth | | | | | | | | |
2.50%, 04/01/2036 | | | 1,490 | | | | 1,235 | |
3.50%, 11/01/2032 | | | 13,385 | | | | 12,915 | |
Louisiana Public Facilities Authority | | | | | | | | |
4.00%, 06/01/2031 (4) | | | 190 | | | | 177 | |
4.00%, 06/01/2031 (4) | | | 435 | | | | 405 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Louisiana – 1.31% – (continued) | | | | | | | | |
4.00%, 06/01/2041 (4) | | $ | 325 | | | $ | 266 | |
5.00%, 07/01/2051 | | | 500 | | | | 503 | |
5.00%, 07/01/2059 | | | 100 | | | | 101 | |
6.50%, 10/01/2053 (1)(4) | | | 250 | | | | 268 | |
6.75%, 10/01/2053 (1)(4) | | | 2,100 | | | | 2,268 | |
New Orleans Aviation Board | | | | | | | | |
5.00%, 01/01/2031 | | | 45 | | | | 46 | |
5.00%, 01/01/2034 | | | 55 | | | | 56 | |
5.00%, 01/01/2035 | | | 45 | | | | 46 | |
5.00%, 01/01/2036 | | | 500 | | | | 510 | |
5.00%, 01/01/2037 | | | 500 | | | | 510 | |
5.00%, 01/01/2040 | | | 1,540 | | | | 1,546 | |
5.00%, 01/01/2048 | | | 525 | | | | 527 | |
Parish of St James LA | | | | | | | | |
5.85%, 08/01/2041 (1)(4) | | | 110 | | | | 112 | |
6.10%, 06/01/2038 (1)(4) | | | 2,360 | | | | 2,607 | |
6.10%, 12/01/2040 (1)(4) | | | 2,400 | | | | 2,651 | |
6.35%, 07/01/2040 (4) | | | 3,380 | | | | 3,713 | |
6.35%, 10/01/2040 (4) | | | 440 | | | | 483 | |
Parish of St John the Baptist LA | | | | | | | | |
2.13%, 06/01/2037 (1) | | | 755 | | | | 755 | |
2.38%, 06/01/2037 (1) | | | 1,875 | | | | 1,815 | |
| | | | | | | | |
Total Louisiana | | | | 41,595 | |
| | | | | | | | |
| Maine – 0.04% | | | | | | | | |
Finance Authority of Maine | | | | | | | | |
5.25%, 01/01/2025 (4) | | | 200 | | | | 201 | |
Maine Health & Higher Educational Facilities Authority | | | | | | | | |
5.00%, 07/01/2046 | | | 1,250 | | | | 1,165 | |
| | | | | | | | |
Total Maine | | | | 1,366 | |
| | | | | | | | |
| Maryland – 2.91% | | | | | | | | |
City of Baltimore MD | | | | | | | | |
4.00%, 09/01/2027 | | | 450 | | | | 443 | |
5.00%, 09/01/2030 | | | 990 | | | | 984 | |
5.00%, 09/01/2031 | | | 1,000 | | | | 990 | |
5.00%, 09/01/2036 | | | 2,790 | | | | 2,712 | |
5.00%, 09/01/2042 | | | 195 | | | | 185 | |
5.00%, 09/01/2046 | | | 4,010 | | | | 3,685 | |
City of Gaithersburg MD | | | | | | | | |
5.00%, 01/01/2027 | | | 1,435 | | | | 1,453 | |
5.00%, 01/01/2028 | | | 135 | | | | 138 | |
5.00%, 01/01/2033 | | | 635 | | | | 647 | |
5.00%, 01/01/2037 | | | 400 | | | | 407 | |
5.13%, 01/01/2042 | | | 250 | | | | 252 | |
City of Rockville MD | | | | | | | | |
4.25%, 11/01/2037 | | | 25 | | | | 23 | |
4.50%, 11/01/2043 | | | 135 | | | | 121 | |
5.00%, 11/01/2029 | | | 35 | | | | 35 | |
5.00%, 11/01/2031 | | | 960 | | | | 967 | |
5.00%, 11/01/2032 | | | 35 | | | | 35 | |
5.00%, 11/01/2035 | | | 70 | | | | 70 | |
5.00%, 11/01/2037 | | | 1,285 | | | | 1,286 | |
5.00%, 11/01/2042 | | | 2,480 | | | | 2,388 | |
5.00%, 11/01/2047 | | | 2,835 | | | | 2,629 | |
City of Westminster MD | | | | | | | | |
5.00%, 07/01/2024 | | | 30 | | | | 30 | |
5.13%, 07/01/2034 | | | 305 | | | | 305 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Maryland – 2.91% – (continued) | | | | | | | | |
5.50%, 07/01/2044 | | $ | 305 | | | $ | 305 | |
6.25%, 07/01/2044 | | | 2,775 | | | | 2,775 | |
County of Anne Arundel MD | | | | | | | | |
6.50%, 07/01/2033 (9) | | | 200 | | | | 200 | |
6.75%, 07/01/2043 (9) | | | 390 | | | | 390 | |
County of Baltimore MD | | | | | | | | |
4.00%, 01/01/2031 | | | 475 | | | | 480 | |
4.00%, 01/01/2050 | | | 300 | | | | 271 | |
County of Howard MD | | | | | | | | |
4.00%, 02/15/2028 (4) | | | 200 | | | | 198 | |
5.00%, 04/01/2044 | | | 500 | | | | 440 | |
County of Montgomery MD | | | | | | | | |
5.38%, 07/01/2048 | | | 1,065 | | | | 932 | |
County of Prince George’s MD | | | | | | | | |
5.13%, 07/01/2039 (4) | | | 1,500 | | | | 1,511 | |
County of Washington MD | | | | | | | | |
4.00%, 05/01/2026 | | | 120 | | | | 118 | |
4.00%, 05/01/2027 | | | 120 | | | | 116 | |
4.00%, 05/01/2030 | | | 140 | | | | 130 | |
4.00%, 05/01/2031 | | | 75 | | | | 68 | |
4.00%, 05/01/2036 | | | 1,690 | | | | 1,439 | |
4.00%, 05/01/2042 | | | 3,770 | | | | 2,968 | |
Maryland Community Development Administration | | | | | | | | |
6.00%, 03/01/2053 | | | 2,890 | | | | 3,067 | |
Maryland Economic Development Corp. | | | | | | | | |
4.00%, 06/01/2038 | | | 350 | | | | 314 | |
4.00%, 07/01/2040 | | | 450 | | | | 420 | |
4.00%, 09/01/2040 | | | 150 | | | | 136 | |
4.00%, 09/01/2050 | | | 950 | | | | 788 | |
4.38%, 07/01/2036 | | | 150 | | | | 145 | |
4.50%, 07/01/2044 | | | 500 | | | | 466 | |
5.00%, 06/01/2025 | | | 70 | | | | 70 | |
5.00%, 06/01/2027 | | | 210 | | | | 217 | |
5.00%, 07/01/2027 | | | 900 | | | | 901 | |
5.00%, 06/01/2028 | | | 100 | | | | 104 | |
5.00%, 07/01/2028 | | | 100 | | | | 103 | |
5.00%, 11/12/2028 | | | 3,145 | | | | 3,189 | |
5.00%, 06/01/2029 (4) | | | 165 | | | | 167 | |
5.00%, 07/01/2029 | | | 75 | | | | 77 | |
5.00%, 06/01/2030 | | | 70 | | | | 73 | |
5.00%, 06/01/2032 | | | 70 | | | | 73 | |
5.00%, 06/01/2033 (4) | | | 170 | | | | 172 | |
5.00%, 06/01/2035 | | | 1,590 | | | | 1,662 | |
5.00%, 07/01/2036 | | | 100 | | | | 101 | |
5.00%, 06/01/2044 | | | 425 | | | | 437 | |
5.00%, 06/01/2049 | | | 1,350 | | | | 1,378 | |
5.00%, 06/01/2058 | | | 945 | | | | 956 | |
5.25%, 06/30/2053 | | | 2,395 | | | | 2,507 | |
5.25%, 06/30/2055 | | | 18,375 | | | | 19,022 | |
5.75%, 09/01/2025 | | | 2,500 | | | | 2,518 | |
Maryland Health & Higher Educational Facilities Authority | | | | | | | | |
4.00%, 06/01/2046 | | | 1,080 | | | | 955 | |
4.00%, 06/01/2051 | | | 2,655 | | | | 2,335 | |
4.00%, 06/01/2055 | | | 1,125 | | | | 972 | |
5.00%, 07/01/2030 | | | 600 | | | | 625 | |
5.00%, 07/01/2032 | | | 40 | | | | 41 | |
5.00%, 07/01/2033 | | | 105 | | | | 107 | |
5.00%, 07/01/2034 | | | 120 | | | | 122 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Maryland – 2.91% – (continued) | | | | | | | | |
5.00%, 07/01/2035 | | $ | 110 | | | $ | 112 | |
5.00%, 07/01/2036 | | | 100 | | | | 102 | |
5.00%, 08/15/2038 | | | 1,945 | | | | 1,956 | |
5.00%, 07/01/2043 | | | 500 | | | | 512 | |
5.00%, 07/01/2045 | | | 2,000 | | | | 2,006 | |
5.50%, 01/01/2036 | | | 465 | | | | 478 | |
5.50%, 01/01/2046 | | | 3,410 | | | | 3,458 | |
Maryland Stadium Authority Built to Learn Revenue | | | | | | | | |
4.00%, 06/01/2046 | | | 3,000 | | | | 2,919 | |
Maryland State Transportation Authority | | | | | | | | |
5.00%, 07/01/2051 | | | 1,000 | | | | 1,059 | |
Montgomery County Housing Opportunities Commission | | | | | | | | |
4.90%, 07/01/2055 | | | 1,000 | | | | 1,016 | |
Prince George’s County Revenue Authority | | | | | | | | |
4.75%, 07/01/2036 (4) | | | 120 | | | | 120 | |
5.00%, 07/01/2046 (4) | | | 670 | | | | 670 | |
Washington Suburban Sanitary Commission | | | | | | | | |
4.00%, 06/01/2038 | | | 100 | | | | 101 | |
4.00%, 06/01/2047 | | | 1,195 | | | | 1,193 | |
| | | | | | | | |
Total Maryland | | | | 92,048 | |
| | | | | | | | |
| Massachusetts – 0.68% | | | | | | | | |
Massachusetts Development Finance Agency | | | | | | | | |
4.00%, 10/01/2039 | | | 250 | | | | 240 | |
5.00%, 07/15/2036 (4) | | | 235 | | | | 236 | |
5.00%, 07/15/2037 (4) | | | 245 | | | | 245 | |
5.00%, 10/01/2037 (4) | | | 645 | | | | 659 | |
5.00%, 11/15/2038 (4) | | | 180 | | | | 187 | |
5.00%, 10/01/2041 | | | 825 | | | | 832 | |
5.00%, 07/15/2046 (4) | | | 1,000 | | | | 951 | |
5.00%, 10/01/2047 (4) | | | 1,825 | | | | 1,836 | |
5.00%, 10/01/2048 | | | 9,700 | | | | 9,726 | |
5.00%, 10/01/2057 (4) | | | 1,880 | | | | 1,881 | |
5.13%, 01/01/2040 | | | 1,020 | | | | 999 | |
5.13%, 11/15/2046 (4) | | | 1,050 | | | | 1,081 | |
5.25%, 01/01/2050 | | | 180 | | | | 168 | |
5.25%, 07/01/2052 | | | 1,000 | | | | 1,068 | |
5.45%, 05/15/2059 | | | 170 | | | | 188 | |
5.63%, 07/15/2036 | | | 40 | | | | 39 | |
5.75%, 07/15/2043 | | | 225 | | | | 224 | |
Massachusetts Educational Financing Authority | | | | | | | | |
2.00%, 07/01/2037 | | | 85 | | | | 73 | |
2.63%, 07/01/2036 | | | 100 | | | | 99 | |
4.25%, 07/01/2032 | | | 125 | | | | 124 | |
4.25%, 07/01/2044 | | | 100 | | | | 96 | |
5.00%, 07/01/2024 | | | 500 | | | | 500 | |
| | | | | | | | |
Total Massachusetts | | | | 21,452 | |
| | | | | | | | |
| Michigan – 1.43% | | | | | | | | |
Calhoun County Hospital Finance Authority | | | | | | | | |
5.00%, 02/15/2037 | | | 1,765 | | | | 1,766 | |
5.00%, 02/15/2041 | | | 385 | | | | 373 | |
5.00%, 02/15/2047 | | | 1,080 | | | | 1,002 | |
City of Detroit MI | | | | | | | | |
4.00%, 04/01/2041 | | | 140 | | | | 132 | |
5.00%, 04/01/2029 | | | 50 | | | | 52 | |
5.00%, 04/01/2030 | | | 50 | | | | 52 | |
5.00%, 04/01/2031 | | | 50 | | | | 52 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Michigan – 1.43% – (continued) | | | | | | | | |
5.00%, 04/01/2032 | | $ | 60 | | | $ | 62 | |
5.00%, 04/01/2033 | | | 80 | | | | 82 | |
5.00%, 04/01/2034 | | | 1,000 | | | | 1,030 | |
5.00%, 04/01/2037 | | | 145 | | | | 149 | |
5.00%, 04/01/2038 | | | 145 | | | | 149 | |
5.00%, 04/01/2039 | | | 170 | | | | 177 | |
5.00%, 04/01/2050 | | | 905 | | | | 917 | |
5.50%, 04/01/2031 | | | 560 | | | | 604 | |
5.50%, 04/01/2033 | | | 470 | | | | 507 | |
5.50%, 04/01/2035 | | | 350 | | | | 377 | |
5.50%, 04/01/2037 | | | 465 | | | | 499 | |
5.50%, 04/01/2039 | | | 645 | | | | 687 | |
5.50%, 04/01/2045 | | | 750 | | | | 785 | |
5.50%, 04/01/2050 | | | 605 | | | | 632 | |
Detroit Downtown Development Authority | | | | | | | | |
5.00%, 07/01/2038 | | | 1,000 | | | | 1,003 | |
Flint Hospital Building Authority | | | | | | | | |
5.25%, 07/01/2039 | | | 100 | | | | 97 | |
Gerald R Ford International Airport Authority | | | | | | | | |
5.00%, 01/01/2046 | | | 1,500 | | | | 1,594 | |
5.00%, 01/01/2051 | | | 1,345 | | | | 1,413 | |
Grand Rapids Economic Development Corp. | | | | | | | | |
5.00%, 11/01/2032 | | | 145 | | | | 145 | |
5.00%, 11/01/2037 | | | 80 | | | | 77 | |
5.00%, 11/01/2047 | | | 190 | | | | 171 | |
5.00%, 11/01/2052 | | | 80 | | | | 71 | |
Great Lakes Water Authority Sewage Disposal System Revenue | | | | | | | | |
5.00%, 07/01/2036 | | | 1,000 | | | | 1,021 | |
5.25%, 07/01/2047 | | | 4,330 | | | | 4,795 | |
Ivywood Classical Academy | | | | | | | | |
6.25%, 01/01/2059 | | | 2,750 | | | | 2,793 | |
Kentwood Economic Development Corp. | | | | | | | | |
4.00%, 11/15/2031 | | | 970 | | | | 934 | |
4.00%, 11/15/2043 | | | 1,100 | | | | 930 | |
4.00%, 11/15/2045 | | | 750 | | | | 619 | |
Michigan Finance Authority | | | | | | | | |
4.00%, 12/01/2040 | | | 165 | | | | 163 | |
4.00%, 11/15/2050 | | | 160 | | | | 150 | |
5.00%, 07/01/2033 | | | 350 | | | | 354 | |
5.00%, 07/01/2033 | | | 800 | | | | 801 | |
5.00%, 07/01/2034 | | | 280 | | | | 283 | |
5.00%, 07/01/2035 | | | 420 | | | | 425 | |
Michigan State Building Authority | | | | | | | | |
4.00%, 10/15/2041 | | | 1,400 | | | | 1,386 | |
Michigan State Housing Development Authority | | | | | | | | |
5.00%, 06/01/2053 | | | 895 | | | | 920 | |
6.00%, 06/01/2054 | | | 250 | | | | 270 | |
Michigan State University | | | | | | | | |
5.25%, 08/15/2054 | | | 1,685 | | | | 1,851 | |
Michigan Strategic Fund | | | | | | | | |
4.00%, 10/01/2061 (1) | | | 4,350 | | | | 4,355 | |
5.00%, 06/30/2024 | | | 1,000 | | | | 1,000 | |
5.00%, 05/15/2037 | | | 250 | | | | 241 | |
5.00%, 11/15/2043 | | | 250 | | | | 245 | |
5.00%, 05/15/2044 | | | 250 | | | | 225 | |
Michigan Tobacco Settlement Finance Authority | | | | | | | | |
0.00%, 06/01/2052 | | | 4,030 | | | | 512 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Michigan – 1.43% – (continued) | | | | | | | | |
State of Michigan Trunk Line Revenue | | | | | | | | |
4.00%, 11/15/2046 | | $ | 250 | | | $ | 243 | |
Wayne County Airport Authority | | | | | | | | |
5.00%, 12/01/2037 | | | 250 | | | | 265 | |
5.00%, 12/01/2040 | | | 3,000 | | | | 3,035 | |
5.00%, 12/01/2042 | | | 900 | | | | 916 | |
5.00%, 12/01/2047 | | | 2,000 | | | | 2,017 | |
| | | | | | | | |
Total Michigan | | | | 45,406 | |
| | | | | | | | |
| Minnesota – 0.62% | | | | | | | | |
City of Deephaven MN | | | | | | | | |
5.00%, 10/01/2037 | | | 1,285 | | | | 1,285 | |
5.00%, 10/01/2049 | | | 2,270 | | | | 2,270 | |
6.13%, 06/15/2061 (4) | | | 6,000 | | | | 6,054 | |
City of Rochester MN | | | | | | | | |
5.00%, 12/01/2025 | | | 480 | | | | 475 | |
5.00%, 11/15/2057 | | | 3,120 | | | | 3,364 | |
5.25%, 12/01/2038 | | | 1,000 | | | | 900 | |
City of Woodbury MN | | | | | | | | |
4.00%, 07/01/2041 | | | 60 | | | | 51 | |
4.00%, 07/01/2051 | | | 45 | | | | 35 | |
4.00%, 07/01/2056 | | | 40 | | | | 30 | |
Housing & Redevelopment Authority of The City of St Paul Minnesota | | | | | | | | |
4.00%, 11/01/2042 | | | 675 | | | | 566 | |
Minnesota Housing Finance Agency | | | | | | | | |
4.25%, 01/01/2049 | | | 910 | | | | 909 | |
6.25%, 01/01/2054 | | | 2,400 | | | | 2,613 | |
6.50%, 07/01/2054 | | | 950 | | | | 1,049 | |
| | | | | | | | |
Total Minnesota | | | | 19,601 | |
| | | | | | | | |
| Mississippi – 0.01% | | | | | | | | |
Mississippi Home Corp. | | | | | | | | |
4.00%, 12/01/2044 | | | 435 | | | | 432 | |
| | | | | | | | |
Total Mississippi | | | | 432 | |
| | | | | | | | |
| Missouri – 1.49% | | | | | | | | |
Cape Girardeau County Industrial Development Authority | | | | | | | | |
3.00%, 03/01/2046 | | | 350 | | | | 273 | |
4.00%, 03/01/2041 | | | 285 | | | | 277 | |
5.00%, 03/01/2036 | | | 100 | | | | 102 | |
Health & Educational Facilities Authority of the State of Missouri | | | | | | | | |
4.00%, 02/01/2028 | | | 250 | | | | 252 | |
4.00%, 08/01/2031 | | | 310 | | | | 294 | |
4.00%, 08/01/2036 | | | 150 | | | | 137 | |
4.00%, 08/01/2041 | | | 410 | | | | 343 | |
4.00%, 02/01/2042 | | | 250 | | | | 231 | |
4.00%, 02/01/2048 | | | 265 | | | | 233 | |
4.00%, 11/15/2048 | | | 550 | | | | 532 | |
4.90%, 02/15/2033 (1) | | | 3,600 | | | | 3,600 | |
5.00%, 02/01/2035 | | | 2,045 | | | | 2,075 | |
5.00%, 08/01/2040 | | | 1,145 | | | | 1,135 | |
5.00%, 02/01/2042 | | | 250 | | | | 255 | |
5.00%, 02/01/2046 | | | 440 | | | | 442 | |
Industrial Development Authority of the City of St Louis Missouri | | | | | | | | |
3.88%, 11/15/2029 | | | 125 | | | | 111 | |
4.38%, 11/15/2035 | | | 415 | | | | 344 | |
4.75%, 11/15/2047 | | | 1,635 | | | | 1,256 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Missouri – 1.49% – (continued) | | | | | | | | |
Joplin Industrial Development Authority | | | | | | | | |
3.50%, 11/01/2040 | | $ | 165 | | | $ | 149 | |
Kansas City Industrial Development Authority | | | | | | | | |
4.00%, 03/01/2050 | | | 170 | | | | 159 | |
4.00%, 03/01/2050 | | | 4,515 | | | | 4,169 | |
4.00%, 03/01/2057 | | | 7,365 | | | | 6,754 | |
Kirkwood Industrial Development Authority | | | | | | | | |
5.25%, 05/15/2037 | | | 135 | | | | 128 | |
5.25%, 05/15/2042 | | | 115 | | | | 103 | |
5.25%, 05/15/2050 | | | 270 | | | | 228 | |
Lees Summit Industrial Development Authority | | | | | | | | |
5.00%, 08/15/2034 | | | 490 | | | | 491 | |
5.00%, 08/15/2039 | | | 600 | | | | 627 | |
5.25%, 08/15/2039 | | | 5,235 | | | | 5,245 | |
5.63%, 08/15/2054 | | | 70 | | | | 72 | |
5.75%, 08/15/2059 | | | 60 | | | | 62 | |
Missouri Housing Development Commission | | | | | | | | |
5.75%, 05/01/2055 | | | 2,325 | | | | 2,506 | |
6.00%, 05/01/2055 | | | 800 | | | | 877 | |
St Louis County Industrial Development Authority | | | | | | | | |
5.00%, 12/01/2025 | | | 325 | | | | 326 | |
5.00%, 08/15/2030 | | | 70 | | | | 68 | |
5.00%, 08/15/2035 | | | 50 | | | | 47 | |
5.00%, 12/01/2035 | | | 135 | | | | 132 | |
5.00%, 09/01/2038 | | | 820 | | | | 829 | |
5.00%, 09/01/2048 | | | 1,845 | | | | 1,782 | |
5.13%, 08/15/2045 | | | 315 | | | | 278 | |
5.13%, 12/01/2045 | | | 145 | | | | 132 | |
5.13%, 09/01/2048 | | | 5,425 | | | | 5,332 | |
St Louis Land Clearance for Redevelopment Authority | | | | | | | | |
5.00%, 06/01/2029 | | | 1,000 | | | | 1,014 | |
5.13%, 06/01/2046 | | | 345 | | | | 346 | |
5.38%, 06/01/2043 | | | 2,995 | | | | 3,032 | |
Taney County Industrial Development Authority | | | | | | | | |
6.00%, 10/01/2049 (4) | | | 300 | | | | 300 | |
| | | | | | | | |
Total Missouri | | | | 47,080 | |
| | | | | | | | |
| Montana – 0.12% | | | | | | | | |
City of Forsyth MT | | | | | | | | |
3.88%, 10/01/2032 | | | 1,500 | | | | 1,488 | |
City of Kalispell MT | | | | | | | | |
5.25%, 05/15/2037 | | | 810 | | | | 747 | |
5.25%, 05/15/2047 | | | 990 | | | | 836 | |
5.25%, 05/15/2052 | | | 560 | | | | 462 | |
Montana Board of Housing | | | | | | | | |
3.50%, 06/01/2050 | | | 365 | | | | 358 | |
| | | | | | | | |
Total Montana | | | | 3,891 | |
| | | | | | | | |
| Nebraska – 0.09% | | | | | | | | |
Central Plains Energy Project | | | | | | | | |
5.00%, 09/01/2033 | | | 1,500 | | | | 1,596 | |
5.00%, 09/01/2035 | | | 1,025 | | | | 1,099 | |
5.00%, 05/01/2053 (1) | | | 100 | | | | 105 | |
| | | | | | | | |
Total Nebraska | | | | 2,800 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Nevada – 0.48% | | | | | | | | |
City of Las Vegas NV Special Improvement District No 814 | | | | | | | | |
4.00%, 06/01/2039 | | $ | 430 | | | $ | 389 | |
4.00%, 06/01/2049 | | | 1,035 | | | | 839 | |
City of Las Vegas NV Special Improvement District No 815 | | | | | | | | |
4.75%, 12/01/2040 | | | 870 | | | | 829 | |
City of Las Vegas NV Special Improvement District No 816 | | | | | | | | |
3.00%, 06/01/2041 | | | 625 | | | | 476 | |
3.13%, 06/01/2046 | | | 1,300 | | | | 962 | |
City of Las Vegas NV Special Improvement District No 817 Summerlin Village 29 | | | | | | | | |
6.00%, 06/01/2053 | | | 30 | | | | 31 | |
City of North Las Vegas NV | | | | | | | | |
4.50%, 06/01/2039 | | | 500 | | | | 490 | |
4.63%, 06/01/2043 | | | 350 | | | | 341 | |
4.63%, 06/01/2049 | | | 615 | | | | 586 | |
City of Reno NV | | | | | | | | |
0.00%, 07/01/2058 (4) | | | 11,000 | | | | 1,472 | |
5.00%, 06/01/2036 | | | 15 | | | | 16 | |
5.00%, 06/01/2037 | | | 35 | | | | 37 | |
5.00%, 06/01/2038 | | | 155 | | | | 163 | |
5.00%, 06/01/2048 | | | 35 | | | | 36 | |
Clark County School District | | | | | | | | |
4.00%, 06/15/2038 | | | 775 | | | | 779 | |
Henderson Public Improvement Trust | | | | | | | | |
5.50%, 01/01/2034 | | | 120 | | | | 120 | |
5.50%, 01/01/2039 | | | 175 | | | | 175 | |
5.50%, 01/01/2044 | | | 255 | | | | 255 | |
Las Vegas Convention & Visitors Authority | | | | | | | | |
5.00%, 07/01/2031 | | | 600 | | | | 625 | |
5.00%, 07/01/2043 | | | 2,500 | | | | 2,595 | |
Las Vegas Redevelopment Agency | | | | | | | | |
5.00%, 06/15/2030 | | | 1,030 | | | | 1,044 | |
5.00%, 06/15/2040 | | | 990 | | | | 1,001 | |
5.00%, 06/15/2045 | | | 540 | | | | 544 | |
Las Vegas Valley Water District | | | | | | | | |
4.00%, 06/01/2051 | | | 500 | | | | 482 | |
State of Nevada Department of Business & Industry | | | | | | | | |
5.00%, 12/15/2048 (4) | | | 250 | | | | 239 | |
8.13%, 01/01/2050 (1)(4) | | | 500 | | | | 520 | |
| | | | | | | | |
Total Nevada | | | | 15,046 | |
| | | | | | | | |
| New Hampshire – 0.80% | | | | | | | | |
New Hampshire Business Finance Authority | | | | | | | | |
, 08/01/2038 (1) | | | 2,495 | | | | 2,495 | |
0.00%, 07/01/2051 (1) | | | 3,441 | | | | 135 | |
0.59%, 08/20/2039 | | | 1,759 | | | | 74 | |
3.63%, 08/20/2039 | | | 400 | | | | 372 | |
3.63%, 07/01/2043 (1)(4) | | | 250 | | | | 208 | |
3.75%, 07/01/2045 (1)(4) | | | 1,280 | | | | 1,068 | |
3.88%, 01/20/2038 | | | 3,074 | | | | 2,894 | |
4.00%, 10/20/2036 | | | 4,570 | | | | 4,400 | |
4.00%, 01/01/2041 | | | 2,750 | | | | 2,446 | |
4.00%, 01/01/2051 | | | 3,150 | | | | 2,529 | |
4.13%, 01/20/2034 | | | 3,666 | | | | 3,596 | |
4.25%, 07/20/2041 | | | 1,371 | | | | 1,342 | |
4.63%, 11/01/2042 (4) | | | 500 | | | | 471 | |
5.25%, 07/01/2039 (4) | | | 345 | | | | 326 | |
5.63%, 12/15/2033 (4) | | | 1,090 | | | | 1,114 | |
5.63%, 07/01/2046 (4) | | | 185 | | | | 173 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Hampshire – 0.80% – (continued) | | | | | | | | |
5.75%, 07/01/2054 (4) | | $ | 465 | | | $ | 429 | |
6.25%, 12/15/2038 (4) | | | 550 | | | | 568 | |
New Hampshire Health & Education Facilities Authority Act | | | | | | | | |
5.00%, 10/01/2036 | | | 55 | | | | 56 | |
5.00%, 10/01/2040 | | | 50 | | | | 51 | |
5.00%, 11/01/2043 | | | 95 | | | | 99 | |
5.00%, 10/01/2046 | | | 415 | | | | 419 | |
5.25%, 07/01/2027 (2)(3)(4)(6) | | | 344 | | | | 0 | |
6.13%, 07/01/2037 (2)(3)(4)(6) | | | 72 | | | | 0 | |
6.13%, 07/01/2052 (2)(3)(4)(6) | | | 331 | | | | 0 | |
6.25%, 07/01/2042 (2)(3)(4)(6) | | | 547 | | | | 0 | |
New Hampshire Housing Finance Authority | | | | | | | | |
6.25%, 01/01/2055 | | | 200 | | | | 219 | |
| | | | | | | | |
Total New Hampshire | | | | 25,484 | |
| | | | | | | | |
| New Jersey – 3.58% | | | | | | | | |
Essex County Improvement Authority | | | | | | | | |
4.00%, 06/15/2046 | | | 135 | | | | 124 | |
4.00%, 06/15/2056 | | | 150 | | | | 131 | |
Industrial Pollution Control Financing Authority of Gloucester County | | | | | | | | |
5.00%, 12/01/2024 | | | 40 | | | | 40 | |
Jersey City Municipal Utilities Authority | | | | | | | | |
5.00%, 05/01/2025 | | | 265 | | | | 267 | |
New Brunswick Parking Authority | | | | | | | | |
5.00%, 09/01/2039 | | | 2,000 | | | | 2,045 | |
New Jersey Economic Development Authority | | | | | | | | |
0.00%, 07/01/2026 | | | 170 | | | | 159 | |
4.00%, 11/01/2038 | | | 825 | | | | 831 | |
4.00%, 11/01/2039 | | | 465 | | | | 467 | |
4.00%, 11/01/2044 | | | 1,555 | | | | 1,528 | |
4.00%, 08/01/2059 | | | 355 | | | | 326 | |
4.88%, 01/01/2029 | | | 2,170 | | | | 2,157 | |
5.00%, 01/01/2030 | | | 635 | | | | 636 | |
5.00%, 01/01/2031 | | | 500 | | | | 501 | |
5.00%, 01/01/2034 | | | 135 | | | | 135 | |
5.00%, 06/15/2037 | | | 85 | | | | 85 | |
5.00%, 10/01/2037 | | | 6,080 | | | | 6,270 | |
5.00%, 07/01/2047 | | | 250 | | | | 247 | |
5.00%, 10/01/2047 | | | 9,690 | | | | 9,826 | |
5.00%, 01/01/2048 | | | 4,220 | | | | 4,073 | |
5.00%, 06/15/2054 (4) | | | 3,250 | | | | 3,114 | |
5.00%, 08/01/2059 | | | 1,135 | | | | 1,167 | |
5.13%, 01/01/2034 | | | 705 | | | | 706 | |
5.13%, 06/15/2043 | | | 2,570 | | | | 2,570 | |
5.25%, 09/15/2029 | | | 1,600 | | | | 1,602 | |
5.25%, 01/01/2044 | | | 560 | | | | 538 | |
5.50%, 01/01/2027 | | | 500 | | | | 501 | |
5.63%, 11/15/2030 | | | 2,095 | | | | 2,113 | |
5.63%, 11/15/2030 | | | 2,840 | | | | 2,865 | |
5.63%, 01/01/2052 | | | 3,155 | | | | 3,157 | |
5.75%, 09/15/2027 | | | 1,150 | | | | 1,151 | |
New Jersey Educational Facilities Authority | | | | | | | | |
4.00%, 03/01/2053 | | | 2,000 | | | | 1,982 | |
5.00%, 07/01/2040 | | | 270 | | | | 279 | |
New Jersey Health Care Facilities Financing Authority | | | | | | | | |
5.00%, 07/01/2027 | | | 1,000 | | | | 1,028 | |
5.00%, 07/01/2033 | | | 500 | | | | 511 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New Jersey – 3.58% – (continued) | | | | | | | | |
New Jersey Higher Education Student Assistance Authority | | | | | | | | |
3.25%, 12/01/2029 | | $ | 230 | | | $ | 221 | |
3.25%, 12/01/2030 | | | 225 | | | | 212 | |
3.50%, 12/01/2039 | | | 500 | | | | 462 | |
4.00%, 12/01/2044 | | | 600 | | | | 572 | |
4.25%, 12/01/2045 | | | 310 | | | | 308 | |
New Jersey Housing & Mortgage Finance Agency | | | | | | | | |
6.00%, 10/01/2055 | | | 105 | | | | 114 | |
New Jersey Transportation Trust Fund Authority | | | | | | | | |
0.00%, 12/15/2028 | | | 2,000 | | | | 1,695 | |
0.00%, 12/15/2030 | | | 2,305 | | | | 1,810 | |
0.00%, 12/15/2031 | | | 2,075 | | | | 1,568 | |
0.00%, 12/15/2034 | | | 200 | | | | 135 | |
4.00%, 06/15/2039 | | | 1,050 | | | | 1,054 | |
4.00%, 12/15/2039 | | | 1,500 | | | | 1,494 | |
4.00%, 06/15/2040 | | | 1,750 | | | | 1,745 | |
4.00%, 06/15/2042 | | | 1,210 | | | | 1,192 | |
4.00%, 06/15/2045 | | | 3,350 | | | | 3,241 | |
4.00%, 06/15/2046 | | | 1,790 | | | | 1,745 | |
4.00%, 06/15/2050 | | | 1,565 | | | | 1,490 | |
5.00%, 12/15/2030 | | | 250 | | | | 266 | |
5.00%, 06/15/2038 | | | 1,675 | | | | 1,845 | |
5.25%, 06/15/2043 | | | 9,330 | | | | 9,746 | |
5.25%, 06/15/2046 | | | 1,425 | | | | 1,559 | |
5.25%, 06/15/2050 | | | 250 | | | | 273 | |
5.50%, 06/15/2050 | | | 1,185 | | | | 1,306 | |
New Jersey Turnpike Authority | | | | | | | | |
4.00%, 01/01/2035 | | | 2,000 | | | | 2,141 | |
4.00%, 01/01/2051 | | | 725 | | | | 708 | |
5.25%, 01/01/2052 | | | 5,000 | | | | 5,468 | |
Tobacco Settlement Financing Corp. | | | | | | | | |
5.00%, 06/01/2025 | | | 1,000 | | | | 1,010 | |
5.00%, 06/01/2046 | | | 7,830 | | | | 7,902 | |
5.25%, 06/01/2046 | | | 8,770 | | | | 9,067 | |
| | | | | | | | |
Total New Jersey | | | | 113,481 | |
| | | | | | | | |
| New Mexico – 0.08% | | | | | | | | |
City of Farmington NM | | | | | | | | |
2.15%, 04/01/2033 | | | 550 | | | | 440 | |
3.88%, 06/01/2040 (1) | | | 300 | | | | 302 | |
3.90%, 06/01/2040 (1) | | | 500 | | | | 503 | |
City of Santa Fe NM | | | | | | | | |
5.00%, 05/15/2044 | | | 200 | | | | 191 | |
New Mexico Mortgage Finance Authority | | | | | | | | |
3.00%, 03/01/2053 | | | 475 | | | | 457 | |
3.50%, 07/01/2050 | | | 645 | | | | 632 | |
| | | | | | | | |
Total New Mexico | | | | 2,525 | |
| | | | | | | | |
| New York – 6.64% | | | | | | | | |
Albany Capital Resource Corp. | | | | | | | | |
5.00%, 06/01/2064 | | | 220 | | | | 221 | |
Brooklyn Arena Local Development Corp. | | | | | | | | |
5.00%, 07/15/2042 | | | 2,040 | | | | 2,072 | |
Build NYC Resource Corp. | | | | | | | | |
4.00%, 06/15/2031 (4) | | | 300 | | | | 289 | |
4.00%, 06/15/2041 (4) | | | 100 | | | | 88 | |
4.88%, 05/01/2031 (4) | | | 645 | | | | 654 | |
5.00%, 01/01/2035 (4) | | | 4,750 | | | | 4,773 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 6.64% – (continued) | | | | | | | | |
5.00%, 12/01/2041 (4) | | $ | 2,550 | | | $ | 2,438 | |
5.00%, 06/01/2051 (4) | | | 170 | | | | 169 | |
5.00%, 06/15/2051 (4) | | | 8,890 | | | | 8,723 | |
5.00%, 12/01/2051 (4) | | | 1,760 | | | | 1,590 | |
5.00%, 12/01/2055 (4) | | | 1,500 | | | | 1,335 | |
5.50%, 09/01/2045 (4) | | | 350 | | | | 351 | |
5.50%, 05/01/2048 (4) | | | 1,390 | | | | 1,412 | |
City of New York NY | | | | | | | | |
4.00%, 08/01/2050 | | | 350 | | | | 342 | |
5.00%, 03/01/2042 | | | 140 | | | | 156 | |
5.25%, 10/01/2047 | | | 3,180 | | | | 3,498 | |
5.25%, 04/01/2054 | | | 2,075 | | | | 2,290 | |
5.50%, 05/01/2044 | | | 900 | | | | 1,014 | |
County of Sullivan NY | | | | | | | | |
5.35%, 11/01/2049 (4) | | | 1,000 | | | | 1,006 | |
Glen Cove Local Economic Assistance Corp. | | | | | | | | |
0.00%, 01/01/2045 | | | 5,185 | | | | 1,497 | |
5.00%, 01/01/2056 | | | 2,280 | | | | 1,966 | |
5.63%, 01/01/2055 | | | 7,115 | | | | 6,498 | |
Long Island Power Authority | | | | | | | | |
5.00%, 09/01/2039 | | | 1,725 | | | | 1,832 | |
Metropolitan Transportation Authority | | | | | | | | |
4.00%, 11/15/2042 | | | 1,230 | | | | 1,210 | |
4.00%, 11/15/2045 | | | 1,000 | | | | 975 | |
5.00%, 11/15/2050 | | | 225 | | | | 234 | |
5.00%, 11/15/2052 | | | 1,000 | | | | 1,031 | |
Nassau County Industrial Development Agency | | | | | | | | |
0.00%, 01/01/2058 (1) | | | 2,484 | | | | 744 | |
9.00%, 01/01/2041 (2)(3)(4) | | | 1,085 | | | | 1,085 | |
New York City Industrial Development Agency | | | | | | | | |
3.00%, 01/01/2037 | | | 1,205 | | | | 1,086 | |
3.00%, 01/01/2046 | | | 200 | | | | 156 | |
3.00%, 03/01/2049 | | | 380 | | | | 286 | |
4.00%, 03/01/2045 | | | 3,500 | | | | 3,401 | |
New York City Municipal Water Finance Authority | | | | | | | | |
4.00%, 06/15/2052 | | | 1,000 | | | | 964 | |
4.13%, 06/15/2047 | | | 605 | | | | 602 | |
4.90%, 06/15/2053 (1) | | | 2,000 | | | | 2,000 | |
5.25%, 06/15/2054 | | | 300 | | | | 331 | |
5.25%, 06/15/2054 | | | 1,080 | | | | 1,196 | |
New York City Transitional Finance Authority | | | | | | | | |
4.38%, 05/01/2053 | | | 2,000 | | | | 2,007 | |
5.25%, 05/01/2048 | | | 1,140 | | | | 1,271 | |
5.25%, 02/01/2053 | | | 300 | | | | 332 | |
New York City Transitional Finance Authority Future Tax Secured Revenue | | | | | | | | |
4.00%, 05/01/2044 | | | 315 | | | | 312 | |
4.00%, 02/01/2051 | | | 1,000 | | | | 959 | |
4.00%, 02/01/2051 | | | 1,000 | | | | 959 | |
4.65%, 08/01/2041 (1) | | | 2,400 | | | | 2,400 | |
4.70%, 08/01/2042 (1) | | | 2,100 | | | | 2,100 | |
5.00%, 02/01/2047 | | | 3,375 | | | | 3,626 | |
New York Liberty Development Corp. | | | | | | | | |
2.63%, 09/15/2069 | | | 400 | | | | 365 | |
2.80%, 09/15/2069 | | | 1,025 | | | | 921 | |
2.88%, 11/15/2046 | | | 240 | | | | 176 | |
3.00%, 11/15/2051 | | | 1,000 | | | | 739 | |
5.00%, 11/15/2044 (4) | | | 2,800 | | | | 2,803 | |
5.15%, 11/15/2034 (4) | | | 2,920 | | | | 2,929 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 6.64% – (continued) | | | | | | | | |
5.25%, 10/01/2035 | | $ | 2,405 | | | $ | 2,776 | |
5.38%, 11/15/2040 (4) | | | 7,910 | | | | 7,932 | |
New York State Dormitory Authority | | | | | | | | |
3.00%, 02/01/2050 | | | 150 | | | | 113 | |
4.00%, 03/15/2043 | | | 1,000 | | | | 985 | |
4.00%, 03/15/2047 | | | 1,585 | | | | 1,545 | |
4.00%, 03/15/2049 | | | 1,500 | | | | 1,450 | |
4.00%, 03/15/2054 | | | 2,350 | | | | 2,265 | |
5.00%, 12/01/2026 (4) | | | 300 | | | | 298 | |
5.00%, 12/01/2026 (4) | | | 1,500 | | | | 1,479 | |
5.00%, 12/01/2027 (4) | | | 500 | | | | 496 | |
5.00%, 12/01/2028 (4) | | | 600 | | | | 594 | |
5.00%, 12/01/2028 (4) | | | 3,300 | | | | 3,206 | |
5.00%, 12/01/2029 (4) | | | 450 | | | | 445 | |
5.00%, 12/01/2030 (4) | | | 1,000 | | | | 988 | |
5.00%, 12/01/2031 (4) | | | 1,200 | | | | 1,142 | |
5.00%, 12/01/2033 (4) | | | 700 | | | | 655 | |
5.00%, 12/01/2036 (4) | | | 100 | | | | 90 | |
5.00%, 03/15/2046 | | | 2,220 | | | | 2,402 | |
5.25%, 03/15/2049 | | | 2,895 | | | | 3,211 | |
5.25%, 03/15/2052 | | | 1,175 | | | | 1,299 | |
5.50%, 07/01/2054 | | | 2,000 | | | | 2,279 | |
New York State Environmental Facilities Corp. | | | | | | | | |
3.13%, 12/01/2044 (1)(4) | | | 500 | | | | 487 | |
5.13%, 09/01/2050 (1)(4) | | | 510 | | | | 528 | |
5.25%, 06/15/2053 | | | 3,155 | | | | 3,526 | |
New York State Thruway Authority | | | | | | | | |
4.00%, 01/01/2047 | | | 2,500 | | | | 2,450 | |
New York State Urban Development Corp. | | | | | | | | |
3.00%, 03/15/2049 | | | 5,000 | | | | 3,885 | |
4.00%, 03/15/2041 | | | 2,320 | | | | 2,312 | |
4.00%, 03/15/2049 | | | 500 | | | | 487 | |
5.00%, 03/15/2057 | | | 1,000 | | | | 1,077 | |
New York Transportation Development Corp. | | | | | | | | |
2.25%, 08/01/2026 | | | 1,990 | | | | 1,940 | |
3.00%, 08/01/2031 | | | 4,785 | | | | 4,509 | |
4.00%, 10/01/2030 | | | 775 | | | | 777 | |
4.00%, 12/01/2039 | | | 100 | | | | 100 | |
4.00%, 12/01/2042 | | | 750 | | | | 721 | |
4.38%, 10/01/2045 | | | 2,355 | | | | 2,306 | |
5.00%, 08/01/2026 | | | 1,015 | | | | 1,015 | |
5.00%, 12/01/2026 | | | 165 | | | | 170 | |
5.00%, 01/01/2027 | | | 4,000 | | | | 4,113 | |
5.00%, 12/01/2028 | | | 675 | | | | 707 | |
5.00%, 01/01/2029 | | | 545 | | | | 565 | |
5.00%, 01/01/2030 | | | 100 | | | | 104 | |
5.00%, 08/01/2031 | | | 11,175 | | | | 11,178 | |
5.00%, 01/01/2032 | | | 215 | | | | 222 | |
5.00%, 01/01/2033 | | | 500 | | | | 516 | |
5.00%, 01/01/2034 | | | 1,750 | | | | 1,805 | |
5.00%, 12/01/2034 | | | 400 | | | | 424 | |
5.00%, 12/01/2034 | | | 1,395 | | | | 1,515 | |
5.00%, 10/01/2035 | | | 1,325 | | | | 1,393 | |
5.00%, 01/01/2036 | | | 3,565 | | | | 3,671 | |
5.00%, 12/01/2037 | | | 500 | | | | 526 | |
5.00%, 12/01/2039 | | | 885 | | | | 936 | |
5.00%, 10/01/2040 | | | 2,460 | | | | 2,559 | |
5.00%, 12/01/2040 | | | 560 | | | | 589 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| New York – 6.64% – (continued) | | | | | | | | |
5.00%, 07/01/2041 | | $ | 500 | | | $ | 500 | |
5.00%, 12/01/2041 | | | 810 | | | | 849 | |
5.00%, 12/01/2042 | | | 560 | | | | 584 | |
5.00%, 07/01/2046 | | | 1,500 | | | | 1,500 | |
5.13%, 06/30/2060 | | | 750 | | | | 776 | |
5.25%, 08/01/2031 | | | 555 | | | | 589 | |
5.25%, 01/01/2050 | | | 935 | | | | 935 | |
5.25%, 06/30/2060 | | | 2,380 | | | | 2,492 | |
5.38%, 08/01/2036 | | | 1,415 | | | | 1,507 | |
5.63%, 04/01/2040 | | | 750 | | | | 816 | |
6.00%, 04/01/2035 | | | 1,500 | | | | 1,695 | |
6.00%, 06/30/2054 | | | 4,350 | | | | 4,777 | |
Niagara Area Development Corp. | | | | | | | | |
4.75%, 11/01/2042 (4) | | | 1,000 | | | | 939 | |
Oneida Indian Nation of New York | | | | | | | | |
6.00%, 09/01/2043 (4) | | | 300 | | | | 329 | |
Onondaga Civic Development Corp. | | | | | | | | |
5.38%, 08/01/2054 | | | 130 | | | | 133 | |
Port Authority of New York & New Jersey | | | | | | | | |
5.50%, 08/01/2052 | | | 1,000 | | | | 1,078 | |
State of New York Mortgage Agency Homeowner Mortgage Revenue | | | | | | | | |
3.25%, 10/01/2051 | | | 540 | | | | 523 | |
Suffolk Regional Off-Track Betting Co. | | | | | | | | |
5.75%, 12/01/2044 | | | 750 | | | | 781 | |
6.00%, 12/01/2053 | | | 550 | | | | 573 | |
Tompkins County Development Corp. | | | | | | | | |
5.00%, 07/01/2034 | | | 160 | | | | 160 | |
Triborough Bridge & Tunnel Authority | | | | | | | | |
4.00%, 11/15/2054 | | | 1,500 | | | | 1,440 | |
4.90%, 01/01/2032 (1) | | | 3,400 | | | | 3,400 | |
5.00%, 11/15/2054 | | | 1,500 | | | | 1,586 | |
5.25%, 05/15/2054 | | | 950 | | | | 1,053 | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue | | | | | | | | |
5.00%, 05/15/2054 | | | 1,500 | | | | 1,632 | |
Westchester County Industrial Development Agency | | | | | | | | |
7.00%, 06/01/2046 (4) | | | 250 | | | | 225 | |
Westchester County Local Development Corp. | | | | | | | | |
5.00%, 01/01/2037 | | | 525 | | | | 554 | |
5.00%, 01/01/2041 | | | 500 | | | | 518 | |
5.00%, 11/01/2046 | | | 100 | | | | 93 | |
5.50%, 05/01/2042 | | | 1,065 | | | | 1,065 | |
5.75%, 11/01/2048 | | | 1,150 | | | | 1,277 | |
5.75%, 11/01/2049 | | | 1,250 | | | | 1,386 | |
Yonkers Economic Development Corp. | | | | | | | | |
5.00%, 10/15/2039 | | | 315 | | | | 321 | |
| | | | | | | | |
Total New York | | | | 210,263 | |
| | | | | | | | |
| North Carolina – 1.60% | | | | | | | | |
City of Charlotte NC Airport Revenue | | | | | | | | |
4.00%, 07/01/2038 | | | 1,525 | | | | 1,525 | |
4.00%, 07/01/2039 | | | 1,670 | | | | 1,644 | |
4.00%, 07/01/2040 | | | 2,030 | | | | 1,994 | |
4.00%, 07/01/2041 | | | 1,500 | | | | 1,462 | |
5.00%, 07/01/2048 | | | 1,620 | | | | 1,709 | |
City of Charlotte NC Water & Sewer System Revenue | | | | | | | | |
5.00%, 07/01/2054 | | | 2,000 | | | | 2,202 | |
Greater Asheville Regional Airport Authority | | | | | | | | |
5.50%, 07/01/2047 | | | 3,950 | | | | 4,305 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| North Carolina – 1.60% – (continued) | | | | | | | | |
North Carolina Housing Finance Agency | | | | | | | | |
3.00%, 07/01/2051 | | $ | 850 | | | $ | 823 | |
5.00%, 07/01/2047 | | | 135 | | | | 137 | |
6.25%, 01/01/2055 | | | 150 | | | | 163 | |
6.25%, 01/01/2055 | | | 170 | | | | 189 | |
North Carolina Medical Care Commission | | | | | | | | |
4.00%, 03/01/2036 | | | 160 | | | | 150 | |
4.00%, 03/01/2041 | | | 2,225 | | | | 1,975 | |
4.00%, 09/01/2041 | | | 75 | | | | 65 | |
4.00%, 03/01/2042 | | | 1,830 | | | | 1,607 | |
4.00%, 09/01/2047 | | | 1,065 | | | | 879 | |
4.00%, 03/01/2051 | | | 1,240 | | | | 998 | |
4.00%, 09/01/2051 | | | 65 | | | | 52 | |
4.70%, 07/01/2037 | | | 185 | | | | 159 | |
4.88%, 07/01/2040 | | | 915 | | | | 768 | |
5.00%, 10/01/2025 | | | 765 | | | | 768 | |
5.00%, 10/01/2025 | | | 1,000 | | | | 1,001 | |
5.00%, 10/01/2030 | | | 550 | | | | 550 | |
5.00%, 10/01/2030 | | | 2,100 | | | | 2,083 | |
5.00%, 01/01/2031 | | | 625 | | | | 624 | |
5.00%, 10/01/2031 | | | 3,070 | | | | 3,093 | |
5.00%, 09/01/2037 | | | 3,145 | | | | 3,152 | |
5.00%, 10/01/2037 | | | 355 | | | | 357 | |
5.00%, 01/01/2039 | | | 1,225 | | | | 1,161 | |
5.00%, 07/01/2039 | | | 1,110 | | | | 1,059 | |
5.00%, 10/01/2043 | | | 2,000 | | | | 1,775 | |
5.00%, 07/01/2045 | | | 300 | | | | 243 | |
5.00%, 10/01/2045 | | | 1,270 | | | | 1,318 | |
5.00%, 07/01/2047 | | | 80 | | | | 64 | |
5.00%, 07/01/2049 | | | 900 | | | | 804 | |
5.00%, 10/01/2049 | | | 750 | | | | 772 | |
5.00%, 10/01/2050 | | | 500 | | | | 461 | |
5.25%, 10/01/2037 | | | 360 | | | | 346 | |
5.38%, 10/01/2045 | | | 1,800 | | | | 1,650 | |
North Carolina State Education Assistance Authority | | | | | | | | |
5.00%, 06/01/2043 | | | 50 | | | | 50 | |
North Carolina Turnpike Authority | | | | | | | | |
4.00%, 01/01/2055 | | | 3,730 | | | | 3,373 | |
5.00%, 01/01/2032 | | | 1,000 | | | | 1,033 | |
5.00%, 07/01/2047 | | | 385 | | | | 390 | |
5.00%, 07/01/2051 | | | 1,055 | | | | 1,067 | |
5.00%, 07/01/2054 | | | 585 | | | | 591 | |
| | | | | | | | |
Total North Carolina | | | | 50,591 | |
| | | | | | | | |
| North Dakota – 0.04% | | | | | | | | |
County of Ward ND | | | | | | | | |
5.00%, 06/01/2038 | | | 500 | | | | 495 | |
5.00%, 06/01/2043 | | | 50 | | | | 48 | |
North Dakota Housing Finance Agency | | | | | | | | |
6.00%, 07/01/2054 | | | 35 | | | | 38 | |
6.25%, 01/01/2055 | | | 565 | | | | 627 | |
| | | | | | | | |
Total North Dakota | | | | 1,208 | |
| | | | | | | | |
| Ohio – 4.30% | | | | | | | | |
Akron Bath Copley Joint Township Hospital District | | | | | | | | |
4.00%, 11/15/2033 | | | 425 | | | | 415 | |
4.00%, 11/15/2034 | | | 500 | | | | 487 | |
4.00%, 11/15/2036 | | | 2,000 | | | | 1,931 | |
4.00%, 11/15/2037 | | | 1,600 | | | | 1,530 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Ohio – 4.30% – (continued) | | | | | | | | |
Buckeye Tobacco Settlement Financing Authority | | | | | | | | |
0.00%, 06/01/2057 | | $ | 3,810 | | | $ | 356 | |
4.00%, 06/01/2048 | | | 300 | | | | 277 | |
5.00%, 06/01/2055 | | | 68,280 | | | | 62,944 | |
City of Centerville OH | | | | | | | | |
5.00%, 11/01/2025 | | | 420 | | | | 421 | |
5.25%, 11/01/2037 | | | 100 | | | | 100 | |
5.25%, 11/01/2047 | | | 150 | | | | 140 | |
Cleveland-Cuyahoga County Port Authority | | | | | | | | |
4.00%, 12/01/2055 (4) | | | 200 | | | | 165 | |
4.50%, 12/01/2055 (4) | | | 400 | | | | 344 | |
5.25%, 12/01/2038 | | | 500 | | | | 513 | |
5.50%, 12/01/2043 | | | 240 | | | | 246 | |
5.50%, 12/01/2053 | | | 2,260 | | | | 2,285 | |
Columbus-Franklin County Finance Authority | | | | | | | | |
5.00%, 12/01/2051 | | | 1,000 | | | | 997 | |
County of Cuyahoga OH | | | | | | | | |
5.00%, 02/15/2042 | | | 5,355 | | | | 5,408 | |
5.00%, 02/15/2057 | | | 205 | | | | 205 | |
5.50%, 02/15/2052 | | | 3,145 | | | | 3,201 | |
5.50%, 02/15/2057 | | | 7,850 | | | | 7,984 | |
County of Franklin OH | | | | | | | | |
3.70%, 12/01/2046 (1) | | | 350 | | | | 350 | |
4.00%, 07/01/2033 | | | 385 | | | | 353 | |
County of Hamilton OH | | | | | | | | |
5.00%, 01/01/2037 | | | 230 | | | | 231 | |
5.00%, 01/01/2047 | | | 500 | | | | 483 | |
5.00%, 09/15/2050 | | | 290 | | | | 287 | |
5.75%, 01/01/2053 | | | 400 | | | | 418 | |
County of Lucas OH | | | | | | | | |
5.25%, 11/15/2048 | | | 1,940 | | | | 1,978 | |
County of Marion OH | | | | | | | | |
5.00%, 12/01/2039 | | | 110 | | | | 95 | |
5.13%, 12/01/2049 | | | 700 | | | | 560 | |
County of Muskingum OH | | | | | | | | |
5.00%, 02/15/2033 | | | 1,000 | | | | 991 | |
5.00%, 02/15/2044 | | | 340 | | | | 320 | |
5.00%, 02/15/2048 | | | 2,080 | | | | 1,923 | |
County of Warren OH | | | | | | | | |
5.00%, 07/01/2039 | | | 800 | | | | 800 | |
County of Washington OH | | | | | | | | |
6.75%, 12/01/2052 | | | 1,140 | | | | 1,240 | |
Franklin County Convention Facilities Authority | | | | | | | | |
5.00%, 12/01/2044 | | | 3,165 | | | | 3,141 | |
5.00%, 12/01/2051 | | | 2,645 | | | | 2,601 | |
Ohio Air Quality Development Authority | | | | | | | | |
1.38%, 02/01/2026 (1) | | | 405 | | | | 399 | |
1.50%, 02/01/2026 (1) | | | 300 | | | | 285 | |
2.50%, 11/01/2042 (1) | | | 500 | | | | 441 | |
2.88%, 02/01/2026 | | | 1,000 | | | | 968 | |
3.25%, 09/01/2029 | | | 2,585 | | | | 2,482 | |
4.00%, 09/01/2030 (1) | | | 85 | | | | 85 | |
4.25%, 11/01/2039 (1) | | | 500 | | | | 503 | |
4.50%, 01/15/2048 (4) | | | 2,385 | | | | 2,358 | |
5.00%, 07/01/2049 (4) | | | 12,470 | | | | 11,611 | |
Ohio Higher Educational Facility Commission | | | | | | | | |
4.90%, 01/01/2039 (1) | | | 2,300 | | | | 2,300 | |
5.00%, 12/01/2050 | | | 100 | | | | 94 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Ohio – 4.30% – (continued) | | | | | | | | |
5.25%, 01/01/2047 | | $ | 500 | | | $ | 520 | |
5.25%, 01/01/2052 | | | 250 | | | | 259 | |
Ohio Housing Finance Agency | | | | | | | | |
6.25%, 03/01/2055 | | | 450 | | | | 491 | |
Southeastern Ohio Port Authority | | | | | | | | |
5.50%, 12/01/2043 | | | 1,000 | | | | 942 | |
State of Ohio | | | | | | | | |
4.00%, 01/15/2038 | | | 70 | | | | 70 | |
4.00%, 01/15/2039 | | | 135 | | | | 134 | |
5.00%, 12/01/2048 (4) | | | 800 | | | | 727 | |
5.00%, 01/15/2050 | | | 1,170 | | | | 1,206 | |
Summit County Development Finance Authority | | | | | | | | |
5.63%, 12/01/2048 | | | 1,630 | | | | 1,753 | |
5.75%, 12/01/2053 | | | 2,570 | | | | 2,767 | |
| | | | | | | | |
Total Ohio | | | | 136,115 | |
| | | | | | | | |
| Oklahoma – 0.65% | | | | | | | | |
Norman Regional Hospital Authority | | | | | | | | |
3.25%, 09/01/2039 | | | 150 | | | | 110 | |
4.00%, 09/01/2045 | | | 2,315 | | | | 1,900 | |
Oklahoma County Finance Authority | | | | | | | | |
2.00%, 12/01/2047 | | | 510 | | | | 27 | |
5.88%, 12/01/2047 | | | 2,478 | | | | 1,921 | |
6.25%, 06/15/2054 (4) | | | 2,120 | | | | 2,162 | |
6.50%, 06/15/2064 (4) | | | 155 | | | | 160 | |
Oklahoma Development Finance Authority | | | | | | | | |
5.25%, 08/15/2048 | | | 3,710 | | | | 3,773 | |
5.50%, 08/15/2052 | | | 250 | | | | 257 | |
5.50%, 08/15/2057 | | | 2,555 | | | | 2,621 | |
Oklahoma Housing Finance Agency | | | | | | | | |
6.00%, 09/01/2054 | | | 325 | | | | 356 | |
6.25%, 09/01/2055 | | | 350 | | | | 389 | |
Oklahoma Turnpike Authority | | | | | | | | |
4.50%, 01/01/2053 | | | 1,500 | | | | 1,529 | |
5.50%, 01/01/2053 | | | 1,500 | | | | 1,656 | |
Tulsa Airports Improvement Trust | | | | | | | | |
5.50%, 12/01/2035 | | | 745 | | | | 746 | |
Tulsa County Industrial Authority | | | | | | | | |
5.00%, 11/15/2029 | | | 400 | | | | 407 | |
5.25%, 11/15/2037 | | | 1,085 | | | | 1,100 | |
5.25%, 11/15/2045 | | | 1,595 | | | | 1,602 | |
| | | | | | | | |
Total Oklahoma | | | | 20,716 | |
| | | | | | | | |
| Oregon – 0.54% | | | | | | | | |
Clackamas County Hospital Facility Authority | | | | | | | | |
5.00%, 11/15/2032 | | | 35 | | | | 35 | |
5.00%, 11/15/2037 | | | 35 | | | | 35 | |
5.00%, 11/15/2047 | | | 95 | | | | 90 | |
5.00%, 11/15/2052 | | | 395 | | | | 369 | |
Hospital Facilities Authority of Multnomah County Oregon | | | | | | | | |
1.20%, 06/01/2028 | | | 295 | | | | 264 | |
4.00%, 12/01/2041 | | | 500 | | | | 417 | |
4.00%, 12/01/2051 | | | 550 | | | | 409 | |
Klamath Falls Intercommunity Hospital Authority | | | | | | | | |
5.00%, 09/01/2031 | | | 200 | | | | 202 | |
5.00%, 09/01/2032 | | | 270 | | | | 273 | |
5.00%, 09/01/2046 | | | 1,000 | | | | 1,010 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Oregon – 0.54% – (continued) | | | | | | | | |
Oregon State Facilities Authority | | | | | | | | |
5.00%, 06/01/2052 | | $ | 325 | | | $ | 339 | |
Port of Portland OR Airport Revenue | | | | | | | | |
4.00%, 07/01/2040 | | | 5,800 | | | | 5,699 | |
5.00%, 07/01/2044 | | | 1,000 | | | | 1,000 | |
Salem Hospital Facility Authority | | | | | | | | |
4.00%, 05/15/2040 | | | 1,725 | | | | 1,551 | |
4.00%, 05/15/2047 | | | 475 | | | | 396 | |
4.00%, 05/15/2057 | | | 1,500 | | | | 1,165 | |
State of Oregon | | | | | | | | |
3.50%, 12/01/2050 | | | 430 | | | | 422 | |
Yamhill County Hospital Authority | | | | | | | | |
4.00%, 11/15/2026 | | | 15 | | | | 15 | |
5.00%, 11/15/2031 | | | 25 | | | | 24 | |
5.00%, 11/15/2036 | | | 30 | | | | 28 | |
5.00%, 11/15/2051 | | | 1,005 | | | | 808 | |
5.00%, 11/15/2051 | | | 1,100 | | | | 884 | |
5.00%, 11/15/2056 | | | 1,940 | | | | 1,521 | |
| | | | | | | | |
Total Oregon | | | | 16,956 | |
| | | | | | | | |
| Other Territory – 0.03% | | | | | | | | |
Freddie Mac Multifamily ML Certificates | | | | | | | | |
0.00%, 04/25/2043 (1) | | | 348 | | | | 282 | |
4.00%, 01/25/2040 (1) | | | 743 | | | | 728 | |
| | | | | | | | |
Total Other Territory | | | | 1,010 | |
| | | | | | | | |
| Pennsylvania – 4.36% | | | | | | | | |
Allegheny County Industrial Development Authority | | | | | | | | |
4.88%, 11/01/2024 | | | 85 | | | | 85 | |
Allentown Neighborhood Improvement Zone Development Authority | | | | | | | | |
5.00%, 05/01/2027 (4) | | | 800 | | | | 816 | |
5.00%, 05/01/2028 | | | 20 | | | | 21 | |
5.00%, 05/01/2030 | | | 25 | | | | 26 | |
5.00%, 05/01/2031 | | | 45 | | | | 48 | |
5.00%, 05/01/2032 | | | 75 | | | | 80 | |
5.00%, 05/01/2032 (4) | | | 2,260 | | | | 2,299 | |
5.00%, 05/01/2033 | | | 55 | | | | 58 | |
5.00%, 05/01/2034 | | | 50 | | | | 53 | |
5.00%, 05/01/2035 | | | 60 | | | | 64 | |
5.00%, 05/01/2036 | | | 850 | | | | 897 | |
5.00%, 05/01/2042 (4) | | | 2,675 | | | | 2,687 | |
5.00%, 05/01/2042 | | | 3,875 | | | | 3,993 | |
5.00%, 05/01/2042 (4) | | | 4,955 | | | | 4,968 | |
5.00%, 05/01/2042 (4) | | | 6,190 | | | | 6,261 | |
5.25%, 05/01/2042 (4) | | | 535 | | | | 533 | |
5.38%, 05/01/2042 (4) | | | 645 | | | | 644 | |
Berks County Industrial Development Authority | | | | | | | | |
4.00%, 11/01/2047 | | | 340 | | | | 214 | |
5.00%, 05/15/2032 | | | 150 | | | | 153 | |
5.00%, 11/01/2047 | | | 100 | | | | 63 | |
Berks County Municipal Authority | | | | | | | | |
4.50%, 11/01/2041 | | | 90 | | | | 57 | |
5.00%, 02/01/2040 (1) | | | 500 | | | | 315 | |
Bucks County Industrial Development Authority | | | | | | | | |
4.00%, 08/15/2050 | | | 250 | | | | 235 | |
4.00%, 07/01/2051 | | | 250 | | | | 188 | |
5.00%, 07/01/2028 | | | 500 | | | | 491 | |
5.00%, 07/01/2029 | | | 500 | | | | 488 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 4.36% – (continued) | | | | | | | | |
5.00%, 07/01/2030 | | $ | 675 | | | $ | 656 | |
5.00%, 07/01/2054 | | | 250 | | | | 220 | |
Butler County Hospital Authority | | | | | | | | |
5.00%, 07/01/2035 | | | 570 | | | | 570 | |
5.00%, 07/01/2039 | | | 320 | | | | 309 | |
Chester County Industrial Development Authority | | | | | | | | |
4.38%, 03/01/2028 (4) | | | 24 | | | | 24 | |
5.00%, 03/01/2027 | | | 170 | | | | 172 | |
5.00%, 03/01/2038 (4) | | | 225 | | | | 222 | |
5.13%, 03/01/2048 (4) | | | 755 | | | | 715 | |
5.88%, 10/15/2047 (4) | | | 3,385 | | | | 3,493 | |
Crawford County Hospital Authority | | | | | | | | |
6.00%, 06/01/2036 | | | 200 | | | | 204 | |
Cumberland County Municipal Authority | | | | | | | | |
4.50%, 01/01/2036 (4) | | | 270 | | | | 253 | |
4.50%, 01/01/2040 (4) | | | 3,825 | | | | 3,418 | |
4.50%, 01/01/2041 (4) | | | 285 | | | | 252 | |
5.00%, 01/01/2039 | | | 610 | | | | 582 | |
Delaware River Joint Toll Bridge Commission | | | | | | | | |
5.00%, 07/01/2042 | | | 1,100 | | | | 1,137 | |
Doylestown Hospital Authority | | | | | | | | |
4.00%, 07/01/2045 | | | 675 | | | | 571 | |
5.00%, 07/01/2046 | | | 340 | | | | 331 | |
5.00%, 07/01/2049 | | | 10 | | | | 11 | |
5.00%, 07/01/2049 | | | 2,170 | | | | 2,107 | |
5.38%, 07/01/2039 (4) | | | 145 | | | | 149 | |
East Hempfield Township Industrial Development Authority | | | | | | | | |
5.00%, 07/01/2030 | | | 55 | | | | 56 | |
5.00%, 07/01/2034 | | | 70 | | | | 70 | |
5.00%, 07/01/2035 | | | 70 | | | | 71 | |
5.00%, 07/01/2039 | | | 70 | | | | 70 | |
5.00%, 07/01/2046 | | | 105 | | | | 105 | |
5.00%, 07/01/2047 | | | 510 | | | | 517 | |
Franklin County Industrial Development Authority | | | | | | | | |
5.00%, 12/01/2043 | | | 180 | | | | 171 | |
5.00%, 12/01/2048 | | | 90 | | | | 83 | |
5.00%, 12/01/2053 | | | 595 | | | | 532 | |
Hospitals & Higher Education Facilities Authority of Philadelphia | | | | | | | | |
5.00%, 07/01/2028 | | | 340 | | | | 345 | |
5.00%, 07/01/2030 | | | 850 | | | | 862 | |
5.00%, 07/01/2034 | | | 2,000 | | | | 2,025 | |
Lancaster County Hospital Authority | | | | | | | | |
5.00%, 07/01/2031 | | | 560 | | | | 559 | |
5.00%, 07/01/2032 | | | 560 | | | | 559 | |
5.00%, 12/01/2032 | | | 250 | | | | 242 | |
5.00%, 07/01/2035 | | | 500 | | | | 501 | |
5.00%, 12/01/2037 | | | 820 | | | | 756 | |
5.00%, 07/01/2045 | | | 1,970 | | | | 1,872 | |
5.00%, 12/01/2047 | | | 2,010 | | | | 1,660 | |
5.25%, 07/01/2035 | | | 15 | | | | 15 | |
5.50%, 07/01/2045 | | | 70 | | | | 69 | |
Lancaster Industrial Development Authority | | | | | | | | |
4.00%, 07/01/2051 | | | 250 | | | | 195 | |
Latrobe Industrial Development Authority | | | | | | | | |
4.00%, 03/01/2037 | | | 450 | | | | 413 | |
4.00%, 03/01/2039 | | | 320 | | | | 286 | |
4.00%, 03/01/2040 | | | 500 | | | | 441 | |
4.00%, 03/01/2046 | | | 750 | | | | 624 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 4.36% – (continued) | | | | | | | | |
4.00%, 03/01/2051 | | $ | 800 | | | $ | 637 | |
Monroe County Hospital Authority | | | | | | | | |
5.10%, 06/15/2039 (4) | | | 2,005 | | | | 1,997 | |
8.00%, 06/15/2039 (4) | | | 1,485 | | | | 1,469 | |
Montgomery County Higher Education & Health Authority | | | | | | | | |
5.00%, 12/01/2037 | | | 320 | | | | 325 | |
5.00%, 09/01/2043 | | | 345 | | | | 354 | |
Montgomery County Industrial Development Authority | | | | | | | | |
4.10%, 04/01/2053 (1) | | | 1,185 | | | | 1,208 | |
5.25%, 01/15/2036 | | | 1,345 | | | | 1,358 | |
5.25%, 01/01/2040 | | | 1,750 | | | | 1,715 | |
5.25%, 01/15/2045 | | | 1,250 | | | | 1,262 | |
5.38%, 01/01/2050 | | | 960 | | | | 898 | |
Pennsylvania Economic Development Financing Authority | | | | | | | | |
0.00%, 07/01/2041 (1) | | | 850 | | | | 850 | |
3.00%, 10/15/2046 | | | 200 | | | | 162 | |
3.25%, 08/01/2039 (4) | | | 1,030 | | | | 820 | |
4.00%, 07/01/2033 | | | 500 | | | | 504 | |
4.00%, 07/01/2046 | | | 475 | | | | 433 | |
4.00%, 04/01/2049 (1) | | | 2,270 | | | | 2,270 | |
5.00%, 12/31/2034 | | | 1,250 | | | | 1,266 | |
5.00%, 12/31/2038 | | | 4,750 | | | | 4,794 | |
5.00%, 06/30/2042 | | | 1,370 | | | | 1,377 | |
5.25%, 12/01/2037 (1) | | | 265 | | | | 268 | |
5.25%, 07/01/2046 | | | 55 | | | | 58 | |
5.25%, 07/01/2049 | | | 150 | | | | 157 | |
5.25%, 06/30/2053 | | | 1,000 | | | | 1,037 | |
5.50%, 06/30/2040 | | | 270 | | | | 295 | |
5.50%, 06/30/2041 | | | 160 | | | | 174 | |
5.50%, 06/30/2043 | | | 160 | | | | 172 | |
5.50%, 11/01/2044 | | | 595 | | | | 596 | |
5.75%, 06/30/2048 | | | 8,345 | | | | 9,042 | |
6.00%, 06/30/2061 | | | 4,715 | | | | 5,167 | |
9.00%, 04/01/2051 (1)(4) | | | 3,810 | | | | 4,188 | |
Pennsylvania Higher Education Assistance Agency | | | | | | | | |
2.63%, 06/01/2042 | | | 905 | | | | 763 | |
4.00%, 06/01/2044 | | | 130 | | | | 124 | |
4.13%, 06/01/2045 | | | 175 | | | | 168 | |
Pennsylvania Higher Educational Facilities Authority | | | | | | | | |
4.38% (3 Month Term SOFR + 0.65%), 07/01/2039 (5) | | | 570 | | | | 530 | |
5.00%, 09/01/2027 | | | 755 | | | | 760 | |
Pennsylvania Housing Finance Agency | | | | | | | | |
5.75%, 10/01/2053 | | | 3,495 | | | | 3,688 | |
6.00%, 10/01/2054 | | | 350 | | | | 380 | |
6.00%, 10/01/2054 | | | 600 | | | | 649 | |
Pennsylvania Turnpike Commission | | | | | | | | |
4.00%, 12/01/2045 | | | 2,000 | | | | 1,953 | |
4.00%, 12/01/2046 | | | 2,000 | | | | 1,920 | |
4.00%, 12/01/2050 | | | 250 | | | | 234 | |
5.25%, 12/01/2052 | | | 2,385 | | | | 2,593 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | | | | | | | | |
4.00%, 12/01/2051 | | | 3,995 | | | | 3,773 | |
Philadelphia Authority for Industrial Development | | | | | | | | |
4.00%, 06/01/2031 | | | 595 | | | | 584 | |
4.00%, 06/01/2041 | | | 750 | | | | 671 | |
4.00%, 06/01/2051 | | | 800 | | | | 661 | |
4.00%, 06/01/2056 | | | 850 | | | | 689 | |
5.00%, 08/01/2030 | | | 100 | | | | 102 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Pennsylvania – 4.36% – (continued) | | | | | | | | |
5.00%, 07/01/2031 | | $ | 205 | | | $ | 202 | |
5.00%, 07/01/2032 | | | 600 | | | | 590 | |
5.00%, 07/01/2037 | | | 365 | | | | 349 | |
5.00%, 06/15/2039 (4) | | | 305 | | | | 313 | |
5.00%, 06/15/2039 | | | 500 | | | | 491 | |
5.00%, 06/15/2040 (4) | | | 900 | | | | 916 | |
5.00%, 08/01/2040 | | | 620 | | | | 631 | |
5.00%, 07/01/2042 | | | 145 | | | | 132 | |
5.00%, 07/01/2042 | | | 650 | | | | 650 | |
5.00%, 06/15/2043 (4) | | | 215 | | | | 217 | |
5.00%, 07/01/2049 | | | 245 | | | | 210 | |
5.00%, 06/15/2050 | | | 1,375 | | | | 1,266 | |
5.00%, 06/15/2050 (4) | | | 1,700 | | | | 1,704 | |
5.00%, 08/01/2050 | | | 1,050 | | | | 1,061 | |
5.25%, 11/01/2052 | | | 3,030 | | | | 3,177 | |
Susquehanna Area Regional Airport Authority | | | | | | | | |
5.00%, 01/01/2035 | | | 1,500 | | | | 1,522 | |
5.00%, 01/01/2038 | | | 3,125 | | | | 3,161 | |
Tower Health | | | | | | | | |
4.45%, 02/01/2050 | | | 500 | | | | 237 | |
West Cornwall Township Municipal Authority | | | | | | | | |
4.00%, 11/15/2041 | | | 370 | | | | 339 | |
4.00%, 11/15/2046 | | | 1,050 | | | | 911 | |
5.00%, 12/15/2038 | | | 250 | | | | 250 | |
Westmoreland County Industrial Development Authority | | | | | | | | |
4.00%, 07/01/2037 | | | 250 | | | | 228 | |
| | | | | | | | |
Total Pennsylvania | | | | 137,884 | |
| | | | | | | | |
| Puerto Rico – 8.69% | | | | | | | | |
Commonwealth of Puerto Rico | | | | | | | | |
0.00%, 07/01/2024 | | | 457 | | | | 457 | |
0.00%, 07/01/2033 | | | 3,596 | | | | 2,399 | |
0.00%, 11/01/2043 (1) | | | 23,257 | | | | 14,245 | |
0.00%, 11/01/2051 (1) | | | 8,956 | | | | 4,635 | |
0.00%, 11/01/2051 (1) | | | 16,774 | | | | 10,568 | |
4.00%, 07/01/2033 | | | 5,934 | | | | 5,942 | |
4.00%, 07/01/2035 | | | 3,917 | | | | 3,845 | |
4.00%, 07/01/2037 | | | 6,298 | | | | 6,063 | |
4.00%, 07/01/2041 | | | 5,568 | | | | 5,190 | |
4.00%, 07/01/2046 | | | 4,313 | | | | 3,902 | |
5.38%, 07/01/2025 | | | 15,968 | | | | 16,101 | |
5.63%, 07/01/2027 | | | 4,280 | | | | 4,465 | |
5.63%, 07/01/2029 | | | 2,550 | | | | 2,735 | |
5.75%, 07/01/2031 | | | 7,451 | | | | 8,274 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority | | | | | | | | |
4.00%, 07/01/2042 (4) | | | 2,320 | | | | 2,173 | |
4.00%, 07/01/2042 (4) | | | 4,960 | | | | 4,645 | |
4.00%, 07/01/2042 (4) | | | 8,380 | | | | 7,847 | |
4.00%, 07/01/2047 (4) | | | 895 | | | | 804 | |
4.00%, 07/01/2047 (4) | | | 1,450 | | | | 1,302 | |
5.00%, 07/01/2027 (4) | | | 1,070 | | | | 1,099 | |
5.00%, 07/01/2029 (4) | | | 1,660 | | | | 1,733 | |
5.00%, 07/01/2029 (4) | | | 3,395 | | | | 3,545 | |
5.00%, 07/01/2030 (4) | | | 16,360 | | | | 17,202 | |
5.00%, 07/01/2033 (4) | | | 475 | | | | 503 | |
5.00%, 07/01/2033 (4) | | | 5,620 | | | | 5,928 | |
5.00%, 07/01/2035 (4) | | | 11,815 | | | | 12,345 | |
5.00%, 07/01/2037 (4) | | | 1,145 | | | | 1,194 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Puerto Rico – 8.69% – (continued) | | | | | | | | |
5.00%, 07/01/2037 (4) | | $ | 2,580 | | | $ | 2,705 | |
5.00%, 07/01/2037 (4) | | | 6,215 | | | | 6,483 | |
5.00%, 07/01/2047 (4) | | | 7,660 | | | | 7,751 | |
6.13%, 07/01/2024 | | | 105 | | | | 105 | |
Puerto Rico Electric Power Authority | | | | | | | | |
3.63%, 07/01/2021 | | | 5 | | | | 3 | |
3.70%, 07/01/2017 (2)(3) | | | 30 | | | | 15 | |
4.25%, 07/01/2025 (2)(3) | | | 25 | | | | 13 | |
4.63%, 07/01/2025 (2)(3) | | | 65 | | | | 33 | |
4.63%, 07/01/2030 (2)(3) | | | 15 | | | | 8 | |
4.75%, 07/01/2033 | | | 165 | | | | 161 | |
5.00%, 07/01/2017 (2)(3) | | | 15 | | | | 8 | |
5.00%, 07/01/2019 (2)(3) | | | 250 | | | | 125 | |
5.00%, 07/01/2020 (2)(3) | | | 70 | | | | 35 | |
5.00%, 07/01/2021 (2)(3) | | | 140 | | | | 70 | |
5.00%, 07/01/2024 (2)(3) | | | 570 | | | | 286 | |
5.00%, 07/01/2025 (2)(3) | | | 5 | | | | 3 | |
5.00%, 07/01/2025 (2)(3) | | | 20 | | | | 10 | |
5.00%, 07/01/2025 (2)(3) | | | 75 | | | | 38 | |
5.00%, 07/01/2025 (2)(3) | | | 85 | | | | 43 | |
5.00%, 07/01/2025 (2)(3) | | | 110 | | | | 55 | |
5.00%, 07/01/2025 (2)(3) | | | 115 | | | | 58 | |
5.00%, 07/01/2025 (2)(3) | | | 220 | | | | 110 | |
5.00%, 07/01/2026 (2)(3) | | | 125 | | | | 63 | |
5.00%, 07/01/2027 (2)(3) | | | 25 | | | | 13 | |
5.00%, 07/01/2027 (2)(3) | | | 35 | | | | 18 | |
5.00%, 07/01/2028 (2)(3) | | | 45 | | | | 23 | |
5.00%, 07/01/2028 (2)(3) | | | 170 | | | | 85 | |
5.00%, 07/01/2029 (2)(3) | | | 755 | | | | 378 | |
5.00%, 07/01/2032 (2)(3) | | | 900 | | | | 451 | |
5.00%, 07/01/2037 (2)(3) | | | 3,075 | | | | 1,541 | |
5.00%, 07/01/2042 (2)(3) | | | 2,805 | | | | 1,406 | |
5.05%, 07/01/2042 (2)(3) | | | 180 | | | | 90 | |
5.25%, 07/01/2050 (2)(3) | | | 395 | | | | 198 | |
5.25%, 07/01/2024 (2)(3) | | | 125 | | | | 63 | |
5.25%, 07/01/2024 (2)(3) | | | 300 | | | | 150 | |
5.25%, 07/01/2025 (2)(3) | | | 110 | | | | 55 | |
5.25%, 07/01/2025 (2)(3) | | | 240 | | | | 120 | |
5.25%, 07/01/2025 (2)(3) | | | 315 | | | | 158 | |
5.25%, 07/01/2025 (2)(3) | | | 3,530 | | | | 1,769 | |
5.25%, 07/01/2026 (2)(3) | | | 120 | | | | 60 | |
5.25%, 07/01/2026 (2)(3) | | | 160 | | | | 80 | |
5.25%, 07/01/2026 (2)(3) | | | 2,815 | | | | 1,411 | |
5.25%, 07/01/2027 (2)(3) | | | 215 | | | | 108 | |
5.25%, 07/01/2027 (2)(3) | | | 410 | | | | 206 | |
5.25%, 07/01/2027 (2)(3) | | | 415 | | | | 208 | |
5.25%, 07/01/2028 (2)(3) | | | 295 | | | | 148 | |
5.25%, 07/01/2029 (2)(3) | | | 340 | | | | 170 | |
5.25%, 07/01/2033 (2)(3) | | | 2,000 | | | | 1,003 | |
5.25%, 07/01/2035 (2)(3) | | | 300 | | | | 150 | |
5.25%, 07/01/2040 (2)(3) | | | 4,595 | | | | 2,303 | |
5.50%, 07/01/2018 (2)(3) | | | 40 | | | | 20 | |
5.50%, 07/01/2025 (2)(3) | | | 15 | | | | 8 | |
5.50%, 07/01/2038 (2)(3) | | | 4,340 | | | | 2,175 | |
5.75%, 07/01/2036 (2)(3) | | | 1,400 | | | | 702 | |
6.75%, 07/01/2036 (2)(3) | | | 2,265 | | | | 1,135 | |
7.00%, 07/01/2040 (2)(3) | | | 5 | | | | 3 | |
7.25%, 07/01/2030 (2)(3) | | | 265 | | | | 133 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Puerto Rico – 8.69% – (continued) | | | | | | | | |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | | | | | | | | |
4.50%, 10/01/2029 | | $ | 50 | | | $ | 50 | |
5.00%, 07/01/2030 | | | 500 | | | | 525 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | | | | | | | | |
0.00%, 07/01/2029 | | | 3,394 | | | | 2,801 | |
0.00%, 07/01/2031 | | | 7,092 | | | | 5,383 | |
0.00%, 07/01/2033 | | | 5,431 | | | | 3,776 | |
0.00%, 07/01/2046 | | | 62,010 | | | | 19,940 | |
0.00%, 07/01/2051 | | | 11,072 | | | | 2,591 | |
4.33%, 07/01/2040 | | | 1,232 | | | | 1,215 | |
4.33%, 07/01/2040 | | | 6,925 | | | | 6,832 | |
4.54%, 07/01/2053 | | | 205 | | | | 195 | |
4.55%, 07/01/2040 | | | 1,442 | | | | 1,447 | |
4.75%, 07/01/2053 | | | 13,336 | | | | 13,142 | |
4.78%, 07/01/2058 | | | 16,304 | | | | 16,046 | |
5.00%, 07/01/2058 | | | 17,005 | | | | 16,939 | |
University of Puerto Rico | | | | | | | | |
5.00%, 06/01/2025 | | | 150 | | | | 149 | |
5.00%, 06/01/2026 | | | 100 | | | | 99 | |
5.00%, 06/01/2030 | | | 55 | | | | 53 | |
5.00%, 06/01/2036 | | | 75 | | | | 72 | |
| | | | | | | | |
Total Puerto Rico | | | | 275,118 | |
| | | | | | | | |
| Rhode Island – 0.13% | | | | | | | | |
Central Falls Detention Facility Corp. | | | | | | | | |
7.25%, 07/15/2035 (2)(3) | | | 855 | | | | 342 | |
Rhode Island Health & Educational Building Corp. | | | | | | | | |
5.00%, 09/01/2036 | | | 340 | | | | 341 | |
5.25%, 05/15/2054 | | | 970 | | | | 1,029 | |
Rhode Island Student Loan Authority | | | | | | | | |
3.50%, 12/01/2034 | | | 250 | | | | 232 | |
3.63%, 12/01/2037 | | | 375 | | | | 352 | |
4.13%, 12/01/2041 | | | 1,440 | | | | 1,384 | |
4.13%, 12/01/2043 | | | 300 | | | | 289 | |
| | | | | | | | |
Total Rhode Island | | | | 3,969 | |
| | | | | | | | |
| South Carolina – 1.07% | | | | | | | | |
Connector 2000 Association, Inc. | | | | | | | | |
0.00%, 01/01/2032 | | | 1,026 | | | | 423 | |
0.00%, 01/01/2032 | | | 4,309 | | | | 2,627 | |
0.00%, 01/01/2042 | | | 8,410 | | | | 2,534 | |
0.00%, 07/22/2051 | | | 151 | | | | 6 | |
0.00%, 07/22/2051 | | | 1,510 | | | | 109 | |
0.00%, 07/22/2051 | | | 30,027 | | | | 4,114 | |
South Carolina Jobs-Economic Development Authority | | | | | | | | |
2.30%, 05/01/2048 (1) | | | 1,300 | | | | 1,300 | |
4.00%, 04/01/2033 (1) | | | 1,730 | | | | 1,732 | |
5.00%, 05/01/2037 | | | 500 | | | | 458 | |
5.00%, 05/01/2042 | | | 500 | | | | 430 | |
5.00%, 11/15/2042 | | | 585 | | | | 571 | |
5.00%, 05/01/2043 | | | 4,675 | | | | 4,760 | |
5.00%, 04/01/2047 | | | 2,000 | | | | 1,921 | |
5.00%, 04/01/2052 | | | 1,750 | | | | 1,645 | |
5.00%, 11/15/2054 | | | 1,000 | | | | 909 | |
5.75%, 11/15/2029 | | | 1,000 | | | | 976 | |
6.00%, 02/01/2035 (2)(3)(4) | | | 955 | | | | 96 | |
6.25%, 02/01/2045 (2)(3)(4) | | | 1,860 | | | | 186 | |
7.13%, 06/15/2053 (4) | | | 135 | | | | 141 | |
8.00%, 12/06/2029 (2)(3) | | | 135 | | | | 108 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| South Carolina – 1.07% – (continued) | | | | | | | | |
South Carolina Public Service Authority | | | | | | | | |
4.00%, 12/01/2050 | | $ | 1,599 | | | $ | 1,473 | |
5.00%, 12/01/2037 | | | 500 | | | | 506 | |
5.00%, 12/01/2041 | | | 500 | | | | 505 | |
5.00%, 12/01/2050 | | | 500 | | | | 501 | |
5.00%, 12/01/2056 | | | 945 | | | | 949 | |
5.25%, 12/01/2055 | | | 910 | | | | 913 | |
South Carolina State Housing Finance & Development Authority | | | | | | | | |
6.00%, 01/01/2054 | | | 200 | | | | 218 | |
6.25%, 07/01/2054 | | | 2,000 | | | | 2,212 | |
Spartanburg Regional Health Services District | | | | | | | | |
5.00%, 04/15/2032 | | | 1,340 | | | | 1,488 | |
| | | | | | | | |
Total South Carolina | | | | 33,811 | |
| | | | | | | | |
| South Dakota – 0.26% | | | | | | | | |
City of Sioux Falls SD | | | | | | | | |
5.00%, 11/01/2028 | | | 100 | | | | 100 | |
5.00%, 11/01/2030 | | | 105 | | | | 105 | |
5.00%, 11/01/2032 | | | 95 | | | | 94 | |
5.00%, 11/01/2042 | | | 1,885 | | | | 1,702 | |
County of Lincoln SD | | | | | | | | |
4.00%, 08/01/2051 | | | 2,060 | | | | 1,728 | |
South Dakota Health & Educational Facilities Authority | | | | | | | | |
5.00%, 11/01/2045 | | | 1,500 | | | | 1,514 | |
South Dakota Housing Development Authority | | | | | | | | |
4.00%, 11/01/2047 | | | 260 | | | | 259 | |
6.25%, 05/01/2055 | | | 2,385 | | | | 2,607 | |
| | | | | | | | |
Total South Dakota | | | | 8,109 | |
| | | | | | | | |
| Tennessee – 1.31% | | | | | | | | |
Chattanooga Health Educational & Housing Facility Board | | | | | | | | |
3.25%, 08/01/2044 | | | 375 | | | | 309 | |
5.00%, 10/01/2030 | | | 500 | | | | 505 | |
5.00%, 10/01/2032 | | | 1,215 | | | | 1,226 | |
5.00%, 10/01/2035 | | | 2,445 | | | | 2,464 | |
Clarksville Public Building Authority | | | | | | | | |
4.80%, 01/01/2033 (1) | | | 4,100 | | | | 4,100 | |
Greeneville Health & Educational Facilities Board | | | | | | | | |
5.00%, 07/01/2035 | | | 1,275 | | | | 1,326 | |
Knox County Health Educational & Housing Facility Board | | | | | | | | |
4.50%, 07/01/2046 | | | 1,100 | | | | 1,109 | |
5.00%, 07/01/2049 | | | 750 | | | | 789 | |
5.25%, 07/01/2064 | | | 575 | | | | 603 | |
5.50%, 07/01/2054 | | | 10 | | | | 11 | |
Memphis-Shelby County Industrial Development Board | | | | | | | | |
4.75%, 07/01/2027 | | | 440 | | | | 390 | |
5.50%, 07/01/2037 | | | 1,600 | | | | 1,226 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | | | | | | | | |
5.25%, 05/01/2053 | | | 2,500 | | | | 2,658 | |
Metropolitan Government Nashville & Davidson County Industrial Development Board | | | | | | | | |
0.00%, 06/01/2043 (4) | | | 250 | | | | 92 | |
Metropolitan Nashville Airport Authority | | | | | | | | |
5.50%, 07/01/2052 | | | 2,050 | | | | 2,228 | |
Montgomery County Public Building Authority | | | | | | | | |
4.84%, 07/01/2034 (1) | | | 6,410 | | | | 6,410 | |
4.84%, 07/01/2038 (1) | | | 3,520 | | | | 3,520 | |
Nashville Metropolitan Development & Housing Agency | | | | | | | | |
4.50%, 06/01/2028 (4) | | | 315 | | | | 314 | |
5.13%, 06/01/2036 (4) | | | 3,290 | | | | 3,335 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Tennessee – 1.31% – (continued) | | | | | | | | |
Shelby County Health Educational & Housing Facilities Board | | | | | | | | |
5.00%, 12/01/2034 | | $ | 35 | | | $ | 34 | |
5.00%, 09/01/2037 (4) | | | 1,590 | | | | 1,324 | |
5.00%, 09/01/2049 (1) | | | 1,335 | | | | 1,407 | |
5.25%, 12/01/2044 | | | 80 | | | | 75 | |
5.25%, 12/01/2049 | | | 230 | | | | 208 | |
Tennergy Corp. | | | | | | | | |
4.00%, 12/01/2051 (1) | | | 500 | | | | 500 | |
Tennessee Energy Acquisition Corp. | | | | | | | | |
5.00%, 02/01/2027 | | | 2,725 | | | | 2,768 | |
5.00%, 05/01/2052 (1) | | | 1,000 | | | | 1,061 | |
5.25%, 09/01/2026 | | | 810 | | | | 829 | |
Tennessee Housing Development Agency | | | | | | | | |
3.50%, 01/01/2050 | | | 460 | | | | 451 | |
5.75%, 01/01/2055 | | | 150 | | | | 160 | |
6.00%, 01/01/2055 | | | 60 | | | | 66 | |
6.25%, 01/01/2054 | | | 115 | | | | 125 | |
| | | | | | | | |
Total Tennessee | | | | 41,623 | |
| | | | | | | | |
| Texas – 6.83% | | | | | | | | |
Aldine Independent School District | | | | | | | | |
4.00%, 02/15/2054 | | | 3,600 | | | | 3,421 | |
Arlington Higher Education Finance Corp. | | | | | | | | |
4.00%, 08/15/2041 | | | 1,320 | | | | 1,181 | |
4.00%, 02/15/2054 | | | 350 | | | | 328 | |
4.50%, 06/15/2044 (4) | | | 500 | | | | 482 | |
4.75%, 08/15/2044 | | | 95 | | | | 94 | |
4.88%, 06/15/2059 (4) | | | 190 | | | | 187 | |
5.00%, 12/01/2036 | | | 1,405 | | | | 1,423 | |
5.00%, 08/15/2041 | | | 300 | | | | 280 | |
5.00%, 08/15/2049 | | | 25 | | | | 25 | |
5.00%, 08/15/2054 | | | 30 | | | | 30 | |
5.00%, 06/15/2064 (4) | | | 190 | | | | 187 | |
Austin Convention Enterprises, Inc. | | | | | | | | |
5.00%, 01/01/2025 | | | 1,150 | | | | 1,146 | |
5.00%, 01/01/2027 | | | 400 | | | | 396 | |
5.00%, 01/01/2028 | | | 575 | | | | 569 | |
5.00%, 01/01/2028 | | | 1,630 | | | | 1,641 | |
5.00%, 01/01/2029 | | | 555 | | | | 549 | |
5.00%, 01/01/2029 | | | 1,045 | | | | 1,053 | |
5.00%, 01/01/2030 | | | 140 | | | | 141 | |
5.00%, 01/01/2030 | | | 720 | | | | 712 | |
5.00%, 01/01/2031 | | | 200 | | | | 202 | |
5.00%, 01/01/2032 | | | 155 | | | | 153 | |
5.00%, 01/01/2032 | | | 1,925 | | | | 1,941 | |
5.00%, 01/01/2033 | | | 210 | | | | 212 | |
5.00%, 01/01/2034 | | | 240 | | | | 242 | |
5.00%, 01/01/2034 | | | 1,215 | | | | 1,192 | |
Baytown Municipal Development District | | | | | | | | |
4.00%, 10/01/2050 | | | 1,670 | | | | 1,333 | |
Board of Managers Joint Guadalupe County-City of Seguin Hospital | | | | | | | | |
5.00%, 12/01/2028 | | | 95 | | | | 93 | |
5.00%, 12/01/2030 | | | 115 | | | | 112 | |
5.00%, 12/01/2040 | | | 200 | | | | 187 | |
5.00%, 12/01/2045 | | | 740 | | | | 667 | |
5.25%, 12/01/2035 | | | 665 | | | | 663 | |
Board of Regents of the University of Texas System | | | | | | | | |
5.00%, 08/15/2044 | | | 750 | | | | 838 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 6.83% – (continued) | | | | | | | | |
Brazoria County Industrial Development Corp. | | | | | | | | |
10.00%, 06/01/2042 (1)(4) | | $ | 250 | | | $ | 250 | |
12.00%, 06/01/2043 (4) | | | 500 | | | | 506 | |
Brazos Higher Education Authority, Inc. | | | | | | | | |
3.00%, 04/01/2040 | | | 500 | | | | 411 | |
Capital Area Housing Finance Corp. | | | | | | | | |
3.50%, 01/01/2041 (1) | | | 1,000 | | | | 992 | |
Carrollton-Farmers Branch Independent School District | | | | | | | | |
4.00%, 02/15/2053 | | | 2,000 | | | | 1,887 | |
Central Texas Regional Mobility Authority | | | | | | | | |
5.00%, 01/01/2035 | | | 600 | | | | 652 | |
5.00%, 01/01/2036 | | | 600 | | | | 651 | |
5.00%, 01/01/2037 | | | 605 | | | | 655 | |
5.00%, 01/01/2039 | | | 10 | | | | 11 | |
5.00%, 01/01/2046 | | | 270 | | | | 284 | |
Central Texas Turnpike System | | | | | | | | |
0.00%, 08/15/2028 | | | 150 | | | | 128 | |
5.00%, 08/15/2037 | | | 2,500 | | | | 2,502 | |
5.00%, 08/15/2042 | | | 1,400 | | | | 1,401 | |
City of Austin TX Airport System Revenue | | | | | | | | |
5.00%, 11/15/2041 | | | 35 | | | | 35 | |
5.00%, 11/15/2043 | | | 80 | | | | 84 | |
5.25%, 11/15/2047 | | | 2,160 | | | | 2,307 | |
City of Dallas TX | | | | | | | | |
6.00%, 08/15/2053 (1)(4) | | | 300 | | | | 303 | |
City of Houston TX Airport System Revenue | | | | | | | | |
4.00%, 07/01/2041 | | | 3,690 | | | | 3,547 | |
4.00%, 07/15/2041 | | | 6,340 | | | | 6,093 | |
4.75%, 07/01/2024 | | | 790 | | | | 790 | |
5.00%, 07/01/2025 | | | 1,250 | | | | 1,265 | |
5.00%, 07/01/2027 | | | 1,725 | | | | 1,757 | |
5.00%, 07/15/2027 | | | 2,325 | | | | 2,368 | |
5.00%, 07/01/2029 | | | 500 | | | | 500 | |
5.00%, 07/15/2030 | | | 730 | | | | 733 | |
5.00%, 07/15/2035 | | | 1,700 | | | | 1,707 | |
6.63%, 07/15/2038 | | | 2,000 | | | | 2,003 | |
City of Houston TX Combined Utility System Revenue | | | | | | | | |
5.25%, 11/15/2054 | | | 250 | | | | 277 | |
City of San Antonio TX Electric & Gas Systems Revenue | | | | | | | | |
5.00%, 02/01/2048 | | | 195 | | | | 203 | |
5.25%, 02/01/2049 | | | 300 | | | | 330 | |
City of Seagoville TX | | | | | | | | |
6.00%, 09/15/2044 (4) | | | 1,000 | | | | 1,002 | |
6.25%, 09/15/2054 (4) | | | 1,500 | | | | 1,498 | |
Clifton Higher Education Finance Corp. | | | | | | | | |
4.00%, 08/15/2029 | | | 250 | | | | 253 | |
4.00%, 08/15/2054 | | | 1,470 | | | | 1,391 | |
4.13%, 08/15/2049 | | | 3,885 | | | | 3,783 | |
4.25%, 08/15/2053 | | | 2,800 | | | | 2,775 | |
5.00%, 12/01/2035 | | | 730 | | | | 734 | |
6.13%, 08/15/2048 | | | 7,835 | | | | 7,961 | |
6.25%, 06/15/2053 (4) | | | 350 | | | | 359 | |
Conroe Local Government Corp. | | | | | | | | |
3.50%, 10/01/2031 (4) | | | 20 | | | | 16 | |
4.00%, 10/01/2050 | | | 855 | | | | 682 | |
5.00%, 10/01/2050 (4) | | | 120 | | | | 95 | |
County of Medina TX | | | | | | | | |
5.50%, 09/01/2044 (4) | | | 255 | | | | 256 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 6.83% – (continued) | | | | | | | | |
Cypress-Fairbanks Independent School District | | | | | | | | |
4.00%, 02/15/2048 | | $ | 250 | | | $ | 244 | |
Decatur Hospital Authority | | | | | | | | |
5.25%, 09/01/2044 | | | 1,000 | | | | 1,002 | |
Fort Bend County Industrial Development Corp. | | | | | | | | |
4.75%, 05/01/2038 | | | 460 | | | | 460 | |
4.75%, 11/01/2042 | | | 840 | | | | 840 | |
Greenwood Independent School District | | | | | | | | |
4.00%, 02/15/2054 | | | 250 | | | | 235 | |
Gulf Coast Industrial Development Authority | | | | | | | | |
4.88%, 05/01/2025 | | | 7,445 | | | | 7,446 | |
Harris County Cultural Education Facilities Finance Corp. | | | | | | | | |
5.00%, 01/01/2038 | | | 35 | | | | 33 | |
5.00%, 07/01/2038 | | | 2,275 | | | | 2,552 | |
5.00%, 01/01/2043 | | | 365 | | | | 334 | |
Hidalgo County Regional Mobility Authority | | | | | | | | |
4.00%, 12/01/2038 | | | 1,350 | | | | 1,339 | |
4.00%, 12/01/2039 | | | 500 | | | | 493 | |
4.00%, 12/01/2040 | | | 70 | | | | 68 | |
4.00%, 12/01/2041 | | | 70 | | | | 68 | |
Humble Independent School District | | | | | | | | |
4.00%, 02/15/2054 | | | 2,000 | | | | 1,901 | |
Hurst-Euless-Bedford Independent School District | | | | | | | | |
4.00%, 08/15/2050 | | | 2,100 | | | | 2,029 | |
Hutto Independent School District | | | | | | | | |
5.00%, 08/01/2054 | | | 1,200 | | | | 1,292 | |
Katy Independent School District | | | | | | | | |
4.00%, 02/15/2053 | | | 1,000 | | | | 948 | |
Love Field Airport Modernization Corp. | | | | | | | | |
5.00%, 11/01/2028 | | | 1,065 | | | | 1,065 | |
Lower Colorado River Authority | | | | | | | | |
6.00%, 05/15/2052 | | | 1,825 | | | | 2,048 | |
Matagorda County Navigation District No 1 | | | | | | | | |
4.25%, 05/01/2030 | | | 500 | | | | 496 | |
4.40%, 05/01/2030 | | | 1,000 | | | | 1,011 | |
Medina Valley Independent School District | | | | | | | | |
4.00%, 02/15/2053 | | | 3,000 | | | | 2,864 | |
Midland Independent School District | | | | | | | | |
4.00%, 02/15/2054 | | | 2,200 | | | | 2,093 | |
Mission Economic Development Corp. | | | | | | | | |
4.00%, 06/01/2054 (1) | | | 550 | | | | 555 | |
4.05%, 01/01/2026 (1) | | | 1,475 | | | | 1,475 | |
4.63%, 10/01/2031 (4) | | | 10,210 | | | | 10,125 | |
Montgomery County Toll Road Authority | | | | | | | | |
5.00%, 09/15/2032 | | | 85 | | | | 86 | |
5.00%, 09/15/2033 | | | 310 | | | | 314 | |
5.00%, 09/15/2034 | | | 95 | | | | 96 | |
5.00%, 09/15/2035 | | | 1,185 | | | | 1,199 | |
5.00%, 09/15/2036 | | | 170 | | | | 172 | |
5.00%, 09/15/2037 | | | 1,245 | | | | 1,258 | |
5.00%, 09/15/2038 | | | 215 | | | | 217 | |
5.00%, 09/15/2043 | | | 645 | | | | 649 | |
5.00%, 09/15/2048 | | | 1,335 | | | | 1,343 | |
New Caney Independent School District | | | | | | | | |
4.00%, 02/15/2054 | | | 1,500 | | | | 1,425 | |
New Hope Cultural Education Facilities Finance Corp. | | | | | | | | |
0.00%, 11/15/2061 (1) | | | 484 | | | | 183 | |
3.38%, 08/15/2029 (4) | | | 250 | | | | 234 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 6.83% – (continued) | | | | | | | | |
4.00%, 11/01/2055 | | $ | 250 | | | $ | 216 | |
5.00%, 04/01/2027 | | | 1,260 | | | | 1,321 | |
5.00%, 04/01/2029 | | | 1,395 | | | | 1,396 | |
5.00%, 04/01/2030 | | | 35 | | | | 35 | |
5.00%, 04/01/2031 | | | 335 | | | | 343 | |
5.00%, 10/01/2031 | | | 230 | | | | 226 | |
5.00%, 11/01/2031 | | | 1,750 | | | | 1,791 | |
5.00%, 10/01/2032 | | | 30 | | | | 29 | |
5.00%, 10/01/2033 | | | 70 | | | | 68 | |
5.00%, 10/01/2034 | | | 255 | | | | 248 | |
5.00%, 04/01/2035 | | | 105 | | | | 106 | |
5.00%, 07/01/2035 | | | 2,100 | | | | 1,998 | |
5.00%, 04/01/2036 | | | 820 | | | | 841 | |
5.00%, 04/01/2036 | | | 1,000 | | | | 1,025 | |
5.00%, 11/15/2036 | | | 35 | | | | 36 | |
5.00%, 04/01/2037 | | | 2,515 | | | | 2,636 | |
5.00%, 01/01/2039 | | | 250 | | | | 213 | |
5.00%, 10/01/2039 | | | 350 | | | | 328 | |
5.00%, 07/01/2040 | | | 4,000 | | | | 3,551 | |
5.00%, 11/01/2040 | | | 1,125 | | | | 1,139 | |
5.00%, 04/01/2042 | | | 135 | | | | 142 | |
5.00%, 04/01/2046 | | | 1,060 | | | | 1,060 | |
5.00%, 11/15/2046 | | | 105 | | | | 108 | |
5.00%, 04/01/2047 | | | 410 | | | | 414 | |
5.00%, 07/01/2047 | | | 1,075 | | | | 1,023 | |
5.00%, 04/01/2048 | | | 1,250 | | | | 1,282 | |
5.00%, 08/15/2049 (4) | | | 250 | | | | 241 | |
5.00%, 01/01/2055 | | | 150 | | | | 112 | |
5.00%, 07/01/2057 | | | 680 | | | | 553 | |
5.00%, 07/01/2058 | | | 475 | | | | 480 | |
5.25%, 10/01/2049 | | | 1,020 | | | | 926 | |
5.38%, 11/15/2036 | | | 35 | | | | 32 | |
5.50%, 07/01/2045 | | | 1,600 | | | | 1,270 | |
5.50%, 11/15/2046 | | | 70 | | | | 59 | |
5.50%, 11/15/2052 | | | 320 | | | | 261 | |
5.50%, 07/01/2054 | | | 1,190 | | | | 882 | |
Newark Higher Education Finance Corp. | | | | | | | | |
4.00%, 08/15/2041 | | | 250 | | | | 224 | |
4.00%, 08/15/2051 | | | 225 | | | | 187 | |
North Texas Tollway Authority | | | | | | | | |
4.25%, 01/01/2049 | | | 500 | | | | 490 | |
5.00%, 01/01/2033 | | | 3,150 | | | | 3,165 | |
5.00%, 01/01/2039 | | | 170 | | | | 172 | |
Permanent University Fund – Texas A&M University System | | | | | | | | |
5.00%, 07/01/2042 | | | 2,000 | | | | 2,194 | |
Port of Beaumont Navigation District | | | | | | | | |
2.88%, 01/01/2041 (4) | | | 1,000 | | | | 764 | |
3.00%, 01/01/2050 (4) | | | 170 | | | | 118 | |
3.63%, 01/01/2035 (4) | | | 1,770 | | | | 1,604 | |
4.00%, 01/01/2050 (4) | | | 1,295 | | | | 1,086 | |
5.13%, 01/01/2044 (4) | | | 1,400 | | | | 1,403 | |
Prosper Independent School District | | | | | | | | |
4.00%, 02/15/2053 | | | 2,000 | | | | 1,903 | |
San Antonio Water System | | | | | | | | |
5.00%, 05/15/2050 | | | 250 | | | | 263 | |
Tarrant County Cultural Education Facilities Finance Corp. | | | | | | | | |
4.00%, 05/15/2027 | | | 80 | | | | 79 | |
5.00%, 11/15/2035 (2)(3) | | | 830 | | | | 22 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Texas – 6.83% – (continued) | | | | | | | | |
5.00%, 11/15/2035 | | $ | 1,750 | | | $ | 1,733 | |
5.00%, 11/15/2037 | | | 170 | | | | 171 | |
5.00%, 11/15/2040 | | | 265 | | | | 265 | |
5.00%, 11/15/2040 | | | 1,800 | | | | 1,728 | |
5.00%, 05/15/2045 | | | 50 | | | | 46 | |
5.00%, 11/15/2045 (2)(3) | | | 1,542 | | | | 42 | |
5.00%, 11/15/2046 | | | 1,900 | | | | 1,839 | |
5.25%, 11/15/2047 (2)(3) | | | 108 | | | | 3 | |
5.75%, 12/01/2054 (2)(3) | | | 1,036 | | | | 652 | |
Tarrant County Hospital District | | | | | | | | |
5.25%, 08/15/2048 | | | 2,145 | | | | 2,349 | |
Texas City Independent School District | | | | | | | | |
4.00%, 08/15/2053 | | | 255 | | | | 243 | |
Texas Department of Housing & Community Affairs | | | | | | | | |
5.75%, 07/01/2054 | | | 2,000 | | | | 2,163 | |
6.00%, 03/01/2054 | | | 95 | | | | 104 | |
Texas Municipal Gas Acquisition & Supply Corp. I | | | | | | | | |
6.25%, 12/15/2026 | | | 1,725 | | | | 1,776 | |
Texas Municipal Gas Acquisition & Supply Corp. II | | | | | | | | |
4.39% (3 Month Term SOFR + 0.86%), 09/15/2027 (5) | | | 500 | | | | 500 | |
Texas Municipal Gas Acquisition & Supply Corp. III | | | | | | | | |
5.00%, 12/15/2027 | | | 255 | | | | 262 | |
Texas Municipal Gas Acquisition & Supply Corp. IV | | | | | | | | |
5.50%, 01/01/2054 (1) | | | 1,000 | | | | 1,071 | |
5.50%, 01/01/2054 (1) | | | 1,100 | | | | 1,228 | |
Texas Private Activity Bond Surface Transportation Corp. | | | | | | | | |
4.00%, 06/30/2039 | | | 1,650 | | | | 1,643 | |
5.00%, 12/31/2034 | | | 3,000 | | | | 3,199 | |
5.00%, 12/31/2050 | | | 5,410 | | | | 5,441 | |
5.00%, 06/30/2058 | | | 10,865 | | | | 11,082 | |
5.50%, 12/31/2058 | | | 1,875 | | | | 2,033 | |
Texas Transportation Commission | | | | | | | | |
5.00%, 04/01/2025 | | | 400 | | | | 405 | |
Texas Transportation Commission State Highway 249 System | | | | | | | | |
5.00%, 08/01/2057 | | | 3,680 | | | | 3,742 | |
Texas Water Development Board | | | | | | | | |
4.00%, 10/15/2045 | | | 2,000 | | | | 1,963 | |
4.00%, 10/15/2051 | | | 1,000 | | | | 951 | |
Town of Little Elm TX | | | | | | | | |
5.38%, 09/01/2051 (4) | | | 700 | | | | 684 | |
5.75%, 09/01/2053 (4) | | | 650 | | | | 647 | |
Waxahachie Independent School District | | | | | | | | |
4.00%, 02/15/2053 | | | 1,000 | | | | 951 | |
| | | | | | | | |
Total Texas | | | | 216,290 | |
| | | | | | | | |
| Utah – 1.09% | | | | | | | | |
Black Desert Public Infrastructure District | | | | | | | | |
5.63%, 12/01/2053 (4) | | | 4,700 | | | | 4,829 | |
City of Salt Lake City UT Airport Revenue | | | | | | | | |
5.00%, 07/01/2043 | | | 235 | | | | 241 | |
5.00%, 07/01/2046 | | | 395 | | | | 411 | |
5.00%, 07/01/2047 | | | 5,000 | | | | 5,046 | |
5.25%, 07/01/2048 | | | 3,000 | | | | 3,081 | |
Firefly Public Infrastructure District No 1 | | | | | | | | |
6.63%, 03/01/2054 (4) | | | 1,340 | | | | 1,376 | |
Firefly Public Infrastructure District No 1 Assessment Area No 1 | | | | | | | | |
5.63%, 12/01/2043 (4) | | | 3,325 | | | | 3,417 | |
Jordanelle Ridge Public Infrastructure District No 2 | | | | | | | | |
7.75%, 03/01/2054 (4) | | | 660 | | | | 667 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Utah – 1.09% – (continued) | | | | | | | | |
Mida Mountain Village Public Infrastructure District | | | | | | | | |
4.00%, 08/01/2024 (4) | | $ | 1,120 | | | $ | 1,119 | |
4.00%, 08/01/2027 (4) | | | 885 | | | | 875 | |
4.00%, 08/01/2031 (4) | | | 1,000 | | | | 972 | |
4.00%, 08/01/2050 (4) | | | 915 | | | | 777 | |
4.50%, 08/01/2040 (4) | | | 1,250 | | | | 1,199 | |
5.00%, 08/01/2050 (4) | | | 250 | | | | 244 | |
Military Installation Development Authority | | | | | | | | |
4.00%, 06/01/2041 | | | 200 | | | | 175 | |
4.00%, 06/01/2041 | | | 1,415 | | | | 1,236 | |
4.00%, 06/01/2052 | | | 4,145 | | | | 3,359 | |
UIPA Crossroads Public Infrastructure District | | | | | | | | |
4.38%, 06/01/2052 (4) | | | 4,365 | | | | 4,120 | |
University of Utah | | | | | | | | |
5.00%, 08/01/2042 | | | 900 | | | | 1,015 | |
Utah Housing Corp. | | | | | | | | |
6.00%, 07/01/2054 | | | 50 | | | | 55 | |
Wood Ranch Public Infrastructure District | | | | | | | | |
5.63%, 12/01/2053 (4) | | | 140 | | | | 140 | |
| | | | | | | | |
Total Utah | | | | 34,354 | |
| | | | | | | | |
| Vermont – 0.04% | | | | | | | | |
Vermont Economic Development Authority | | | | | | | | |
4.00%, 05/01/2045 | | | 1,165 | | | | 991 | |
Vermont Student Assistance Corp. | | | | | | | | |
2.38%, 06/15/2039 | | | 200 | | | | 180 | |
4.00%, 06/15/2041 | | | 185 | | | | 173 | |
| | | | | | | | |
Total Vermont | | | | 1,344 | |
| | | | | | | | |
| Virgin Islands – 0.22% | | | | | | | | |
Matching Fund Special Purpose Securitization Corp. | | | | | | | | |
5.00%, 10/01/2028 | | | 535 | | | | 552 | |
5.00%, 10/01/2030 | | | 775 | | | | 812 | |
5.00%, 10/01/2039 | | | 2,000 | | | | 2,065 | |
Virgin Islands Public Finance Authority | | | | | | | | |
5.00%, 10/01/2032 | | | 2,800 | | | | 2,827 | |
5.00%, 10/01/2039 (4) | | | 600 | | | | 565 | |
| | | | | | | | |
Total Virgin Islands | | | | 6,821 | |
| | | | | | | | |
| Virginia – 3.50% | | | | | | | | |
Chesapeake Bay Bridge & Tunnel District | | | | | | | | |
5.00%, 07/01/2046 | | | 5,610 | | | | 5,651 | |
5.00%, 07/01/2051 | | | 1,670 | | | | 1,677 | |
City of Chesapeake VA Chesapeake Expressway Toll Road Revenue | | | | | | | | |
4.88%, 07/15/2040 | | | 510 | | | | 528 | |
County of Botetourt VA | | | | | | | | |
6.00%, 07/01/2034 | | | 1,995 | | | | 1,997 | |
Fairfax County Industrial Development Authority | | | | | | | | |
4.00%, 05/15/2044 | | | 1,000 | | | | 995 | |
Farmville Industrial Development Authority | | | | | | | | |
5.00%, 01/01/2032 | | | 1,000 | | | | 1,027 | |
5.00%, 01/01/2033 | | | 250 | | | | 256 | |
5.00%, 01/01/2040 | | | 190 | | | | 192 | |
5.00%, 01/01/2048 | | | 500 | | | | 490 | |
5.00%, 01/01/2050 | | | 1,000 | | | | 972 | |
Fredericksburg Economic Development Authority | | | | | | | | |
5.00%, 06/15/2031 | | | 500 | | | | 500 | |
Hanover County Economic Development Authority | | | | | | | | |
4.00%, 07/01/2040 (4) | | | 2,000 | | | | 1,624 | |
4.00%, 07/01/2047 (4) | | | 2,000 | | | | 1,478 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Virginia – 3.50% – (continued) | | | | | | | | |
5.00%, 07/01/2038 | | $ | 250 | | | $ | 235 | |
Henrico County Economic Development Authority | | | | | | | | |
5.00%, 06/01/2039 | | | 300 | | | | 304 | |
5.00%, 10/01/2047 | | | 1,185 | | | | 1,236 | |
5.00%, 12/01/2047 | | | 250 | | | | 251 | |
James City County Economic Development Authority | | | | | | | | |
4.00%, 12/01/2040 | | | 100 | | | | 89 | |
4.00%, 06/01/2041 | | | 125 | | | | 108 | |
4.00%, 06/01/2047 | | | 385 | | | | 308 | |
4.00%, 12/01/2050 | | | 1,000 | | | | 801 | |
5.50%, 12/01/2028 | | | 1,270 | | | | 1,277 | |
5.75%, 12/01/2028 | | | 90 | | | | 91 | |
6.88%, 12/01/2058 | | | 70 | | | | 77 | |
Louisa Industrial Development Authority | | | | | | | | |
3.80%, 11/01/2035 (1) | | | 1,405 | | | | 1,409 | |
Lynchburg Economic Development Authority | | | | | | | | |
3.00%, 01/01/2051 | | | 250 | | | | 189 | |
4.00%, 01/01/2055 | | | 345 | | | | 322 | |
Norfolk Redevelopment & Housing Authority | | | | | | | | |
4.00%, 01/01/2025 | | | 415 | | | | 413 | |
5.00%, 01/01/2035 | | | 275 | | | | 272 | |
5.00%, 01/01/2046 | | | 590 | | | | 528 | |
5.00%, 01/01/2049 | | | 720 | | | | 630 | |
5.38%, 01/01/2035 | | | 425 | | | | 426 | |
5.38%, 01/01/2046 | | | 290 | | | | 274 | |
Stafford County Economic Development Authority | | | | | | | | |
5.00%, 06/15/2033 | | | 70 | | | | 71 | |
5.00%, 06/15/2035 | | | 90 | | | | 92 | |
Tobacco Settlement Financing Corp. | | | | | | | | |
0.00%, 06/01/2047 | | | 4,835 | | | | 1,343 | |
5.00%, 06/01/2047 | | | 13,005 | | | | 12,178 | |
Virginia Beach Development Authority | | | | | | | | |
6.25%, 09/01/2030 | | | 250 | | | | 260 | |
7.00%, 09/01/2059 | | | 550 | | | | 627 | |
Virginia College Building Authority | | | | | | | | |
5.00%, 07/01/2024 (4) | | | 100 | | | | 100 | |
5.00%, 07/01/2025 (4) | | | 100 | | | | 100 | |
5.00%, 07/01/2030 (4) | | | 820 | | | | 813 | |
5.00%, 07/01/2045 (4) | | | 710 | | | | 651 | |
5.00%, 07/01/2045 (4) | | | 3,905 | | | | 3,582 | |
5.25%, 07/01/2030 (4) | | | 100 | | | | 100 | |
5.25%, 07/01/2035 (4) | | | 1,120 | | | | 1,121 | |
Virginia Housing Development Authority | | | | | | | | |
5.25%, 11/01/2057 | | | 1,350 | | | | 1,385 | |
Virginia Small Business Financing Authority | | | | | | | | |
4.00%, 07/01/2029 | | | 1,220 | | | | 1,226 | |
4.00%, 01/01/2036 | | | 2,000 | | | | 2,015 | |
4.00%, 01/01/2037 | | | 1,515 | | | | 1,522 | |
4.00%, 01/01/2038 | | | 330 | | | | 330 | |
4.00%, 01/01/2039 | | | 6,770 | | | | 6,689 | |
4.00%, 01/01/2040 | | | 2,750 | | | | 2,642 | |
4.00%, 01/01/2040 | | | 5,965 | | | | 5,830 | |
4.00%, 01/01/2041 | | | 185 | | | | 176 | |
4.00%, 01/01/2042 | | | 205 | | | | 194 | |
4.00%, 01/01/2045 | | | 650 | | | | 605 | |
4.00%, 01/01/2048 | | | 9,475 | | | | 8,665 | |
4.00%, 12/01/2051 | | | 300 | | | | 255 | |
5.00%, 07/01/2035 | | | 305 | | | | 325 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Virginia – 3.50% – (continued) | | | | | | | | |
5.00%, 01/01/2036 | | $ | 70 | | | $ | 75 | |
5.00%, 07/01/2037 | | | 160 | | | | 170 | |
5.00%, 12/31/2047 | | | 5,025 | | | | 5,200 | |
5.00%, 01/01/2048 (1)(4) | | | 500 | | | | 500 | |
5.00%, 12/31/2049 | | | 4,050 | | | | 4,103 | |
5.00%, 12/31/2052 | | | 10,570 | | | | 10,686 | |
5.00%, 12/31/2056 | | | 8,315 | | | | 8,396 | |
5.00%, 12/31/2057 | | | 2,255 | | | | 2,315 | |
| | | | | | | | |
Total Virginia | | | | 110,969 | |
| | | | | | | | |
| Washington – 1.31% | | | | | | | | |
Adams County Public Hospital District No 2 | | | | | | | | |
5.13%, 12/01/2044 | | | 1,180 | | | | 1,177 | |
Kalispel Tribe of Indians | | | | | | | | |
5.00%, 01/01/2032 (4) | | | 1,225 | | | | 1,266 | |
5.25%, 01/01/2038 (4) | | | 770 | | | | 798 | |
Port of Seattle WA | | | | | | | | |
5.00%, 08/01/2042 | | | 150 | | | | 158 | |
Skagit County Public Hospital District No 1 | | | | | | | | |
5.50%, 12/01/2041 | | | 300 | | | | 324 | |
5.50%, 12/01/2054 | | | 2,715 | | | | 2,888 | |
State of Washington | | | | | | | | |
5.00%, 07/01/2024 | | | 1,500 | | | | 1,500 | |
5.00%, 06/01/2044 | | | 1,240 | | | | 1,338 | |
5.00%, 08/01/2044 | | | 1,000 | | | | 1,090 | |
Washington Health Care Facilities Authority | | | | | | | | |
5.00%, 08/15/2025 | | | 1,800 | | | | 1,822 | |
5.00%, 12/01/2036 | | | 275 | | | | 285 | |
Washington Higher Education Facilities Authority | | | | | | | | |
4.00%, 05/01/2045 | | | 1,000 | | | | 935 | |
4.00%, 05/01/2050 | | | 950 | | | | 862 | |
Washington State Convention Center Public Facilities District | | | | | | | | |
3.00%, 07/01/2034 | | | 375 | | | | 338 | |
3.00%, 07/01/2035 | | | 295 | | | | 263 | |
3.00%, 07/01/2048 | | | 1,290 | | | | 954 | |
3.00%, 07/01/2058 | | | 225 | | | | 164 | |
3.00%, 07/01/2058 | | | 1,275 | | | | 898 | |
4.00%, 07/01/2031 | | | 2,610 | | | | 2,577 | |
4.00%, 07/01/2058 | | | 100 | | | | 88 | |
5.00%, 07/01/2033 | | | 100 | | | | 105 | |
5.00%, 07/01/2034 | | | 550 | | | | 582 | |
5.00%, 07/01/2048 | | | 200 | | | | 205 | |
5.00%, 07/01/2058 | | | 2,000 | | | | 2,043 | |
Washington State Housing Finance Commission | | | | | | | | |
3.38%, 04/20/2037 | | | 2,936 | | | | 2,629 | |
3.50%, 12/20/2035 | | | 5,433 | | | | 4,937 | |
4.00%, 07/01/2026 (4) | | | 510 | | | | 494 | |
5.00%, 07/01/2031 (4) | | | 1,000 | | | | 974 | |
5.00%, 07/01/2038 (4) | | | 100 | | | | 98 | |
5.00%, 01/01/2046 (4) | | | 220 | | | | 190 | |
5.00%, 07/01/2046 (4) | | | 625 | | | | 542 | |
5.00%, 07/01/2048 | | | 100 | | | | 103 | |
5.00%, 07/01/2048 (4) | | | 145 | | | | 131 | |
5.00%, 07/01/2048 (4) | | | 195 | | | | 149 | |
5.00%, 01/01/2051 (4) | | | 455 | | | | 378 | |
5.00%, 07/01/2051 (4) | | | 650 | | | | 545 | |
5.00%, 07/01/2053 (4) | | | 480 | | | | 356 | |
5.00%, 07/01/2054 | | | 4,395 | | | | 4,506 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Washington – 1.31% – (continued) | | | | | | | | |
5.00%, 01/01/2055 (4) | | $ | 3,200 | | | $ | 2,628 | |
5.00%, 01/01/2056 (4) | | | 250 | | | | 207 | |
| | | | | | | | |
Total Washington | | | | 41,527 | |
| | | | | | | | |
| West Virginia – 0.56% | | | | | | | | |
Monongalia County Commission Excise Tax District | | | | | | | | |
4.13%, 06/01/2043 (4) | | | 850 | | | | 753 | |
4.88%, 06/01/2043 (4) | | | 340 | | | | 328 | |
5.50%, 06/01/2037 (4) | | | 365 | | | | 374 | |
5.75%, 06/01/2043 (4) | | | 365 | | | | 374 | |
7.00%, 06/01/2043 (4) | | | 915 | | | | 977 | |
West Virginia Economic Development Authority | | | | | | | | |
3.99%, 02/01/2036 (1) | | | 2,200 | | | | 2,200 | |
4.70%, 04/01/2036 (1) | | | 5,150 | | | | 5,207 | |
5.00%, 07/01/2045 (1) | | | 3,635 | | | | 3,647 | |
West Virginia Hospital Finance Authority | | | | | | | | |
5.00%, 01/01/2026 | | | 1,370 | | | | 1,379 | |
6.00%, 09/01/2053 | | | 1,300 | | | | 1,466 | |
West Virginia Parkways Authority | | | | | | | | |
4.00%, 06/01/2051 | | | 1,155 | | | | 1,101 | |
| | | | | | | | |
Total West Virginia | | | | 17,806 | |
| | | | | | | | |
| Wisconsin – 2.75% | | | | | | | | |
Public Finance Authority | | | | | | | | |
3.00%, 04/01/2025 (4) | | | 75 | | | | 74 | |
4.00%, 09/01/2024 (4) | | | 55 | | | | 55 | |
4.00%, 06/15/2029 (4) | | | 45 | | | | 43 | |
4.00%, 07/01/2030 (4) | | | 25 | | | | 24 | |
4.00%, 04/01/2032 (4) | | | 210 | | | | 210 | |
4.00%, 08/01/2035 | | | 7,810 | | | | 7,388 | |
4.00%, 06/01/2036 (4) | | | 100 | | | | 92 | |
4.00%, 11/15/2037 | | | 150 | | | | 149 | |
4.00%, 07/01/2041 | | | 1,315 | | | | 1,090 | |
4.00%, 12/01/2041 (4) | | | 1,150 | | | | 1,019 | |
4.00%, 01/01/2042 | | | 325 | | | | 308 | |
4.00%, 04/01/2042 (4) | | | 2,100 | | | | 1,960 | |
4.00%, 07/01/2046 | | | 1,125 | | | | 902 | |
4.00%, 01/01/2047 | | | 250 | | | | 226 | |
4.00%, 06/01/2051 (4) | | | 715 | | | | 551 | |
4.00%, 07/01/2051 (4) | | | 450 | | | | 383 | |
4.00%, 07/01/2051 | | | 840 | | | | 637 | |
4.00%, 09/30/2051 | | | 1,000 | | | | 848 | |
4.00%, 04/01/2052 (4) | | | 1,350 | | | | 1,183 | |
4.00%, 06/01/2056 (4) | | | 2,675 | | | | 2,035 | |
4.00%, 06/01/2061 (4) | | | 100 | | | | 74 | |
4.00%, 07/01/2061 (4) | | | 1,280 | | | | 1,043 | |
4.05%, 11/01/2030 | | | 170 | | | | 167 | |
4.25%, 07/01/2054 | | | 8,895 | | | | 7,023 | |
4.30%, 11/01/2030 | | | 3,105 | | | | 3,086 | |
4.75%, 03/01/2052 | | | 200 | | | | 187 | |
5.00%, 12/01/2025 | | | 1,955 | | | | 1,963 | |
5.00%, 06/01/2029 (4) | | | 255 | | | | 258 | |
5.00%, 09/01/2030 (4) | | | 55 | | | | 55 | |
5.00%, 06/15/2034 | | | 500 | | | | 514 | |
5.00%, 06/01/2037 (4) | | | 1,035 | | | | 1,037 | |
5.00%, 06/15/2037 (4) | | | 1,130 | | | | 1,101 | |
5.00%, 07/01/2037 | | | 880 | | | | 880 | |
5.00%, 09/01/2038 (4) | | | 115 | | | | 112 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Wisconsin – 2.75% – (continued) | | | | | | | | |
5.00%, 06/15/2039 (4) | | $ | 70 | | | $ | 66 | |
5.00%, 06/15/2039 | | | 500 | | | | 508 | |
5.00%, 06/15/2039 (4) | | | 640 | | | | 640 | |
5.00%, 04/01/2040 (4) | | | 400 | | | | 413 | |
5.00%, 07/01/2040 (4) | | | 650 | | | | 619 | |
5.00%, 06/01/2041 (4) | | | 550 | | | | 557 | |
5.00%, 11/15/2041 | | | 445 | | | | 463 | |
5.00%, 10/01/2043 (4) | | | 155 | | | | 152 | |
5.00%, 01/01/2046 | | | 750 | | | | 719 | |
5.00%, 07/01/2047 | | | 135 | | | | 134 | |
5.00%, 10/01/2048 (4) | | | 1,735 | | | | 1,648 | |
5.00%, 06/15/2049 (4) | | | 420 | | | | 402 | |
5.00%, 06/15/2049 (4) | | | 870 | | | | 775 | |
5.00%, 06/15/2049 | | | 1,100 | | | | 1,094 | |
5.00%, 09/01/2049 (4) | | | 125 | | | | 109 | |
5.00%, 04/01/2050 (4) | | | 450 | | | | 455 | |
5.00%, 06/01/2050 (4) | | | 750 | | | | 693 | |
5.00%, 06/15/2051 (4) | | | 200 | | | | 183 | |
5.00%, 02/01/2052 | | | 2,155 | | | | 2,204 | |
5.00%, 06/01/2052 (4) | | | 1,235 | | | | 1,136 | |
5.00%, 07/01/2052 | | | 290 | | | | 284 | |
5.00%, 10/01/2053 (4) | | | 915 | | | | 853 | |
5.00%, 06/15/2054 (4) | | | 655 | | | | 617 | |
5.00%, 09/01/2054 (4) | | | 625 | | | | 572 | |
5.00%, 07/01/2055 (4) | | | 650 | | | | 572 | |
5.00%, 01/01/2056 (4) | | | 1,055 | | | | 978 | |
5.00%, 06/15/2056 (4) | | | 130 | | | | 117 | |
5.00%, 05/01/2060 (4) | | | 5,245 | | | | 3,868 | |
5.00%, 02/01/2062 | | | 290 | | | | 295 | |
5.13%, 06/15/2047 (4) | | | 180 | | | | 165 | |
5.25%, 05/15/2037 (4) | | | 485 | | | | 490 | |
5.25%, 07/01/2042 | | | 1,405 | | | | 1,524 | |
5.25%, 05/15/2047 (4) | | | 835 | | | | 814 | |
5.25%, 05/15/2052 (4) | | | 155 | | | | 148 | |
5.25%, 07/01/2061 (4) | | | 565 | | | | 493 | |
5.38%, 12/15/2032 (4) | | | 700 | | | | 700 | |
5.38%, 07/01/2047 | | | 2,135 | | | | 2,302 | |
5.38%, 07/15/2047 (4) | | | 100 | | | | 101 | |
5.50%, 12/15/2028 (4) | | | 750 | | | | 752 | |
5.75%, 07/01/2053 (4) | | | 385 | | | | 416 | |
5.75%, 07/01/2062 | | | 1,500 | | | | 1,636 | |
5.75%, 07/01/2063 (4) | | | 2,700 | | | | 2,896 | |
5.88%, 11/15/2027 (4) | | | 750 | | | | 740 | |
6.13%, 12/15/2029 (4) | | | 250 | | | | 245 | |
6.13%, 11/15/2037 (4) | | | 1,000 | | | | 979 | |
6.25%, 11/15/2029 | | | 250 | | | | 249 | |
6.25%, 06/15/2053 (4) | | | 1,930 | | | | 1,975 | |
6.63%, 07/01/2053 (4) | | | 500 | | | | 523 | |
7.05%, 09/01/2046 (1)(4) | | | 795 | | | | 780 | |
9.00%, 05/01/2071 (4) | | | 2,425 | | | | 2,119 | |
10.00%, 11/01/2038 (4) | | | 950 | | | | 1,025 | |
Wisconsin Health & Educational Facilities Authority | | | | | | | | |
3.00%, 12/01/2031 | | | 90 | | | | 78 | |
4.00%, 09/15/2036 | | | 55 | | | | 52 | |
4.00%, 09/15/2041 | | | 50 | | | | 45 | |
4.00%, 09/15/2041 | | | 1,010 | | | | 908 | |
4.00%, 09/15/2045 | | | 45 | | | | 39 | |
4.00%, 09/15/2045 | | | 950 | | | | 819 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Wisconsin – 2.75% – (continued) | | | | | | | | |
4.20%, 08/15/2028 | | $ | 400 | | | $ | 397 | |
4.25%, 08/01/2034 | | | 500 | | | | 476 | |
4.50%, 02/15/2054 | | | 1,100 | | | | 1,090 | |
5.00%, 06/01/2037 | | | 75 | | | | 73 | |
5.00%, 06/01/2041 | | | 570 | | | | 534 | |
5.00%, 08/01/2049 | | | 500 | | | | 457 | |
5.50%, 02/15/2054 | | | 1,335 | | | | 1,419 | |
6.13%, 10/01/2059 | | | 1,385 | | | | 1,409 | |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue | | | | | | | | |
6.00%, 03/01/2055 | | | 400 | | | | 434 | |
| | | | | | | | |
Total Wisconsin | | | | 87,105 | |
| | | | | | | | |
Total Municipal Bonds
(Cost: $3,071,888) | | | | 3,124,138 | |
| | | | | | | | |
| | |
| | | Shares
(000s) | | | Value
(000s) | |
COMMON STOCKS – 0.00% (7) | | | | | | | | |
| Basic Materials – 0.00% (7) | | | | | | | | |
Ingevity Corp. (3)(6) | | | 0 | | | | 3 | |
| | | | | | | | |
Total Basic Materials | | | | 3 | |
| | | | | | | | |
| Consumer, Cyclical – 0.00% (7) | | | | | | | | |
United Airlines Holdings, Inc. (3)(6) | | | 0 | | | | 1 | |
| | | | | | | | |
Total Consumer, Cyclical | | | | 1 | |
| | | | | | | | |
| Industrials – 0.00% (7) | | | | | | | | |
Westrock Co. (6) | | | 0 | | | | 21 | |
| | | | | | | | |
Total Industrials | | | | 21 | |
| | | | | | | | |
Total Common Stocks
(Cost: $19) | | | | 25 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 0.38% | | | | | | | | |
| Money Market Funds – 0.22% | | | | | | | | |
Fidelity Institutional Money Market Government Fund – Class I, 5.25% (8) | | | 7,041 | | | | 7,041 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $7,041) | | | | | | | 7,041 | |
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| U.S. Treasury Bills – 0.16% | | | | | | | | |
United States Treasury Bill, 0.00%, 07/18/2024 | | $ | 5,000 | | | | 4,987 | |
| | | | | | | | |
Total U.S. Treasury Bills
(Cost: $4,987) | | | | | | | 4,987 | |
| | | | | | | | |
Time Deposits – 0.00% (7) | | | | | | | | |
Citibank, New York, 4.83% due 07/01/2024 | | | 93 | | | | 93 | |
| | | | | | | | |
Total Time Deposits
(Cost: $93) | | | | | | | 93 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $12,121) | | | | | | | 12,121 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.06%
(Cost: $3,084,028) | | | | | | | 3,136,284 | |
| | | | | | | | |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.94% | | | | | | | 29,763 | |
| | | | | | | | |
TOTAL NET ASSETS – 100.00% | | | | | | $ | 3,166,047 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
| (1) | Adjustable rate security. The rate reported is the rate in effect as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| (2) | Security in default as of June 30, 2024. The value of these securities totals $23,919, which represents 0.76% of total net assets. |
| (3) | Non-income producing security. |
| (4) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $606,276, which represents 19.15% of total net assets. |
| (5) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2024. |
| (6) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (7) | Amount calculated is less than 0.005%. |
| (8) | Represents annualized seven-day yield as of the close of the reporting period. |
| (9) | Security that is restricted at June 30, 2024. The value of these securities totals $590, which represents 0.02% of total net assets. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 108 | | U.S. 5 Year Note Future | | | Sep. 2024 | | | $ | 11,440 | | | $ | 11,511 | | | $ | 71 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 71 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
MUNICIPAL BONDS | | Percentages of
Net Assets | |
Education | | | 8.55 | % |
General Obligation | | | 7.42 | |
General Revenue | | | 40.35 | |
Healthcare | | | 16.43 | |
Housing | | | 7.49 | |
Transportation | | | 12.55 | |
Utilities | | | 5.89 | |
| | | | |
Total Municipal Bonds | | | 98.68 | |
| | | | |
| | | | |
COMMON STOCKS | | Percentages of
Net Assets | |
Basic Materials | | | 0.00 | (1) |
Consumer, Cyclical | | | 0.00 | (1) |
Industrials | | | 0.00 | (1) |
| | | | |
Total Common Stocks | | | 0.00 | (1) |
| | | | |
SHORT-TERM INVESTMENTS | | | 0.38 | |
| | | | |
TOTAL INVESTMENTS | | | 99.06 | |
OTHER ASSETS IN EXCESS OF LIABILITIES | | | 0.94 | |
| | | | |
TOTAL NET ASSETS | | | 100.00 | % |
| | | | |
| (1) | Amount calculated is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Growth Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
COMMON STOCKS – 97.25% | | | | | | | | |
| Communication Services – 10.15% | | | | | | | | |
Alphabet, Inc. – Class A | | | 4,234 | | | $ | 771,203 | |
Alphabet, Inc. – Class C | | | 2,567 | | | | 470,886 | |
Liberty Broadband Corp. – Class C (1)(2) | | | 0 | | | | 27 | |
Liberty Media Corp.-Liberty Formula One – Class C (2) | | | 5 | | | | 355 | |
Live Nation Entertainment, Inc. (2) | | | 14 | | | | 1,299 | |
Meta Platforms, Inc. – Class A | | | 1,329 | | | | 670,153 | |
Netflix, Inc. (2) | | | 675 | | | | 455,605 | |
Nexstar Media Group, Inc. – Class A (1) | | | 0 | | | | 57 | |
Pinterest, Inc. – Class A (2) | | | 60 | | | | 2,660 | |
ROBLOX Corp. – Class A (2) | | | 53 | | | | 1,966 | |
Spotify Technology SA (2) | | | 14 | | | | 4,545 | |
TKO Group Holdings, Inc. – Class A | | | 1 | | | | 149 | |
Trade Desk, Inc. – Class A (2) | | | 848 | | | | 82,848 | |
Trump Media & Technology Group Corp. (2) | | | 1 | | | | 22 | |
Walt Disney Co. | | | 742 | | | | 73,714 | |
| | | | | | | | |
Total Communication Services | | | | 2,535,489 | |
| | | | | | | | |
| Consumer Discretionary – 12.78% | | | | | | | | |
Airbnb, Inc. – Class A (2) | | | 558 | | | | 84,586 | |
Amazon.com, Inc. (2) | | | 9,446 | | | | 1,825,450 | |
AutoZone, Inc. (2) | | | 1 | | | | 4,417 | |
Booking Holdings, Inc. | | | 3 | | | | 12,423 | |
Burlington Stores, Inc. (2) | | | 6 | | | | 1,344 | |
Carvana Co. – Class A (2) | | | 3 | | | | 327 | |
Cava Group, Inc. (2) | | | 9 | | | | 811 | |
Chipotle Mexican Grill, Inc. – Class A (2) | | | 931 | | | | 58,297 | |
Choice Hotels International, Inc. | | | 1 | | | | 149 | |
Churchill Downs, Inc. | | | 6 | | | | 813 | |
Coupang, Inc. – Class A (2) | | | 106 | | | | 2,223 | |
Crocs, Inc. (2) | | | 2 | | | | 264 | |
Darden Restaurants, Inc. | | | 5 | | | | 792 | |
Deckers Outdoor Corp. (2) | | | 3 | | | | 2,525 | |
Domino’s Pizza, Inc. | | | 1 | | | | 737 | |
DoorDash, Inc. – Class A (2) | | | 31 | | | | 3,322 | |
DraftKings, Inc. – Class A (2) | | | 40 | | | | 1,512 | |
Duolingo, Inc. – Class A (2) | | | 4 | | | | 876 | |
Dutch Bros, Inc. – Class A (2) | | | 7 | | | | 276 | |
Etsy, Inc. (2) | | | 5 | | | | 304 | |
Expedia Group, Inc. (2) | | | 13 | | | | 1,674 | |
Five Below, Inc. (2) | | | 2 | | | | 235 | |
Floor & Decor Holdings, Inc. – Class A (2) | | | 2 | | | | 246 | |
H&R Block, Inc. | | | 5 | | | | 275 | |
Hasbro, Inc. | | | 10 | | | | 557 | |
Hilton Worldwide Holdings, Inc. | | | 13 | | | | 2,801 | |
Home Depot, Inc. | | | 469 | | | | 161,330 | |
Las Vegas Sands Corp. | | | 32 | | | | 1,403 | |
Light & Wonder, Inc. (2) | | | 7 | | | | 786 | |
Lululemon Athletica, Inc. (2) | | | 12 | | | | 3,624 | |
McDonald’s Corp. | | | 467 | | | | 119,129 | |
MercadoLibre, Inc. (2) | | | 91 | | | | 148,931 | |
Murphy USA, Inc. | | | 2 | | | | 728 | |
NIKE, Inc. – Class B | | | 974 | | | | 73,423 | |
Norwegian Cruise Line Holdings Ltd. (2) | | | 34 | | | | 647 | |
O’Reilly Automotive, Inc. (2) | | | 5 | | | | 5,662 | |
Planet Fitness, Inc. – Class A (2) | | | 3 | | | | 219 | |
Pool Corp. | | | 3 | | | | 982 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Ross Stores, Inc. | | | 6 | | | $ | 943 | |
Royal Caribbean Cruises Ltd. (2) | | | 8 | | | | 1,198 | |
SharkNinja, Inc. | | | 3 | | | | 223 | |
Skechers USA, Inc. – Class A (2) | | | 3 | | | | 205 | |
Starbucks Corp. | | | 2,896 | | | | 225,491 | |
Tempur Sealy International, Inc. | | | 13 | | | | 636 | |
Tesla, Inc. (2) | | | 764 | | | | 151,128 | |
Texas Roadhouse, Inc. – Class A | | | 7 | | | | 1,240 | |
TJX Companies, Inc. | | | 66 | | | | 7,282 | |
TopBuild Corp. (1)(2) | | | 0 | | | | 64 | |
Tractor Supply Co. | | | 10 | | | | 2,693 | |
Ulta Beauty, Inc. (2) | | | 4 | | | | 1,420 | |
Vail Resorts, Inc. | | | 2 | | | | 425 | |
Valvoline, Inc. (2) | | | 9 | | | | 408 | |
Wendy’s Co. | | | 2 | | | | 26 | |
Williams-Sonoma, Inc. | | | 3 | | | | 906 | |
Wingstop, Inc. | | | 3 | | | | 1,333 | |
YETI Holdings, Inc. (2) | | | 2 | | | | 94 | |
Yum! Brands, Inc. | | | 2,067 | | | | 273,859 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 3,193,674 | |
| | | | | | | | |
| Consumer Staples – 2.89% | | | | | | | | |
Boston Beer Co., Inc. – Class A (2) | | | 1 | | | | 186 | |
Brown-Forman Corp. – Class B | | | 436 | | | | 18,829 | |
Casey’s General Stores, Inc. | | | 1 | | | | 368 | |
Celsius Holdings, Inc. (2) | | | 15 | | | | 842 | |
Clorox Co. | | | 13 | | | | 1,774 | |
Coca-Cola Co. | | | 2,293 | | | | 145,919 | |
Colgate-Palmolive Co. | | | 45 | | | | 4,336 | |
Costco Wholesale Corp. | | | 199 | | | | 169,554 | |
elf Beauty, Inc. (2) | | | 6 | | | | 1,216 | |
Estee Lauder Companies, Inc. – Class A | | | 460 | | | | 48,896 | |
Freshpet, Inc. (2) | | | 1 | | | | 145 | |
Hershey Co. | | | 1 | | | | 234 | |
Kimberly-Clark Corp. | | | 14 | | | | 1,982 | |
Lamb Weston Holdings, Inc. | | | 3 | | | | 246 | |
L’Oreal SA | | | 90 | | | | 39,766 | |
Mondelez International, Inc. – Class A | | | 1,118 | | | | 73,170 | |
Monster Beverage Corp. (2) | | | 61 | | | | 3,062 | |
PepsiCo, Inc. | | | 106 | | | | 17,504 | |
Performance Food Group Co. (1)(2) | | | 0 | | | | 26 | |
Pilgrim’s Pride Corp. (2) | | | 4 | | | | 147 | |
Procter & Gamble Co. | | | 818 | | | | 134,828 | |
Sysco Corp. | | | 818 | | | | 58,431 | |
| | | | | | | | |
Total Consumer Staples | | | | 721,461 | |
| | | | | | | | |
| Energy – 1.67% | | | | | | | | |
Antero Midstream Corp. | | | 4 | | | | 55 | |
Cheniere Energy, Inc. | | | 11 | | | | 1,855 | |
Civitas Resources, Inc. | | | 1 | | | | 52 | |
ConocoPhillips | | | 1,560 | | | | 178,490 | |
Exxon Mobil Corp. | | | 2,000 | | | | 230,277 | |
Hess Corp. | | | 17 | | | | 2,454 | |
Permian Resources Corp. – Class A | | | 5 | | | | 73 | |
Targa Resources Corp. | | | 20 | | | | 2,627 | |
Texas Pacific Land Corp. | | | 2 | | | | 1,435 | |
Weatherford International Plc (2) | | | 6 | | | | 722 | |
| | | | | | | | |
Total Energy | | | | 418,040 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Financials – 15.22% | | | | | | | | |
Allstate Corp. | | | 3 | | | $ | 502 | |
Ally Financial, Inc. | | | 1 | | | | 26 | |
American Express Co. | | | 1,598 | | | | 370,004 | |
Ameriprise Financial, Inc. | | | 9 | | | | 3,913 | |
Aon Plc – Class A | | | 906 | | | | 265,934 | |
Apollo Global Management, Inc. | | | 39 | | | | 4,599 | |
Ares Management Corp. – Class A | | | 16 | | | | 2,175 | |
Arthur J. Gallagher & Co. | | | 2 | | | | 508 | |
Bank of America Corp. | | | 6,626 | | | | 263,508 | |
Blackstone, Inc. – Class A | | | 524 | | | | 64,876 | |
Block, Inc. – Class A (2) | | | 21 | | | | 1,332 | |
Blue Owl Capital, Inc. – Class A | | | 41 | | | | 733 | |
Brown & Brown, Inc. | | | 12 | | | | 1,040 | |
Charles Schwab Corp. | | | 1,597 | | | | 117,648 | |
Chubb Ltd. | | | 327 | | | | 83,289 | |
Coinbase Global, Inc. – Class A (2) | | | 17 | | | | 3,708 | |
Commerce Bancshares, Inc. | | | 769 | | | | 42,888 | |
Corpay, Inc. (2) | | | 681 | | | | 181,388 | |
Credit Acceptance Corp. (1)(2) | | | 0 | | | | 109 | |
Equitable Holdings, Inc. | | | 31 | | | | 1,270 | |
Everest Group Ltd. | | | 1 | | | | 211 | |
FactSet Research Systems, Inc. | | | 1 | | | | 423 | |
Fiserv, Inc. (2) | | | 19 | | | | 2,807 | |
Goldman Sachs Group, Inc. | | | 428 | | | | 193,438 | |
Houlihan Lokey, Inc. – Class A | | | 1 | | | | 196 | |
Intercontinental Exchange, Inc. | | | 1,867 | | | | 255,576 | |
Jefferies Financial Group, Inc. | | | 2 | | | | 103 | |
Kinsale Capital Group, Inc. | | | 2 | | | | 733 | |
KKR & Co., Inc. – Class Miscella | | | 20 | | | | 2,110 | |
Lazard, Inc. – Class A | | | 6 | | | | 239 | |
LPL Financial Holdings, Inc. | | | 7 | | | | 1,882 | |
Markel Group, Inc. (1)(2) | | | 0 | | | | 331 | |
Marsh & McLennan Companies, Inc. | | | 718 | | | | 151,371 | |
Mastercard, Inc. – Class A | | | 331 | | | | 146,204 | |
Moody’s Corp. | | | 16 | | | | 6,582 | |
Morgan Stanley | | | 5 | | | | 514 | |
Morningstar, Inc. | | | 3 | | | | 896 | |
MSCI, Inc. – Class A | | | 529 | | | | 255,004 | |
NU Holdings Ltd. – Class A (2) | | | 5,732 | | | | 73,888 | |
Progressive Corp. | | | 212 | | | | 44,070 | |
Ryan Specialty Holdings, Inc. – Class A | | | 12 | | | | 706 | |
S&P Global, Inc. | | | 786 | | | | 350,758 | |
Shift4 Payments, Inc. – Class A (2) | | | 4 | | | | 293 | |
Toast, Inc. – Class A (2) | | | 41 | | | | 1,051 | |
Tradeweb Markets, Inc. – Class A | | | 6 | | | | 602 | |
Visa, Inc. – Class A | | | 3,122 | | | | 819,466 | |
Wells Fargo & Co. | | | 1,443 | | | | 85,679 | |
Western Union Co. | | | 6 | | | | 68 | |
| | | | | | | | |
Total Financials | | | | 3,804,651 | |
| | | | | | | | |
| Healthcare – 12.34% | | | | | | | | |
AbbVie, Inc. | | | 75 | | | | 12,864 | |
Align Technology, Inc. (2) | | | 4 | | | | 898 | |
Alnylam Pharmaceuticals, Inc. (2) | | | 11 | | | | 2,772 | |
Amgen, Inc. | | | 41 | | | | 12,791 | |
Apellis Pharmaceuticals, Inc. (2) | | | 7 | | | | 264 | |
Boston Scientific Corp. (2) | | | 1,627 | | | | 125,328 | |
Bruker Corp. | | | 4 | | | | 283 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Cardinal Health, Inc. | | | 15 | | | $ | 1,506 | |
Cencora, Inc. – Class A | | | 17 | | | | 3,797 | |
Cerevel Therapeutics Holdings, Inc. (2) | | | 3 | | | | 136 | |
Chemed Corp. (1) | | | 0 | | | | 211 | |
Cigna Group | | | 3 | | | | 941 | |
Danaher Corp. | | | 1,715 | | | | 428,436 | |
DaVita, Inc. (2) | | | 6 | | | | 764 | |
DexCom, Inc. (2) | | | 40 | | | | 4,479 | |
Doximity, Inc. – Class A (2) | | | 6 | | | | 157 | |
Edwards Lifesciences Corp. (2) | | | 13 | | | | 1,155 | |
Elevance Health, Inc. | | | 4 | | | | 1,958 | |
Eli Lilly & Co. | | | 357 | | | | 323,133 | |
Exact Sciences Corp. (2) | | | 4 | | | | 170 | |
Exelixis, Inc. (2) | | | 29 | | | | 651 | |
GE HealthCare Technologies, Inc. | | | 2 | | | | 172 | |
HCA Healthcare, Inc. | | | 5 | | | | 1,599 | |
IDEXX Laboratories, Inc. (2) | | | 8 | | | | 4,024 | |
Incyte Corp. (2) | | | 3 | | | | 193 | |
Inspire Medical Systems, Inc. (2) | | | 2 | | | | 259 | |
Insulet Corp. (2) | | | 7 | | | | 1,494 | |
Intra-Cellular Therapies, Inc. (2) | | | 9 | | | | 612 | |
Intuitive Surgical, Inc. (2) | | | 239 | | | | 106,521 | |
Ionis Pharmaceuticals, Inc. (2) | | | 15 | | | | 734 | |
IQVIA Holdings, Inc. (2) | | | 353 | | | | 74,563 | |
Johnson & Johnson | | | 1,132 | | | | 165,432 | |
Masimo Corp. (2) | | | 2 | | | | 266 | |
McKesson Corp. | | | 6 | | | | 3,335 | |
Medpace Holdings, Inc. (2) | | | 3 | | | | 1,147 | |
Medtronic Plc | | | 1,162 | | | | 91,428 | |
Merck & Co., Inc. | | | 248 | | | | 30,695 | |
Molina Healthcare, Inc. (2) | | | 3 | | | | 928 | |
Natera, Inc. (2) | | | 12 | | | | 1,259 | |
Neurocrine Biosciences, Inc. (2) | | | 11 | | | | 1,464 | |
Novo Nordisk – ADR | | | 2,791 | | | | 398,450 | |
Penumbra, Inc. (2) | | | 3 | | | | 508 | |
Regeneron Pharmaceuticals, Inc. (2) | | | 1 | | | | 1,024 | |
ResMed, Inc. | | | 3 | | | | 602 | |
Sarepta Therapeutics, Inc. (2) | | | 9 | | | | 1,499 | |
Stryker Corp. | | | 11 | | | | 3,677 | |
Thermo Fisher Scientific, Inc. | | | 739 | | | | 408,918 | |
Ultragenyx Pharmaceutical, Inc. (2) | | | 5 | | | | 215 | |
UnitedHealth Group, Inc. | | | 1,332 | | | | 678,426 | |
Veeva Systems, Inc. – Class A (2) | | | 14 | | | | 2,508 | |
Vertex Pharmaceuticals, Inc. (2) | | | 194 | | | | 90,889 | |
Viking Therapeutics, Inc. (2) | | | 7 | | | | 394 | |
Waters Corp. (2) | | | 3 | | | | 880 | |
West Pharmaceutical Services, Inc. | | | 5 | | | | 1,540 | |
Zoetis, Inc. – Class A | | | 492 | | | | 85,275 | |
| | | | | | | | |
Total Healthcare | | | | 3,083,624 | |
| | | | | | | | |
| Industrials – 5.90% | | | | | | | | |
3M Co. | | | 11 | | | | 1,151 | |
AAON, Inc. | | | 8 | | | | 712 | |
Advanced Drainage Systems, Inc. | | | 3 | | | | 477 | |
Armstrong World Industries, Inc. | | | 3 | | | | 293 | |
Automatic Data Processing, Inc. | | | 38 | | | | 8,962 | |
Axon Enterprise, Inc. (2) | | | 7 | | | | 2,180 | |
AZEK Co., Inc. – Class A (2) | | | 7 | | | | 280 | |
Boeing Co. (2) | | | 636 | | | | 115,819 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Booz Allen Hamilton Holding Corp. – Class A | | | 13 | | | $ | 2,039 | |
Broadridge Financial Solutions, Inc. | | | 11 | | | | 2,171 | |
Builders FirstSource, Inc. (1)(2) | | | 0 | | | | 27 | |
BWX Technologies, Inc. | | | 3 | | | | 302 | |
Canadian Pacific Kansas City Ltd. | | | 3,297 | | | | 259,542 | |
Carlisle Companies, Inc. | | | 1 | | | | 381 | |
Caterpillar, Inc. | | | 204 | | | | 67,809 | |
Cintas Corp. | | | 8 | | | | 5,700 | |
Comfort Systems USA, Inc. | | | 4 | | | | 1,163 | |
Copart, Inc. (2) | | | 82 | | | | 4,438 | |
Core & Main, Inc. – Class A (2) | | | 8 | | | | 386 | |
Eaton Corp. Plc | | | 211 | | | | 66,248 | |
EMCOR Group, Inc. | | | 2 | | | | 779 | |
Equifax, Inc. | | | 2 | | | | 446 | |
Expeditors International of Washington, Inc. | | | 3 | | | | 407 | |
Fastenal Co. | | | 49 | | | | 3,070 | |
Ferguson Plc | | | 2 | | | | 387 | |
Generac Holdings, Inc. (2) | | | 2 | | | | 241 | |
General Electric Co. | | | 24 | | | | 3,738 | |
HEICO Corp. | | | 409 | | | | 91,508 | |
HEICO Corp. – Class A | | | 9 | | | | 1,528 | |
Honeywell International, Inc. | | | 584 | | | | 124,740 | |
Howmet Aerospace, Inc. | | | 1 | | | | 57 | |
Illinois Tool Works, Inc. | | | 11 | | | | 2,682 | |
KBR, Inc. | | | 1 | | | | 77 | |
Lennox International, Inc. | | | 3 | | | | 1,793 | |
Lincoln Electric Holdings, Inc. | | | 1 | | | | 149 | |
Lockheed Martin Corp. | | | 7 | | | | 3,226 | |
Lyft, Inc. – Class A (2) | | | 14 | | | | 201 | |
Nordson Corp. | | | 278 | | | | 64,394 | |
Norfolk Southern Corp. | | | 483 | | | | 103,647 | |
Old Dominion Freight Line, Inc. | | | 276 | | | | 48,732 | |
Paychex, Inc. | | | 12 | | | | 1,459 | |
Paycom Software, Inc. | | | 2 | | | | 312 | |
Paylocity Holding Corp. (2) | | | 3 | | | | 429 | |
Quanta Services, Inc. | | | 5 | | | | 1,220 | |
Rockwell Automation, Inc. | | | 165 | | | | 45,369 | |
Rollins, Inc. | | | 30 | | | | 1,451 | |
Saia, Inc. (2) | | | 2 | | | | 845 | |
Simpson Manufacturing Co., Inc. | | | 1 | | | | 196 | |
Tetra Tech, Inc. | | | 2 | | | | 353 | |
Trane Technologies Plc | | | 8 | | | | 2,593 | |
TransDigm Group, Inc. | | | 1 | | | | 1,491 | |
Trex Co., Inc. (2) | | | 9 | | | | 648 | |
Uber Technologies, Inc. (2) | | | 1,210 | | | | 87,953 | |
U-Haul Holding Co. – Class B | | | 2 | | | | 120 | |
Union Pacific Corp. | | | 29 | | | | 6,545 | |
United Rentals, Inc. | | | 1 | | | | 874 | |
Veralto Corp. | | | 12 | | | | 1,156 | |
Verisk Analytics, Inc. – Class A | | | 14 | | | | 3,853 | |
Vertiv Holdings Co. – Class A | | | 38 | | | | 3,265 | |
Waste Management, Inc. | | | 1,493 | | | | 318,543 | |
WillScot Mobile Mini Holdings Corp. – Class A (2) | | | 2 | | | | 68 | |
WW Grainger, Inc. | | | 4 | | | | 3,438 | |
XPO, Inc. (2) | | | 10 | | | | 1,044 | |
| | | | | | | | |
Total Industrials | | | | 1,475,107 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Information Technology – 34.06% | | | | | | | | |
Accenture Plc – Class A | | | 489 | | | $ | 148,415 | |
Adobe, Inc. (2) | | | 327 | | | | 181,710 | |
Advanced Micro Devices, Inc. (2) | | | 774 | | | | 125,506 | |
Amphenol Corp. – Class A | | | 2,632 | | | | 177,349 | |
Analog Devices, Inc. | | | 644 | | | | 147,091 | |
Appfolio, Inc. – Class A (2) | | | 3 | | | | 655 | |
Apple, Inc. | | | 5,815 | | | | 1,224,758 | |
Applied Materials, Inc. | | | 915 | | | | 216,002 | |
AppLovin Corp. – Class A (2) | | | 27 | | | | 2,251 | |
Arista Networks, Inc. (2) | | | 26 | | | | 9,029 | |
ASML Holding NV – Class REG | | | 27 | | | | 27,113 | |
Astera Labs, Inc. (2) | | | 5 | | | | 291 | |
Atlassian Corp. – Class A (2) | | | 15 | | | | 2,680 | |
Autodesk, Inc. (2) | | | 900 | | | | 222,616 | |
Bentley Systems, Inc. – Class B | | | 16 | | | | 787 | |
Broadcom, Inc. | | | 312 | | | | 500,985 | |
Cadence Design Systems, Inc. (2) | | | 340 | | | | 104,684 | |
CDW Corp. | | | 163 | | | | 36,424 | |
Cloudflare, Inc. – Class A (2) | | | 30 | | | | 2,461 | |
Cognex Corp. | | | 4 | | | | 174 | |
Confluent, Inc. – Class A (2) | | | 19 | | | | 552 | |
Crowdstrike Holdings, Inc. – Class A (2) | | | 232 | | | | 88,900 | |
Datadog, Inc. – Class A (2) | | | 30 | | | | 3,896 | |
Dell Technologies, Inc. – Class C | | | 6 | | | | 785 | |
DocuSign, Inc. – Class A (2) | | | 17 | | | | 918 | |
DoubleVerify Holdings, Inc. – Class Rights (2) | | | 8 | | | | 163 | |
Dropbox, Inc. – Class A (2) | | | 13 | | | | 291 | |
Dynatrace, Inc. (2) | | | 26 | | | | 1,162 | |
Elastic NV (2) | | | 9 | | | | 1,034 | |
Enphase Energy, Inc. (2) | | | 12 | | | | 1,147 | |
Entegris, Inc. | | | 17 | | | | 2,242 | |
EPAM Systems, Inc. (2) | | | 1 | | | | 199 | |
Fair Isaac Corp. (2) | | | 2 | | | | 3,067 | |
Five9, Inc. (2) | | | 4 | | | | 172 | |
Fortinet, Inc. (2) | | | 52 | | | | 3,145 | |
Gartner, Inc. (2) | | | 393 | | | | 176,406 | |
Gitlab, Inc. – Class A (2) | | | 9 | | | | 437 | |
Globant SA (2) | | | 4 | | | | 670 | |
GoDaddy, Inc. – Class A (2) | | | 15 | | | | 2,046 | |
Guidewire Software, Inc. (2) | | | 5 | | | | 632 | |
HashiCorp, Inc. – Class A (2) | | | 6 | | | | 201 | |
HP, Inc. | | | 30 | | | | 1,065 | |
HubSpot, Inc. (2) | | | 5 | | | | 2,930 | |
Intuit, Inc. | | | 420 | | | | 275,703 | |
Jabil, Inc. | | | 3 | | | | 355 | |
KLA Corp. | | | 13 | | | | 11,036 | |
Lam Research Corp. | | | 13 | | | | 13,754 | |
Lattice Semiconductor Corp. (2) | | | 16 | | | | 932 | |
Manhattan Associates, Inc. (2) | | | 6 | | | | 1,598 | |
Marvell Technology, Inc. | | | 1,287 | | | | 89,962 | |
Microsoft Corp. | | | 5,000 | | | | 2,234,886 | |
MicroStrategy, Inc. – Class A (1)(2) | | | 0 | | | | 110 | |
MKS Instruments, Inc. | | | 1 | | | | 182 | |
MongoDB, Inc. – Class A (2) | | | 118 | | | | 29,588 | |
Monolithic Power Systems, Inc. | | | 5 | | | | 4,005 | |
Motorola Solutions, Inc. | | | 8 | | | | 3,068 | |
nCino, Inc. (2) | | | 1 | | | | 37 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
NetApp, Inc. | | | 11 | | | $ | 1,415 | |
Nutanix, Inc. – Class A (2) | | | 8 | | | | 444 | |
NVIDIA Corp. | | | 9,063 | | | | 1,119,662 | |
Okta, Inc. – Class A (2) | | | 6 | | | | 528 | |
Onto Innovation, Inc. (2) | | | 2 | | | | 535 | |
Oracle Corp. | | | 158 | | | | 22,311 | |
Palantir Technologies, Inc. – Class A (2) | | | 201 | | | | 5,079 | |
Palo Alto Networks, Inc. (2) | | | 169 | | | | 57,365 | |
Pegasystems, Inc. | | | 5 | | | | 329 | |
Procore Technologies, Inc. (2) | | | 8 | | | | 539 | |
PTC, Inc. (2) | | | 8 | | | | 1,399 | |
Pure Storage, Inc. – Class A (2) | | | 29 | | | | 1,842 | |
QUALCOMM, Inc. | | | 103 | | | | 20,500 | |
RingCentral, Inc. – Class A (2) | | | 3 | | | | 88 | |
Salesforce, Inc. | | | 1,479 | | | | 380,215 | |
ServiceNow, Inc. (2) | | | 332 | | | | 261,165 | |
Smartsheet, Inc. – Class A (2) | | | 15 | | | | 676 | |
Snowflake, Inc. – Class A (2) | | | 229 | | | | 30,925 | |
Super Micro Computer, Inc. (2) | | | 5 | | | | 4,193 | |
Synopsys, Inc. (2) | | | 327 | | | | 194,768 | |
Teradata Corp. (2) | | | 9 | | | | 301 | |
Teradyne, Inc. | | | 15 | | | | 2,269 | |
Texas Instruments, Inc. | | | 12 | | | | 2,342 | |
Twilio, Inc. – Class A (2) | | | 1 | | | | 55 | |
Tyler Technologies, Inc. (2) | | | 4 | | | | 1,891 | |
UiPath, Inc. – Class A (2) | | | 22 | | | | 275 | |
Unity Software, Inc. (2) | | | 5 | | | | 79 | |
Universal Display Corp. | | | 4 | | | | 744 | |
VeriSign, Inc. (2) | | | 1 | | | | 227 | |
Workday, Inc. – Class A (2) | | | 1,384 | | | | 309,430 | |
Zebra Technologies Corp. – Class A (2) | | | 1 | | | | 196 | |
Zscaler, Inc. (2) | | | 10 | | | | 1,846 | |
| | | | | | | | |
Total Information Technology | | | | 8,511,890 | |
| | | | | | | | |
| Materials – 1.46% | | | | | | | | |
Avery Dennison Corp. | | | 406 | | | | 88,691 | |
Celanese Corp. – Class A | | | 2 | | | | 244 | |
Cleveland-Cliffs, Inc. (2) | | | 6 | | | | 93 | |
Eagle Materials, Inc. | | | 2 | | | | 411 | |
Ecolab, Inc. | | | 1,123 | | | | 267,340 | |
Louisiana-Pacific Corp. | | | 3 | | | | 261 | |
Martin Marietta Materials, Inc. | | | 1 | | | | 294 | |
RPM International, Inc. | | | 2 | | | | 262 | |
Sealed Air Corp. | | | 1 | | | | 27 | |
Sherwin-Williams Co. | | | 21 | | | | 6,315 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Southern Copper Corp. | | | 7 | | | $ | 770 | |
Vulcan Materials Co. | | | 4 | | | | 955 | |
| | | | | | | | |
Total Materials | | | | 365,663 | |
| | | | | | | | |
| Real Estate – 0.76% | | | | | | | | |
American Tower Corp. | | | 46 | | | | 8,934 | |
Equinix, Inc. | | | 1 | | | | 441 | |
Iron Mountain, Inc. | | | 14 | | | | 1,223 | |
Jones Lang LaSalle, Inc. (2) | | | 1 | | | | 158 | |
Lamar Advertising Co. – Class A | | | 1 | | | | 120 | |
Prologis, Inc. | | | 1,568 | | | | 176,144 | |
Public Storage | | | 3 | | | | 801 | |
Simon Property Group, Inc. | | | 7 | | | | 1,084 | |
| | | | | | | | |
Total Real Estate | | | | 188,905 | |
| | | | | | | | |
| Utilities – 0.02% | | | | | | | | |
Constellation Energy Corp. | | | 5 | | | | 1,097 | |
NRG Energy, Inc. | | | 9 | | | | 699 | |
Vistra Corp. | | | 33 | | | | 2,854 | |
| | | | | | | | |
Total Utilities | | | | 4,650 | |
| | | | | | | | |
Total Common Stocks
(Cost: $14,010,775) | | | | 24,303,154 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 2.59% | |
| Money Market Funds – 2.59% | | | | | | | | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (3) | | | 647,107 | | | | 647,107 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $647,107) | | | | | | | 647,107 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $647,107) | | | | 647,107 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.84%
(Cost: $14,657,882) | | | | 24,950,261 | |
| | | | | | | | |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.16% | | | | 41,195 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 24,991,456 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (2) | Non-income producing security. |
| (3) | Represents annualized seven-day yield as of the close of the reporting period. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 16 | | NASDAQ 100 E-mini Future | | | Sep. 2024 | | | $ | 6,382 | | | $ | 6,377 | | | $ | (5 | ) |
| 5 | | S&P 500 E-mini Future | | | Sep. 2024 | | | | 1,378 | | | | 1,381 | | | | 3 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | (2 | ) |
| | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
COMMON STOCKS – 97.42% | | | | | | | | |
| Communication Services – 6.12% | | | | | | | | |
Alphabet, Inc. – Class C | | | 1,525 | | | $ | 279,700 | |
AT&T, Inc. | | | 2,294 | | | | 43,836 | |
Charter Communications, Inc. – Class A (1) | | | 4 | | | | 1,257 | |
Comcast Corp. – Class A | | | 5,912 | | | | 231,521 | |
Electronic Arts, Inc. | | | 1,139 | | | | 158,729 | |
ESC GCI Liberty, Inc. (1)(2)(3) | | | 4 | | | | — | |
Fox Corp. – Class A | | | 425 | | | | 14,616 | |
Fox Corp. – Class B | | | 6 | | | | 200 | |
Frontier Communications Parent, Inc. (1) | | | 11 | | | | 288 | |
IAC, Inc. (1) | | | 3 | | | | 158 | |
Interpublic Group of Companies, Inc. | | | 17 | | | | 491 | |
Iridium Communications, Inc. | | | 5 | | | | 130 | |
Liberty Broadband Corp. – Class A (1) | | | 1 | | | | 31 | |
Liberty Broadband Corp. – Class C (1) | | | 4 | | | | 205 | |
Liberty Global Ltd. – Class A (1) | | | 7 | | | | 129 | |
Liberty Global Ltd. – Class C (1) | | | 8 | | | | 138 | |
Liberty Media Corp. – Liberty Formula One – Class A (1) | | | 1 | | | | 43 | |
Liberty Media Corp. – Liberty Formula One – Class C (1) | | | 6 | | | | 406 | |
Liberty Media Corp. – Liberty Live – Class A (1) | | | 1 | | | | 50 | |
Liberty Media Corp. – Liberty Live – Class C (1) | | | 2 | | | | 95 | |
Liberty Media Corp. – Liberty SiriusXM (1) | | | 7 | | | | 160 | |
Liberty Media Corp. – Liberty SiriusXM – Class A (1) | | | 4 | | | | 86 | |
Madison Square Garden Sports Corp. – Class A (1) | | | 1 | | | | 144 | |
Match Group, Inc. (1) | | | 12 | | | | 360 | |
Meta Platforms, Inc. – Class A | | | 354 | | | | 178,635 | |
New York Times Co. – Class A | | | 7 | | | | 369 | |
News Corp. – Class A | | | 2,896 | | | | 79,831 | |
News Corp. – Class B | | | 267 | | | | 7,589 | |
Nexstar Media Group, Inc. – Class A | | | 55 | | | | 9,051 | |
Omnicom Group, Inc. | | | 9 | | | | 778 | |
Paramount Global – Class A | | | 1 | | | | 17 | |
Paramount Global – Class B | | | 282 | | | | 2,930 | |
Playtika Holding Corp. | | | 496 | | | | 3,900 | |
Roku, Inc. – Class A (1) | | | 5 | | | | 310 | |
Shutterstock, Inc. | | | 79 | | | | 3,066 | |
Sirius XM Holdings, Inc. | | | 33 | | | | 92 | |
Take–Two Interactive Software, Inc. (1) | | | 8 | | | | 1,169 | |
TEGNA, Inc. | | | 350 | | | | 4,880 | |
TKO Group Holdings, Inc. – Class A | | | 3 | | | | 329 | |
T–Mobile U.S., Inc. | | | 399 | | | | 70,365 | |
TripAdvisor, Inc. (1) | | | 5 | | | | 81 | |
Verizon Communications, Inc. | | | 1,091 | | | | 44,982 | |
Walt Disney Co. | | | 1,186 | | | | 117,791 | |
Warner Bros Discovery, Inc. (1) | | | 4,393 | | | | 32,687 | |
ZoomInfo Technologies, Inc. – Class A (1) | | | 14 | | | | 178 | |
| | | | | | | | |
Total Communication Services | | | | 1,291,803 | |
| | | | | | | | |
| Consumer Discretionary – 7.93% | | | | | | | | |
Academy Sports & Outdoors, Inc. | | | 104 | | | | 5,554 | |
ADT, Inc. | | | 1,331 | | | | 10,119 | |
Adtalem Global Education, Inc. (1) | | | 62 | | | | 4,227 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Advance Auto Parts, Inc. | | | 3 | | | $ | 174 | |
Amer Sports, Inc. (1) | | | 5 | | | | 68 | |
Aptiv Plc (1) | | | 782 | | | | 55,037 | |
Aramark | | | 1,666 | | | | 56,675 | |
AutoNation, Inc. (1) | | | 50 | | | | 8,025 | |
AutoZone, Inc. (1)(2) | | | 0 | | | | 199 | |
Bath & Body Works, Inc. | | | 10 | | | | 394 | |
Best Buy Co., Inc. | | | 80 | | | | 6,748 | |
Birkenstock Holding Plc (1) | | | 1 | | | | 55 | |
Bloomin’ Brands, Inc. | | | 260 | | | | 4,994 | |
Booking Holdings, Inc. | | | 30 | | | | 118,800 | |
BorgWarner, Inc. | | | 160 | | | | 5,158 | |
Boyd Gaming Corp. | | | 3 | | | | 169 | |
Bright Horizons Family Solutions, Inc. (1) | | | 2 | | | | 262 | |
Brunswick Corp. | | | 3 | | | | 224 | |
Caesars Entertainment, Inc. (1) | | | 10 | | | | 383 | |
Capri Holdings Ltd. (1) | | | 85 | | | | 2,802 | |
CarMax, Inc. (1) | | | 7 | | | | 480 | |
Carnival Corp. (1) | | | 5,226 | | | | 97,837 | |
Carter’s, Inc. | | | 93 | | | | 5,774 | |
Carvana Co. – Class A (1) | | | 3 | | | | 395 | |
Columbia Sportswear Co. | | | 2 | | | | 136 | |
Compass Group Plc | | | 3,309 | | | | 90,146 | |
Crocs, Inc. (1) | | | 2 | | | | 319 | |
Darden Restaurants, Inc. | | | 3 | | | | 381 | |
Dick’s Sporting Goods, Inc. | | | 70 | | | | 15,065 | |
Dillard’s, Inc. – Class A (2) | | | 0 | | | | 61 | |
Domino’s Pizza, Inc. | | | 1 | | | | 524 | |
DoorDash, Inc. – Class A (1) | | | 2 | | | | 215 | |
DR Horton, Inc. | | | 13 | | | | 1,872 | |
Dutch Bros, Inc. – Class A (1) | | | 2 | | | | 103 | |
eBay, Inc. | | | 372 | | | | 19,966 | |
Etsy, Inc. (1) | | | 2 | | | | 107 | |
Five Below, Inc. (1)(2) | | | 0 | | | | 54 | |
Floor & Decor Holdings, Inc. – Class A (1) | | | 3 | | | | 297 | |
Foot Locker, Inc. | | | 33 | | | | 830 | |
Ford Motor Co. | | | 1,048 | | | | 13,141 | |
GameStop Corp. – Class A (1) | | | 12 | | | | 298 | |
Gap, Inc. | | | 10 | | | | 230 | |
Garmin Ltd. | | | 7 | | | | 1,130 | |
General Motors Co. | | | 546 | | | | 25,344 | |
Gentex Corp. | | | 10 | | | | 349 | |
Genuine Parts Co. | | | 6 | | | | 862 | |
Grand Canyon Education, Inc. (1) | | | 1 | | | | 124 | |
H&R Block, Inc. | | | 5 | | | | 271 | |
Harley-Davidson, Inc. | | | 233 | | | | 7,822 | |
Hasbro, Inc. | | | 1 | | | | 46 | |
Hilton Worldwide Holdings, Inc. | | | 5 | | | | 1,170 | |
Home Depot, Inc. | | | 253 | | | | 86,929 | |
Hyatt Hotels Corp. – Class A | | | 2 | | | | 255 | |
Kohl’s Corp. | | | 726 | | | | 16,692 | |
Las Vegas Sands Corp. | | | 2,277 | | | | 100,745 | |
La-Z-Boy, Inc. | | | 211 | | | | 7,855 | |
Lear Corp. | | | 3 | | | | 289 | |
Leggett & Platt, Inc. | | | 7 | | | | 75 | |
Lennar Corp. – Class A | | | 85 | | | | 12,709 | |
Lennar Corp. – Class B | | | 1 | | | | 71 | |
Lithia Motors, Inc. – Class A | | | 164 | | | | 41,455 | |
LKQ Corp. | | | 12 | | | | 496 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Lowe’s Companies, Inc. | | | 26 | | | $ | 5,657 | |
Lucid Group, Inc. (1) | | | 36 | | | | 93 | |
Macy’s, Inc. | | | 195 | | | | 3,745 | |
Marriott International, Inc. – Class A | | | 301 | | | | 72,892 | |
Marriott Vacations Worldwide Corp. | | | 36 | | | | 3,158 | |
Mattel, Inc. (1) | | | 1,327 | | | | 21,576 | |
McDonald’s Corp. | | | 612 | | | | 155,902 | |
MGM Resorts International (1) | | | 11 | | | | 485 | |
Mohawk Industries, Inc. (1) | | | 3 | | | | 286 | |
Newell Brands, Inc. | | | 18 | | | | 118 | |
NIKE, Inc. – Class B | | | 1,358 | | | | 102,364 | |
Nordstrom, Inc. | | | 157 | | | | 3,325 | |
NVR, Inc. (1)(2) | | | 0 | | | | 979 | |
Ollie’s Bargain Outlet Holdings, Inc. (1) | | | 3 | | | | 268 | |
O’Reilly Automotive, Inc. (1)(2) | | | 0 | | | | 216 | |
Penn Entertainment, Inc. (1) | | | 7 | | | | 135 | |
Penske Automotive Group, Inc. | | | 73 | | | | 10,942 | |
Phinia, Inc. | | | 30 | | | | 1,178 | |
Planet Fitness, Inc. – Class A (1) | | | 2 | | | | 131 | |
Polaris, Inc. | | | 2 | | | | 179 | |
PulteGroup, Inc. | | | 167 | | | | 18,425 | |
PVH Corp. | | | 85 | | | | 8,953 | |
QuantumScape Corp. – Class A (1) | | | 15 | | | | 72 | |
Ralph Lauren Corp. – Class A | | | 2 | | | | 302 | |
RH (1) | | | 1 | | | | 131 | |
Rivian Automotive, Inc. – Class A (1) | | | 37 | | | | 495 | |
Ross Stores, Inc. | | | 11 | | | | 1,647 | |
Royal Caribbean Cruises Ltd. (1) | | | 7 | | | | 1,105 | |
Service Corp. International | | | 6 | | | | 454 | |
SharkNinja, Inc. | | | 1,007 | | | | 75,655 | |
Six Flags Entertainment Corp. (1) | | | 2,022 | | | | 67,009 | |
Skechers USA, Inc. – Class A (1) | | | 6 | | | | 382 | |
Starbucks Corp. | | | 11 | | | | 885 | |
Tapestry, Inc. | | | 11 | | | | 456 | |
Thor Industries, Inc. | | | 49 | | | | 4,568 | |
TJX Companies, Inc. | | | 1,348 | | | | 148,426 | |
Toll Brothers, Inc. | | | 5 | | | | 535 | |
TopBuild Corp. (1) | | | 1 | | | | 504 | |
Travel + Leisure Co. | | | 3 | | | | 138 | |
Ulta Beauty, Inc. (1)(2) | | | 0 | | | | 111 | |
Under Armour, Inc. – Class A (1) | | | 8 | | | | 55 | |
Under Armour, Inc. – Class C (1) | | | 9 | | | | 56 | |
United Parks & Resorts, Inc. (1) | | | 1,239 | | | | 67,273 | |
Vail Resorts, Inc. (2) | | | 0 | | | | 49 | |
VF Corp. | | | 16 | | | | 212 | |
Wayfair, Inc. – Class A (1) | | | 4 | | | | 218 | |
Wendy’s Co. | | | 4 | | | | 67 | |
Whirlpool Corp. | | | 70 | | | | 7,151 | |
Williams-Sonoma, Inc. | | | 1 | | | | 328 | |
Wyndham Hotels & Resorts, Inc. | | | 3 | | | | 237 | |
Wynn Resorts Ltd. | | | 566 | | | | 50,640 | |
YETI Holdings, Inc. (1) | | | 3 | | | | 102 | |
Yum! Brands, Inc. | | | 8 | | | | 1,030 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 1,674,287 | |
| | | | | | | | |
| Consumer Staples – 9.19% | | | | | | | | |
Albertsons Companies, Inc. – Class A | | | 433 | | | | 8,554 | |
Altria Group, Inc. | | | 2,174 | | | | 99,039 | |
Archer-Daniels-Midland Co. | | | 176 | | | | 10,657 | |
BellRing Brands, Inc. (1) | | | 6 | | | | 333 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
BJ’s Wholesale Club Holdings, Inc. (1) | | | 6 | | | $ | 519 | |
Boston Beer Co., Inc. – Class A (1)(2) | | | 0 | | | | 99 | |
Brown-Forman Corp. – Class A | | | 2 | | | | 96 | |
Brown-Forman Corp. – Class B | | | 8 | | | | 333 | |
Bunge Global SA | | | 95 | | | | 10,165 | |
Campbell Soup Co. | | | 152 | | | | 6,851 | |
Casey’s General Stores, Inc. | | | 1 | | | | 523 | |
Church & Dwight Co., Inc. | | | 11 | | | | 1,133 | |
Coca-Cola Co. | | | 1,825 | | | | 116,164 | |
Coca-Cola Consolidated, Inc. (2) | | | 0 | | | | 286 | |
Colgate-Palmolive Co. | | | 1,336 | | | | 129,610 | |
Conagra Brands, Inc. | | | 1,481 | | | | 42,097 | |
Constellation Brands, Inc. – Class A | | | 7 | | | | 1,800 | |
Costco Wholesale Corp. | | | 65 | | | | 55,114 | |
Coty, Inc. – Class A (1) | | | 18 | | | | 177 | |
Darling Ingredients, Inc. (1) | | | 8 | | | | 280 | |
Diageo Plc – ADR | | | 883 | | | | 111,287 | |
Diageo Plc | | | 3,819 | | | | 119,899 | |
Dollar General Corp. | | | 635 | | | | 83,967 | |
Dollar Tree, Inc. (1) | | | 9 | | | | 981 | |
Edgewell Personal Care Co. | | | 115 | | | | 4,635 | |
Estee Lauder Companies, Inc. – Class A | | | 7 | | | | 702 | |
Flowers Foods, Inc. | | | 9 | | | | 205 | |
Freshpet, Inc. (1) | | | 1 | | | | 184 | |
General Mills, Inc. | | | 137 | | | | 8,673 | |
Grocery Outlet Holding Corp. (1) | | | 4 | | | | 96 | |
Heineken Holding NV | | | 1,429 | | | | 112,647 | |
Herbalife Ltd. (1) | | | 208 | | | | 2,158 | |
Hershey Co. | | | 6 | | | | 1,046 | |
Hormel Foods Corp. | | | 13 | | | | 396 | |
Ingredion, Inc. | | | 91 | | | | 10,484 | |
J.M. Smucker Co. | | | 5 | | | | 504 | |
Kellanova | | | 12 | | | | 677 | |
Kenvue, Inc. | | | 2,483 | | | | 45,135 | |
Kerry Group Plc – Class A | | | 1,380 | | | | 111,863 | |
Keurig Dr Pepper, Inc. | | | 2,690 | | | | 89,835 | |
Kimberly-Clark Corp. | | | 447 | | | | 61,790 | |
Kraft Heinz Co. | | | 463 | | | | 14,925 | |
Kroger Co. | | | 476 | | | | 23,763 | |
Lamb Weston Holdings, Inc. | | | 4 | | | | 368 | |
Maplebear, Inc. (1) | | | 8 | | | | 248 | |
McCormick & Co., Inc. | | | 11 | | | | 800 | |
Molson Coors Beverage Co. – Class B | | | 278 | | | | 14,123 | |
Mondelez International, Inc. – Class A | | | 117 | | | | 7,683 | |
Monster Beverage Corp. (1) | | | 7 | | | | 339 | |
PepsiCo, Inc. | | | 724 | | | | 119,464 | |
Performance Food Group Co. (1) | | | 6 | | | | 388 | |
Philip Morris International, Inc. | | | 2,510 | | | | 254,339 | |
Pilgrim’s Pride Corp. (1) | | | 2 | | | | 68 | |
Post Holdings, Inc. (1) | | | 2 | | | | 230 | |
Procter & Gamble Co. | | | 865 | | | | 142,681 | |
Reynolds Consumer Products, Inc. | | | 2 | | | | 65 | |
Seaboard Corp. (2) | | | 0 | | | | 44 | |
Spectrum Brands Holdings, Inc. | | | 70 | | | | 5,990 | |
Sprouts Farmers Market, Inc. (1) | | | 93 | | | | 7,755 | |
Sysco Corp. | | | 8 | | | | 604 | |
Target Corp. | | | 21 | | | | 3,069 | |
Tyson Foods, Inc. – Class A | | | 572 | | | | 32,659 | |
US Foods Holding Corp. (1) | | | 10 | | | | 544 | |
Walgreens Boots Alliance, Inc. | | | 239 | | | | 2,895 | |
Walmart, Inc. | | | 841 | | | | 56,927 | |
| | | | | | | | |
Total Consumer Staples | | | | 1,940,965 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| Energy – 5.83% | | | | | | | | |
Antero Midstream Corp. | | | 9 | | | $ | 138 | |
Antero Resources Corp. (1) | | | 13 | | | | 424 | |
APA Corp. | | | 223 | | | | 6,551 | |
Baker Hughes Co. – Class A | | | 543 | | | | 19,101 | |
California Resources Corp. | | | 141 | | | | 7,504 | |
Cheniere Energy, Inc. | | | 5 | | | | 879 | |
Chesapeake Energy Corp. | | | 24 | | | | 1,933 | |
Chevron Corp. | | | 122 | | | | 19,158 | |
Chord Energy Corp. | | | 3 | | | | 464 | |
Civitas Resources, Inc. | | | 3 | | | | 224 | |
ConocoPhillips | | | 233 | | | | 26,639 | |
Coterra Energy, Inc. | | | 33 | | | | 886 | |
Devon Energy Corp. | | | 28 | | | | 1,336 | |
Diamondback Energy, Inc. | | | 8 | | | | 1,595 | |
DT Midstream, Inc. | | | 5 | | | | 326 | |
Enbridge, Inc. | | | 2,647 | | | | 94,196 | |
EOG Resources, Inc. | | | 1,130 | | | | 142,186 | |
EQT Corp. | | | 696 | | | | 25,752 | |
Exxon Mobil Corp. | | | 1,943 | | | | 223,674 | |
Halliburton Co. | | | 2,122 | | | | 71,686 | |
Hess Corp. | | | 604 | | | | 89,119 | |
HF Sinclair Corp. | | | 191 | | | | 10,180 | |
Kinder Morgan, Inc. | | | 87 | | | | 1,726 | |
Marathon Oil Corp. | | | 928 | | | | 26,600 | |
Marathon Petroleum Corp. | | | 113 | | | | 19,669 | |
Matador Resources Co. | | | 5 | | | | 290 | |
NOV, Inc. | | | 19 | | | | 356 | |
Occidental Petroleum Corp. | | | 29 | | | | 1,799 | |
ONEOK, Inc. | | | 26 | | | | 2,132 | |
Ovintiv, Inc. | | | 12 | | | | 563 | |
Permian Resources Corp. – Class A | | | 22 | | | | 357 | |
Phillips 66 | | | 704 | | | | 99,334 | |
Plains GP Holdings LP – Class A (1) | | | 3,107 | | | | 58,479 | |
Range Resources Corp. | | | 11 | | | | 356 | |
Schlumberger NV | | | 2,185 | | | | 103,073 | |
Scorpio Tankers, Inc. | | | 95 | | | | 7,690 | |
Southwestern Energy Co. (1) | | | 49 | | | | 331 | |
Suncor Energy, Inc. | | | 730 | | | | 27,809 | |
TC Energy Corp. | | | 385 | | | | 14,573 | |
TechnipFMC Plc | | | 19 | | | | 502 | |
TotalEnergies SE – ADR | | | 196 | | | | 13,062 | |
TotalEnergies SE | | | 1,068 | | | | 71,505 | |
Valero Energy Corp. | | | 93 | | | | 14,595 | |
Viper Energy, Inc. – Class A | | | 3 | | | | 109 | |
Vitesse Energy, Inc. | | | 22 | | | | 514 | |
Williams Companies, Inc. | | | 510 | | | | 21,668 | |
| | | | | | | | |
Total Energy | | | | 1,231,043 | |
| | | | | | | | |
| Financials – 19.72% | | | | | | | | |
Affiliated Managers Group, Inc. | | | 51 | | | | 7,894 | |
Affirm Holdings, Inc. – Class A (1) | | | 10 | | | | 308 | |
Aflac, Inc. | | | 234 | | | | 20,918 | |
AGNC Investment Corp. | | | 31 | | | | 297 | |
Allstate Corp. | | | 540 | | | | 86,187 | |
Ally Financial, Inc. | | | 11 | | | | 421 | |
American Express Co. | | | 669 | | | | 154,792 | |
American Financial Group, Inc. | | | 67 | | | | 8,232 | |
American International Group, Inc. | | | 2,298 | | | | 170,602 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Ameriprise Financial, Inc. | | | 51 | | | $ | 21,998 | |
Annaly Capital Management, Inc. | | | 150 | | | | 2,857 | |
Aon Plc – Class A | | | 9 | | | | 2,582 | |
Apollo Global Management, Inc. | | | 96 | | | | 11,374 | |
Arch Capital Group Ltd. (1) | | | 1,389 | | | | 140,173 | |
Ares Capital Corp. | | | 394 | | | | 8,209 | |
Arthur J. Gallagher & Co. | | | 9 | | | | 2,334 | |
Associated Banc-Corp. | | | 243 | | | | 5,129 | |
Assurant, Inc. | | | 2 | | | | 387 | |
Assured Guaranty Ltd. | | | 2 | | | | 183 | |
Axis Capital Holdings Ltd. | | | 806 | | | | 56,940 | |
Bank of America Corp. | | | 5,488 | | | | 218,257 | |
Bank of New York Mellon Corp. | | | 569 | | | | 34,075 | |
Bank OZK | | | 173 | | | | 7,082 | |
BankUnited, Inc. | | | 162 | | | | 4,727 | |
Berkshire Hathaway, Inc. – Class B (1) | | | 466 | | | | 189,384 | |
BlackRock, Inc. – Class A | | | 7 | | | | 5,209 | |
Block, Inc. – Class A (1) | | | 14 | | | | 927 | |
Blue Owl Capital Corp. | | | 276 | | | | 4,236 | |
BOK Financial Corp. | | | 1 | | | | 93 | |
Brighthouse Financial, Inc. (1) | | | 3 | | | | 126 | |
Brown & Brown, Inc. | | | 6 | | | | 536 | |
Capital One Financial Corp. | | | 61 | | | | 8,412 | |
Carlyle Group, Inc. | | | 10 | | | | 394 | |
CBOE Global Markets, Inc. | | | 5 | | | | 804 | |
Charles Schwab Corp. | | | 892 | | | | 65,707 | |
Chubb Ltd. | | | 1,000 | | | | 255,203 | |
Cincinnati Financial Corp. | | | 7 | | | | 810 | |
Citigroup, Inc. | | | 1,232 | | | | 78,175 | |
Citizens Financial Group, Inc. | | | 395 | | | | 14,224 | |
CME Group, Inc. – Class A | | | 473 | | | | 93,082 | |
CNA Financial Corp. | | | 140 | | | | 6,438 | |
Coinbase Global, Inc. – Class A (1) | | | 1 | | | | 314 | |
Columbia Banking System, Inc. | | | 9 | | | | 182 | |
Comerica, Inc. | | | 6 | | | | 301 | |
Commerce Bancshares, Inc. | | | 5 | | | | 298 | |
Credit Acceptance Corp. (1)(2) | | | 0 | | | | 30 | |
Cullen/Frost Bankers, Inc. | | | 3 | | | | 268 | |
Discover Financial Services | | | 69 | | | | 9,065 | |
East West Bancorp, Inc. | | | 6 | | | | 452 | |
Equitable Holdings, Inc. | | | 1,307 | | | | 53,422 | |
Essent Group Ltd. | | | 99 | | | | 5,579 | |
Euronet Worldwide, Inc. (1) | | | 2 | | | | 200 | |
Evercore, Inc. – Class A | | | 2 | | | | 343 | |
Everest Group Ltd. | | | 20 | | | | 7,625 | |
FactSet Research Systems, Inc. | | | 1 | | | | 449 | |
Fidelity National Financial, Inc. | | | 11 | | | | 559 | |
Fidelity National Information Services, Inc. | | | 1,194 | | | | 89,982 | |
Fifth Third Bancorp | | | 1,175 | | | | 42,870 | |
First American Financial Corp. | | | 5 | | | | 259 | |
First Citizens BancShares, Inc. – Class A | | | 1 | | | | 904 | |
First Hawaiian, Inc. | | | 6 | | | | 122 | |
First Horizon Corp. | | | 875 | | | | 13,804 | |
Fiserv, Inc. (1) | | | 888 | | | | 132,396 | |
FNB Corp. | | | 403 | | | | 5,508 | |
Franklin Resources, Inc. | | | 13 | | | | 285 | |
Global Payments, Inc. | | | 52 | | | | 5,058 | |
Globe Life, Inc. | | | 4 | | | | 346 | |
Goldman Sachs Group, Inc. | | | 361 | | | | 163,316 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Hanover Insurance Group, Inc. | | | 2 | | | $ | 223 | |
Hartford Financial Services Group, Inc. | | | 714 | | | | 71,832 | |
Houlihan Lokey, Inc. – Class A | | | 2 | | | | 282 | |
Huntington Bancshares, Inc. | | | 3,152 | | | | 41,546 | |
Interactive Brokers Group, Inc. – Class A | | | 5 | | | | 570 | |
Intercontinental Exchange, Inc. | | | 25 | | | | 3,485 | |
Invesco Ltd. | | | 17 | | | | 256 | |
Jack Henry & Associates, Inc. | | | 3 | | | | 539 | |
Janus Henderson Group Plc | | | 6 | | | | 195 | |
Jefferies Financial Group, Inc. | | | 1,967 | | | | 97,869 | |
JP Morgan Chase & Co. | | | 549 | | | | 111,031 | |
Kemper Corp. | | | 3 | | | | 165 | |
KeyCorp | | | 41 | | | | 589 | |
KKR & Co., Inc. – Class Miscella | | | 21 | | | | 2,261 | |
Lazard, Inc. – Class A (2) | | | 0 | | | | 12 | |
Lincoln National Corp. | | | 132 | | | | 4,104 | |
Loews Corp. | | | 507 | | | | 37,866 | |
M&T Bank Corp. | | | 425 | | | | 64,353 | |
Markel Group, Inc. (1)(2) | | | 0 | | | | 692 | |
MarketAxess Holdings, Inc. | | | 2 | | | | 332 | |
Marsh & McLennan Companies, Inc. | | | 564 | | | | 118,860 | |
Mastercard, Inc. – Class A | | | 288 | | | | 127,160 | |
MetLife, Inc. | | | 1,181 | | | | 82,926 | |
MGIC Investment Corp. | | | 478 | | | | 10,304 | |
Morgan Stanley | | | 1,171 | | | | 113,828 | |
Mr Cooper Group, Inc. (1) | | | 72 | | | | 5,857 | |
MSCI, Inc. – Class A | | | 1 | | | | 698 | |
Nasdaq, Inc. | | | 17 | | | | 1,002 | |
Navient Corp. | | | 415 | | | | 6,042 | |
Northern Trust Corp. | | | 9 | | | | 761 | |
Old Republic International Corp. | | | 11 | | | | 349 | |
OneMain Holdings, Inc. – Class A | | | 5 | | | | 245 | |
PayPal Holdings, Inc. (1) | | | 1,675 | | | | 97,216 | |
Pinnacle Financial Partners, Inc. | | | 4 | | | | 286 | |
PNC Financial Services Group, Inc. | | | 966 | | | | 150,139 | |
Popular, Inc. | | | 3 | | | | 253 | |
Primerica, Inc. | | | 2 | | | | 366 | |
Principal Financial Group, Inc. | | | 10 | | | | 820 | |
Progressive Corp. | | | 4 | | | | 854 | |
Prosperity Bancshares, Inc. | | | 4 | | | | 250 | |
Prudential Financial, Inc. | | | 16 | | | | 1,887 | |
Radian Group, Inc. | | | 311 | | | | 9,663 | |
Raymond James Financial, Inc. | | | 8 | | | | 1,047 | |
Regions Financial Corp. | | | 677 | | | | 13,564 | |
Reinsurance Group of America, Inc. – Class A | | | 44 | | | | 9,082 | |
RenaissanceRe Holdings Ltd. | | | 2 | | | | 519 | |
Rithm Capital Corp. | | | 556 | | | | 6,062 | |
RLI Corp. | | | 2 | | | | 225 | |
Robinhood Markets, Inc. – Class A (1) | | | 30 | | | | 676 | |
Rocket Companies, Inc. – Class A (1) | | | 4 | | | | 61 | |
S&P Global, Inc. | | | 86 | | | | 38,181 | |
SEI Investments Co. | | | 5 | | | | 293 | |
SLM Corp. | | | 10 | | | | 203 | |
SoFi Technologies, Inc. (1) | | | 39 | | | | 257 | |
Starwood Property Trust, Inc. | | | 14 | | | | 260 | |
State Street Corp. | | | 304 | | | | 22,526 | |
Stifel Financial Corp. | | | 89 | | | | 7,451 | |
Synchrony Financial | | | 234 | | | | 11,059 | |
Synovus Financial Corp. | | | 7 | | | | 263 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
T Rowe Price Group, Inc. | | | 10 | | | $ | 1,133 | |
TFS Financial Corp. | | | 4 | | | | 44 | |
TPG, Inc. – Class A | | | 2 | | | | 102 | |
Tradeweb Markets, Inc. – Class A | | | 3 | | | | 333 | |
Travelers Companies, Inc. | | | 10 | | | | 2,081 | |
Truist Financial Corp. | | | 198 | | | | 7,708 | |
Unum Group | | | 132 | | | | 6,754 | |
US Bancorp | | | 3,576 | | | | 141,969 | |
UWM Holdings Corp. | | | 3 | | | | 18 | |
Virtu Financial, Inc. – Class A | | | 4 | | | | 90 | |
Visa, Inc. – Class A | | | 841 | | | | 220,608 | |
Voya Financial, Inc. | | | 78 | | | | 5,517 | |
Webster Financial Corp. | | | 8 | | | | 333 | |
Wells Fargo & Co. | | | 3,111 | | | | 184,790 | |
Western Alliance Bancorp | | | 5 | | | | 302 | |
Western Union Co. | | | 398 | | | | 4,860 | |
WEX, Inc. (1) | | | 2 | | | | 300 | |
White Mountains Insurance Group Ltd. (2) | | | 0 | | | | 224 | |
Willis Towers Watson Plc | | | 297 | | | | 77,922 | |
Wintrust Financial Corp. | | | 3 | | | | 288 | |
WR Berkley Corp. | | | 9 | | | | 729 | |
XP, Inc. – Class A | | | 15 | | | | 257 | |
Zions Bancorp N.A. | | | 208 | | | | 9,003 | |
| | | | | | | | |
Total Financials | | | | 4,168,717 | |
| | | | | | | | |
| Healthcare – 13.84% | | | | | | | | |
Abbott Laboratories | | | 1,151 | | | | 119,549 | |
AbbVie, Inc. | | | 190 | | | | 32,623 | |
Acadia Healthcare Co., Inc. (1) | | | 4 | | | | 293 | |
Agilent Technologies, Inc. | | | 13 | | | | 1,701 | |
Align Technology, Inc. (1) | | | 1 | | | | 336 | |
Alnylam Pharmaceuticals, Inc. (1) | | | 1 | | | | 154 | |
Amedisys, Inc. (1) | | | 2 | | | | 139 | |
Amgen, Inc. | | | 46 | | | | 14,501 | |
AstraZeneca Plc – ADR | | | 417 | | | | 32,515 | |
Avantor, Inc. (1) | | | 3,358 | | | | 71,190 | |
Azenta, Inc. (1) | | | 2 | | | | 129 | |
Baxter International, Inc. | | | 2,839 | | | | 94,975 | |
Becton Dickinson & Co. | | | 283 | | | | 66,028 | |
Biogen, Inc. (1) | | | 57 | | | | 13,224 | |
BioMarin Pharmaceutical, Inc. (1) | | | 8 | | | | 648 | |
Bio-Rad Laboratories, Inc. – Class A (1) | | | 1 | | | | 236 | |
Bio-Techne Corp. | | | 7 | | | | 498 | |
Boston Scientific Corp. (1) | | | 66 | | | | 5,069 | |
Bristol Myers Squibb Co. | | | 909 | | | | 37,750 | |
Bruker Corp. | | | 2 | | | | 110 | |
Cardinal Health, Inc. | | | 164 | | | | 16,143 | |
Catalent, Inc. (1) | | | 8 | | | | 456 | |
Centene Corp. (1) | | | 285 | | | | 18,897 | |
Certara, Inc. (1) | | | 3 | | | | 45 | |
Charles River Laboratories International, Inc. (1) | | | 2 | | | | 472 | |
Chemed Corp. | | | 1 | | | | 324 | |
Cigna Group | | | 470 | | | | 155,491 | |
Cooper Companies, Inc. | | | 9 | | | | 763 | |
CVS Health Corp. | | | 938 | | | | 55,389 | |
Danaher Corp. | | | 647 | | | | 161,618 | |
DaVita, Inc. (1) | | | 53 | | | | 7,344 | |
Dentsply Sirona, Inc. | | | 10 | | | | 249 | |
Doximity, Inc. – Class A (1) | | | 3 | | | | 89 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Edwards Lifesciences Corp. (1) | | | 22 | | | $ | 2,001 | |
Elanco Animal Health, Inc. (1) | | | 22 | | | | 318 | |
Elevance Health, Inc. | | | 316 | | | | 171,235 | |
Encompass Health Corp. | | | 4 | | | | 375 | |
Enovis Corp. (1) | | | 2 | | | | 110 | |
Envista Holdings Corp. (1) | | | 8 | | | | 130 | |
Exact Sciences Corp. (1) | | | 5 | | | | 209 | |
Exelixis, Inc. (1) | | | 242 | | | | 5,434 | |
Fortrea Holdings, Inc. (1) | | | 4 | | | | 104 | |
GE HealthCare Technologies, Inc. | | | 155 | | | | 12,098 | |
Gilead Sciences, Inc. | | | 335 | | | | 22,959 | |
Globus Medical, Inc. – Class A (1) | | | 5 | | | | 343 | |
GRAIL, Inc. (1) | | | 1 | | | | 14 | |
HCA Healthcare, Inc. | | | 62 | | | | 19,932 | |
Henry Schein, Inc. (1) | | | 78 | | | | 4,976 | |
Hologic, Inc. (1) | | | 10 | | | | 768 | |
Humana, Inc. | | | 360 | | | | 134,397 | |
Illumina, Inc. (1) | | | 7 | | | | 745 | |
Incyte Corp. (1) | | | 101 | | | | 6,128 | |
Inmode Ltd. (1) | | | 116 | | | | 2,123 | |
Ionis Pharmaceuticals, Inc. (1) | | | 1 | | | | 43 | |
IQVIA Holdings, Inc. (1) | | | 7 | | | | 1,514 | |
Jazz Pharmaceuticals Plc (1) | | | 113 | | | | 12,063 | |
Johnson & Johnson | | | 1,211 | | | | 177,002 | |
Koninklijke Philips NV | | | 3,165 | | | | 79,606 | |
Labcorp Holdings, Inc. | | | 4 | | | | 766 | |
Lantheus Holdings, Inc. (1) | | | 53 | | | | 4,247 | |
Masimo Corp. (1) | | | 1 | | | | 116 | |
McKesson Corp. | | | 35 | | | | 20,412 | |
Medtronic Plc | | | 3,285 | | | | 258,567 | |
Merck & Co., Inc. | | | 2,120 | | | | 262,491 | |
Mettler-Toledo International, Inc. (1) | | | 1 | | | | 1,321 | |
Moderna, Inc. (1) | | | 14 | | | | 1,719 | |
Molina Healthcare, Inc. (1) | | | 1 | | | | 285 | |
Organon & Co. | | | 235 | | | | 4,871 | |
Perrigo Co. Plc | | | 6 | | | | 156 | |
Pfizer, Inc. | | | 2,475 | | | | 69,260 | |
Premier, Inc. – Class A | | | 5 | | | | 98 | |
QIAGEN NV (1) | | | 10 | | | | 407 | |
Quest Diagnostics, Inc. | | | 16 | | | | 2,155 | |
QuidelOrtho Corp. (1) | | | 27 | | | | 883 | |
R1 RCM, Inc. (1) | | | 8 | | | | 100 | |
Regeneron Pharmaceuticals, Inc. (1) | | | 4 | | | | 4,508 | |
Repligen Corp. (1) | | | 2 | | | | 270 | |
ResMed, Inc. | | | 5 | | | | 906 | |
Revvity, Inc. | | | 6 | | | | 578 | |
Roivant Sciences Ltd. (1) | | | 16 | | | | 166 | |
Royalty Pharma Plc – Class A | | | 18 | | | | 473 | |
Sanofi SA | | | 212 | | | | 20,431 | |
Sanofi SA – ADR | | | 1,688 | | | | 81,901 | |
Smith & Nephew Plc – ADR | | | 1,710 | | | | 42,383 | |
Solventum Corp. (1) | | | 6 | | | | 328 | |
Sotera Health Co. (1) | | | 1 | | | | 15 | |
STERIS Plc | | | 4 | | | | 969 | |
Stryker Corp. | | | 497 | | | | 169,189 | |
Teleflex, Inc. | | | 2 | | | | 444 | |
Tenet Healthcare Corp. (1) | | | 4 | | | | 578 | |
Thermo Fisher Scientific, Inc. | | | 17 | | | | 9,463 | |
United Therapeutics Corp. (1) | | | 30 | | | | 9,523 | |
UnitedHealth Group, Inc. | | | 561 | | | | 285,791 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Universal Health Services, Inc. – Class B | | | 55 | | | $ | 10,148 | |
Vertex Pharmaceuticals, Inc. (1) | | | 6 | | | | 2,715 | |
Viatris, Inc. | | | 3,068 | | | | 32,613 | |
Waters Corp. (1) | | | 1 | | | | 299 | |
West Pharmaceutical Services, Inc. | | | 1 | | | | 421 | |
Zimmer Biomet Holdings, Inc. | | | 523 | | | | 56,782 | |
Zoetis, Inc. – Class A | | | 4 | | | | 622 | |
| | | | | | | | |
Total Healthcare | | | | 2,922,945 | |
| | | | | | | | |
| Industrials – 14.08% | | | | | | | | |
3M Co. | | | 116 | | | | 11,807 | |
Acuity Brands, Inc. | | | 47 | | | | 11,414 | |
Advanced Drainage Systems, Inc. | | | 2 | | | | 296 | |
AECOM | | | 775 | | | | 68,352 | |
AerCap Holdings NV | | | 1,064 | | | | 99,168 | |
AGCO Corp. | | | 121 | | | | 11,888 | |
Air Lease Corp. – Class A | | | 5 | | | | 234 | |
Airbus SE | | | 661 | | | | 90,758 | |
Alaska Air Group, Inc. (1) | | | 6 | | | | 227 | |
Allegion Plc | | | 4 | | | | 463 | |
Allison Transmission Holdings, Inc. | | | 133 | | | | 10,111 | |
American Airlines Group, Inc. (1) | | | 27 | | | | 308 | |
AMETEK, Inc. | | | 10 | | | | 1,724 | |
AO Smith Corp. | | | 5 | | | | 421 | |
API Group Corp. (1) | | | 10 | | | | 383 | |
Armstrong World Industries, Inc. | | | 1 | | | | 146 | |
Atkore, Inc. | | | 68 | | | | 9,216 | |
Automatic Data Processing, Inc. | | | 396 | | | | 94,547 | |
Avis Budget Group, Inc. (2) | | | 0 | | | | 49 | |
AZEK Co., Inc. – Class A (1) | | | 2 | | | | 81 | |
Boeing Co. (1) | | | 255 | | | | 46,382 | |
Boise Cascade Co. | | | 47 | | | | 5,651 | |
Brink’s Co. | | | 62 | | | | 6,347 | |
Broadridge Financial Solutions, Inc. (2) | | | 0 | | | | 90 | |
Builders FirstSource, Inc. (1) | | | 5 | | | | 676 | |
BWX Technologies, Inc. | | | 1,015 | | | | 96,457 | |
CACI International, Inc. – Class A (1) | | | 188 | | | | 81,012 | |
Canadian National Railway Co. | | | 897 | | | | 105,964 | |
Carlisle Companies, Inc. | | | 2 | | | | 747 | |
Carrier Global Corp. | | | 38 | | | | 2,371 | |
Caterpillar, Inc. | | | 54 | | | | 18,121 | |
CH Robinson Worldwide, Inc. | | | 5 | | | | 453 | |
Cintas Corp. (2) | | | 0 | | | | 139 | |
Clarivate Plc (1) | | | 18 | | | | 104 | |
Clean Harbors, Inc. (1) | | | 2 | | | | 522 | |
CNH Industrial NV | | | 1,241 | | | | 12,572 | |
Concentrix Corp. | | | 2 | | | | 135 | |
Copart, Inc. (1) | | | 3 | | | | 144 | |
Core & Main, Inc. – Class A (1) | | | 3 | | | | 125 | |
Crane Co. | | | 2 | | | | 318 | |
CSX Corp. | | | 292 | | | | 9,759 | |
Cummins, Inc. | | | 105 | | | | 29,071 | |
Curtiss-Wright Corp. | | | 2 | | | | 463 | |
Dayforce, Inc. (1) | | | 6 | | | | 294 | |
Deere & Co. | | | 134 | | | | 50,169 | |
Delta Air Lines, Inc. | | | 217 | | | | 10,302 | |
Donaldson Co., Inc. | | | 5 | | | | 385 | |
Dover Corp. | | | 6 | | | | 1,108 | |
Dun & Bradstreet Holdings, Inc. | | | 12 | | | | 115 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Eaton Corp. Plc | | | 18 | | | $ | 5,609 | |
EMCOR Group, Inc. | | | 1 | | | | 460 | |
Emerson Electric Co. | | | 26 | | | | 2,820 | |
Equifax, Inc. | | | 4 | | | | 1,066 | |
Esab Corp. | | | 3 | | | | 239 | |
Expeditors International of Washington, Inc. | | | 5 | | | | 660 | |
Fastenal Co. | | | 4 | | | | 253 | |
FedEx Corp. | | | 337 | | | | 101,031 | |
Ferguson Plc | | | 8 | | | | 1,637 | |
Flowserve Corp. | | | 6 | | | | 282 | |
Fortive Corp. | | | 16 | | | | 1,168 | |
Fortune Brands Innovations, Inc. | | | 6 | | | | 363 | |
FTI Consulting, Inc. (1) | | | 2 | | | | 339 | |
Gates Industrial Corp. Plc (1) | | | 476 | | | | 7,520 | |
GE Vernova, Inc. (1) | | | 146 | | | | 24,962 | |
Generac Holdings, Inc. (1) | | | 1 | | | | 178 | |
General Dynamics Corp. | | | 327 | | | | 94,809 | |
General Electric Co. | | | 456 | | | | 72,411 | |
Genpact Ltd. | | | 8 | | | | 253 | |
GMS, Inc. (1) | | | 46 | | | | 3,700 | |
Graco, Inc. | | | 7 | | | | 594 | |
Griffon Corp. | | | 111 | | | | 7,088 | |
GXO Logistics, Inc. (1) | | | 6 | | | | 285 | |
Hayward Holdings, Inc. (1) | | | 6 | | | | 74 | |
Hexcel Corp. | | | 4 | | | | 249 | |
Hillenbrand, Inc. | | | 56 | | | | 2,233 | |
Honeywell International, Inc. | | | 805 | | | | 171,984 | |
Howmet Aerospace, Inc. | | | 17 | | | | 1,323 | |
Hub Group, Inc. – Class A | | | 63 | | | | 2,713 | |
Hubbell, Inc. – Class B | | | 2 | | | | 876 | |
Huntington Ingalls Industries, Inc. | | | 26 | | | | 6,422 | |
IDEX Corp. | | | 3 | | | | 684 | |
Illinois Tool Works, Inc. | | | 8 | | | | 1,965 | |
Ingersoll Rand, Inc. | | | 18 | | | | 1,642 | |
ITT, Inc. | | | 4 | | | | 477 | |
Jacobs Solutions, Inc. | | | 570 | | | | 79,645 | |
JB Hunt Transport Services, Inc. | | | 315 | | | | 50,438 | |
Johnson Controls International Plc | | | 1,133 | | | | 75,293 | |
KBR, Inc. | | | 5 | | | | 349 | |
Kirby Corp. (1) | | | 3 | | | | 311 | |
Knight-Swift Transportation Holdings, Inc. – Class A | | | 7 | | | | 350 | |
L3Harris Technologies, Inc. | | | 303 | | | | 68,010 | |
Landstar System, Inc. | | | 2 | | | | 294 | |
Leidos Holdings, Inc. | | | 6 | | | | 881 | |
Lincoln Electric Holdings, Inc. | | | 2 | | | | 336 | |
Lockheed Martin Corp. | | | 176 | | | | 82,425 | |
Lyft, Inc. – Class A (1) | | | 5 | | | | 71 | |
ManpowerGroup, Inc. | | | 2 | | | | 166 | |
Masco Corp. | | | 10 | | | | 657 | |
MasTec, Inc. (1) | | | 3 | | | | 300 | |
Matson, Inc. | | | 61 | | | | 7,950 | |
MDU Resources Group, Inc. | | | 3,447 | | | | 86,530 | |
Middleby Corp. (1) | | | 2 | | | | 292 | |
MSA Safety, Inc. | | | 2 | | | | 284 | |
MSC Industrial Direct Co., Inc. – Class A | | | 2 | | | | 171 | |
Mueller Industries, Inc. | | | 54 | | | | 3,098 | |
Nordson Corp. | | | 3 | | | | 589 | |
Norfolk Southern Corp. | | | 102 | | | | 21,977 | |
Northrop Grumman Corp. | | | 387 | | | | 168,502 | |
nVent Electric Plc | | | 7 | | | | 567 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Oshkosh Corp. | | | 112 | | | $ | 12,139 | |
Otis Worldwide Corp. | | | 18 | | | | 1,742 | |
Owens Corning | | | 86 | | | | 15,024 | |
PACCAR, Inc. | | | 23 | | | | 2,372 | |
Parker-Hannifin Corp. | | | 6 | | | | 2,899 | |
Parsons Corp. (1) | | | 2 | | | | 168 | |
Paychex, Inc. | | | 9 | | | | 1,095 | |
Paycom Software, Inc. | | | 1 | | | | 121 | |
Paycor HCM, Inc. (1) | | | 1 | | | | 16 | |
Pentair Plc | | | 7 | | | | 567 | |
Quanta Services, Inc. | | | 5 | | | | 1,147 | |
RB Global, Inc. | | | 8 | | | | 626 | |
RBC Bearings, Inc. (1) | | | 1 | | | | 343 | |
Regal Rexnord Corp. | | | 3 | | | | 402 | |
Republic Services, Inc. – Class A | | | 9 | | | | 1,787 | |
Robert Half, Inc. | | | 5 | | | | 293 | |
Rockwell Automation, Inc. | | | 5 | | | | 1,283 | |
RTX Corp. | | | 356 | | | | 35,786 | |
Ryder System, Inc. | | | 101 | | | | 12,565 | |
Safran SA | | | 440 | | | | 92,770 | |
Saia, Inc. (1)(2) | | | 0 | | | | 234 | |
Schneider National, Inc. – Class B | | | 3 | | | | 64 | |
Science Applications International Corp. | | | 58 | | | | 6,793 | |
Sensata Technologies Holding Plc | | | 7 | | | | 265 | |
Siemens AG | | | 248 | | | | 46,156 | |
Simpson Manufacturing Co., Inc. | | | 2 | | | | 290 | |
SiteOne Landscape Supply, Inc. (1) | | | 1 | | | | 171 | |
Snap-on, Inc. | | | 41 | | | | 10,614 | |
Southwest Airlines Co. | | | 1,098 | | | | 31,404 | |
Spirit AeroSystems Holdings, Inc. – Class A (1) | | | 5 | | | | 156 | |
SS&C Technologies Holdings, Inc. | | | 10 | | | | 603 | |
Stanley Black & Decker, Inc. | | | 1,050 | | | | 83,869 | |
Stericycle, Inc. (1) | | | 222 | | | | 12,915 | |
Tetra Tech, Inc. | | | 2 | | | | 383 | |
Textron, Inc. | | | 203 | | | | 17,440 | |
Timken Co. | | | 3 | | | | 231 | |
Toro Co. | | | 5 | | | | 437 | |
Trane Technologies Plc | | | 7 | | | | 2,199 | |
TransDigm Group, Inc. | | | 2 | | | | 2,486 | |
TransUnion | | | 8 | | | | 608 | |
U-Haul Holding Co. (1)(2) | | | 0 | | | | 25 | |
U-Haul Holding Co. – Class B | | | 832 | | | | 49,947 | |
Union Pacific Corp. | | | 525 | | | | 118,746 | |
United Airlines Holdings, Inc. (1) | | | 168 | | | | 8,192 | |
United Parcel Service, Inc. – Class B | | | 1,525 | | | | 208,763 | |
United Rentals, Inc. | | | 10 | | | | 6,374 | |
Valmont Industries, Inc. | | | 1 | | | | 244 | |
Veralto Corp. | | | 6 | | | | 581 | |
Vertiv Holdings Co. – Class A | | | 1,338 | | | | 115,806 | |
Vestis Corp. | | | 6 | | | | 75 | |
Watsco, Inc. | | | 2 | | | | 718 | |
WESCO International, Inc. | | | 2 | | | | 310 | |
Westinghouse Air Brake Technologies Corp. | | | 8 | | | | 1,238 | |
WillScot Mobile Mini Holdings Corp. – Class A (1) | | | 6 | | | | 220 | |
Woodward, Inc. | | | 3 | | | | 465 | |
WW Grainger, Inc. (2) | | | 0 | | | | 230 | |
Xylem, Inc. | | | 11 | | | | 1,468 | |
| | | | | | | | |
Total Industrials | | | | 2,973,309 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| Information Technology – 10.43% | | | | | | | | |
Accenture Plc – Class A | | | 542 | | | $ | 164,593 | |
Advanced Micro Devices, Inc. (1) | | | 52 | | | | 8,402 | |
Akamai Technologies, Inc. (1) | | | 7 | | | | 607 | |
Allegro MicroSystems, Inc. (1) | | | 3 | | | | 95 | |
Amdocs Ltd. | | | 80 | | | | 6,340 | |
Amkor Technology, Inc. | | | 223 | | | | 8,934 | |
Amphenol Corp. – Class A | | | 22 | | | | 1,487 | |
Analog Devices, Inc. | | | 22 | | | | 5,068 | |
ANSYS, Inc. (1) | | | 4 | | | | 1,256 | |
Apple, Inc. | | | 775 | | | | 163,313 | |
Applied Materials, Inc. | | | 306 | | | | 72,313 | |
Arrow Electronics, Inc. (1) | | | 93 | | | | 11,208 | |
Aspen Technology, Inc. (1) | | | 1 | | | | 239 | |
Astera Labs, Inc. (1) | | | 1 | | | | 57 | |
Avnet, Inc. | | | 110 | | | | 5,680 | |
BILL Holdings, Inc. (1) | | | 3 | | | | 181 | |
Broadcom, Inc. | | | 67 | | | | 106,840 | |
CCC Intelligent Solutions Holdings, Inc. (1) | | | 16 | | | | 182 | |
CDW Corp. | | | 3 | | | | 670 | |
Ciena Corp. (1) | | | 1,131 | | | | 54,509 | |
Cirrus Logic, Inc. (1) | | | 30 | | | | 3,847 | |
Cisco Systems, Inc. | | | 834 | | | | 39,631 | |
Cognex Corp. | | | 7 | | | | 341 | |
Cognizant Technology Solutions Corp. – Class A | | | 985 | | | | 67,002 | |
Coherent Corp. (1) | | | 6 | | | | 429 | |
Corning, Inc. | | | 34 | | | | 1,334 | |
Crane NXT Co. | | | 47 | | | | 2,893 | |
Dell Technologies, Inc. – Class C | | | 201 | | | | 27,657 | |
Dolby Laboratories, Inc. – Class A | | | 3 | | | | 218 | |
DoubleVerify Holdings, Inc. – Class Rights (1) | | | 3 | | | | 55 | |
Dropbox, Inc. – Class A (1) | | | 208 | | | | 4,672 | |
DXC Technology Co. (1) | | | 175 | | | | 3,340 | |
EPAM Systems, Inc. (1) | | | 2 | | | | 438 | |
F5, Inc. (1) | | | 3 | | | | 451 | |
Fair Isaac Corp. (1)(2) | | | 0 | | | | 247 | |
First Solar, Inc. (1) | | | 5 | | | | 1,077 | |
Flex Ltd. (1) | | | 337 | | | | 9,950 | |
Fortinet, Inc. (1) | | | 5 | | | | 314 | |
Gen Digital, Inc. | | | 187 | | | | 4,666 | |
GlobalFoundries, Inc. (1) | | | 4 | | | | 227 | |
Globant SA (1)(2) | | | 0 | | | | 83 | |
Guidewire Software, Inc. (1) | | | 2 | | | | 276 | |
HashiCorp, Inc. – Class A (1) | | | 1 | | | | 42 | |
Hewlett Packard Enterprise Co. | | | 530 | | | | 11,223 | |
HP, Inc. | | | 609 | | | | 21,343 | |
Informatica, Inc. – Class A (1) | | | 2 | | | | 51 | |
Intel Corp. | | | 948 | | | | 29,371 | |
International Business Machines Corp. | | | 85 | | | | 14,737 | |
Intuit, Inc. | | | 110 | | | | 72,321 | |
IPG Photonics Corp. (1) | | | 1 | | | | 124 | |
Jabil, Inc. | | | 110 | | | | 11,959 | |
Juniper Networks, Inc. | | | 14 | | | | 525 | |
Keysight Technologies, Inc. (1) | | | 8 | | | | 1,067 | |
Kyndryl Holdings, Inc. (1) | | | 11 | | | | 277 | |
Littelfuse, Inc. | | | 104 | | | | 26,651 | |
Lumentum Holdings, Inc. (1) | | | 3 | | | | 157 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
MACOM Technology Solutions Holdings, Inc. (1) | | | 2 | | | $ | 278 | |
Marvell Technology, Inc. | | | 35 | | | | 2,469 | |
Microchip Technology, Inc. | | | 861 | | | | 78,738 | |
Micron Technology, Inc. | | | 49 | | | | 6,497 | |
Microsoft Corp. | | | 596 | | | | 266,355 | |
MicroStrategy, Inc. – Class A (1) | | | 1 | | | | 905 | |
MKS Instruments, Inc. | | | 3 | | | | 368 | |
Motorola Solutions, Inc. | | | 4 | | | | 1,494 | |
nCino, Inc. (1) | | | 1 | | | | 44 | |
NetApp, Inc. | | | 5 | | | | 656 | |
Nutanix, Inc. – Class A (1) | | | 8 | | | | 443 | |
NXP Semiconductors NV | | | 273 | | | | 73,360 | |
Okta, Inc. – Class A (1) | | | 4 | | | | 358 | |
ON Semiconductor Corp. (1) | | | 19 | | | | 1,318 | |
Onto Innovation, Inc. (1) | | | 2 | | | | 358 | |
Oracle Corp. | | | 826 | | | | 116,618 | |
PTC, Inc. (1) | | | 2 | | | | 379 | |
Pure Storage, Inc. – Class A (1) | | | 2 | | | | 107 | |
Qorvo, Inc. (1) | | | 4 | | | | 501 | |
QUALCOMM, Inc. | | | 1,140 | | | | 227,133 | |
Roper Technologies, Inc. | | | 5 | | | | 2,697 | |
Salesforce, Inc. | | | 24 | | | | 6,296 | |
Samsung Electronics Co. Ltd. | | | 1,733 | | | | 101,998 | |
SentinelOne, Inc. – Class A (1) | | | 10 | | | | 203 | |
Skyworks Solutions, Inc. | | | 74 | | | | 7,876 | |
TD SYNNEX Corp. | | | 90 | | | | 10,384 | |
TE Connectivity Ltd. | | | 231 | | | | 34,739 | |
Teledyne Technologies, Inc. (1) | | | 2 | | | | 816 | |
Teradyne, Inc. | | | 1 | | | | 90 | |
Texas Instruments, Inc. | | | 1,463 | | | | 284,505 | |
Trimble, Inc. (1) | | | 11 | | | | 610 | |
Twilio, Inc. – Class A (1) | | | 6 | | | | 355 | |
Tyler Technologies, Inc. (1)(2) | | | 0 | | | | 143 | |
Ubiquiti, Inc. (2) | | | 0 | | | | 4 | |
UiPath, Inc. – Class A (1) | | | 2 | | | | 31 | |
Unity Software, Inc. (1) | | | 9 | | | | 140 | |
Universal Display Corp. | | | 1 | | | | 218 | |
VeriSign, Inc. (1) | | | 4 | | | | 646 | |
Vontier Corp. | | | 7 | | | | 264 | |
Western Digital Corp. (1) | | | 15 | | | | 1,107 | |
Wolfspeed, Inc. (1) | | | 6 | | | | 135 | |
Zebra Technologies Corp. – Class A (1) | | | 2 | | | | 556 | |
Zoom Video Communications, Inc. – Class A (1) | | | 11 | | | | 661 | |
| | | | | | | | |
Total Information Technology | | | | 2,203,823 | |
| | | | | | | | |
| Materials – 4.31% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 341 | | | | 88,067 | |
Albemarle Corp. | | | 5 | | | | 502 | |
Alcoa Corp. | | | 8 | | | | 337 | |
Amcor Plc | | | 64 | | | | 630 | |
AptarGroup, Inc. | | | 3 | | | | 416 | |
Ardagh Group SA – Class A (1)(3) | | | 1 | | | | 6 | |
Ashland, Inc. | | | 2 | | | | 224 | |
ATI, Inc. (1) | | | 6 | | | | 306 | |
Avery Dennison Corp. | | | 2 | | | | 489 | |
Axalta Coating Systems Ltd. (1) | | | 2,399 | | | | 81,961 | |
Ball Corp. | | | 14 | | | | 837 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Berry Global Group, Inc. | | | 147 | | | $ | 8,662 | |
Celanese Corp. – Class A | | | 4 | | | | 501 | |
CF Industries Holdings, Inc. | | | 848 | | | | 62,879 | |
Chemours Co. | | | 7 | | | | 158 | |
Cleveland-Cliffs, Inc. (1) | | | 14 | | | | 217 | |
Corteva, Inc. | | | 31 | | | | 1,690 | |
CRH Plc | | | 1,426 | | | | 106,907 | |
Crown Holdings, Inc. | | | 5 | | | | 384 | |
Dow, Inc. | | | 32 | | | | 1,672 | |
DuPont de Nemours, Inc. | | | 347 | | | | 27,958 | |
Eagle Materials, Inc. (2) | | | 0 | | | | 81 | |
Eastman Chemical Co. | | | 102 | | | | 10,038 | |
Ecolab, Inc. | | | 406 | | | | 96,516 | |
Element Solutions, Inc. | | | 2,937 | | | | 79,650 | |
FMC Corp. | | | 5 | | | | 295 | |
Freeport-McMoRan, Inc. | | | 64 | | | | 3,116 | |
Graphic Packaging Holding Co. | | | 264 | | | | 6,912 | |
Huntsman Corp. | | | 8 | | | | 179 | |
Ingevity Corp. (1) | | | 87 | | | | 3,803 | |
International Flavors & Fragrances, Inc. | | | 11 | | | | 1,090 | |
International Paper Co. | | | 1,183 | | | | 51,034 | |
Knife River Corp. (1) | | | 1,155 | | | | 80,977 | |
Linde Plc | | | 342 | | | | 150,094 | |
Louisiana-Pacific Corp. | | | 1 | | | | 72 | |
LyondellBasell Industries NV – Class A | | | 72 | | | | 6,922 | |
Martin Marietta Materials, Inc. | | | 3 | | | | 1,404 | |
Mosaic Co. | | | 14 | | | | 414 | |
MP Materials Corp. (1) | | | 5 | | | | 70 | |
NewMarket Corp. | | | 16 | | | | 8,252 | |
Newmont Corp. | | | 52 | | | | 2,165 | |
Nucor Corp. | | | 11 | | | | 1,697 | |
Olin Corp. | | | 5 | | | | 252 | |
Packaging Corp. of America | | | 4 | | | | 725 | |
PPG Industries, Inc. | | | 10 | | | | 1,318 | |
Reliance, Inc. | | | 30 | | | | 8,636 | |
Royal Gold, Inc. | | | 3 | | | | 368 | |
RPM International, Inc. | | | 4 | | | | 474 | |
Scotts Miracle-Gro Co. | | | 2 | | | | 124 | |
Sealed Air Corp. | | | 3 | | | | 109 | |
Sherwin-Williams Co. | | | 1 | | | | 279 | |
Silgan Holdings, Inc. | | | 4 | | | | 173 | |
Sonoco Products Co. | | | 5 | | | | 235 | |
Steel Dynamics, Inc. | | | 46 | | | | 6,003 | |
United States Steel Corp. | | | 10 | | | | 377 | |
Vulcan Materials Co. | | | 4 | | | | 1,094 | |
Westlake Corp. | | | 2 | | | | 224 | |
Westrock Co. | | | 11 | | | | 576 | |
| | | | | | | | |
Total Materials | | | | 910,551 | |
| | | | | | | | |
| Real Estate – 3.39% | | | | | | | | |
Agree Realty Corp. | | | 4 | | | | 274 | |
Alexandria Real Estate Equities, Inc. | | | 8 | | | | 907 | |
American Assets Trust, Inc. | | | 216 | | | | 4,830 | |
American Homes 4 Rent – Class A | | | 15 | | | | 562 | |
American Tower Corp. | | | 423 | | | | 82,201 | |
Americold Realty Trust, Inc. | | | 13 | | | | 325 | |
AvalonBay Communities, Inc. | | | 6 | | | | 1,315 | |
Boston Properties, Inc. | | | 7 | | | | 433 | |
Brandywine Realty Trust | | | 330 | | | | 1,480 | |
Brixmor Property Group, Inc. | | | 13 | | | | 308 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
Camden Property Trust | | | 5 | | | $ | 506 | |
CBRE Group, Inc. – Class A (1) | | | 14 | | | | 1,221 | |
CoStar Group, Inc. (1) | | | 18 | | | | 1,348 | |
Cousins Properties, Inc. | | | 293 | | | | 6,774 | |
Crown Castle, Inc. | | | 19 | | | | 1,903 | |
CubeSmart | | | 1,538 | | | | 69,468 | |
Digital Realty Trust, Inc. | | | 14 | | | | 2,200 | |
EastGroup Properties, Inc. | | | 2 | | | | 364 | |
EPR Properties | | | 3 | | | | 144 | |
Equinix, Inc. | | | 4 | | | | 3,040 | |
Equity LifeStyle Properties, Inc. | | | 8 | | | | 538 | |
Equity Residential | | | 792 | | | | 54,920 | |
Essex Property Trust, Inc. | | | 3 | | | | 778 | |
Extra Space Storage, Inc. | | | 9 | | | | 1,456 | |
Federal Realty Investment Trust | | | 4 | | | | 389 | |
First Industrial Realty Trust, Inc. | | | 6 | | | | 299 | |
Gaming & Leisure Properties, Inc. | | | 12 | | | | 527 | |
Healthcare Realty Trust, Inc. – Class A | | | 17 | | | | 281 | |
Healthpeak Properties, Inc. | | | 32 | | | | 622 | |
Highwoods Properties, Inc. | | | 5 | | | | 121 | |
Host Hotels & Resorts, Inc. | | | 570 | | | | 10,242 | |
Howard Hughes Holdings, Inc. (1) | | | 2 | | | | 104 | |
Invitation Homes, Inc. | | | 27 | | | | 984 | |
Iron Mountain, Inc. | | | 6 | | | | 499 | |
Jones Lang LaSalle, Inc. (1) | | | 1 | | | | 300 | |
Kilroy Realty Corp. | | | 6 | | | | 180 | |
Kimco Realty Corp. | | | 30 | | | | 574 | |
Lamar Advertising Co. – Class A | | | 3 | | | | 349 | |
Medical Properties Trust, Inc. | | | 43 | | | | 184 | |
Mid-America Apartment Communities, Inc. | | | 403 | | | | 57,460 | |
National Storage Affiliates Trust | | | 4 | | | | 149 | |
NNN REIT, Inc. | | | 8 | | | | 346 | |
Office Properties Income Trust | | | 132 | | | | 269 | |
Omega Healthcare Investors, Inc. | | | 180 | | | | 6,167 | |
Park Hotels & Resorts, Inc. | | | 9 | | | | 139 | |
Prologis, Inc. | | | 521 | | | | 58,569 | |
Public Storage | | | 441 | | | | 126,984 | |
Rayonier, Inc. | | | 891 | | | | 25,931 | |
Realty Income Corp. | | | 39 | | | | 2,039 | |
Regency Centers Corp. | | | 9 | | | | 538 | |
Rexford Industrial Realty, Inc. | | | 425 | | | | 18,944 | |
SBA Communications Corp. – Class A | | | 128 | | | | 25,212 | |
Simon Property Group, Inc. | | | 11 | | | | 1,637 | |
STAG Industrial, Inc. | | | 8 | | | | 291 | |
Sun Communities, Inc. | | | 6 | | | | 665 | |
UDR, Inc. | | | 15 | | | | 611 | |
Ventas, Inc. | | | 18 | | | | 926 | |
VICI Properties, Inc. – Class A | | | 2,735 | | | | 78,331 | |
Vornado Realty Trust | | | 106 | | | | 2,781 | |
Welltower, Inc. | | | 27 | | | | 2,764 | |
Weyerhaeuser Co. | | | 1,783 | | | | 50,611 | |
WP Carey, Inc. | | | 10 | | | | 534 | |
Zillow Group, Inc. – Class A (1) | | | 3 | | | | 113 | |
Zillow Group, Inc. – Class C (1) | | | 7 | | | | 330 | |
| | | | | | | | |
Total Real Estate | | | | 715,291 | |
| | | | | | | | |
| Utilities – 2.58% | | | | | | | | |
AES Corp. | | | 32 | | | | 558 | |
Alliant Energy Corp. | | | 11 | | | | 584 | |
Ameren Corp. | | | 446 | | | | 31,683 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
American Electric Power Co., Inc. | | | 24 | | | $ | 2,073 | |
American Water Works Co., Inc. | | | 9 | | | | 1,128 | |
Atmos Energy Corp. | | | 7 | | | | 786 | |
Avangrid, Inc. | | | 4 | | | | 125 | |
Brookfield Renewable Corp. – Class A | | | 6 | | | | 177 | |
CenterPoint Energy, Inc. | | | 2,672 | | | | 82,784 | |
Clearway Energy, Inc. – Class A | | | 1 | | | | 33 | |
Clearway Energy, Inc. – Class C | | | 4 | | | | 106 | |
CMS Energy Corp. | | | 13 | | | | 794 | |
Consolidated Edison, Inc. | | | 16 | | | | 1,387 | |
Constellation Energy Corp. | | | 12 | | | | 2,376 | |
Dominion Energy, Inc. | | | 846 | | | | 41,475 | |
DTE Energy Co. | | | 9 | | | | 1,028 | |
Duke Energy Corp. | | | 35 | | | | 3,465 | |
Edison International | | | 17 | | | | 1,224 | |
Entergy Corp. | | | 718 | | | | 76,873 | |
Essential Utilities, Inc. | | | 11 | | | | 421 | |
Evergy, Inc. | | | 10 | | | | 528 | |
Eversource Energy | | | 16 | | | | 892 | |
Exelon Corp. | | | 45 | | | | 1,551 | |
FirstEnergy Corp. | | | 26 | | | | 987 | |
IDACORP, Inc. – Class Rights | | | 2 | | | | 230 | |
National Fuel Gas Co. | | | 96 | | | | 5,225 | |
NextEra Energy, Inc. | | | 474 | | | | 33,587 | |
NiSource, Inc. | | | 255 | | | | 7,337 | |
NRG Energy, Inc. | | | 286 | | | | 22,273 | |
OGE Energy Corp. | | | 9 | | | | 320 | |
PG&E Corp. | | | 436 | | | | 7,611 | |
Pinnacle West Capital Corp. | | | 1,027 | | | | 78,445 | |
PPL Corp. | | | 33 | | | | 915 | |
Public Service Enterprise Group, Inc. | | | 22 | | | | 1,646 | |
Sempra | | | 377 | | | | 28,701 | |
Southern Co. | | | 1,099 | | | | 85,249 | |
UGI Corp. | | | 10 | | | | 226 | |
Vistra Corp. | | | 203 | | | | 17,463 | |
WEC Energy Group, Inc. | | | 14 | | | | 1,112 | |
Xcel Energy, Inc. | | | 25 | | | | 1,331 | |
| | | | | | | | |
Total Utilities | | | | 544,709 | |
| | | | | | | | |
Total Common Stocks
(Cost: $14,711,333) | | | | 20,577,443 | |
| | | | | | | | |
CONVERTIBLE PREFERRED STOCKS – 0.03% | |
| Utilities – 0.03% | | | | | | | | |
NextEra Energy, Inc., 6.93% | | | 167 | | | | 6,914 | |
| | | | | | | | |
Total Utilities | | | | 6,914 | |
| | | | | | | | |
Total Convertible Preferred Stocks
(Cost: $7,704) | | | | 6,914 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
PREFERRED STOCKS – 0.16% | | | | | | | | |
| Consumer Discretionary – 0.16% | |
Dr Ing hc F Porsche AG (4) | | | 240 | | | $ | 17,886 | |
Volkswagen AG | | | 150 | | | | 16,903 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 34,789 | |
| | | | | | | | |
Total Preferred Stocks
(Cost: $43,506) | | | | 34,789 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 2.35% | |
| Money Market Funds – 2.32% | | | | | | | | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (5) | | | 490,075 | | | | 490,075 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $490,075) | | | | 490,075 | |
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Time Deposits – 0.03% | | | | | | | | |
ANZ, London, 4.83% due 07/01/2024 | | $ | 2 | | | | 2 | |
Citibank, London, 2.84% due 07/01/2024 | | EUR | 5,949 | | | | 6,371 | |
Citibank, New York, 4.83% due 07/01/2024 (2) | | $ | 0 | | | | 0 | |
Royal Bank of Canada, London, 4.40% due 07/01/2024 | | GBP | 1 | | | | 2 | |
Skandinaviska Enskilda Banken AB, Stockholm, 2.76% due 07/01/2024 (2) | | SEK | 0 | | | | 0 | |
| | | | | | | | |
Total Time Deposits
(Cost: $6,375) | | | | 6,375 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $496,450) | | | | 496,450 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.96%
(Cost: $15,258,993) | | | | 21,115,596 | |
| | | | | | | | |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.04% | | | | 8,522 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 21,124,118 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
EUR Euro
GBP British Pound
The accompanying notes are an integral part of these financial statements.
Bridge Builder Large Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $6, which represents 0.00% of total net assets. |
| (4) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $17,886, which represents 0.08% of total net assets. |
| (5) | Represents annualized seven-day yield as of the close of the reporting period. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 39 | | S&P 500 E-mini Future | | | Sep. 2024 | | | $ | 10,763 | | | $ | 10,767 | | | $ | 4 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 4 | |
| | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Large Cap Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
COMMON STOCKS – 97.99% | | | | | | | | |
| Communication Services – 9.33% | | | | | | | | |
Alphabet, Inc. – Class A | | | 645 | | | $ | 117,453 | |
Alphabet, Inc. – Class C | | | 312 | | | | 57,172 | |
AT&T, Inc. | | | 144 | | | | 2,760 | |
Comcast Corp. – Class A | | | 640 | | | | 25,057 | |
Electronic Arts, Inc. | | | 117 | | | | 16,345 | |
Fox Corp. – Class B | | | 42 | | | | 1,346 | |
Live Nation Entertainment, Inc. (1) | | | 13 | | | | 1,206 | |
Meta Platforms, Inc. – Class A | | | 199 | | | | 100,562 | |
Netflix, Inc. (1) | | | 47 | | | | 31,644 | |
Omnicom Group, Inc. | | | 8 | | | | 749 | |
Snap, Inc. – Class A (1) | | | 135 | | | | 2,235 | |
Spotify Technology SA (1) | | | 31 | | | | 9,590 | |
Take-Two Interactive Software, Inc. (1) | | | 9 | | | | 1,363 | |
T-Mobile U.S., Inc. | | | 179 | | | | 31,600 | |
Trade Desk, Inc. – Class A (1) | | | 20 | | | | 1,966 | |
Verizon Communications, Inc. | | | 55 | | | | 2,257 | |
Walt Disney Co. | | | 133 | | | | 13,245 | |
| | | | | | | | |
Total Communication Services | | | | 416,550 | |
| | | | | |
| Consumer Discretionary – 9.75% | | | | | | | | |
Airbnb, Inc. – Class A (1) | | | 6 | | | | 871 | |
Amazon.com, Inc. (1) | | | 850 | | | | 164,326 | |
Aptiv Plc (1) | | | 137 | | | | 9,623 | |
Aramark | | | 528 | | | | 17,979 | |
AutoZone, Inc. (1)(2) | | | 0 | | | | 566 | |
Best Buy Co., Inc. | | | 1 | | | | 105 | |
Booking Holdings, Inc. | | | 4 | | | | 17,062 | |
BorgWarner, Inc. | | | 71 | | | | 2,283 | |
Carnival Corp. (1) | | | 1,081 | | | | 20,239 | |
Chipotle Mexican Grill, Inc. – Class A (1) | | | 180 | | | | 11,252 | |
Coupang, Inc. – Class A (1) | | | 396 | | | | 8,298 | |
Darden Restaurants, Inc. (2) | | | 0 | | | | 1 | |
Domino’s Pizza, Inc. | | | 2 | | | | 959 | |
DR Horton, Inc. | | | 8 | | | | 1,079 | |
eBay, Inc. | | | 30 | | | | 1,593 | |
Ford Motor Co. | | | 166 | | | | 2,084 | |
General Motors Co. | | | 40 | | | | 1,876 | |
Hilton Worldwide Holdings, Inc. | | | 3 | | | | 759 | |
Home Depot, Inc. | | | 40 | | | | 13,718 | |
Las Vegas Sands Corp. | | | 306 | | | | 13,535 | |
Lithia Motors, Inc. – Class A | | | 27 | | | | 6,838 | |
Lowe’s Companies, Inc. | | | 10 | | | | 2,220 | |
Marriott International, Inc. – Class A | | | 15 | | | | 3,671 | |
McDonald’s Corp. | | | 7 | | | | 1,713 | |
MercadoLibre, Inc. (1) | | | 1 | | | | 2,182 | |
MGM Resorts International (1) | | | 109 | | | | 4,864 | |
NIKE, Inc. – Class B | | | 24 | | | | 1,796 | |
Norwegian Cruise Line Holdings Ltd. (1) | | | 30 | | | | 564 | |
O’Reilly Automotive, Inc. (1) | | | 1 | | | | 1,096 | |
Pool Corp. | | | 1 | | | | 383 | |
PulteGroup, Inc. | | | 3 | | | | 319 | |
Ralph Lauren Corp. – Class A | | | 1 | | | | 199 | |
Ross Stores, Inc. | | | 110 | | | | 15,938 | |
SharkNinja, Inc. | | | 311 | | | | 23,367 | |
Six Flags Entertainment Corp. (1) | | | 473 | | | | 15,676 | |
Starbucks Corp. | | | 21 | | | | 1,619 | |
Tesla, Inc. (1) | | | 22 | | | | 4,269 | |
TJX Companies, Inc. | | | 296 | | | | 32,640 | |
Ulta Beauty, Inc. (1) | | | 2 | | | | 861 | |
United Parks & Resorts, Inc. (1) | | | 273 | | | | 14,853 | |
Wynn Resorts Ltd. | | | 130 | | | | 11,679 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 434,955 | |
| | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Consumer Staples – 3.81% | | | | | | | | |
Altria Group, Inc. | | | 29 | | | $ | 1,330 | |
Archer-Daniels-Midland Co. | | | 26 | | | | 1,576 | |
Coca-Cola Co. | | | 256 | | | | 16,283 | |
Colgate-Palmolive Co. | | | 5 | | | | 464 | |
Conagra Brands, Inc. | | | 56 | | | | 1,583 | |
Costco Wholesale Corp. | | | 4 | | | | 3,384 | |
Dollar General Corp. | | | 21 | | | | 2,764 | |
Hormel Foods Corp. | | | 83 | | | | 2,529 | |
Kenvue, Inc. | | | 70 | | | | 1,277 | |
Keurig Dr Pepper, Inc. | | | 569 | | | | 19,010 | |
Kimberly-Clark Corp. | | | 4 | | | | 522 | |
Kraft Heinz Co. | | | 40 | | | | 1,277 | |
Kroger Co. | | | 4 | | | | 176 | |
Mondelez International, Inc. – Class A | | | 111 | | | | 7,288 | |
Monster Beverage Corp. (1) | | | 138 | | | | 6,888 | |
Nestle SA – ADR | | | 87 | | | | 8,918 | |
PepsiCo, Inc. | | | 80 | | | | 13,148 | |
Philip Morris International, Inc. | | | 158 | | | | 15,961 | |
Procter & Gamble Co. | | | 135 | | | | 22,211 | |
Target Corp. | | | 10 | | | | 1,458 | |
Walmart, Inc. | | | 618 | | | | 41,843 | |
| | | | | | | | |
Total Consumer Staples | | | | 169,890 | |
| | | | | |
| Energy – 4.47% | | | | | | | | |
APA Corp. | | | 41 | | | | 1,219 | |
Baker Hughes Co. – Class A | | | 99 | | | | 3,488 | |
Chevron Corp. | | | 162 | | | | 25,325 | |
ConocoPhillips | | | 38 | | | | 4,318 | |
Diamondback Energy, Inc. | | | 3 | | | | 658 | |
Enbridge, Inc. | | | 517 | | | | 18,401 | |
EOG Resources, Inc. | | | 18 | | | | 2,295 | |
EQT Corp. | | | 130 | | | | 4,796 | |
Exxon Mobil Corp. | | | 559 | | | | 64,321 | |
Halliburton Co. | | | 335 | | | | 11,332 | |
Hess Corp. | | | 113 | | | | 16,619 | |
Kinder Morgan, Inc. | | | 410 | | | | 8,146 | |
Marathon Oil Corp. | | | 59 | | | | 1,697 | |
Marathon Petroleum Corp. | | | 9 | | | | 1,571 | |
ONEOK, Inc. | | | 1 | | | | 97 | |
Phillips 66 | | | 123 | | | | 17,355 | |
Plains GP Holdings LP – Class A (1) | | | 646 | | | | 12,162 | |
Schlumberger NV | | | 83 | | | | 3,919 | |
Targa Resources Corp. | | | 5 | | | | 616 | |
Valero Energy Corp. | | | 6 | | | | 949 | |
Williams Companies, Inc. | | | 10 | | | | 413 | |
| | | | | | | | |
Total Energy | | | | 199,697 | |
| | | | | |
| Financials – 13.63% | | | | | | | | |
Affirm Holdings, Inc. – Class A (1) | | | 76 | | | | 2,281 | |
Aflac, Inc. | | | 7 | | | | 591 | |
Allstate Corp. | | | 105 | | | | 16,715 | |
American Express Co. | | | 60 | | | | 13,835 | |
American International Group, Inc. | | | 198 | | | | 14,693 | |
Ameriprise Financial, Inc. (2) | | | 0 | | | | 43 | |
Aon Plc – Class A | | | 2 | | | | 708 | |
Arthur J. Gallagher & Co. (2) | | | 0 | | | | 72 | |
Axis Capital Holdings Ltd. | | | 177 | | | | 12,535 | |
Bank of America Corp. | | | 1,074 | | | | 42,694 | |
Berkshire Hathaway, Inc. – Class B (1) | | | 199 | | | | 80,756 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Large Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
BlackRock, Inc. – Class A | | | 2 | | | $ | 1,756 | |
Brown & Brown, Inc. | | | 10 | | | | 901 | |
Capital One Financial Corp. | | | 16 | | | | 2,246 | |
Charles Schwab Corp. | | | 121 | | | | 8,917 | |
Chubb Ltd. | | | 54 | | | | 13,871 | |
Citigroup, Inc. | | | 27 | | | | 1,701 | |
CME Group, Inc. – Class A | | | 56 | | | | 11,096 | |
Discover Financial Services | | | 12 | | | | 1,604 | |
FactSet Research Systems, Inc. (2) | | | 0 | | | | 75 | |
Fidelity National Information Services, Inc. | | | 254 | | | | 19,178 | |
Fifth Third Bancorp | | | 50 | | | | 1,838 | |
Fiserv, Inc. (1) | | | 204 | | | | 30,448 | |
Franklin Resources, Inc. | | | 78 | | | | 1,744 | |
Global Payments, Inc. | | | 26 | | | | 2,542 | |
Globe Life, Inc. | | | 34 | | | | 2,798 | |
Goldman Sachs Group, Inc. | | | 2 | | | | 765 | |
Hartford Financial Services Group, Inc. | | | 77 | | | | 7,753 | |
Intercontinental Exchange, Inc. | | | 86 | | | | 11,713 | |
Jefferies Financial Group, Inc. | | | 413 | | | | 20,548 | |
JP Morgan Chase & Co. | | | 222 | | | | 44,874 | |
M&T Bank Corp. | | | 73 | | | | 10,981 | |
Marsh & McLennan Companies, Inc. | | | 20 | | | | 4,116 | |
Mastercard, Inc. – Class A | | | 78 | | | | 34,449 | |
Moody’s Corp. | | | 2 | | | | 881 | |
MSCI, Inc. – Class A | | | 1 | | | | 598 | |
PayPal Holdings, Inc. (1) | | | 44 | | | | 2,581 | |
PNC Financial Services Group, Inc. | | | 11 | | | | 1,672 | |
Progressive Corp. | | | 99 | | | | 20,616 | |
Prudential Financial, Inc. | | | 21 | | | | 2,430 | |
Raymond James Financial, Inc. (2) | | | 0 | | | | 1 | |
Regions Financial Corp. | | | 50 | | | | 1,006 | |
S&P Global, Inc. | | | 3 | | | | 1,177 | |
State Street Corp. | | | 2 | | | | 120 | |
Tradeweb Markets, Inc. – Class A | | | 80 | | | | 8,479 | |
Travelers Companies, Inc. | | | 102 | | | | 20,669 | |
Truist Financial Corp. | | | 37 | | | | 1,455 | |
US Bancorp | | | 714 | | | | 28,351 | |
Visa, Inc. – Class A | | | 243 | | | | 63,828 | |
Wells Fargo & Co. | | | 263 | | | | 15,629 | |
Willis Towers Watson Plc | | | 65 | | | | 17,047 | |
WR Berkley Corp. | | | 14 | | | | 1,082 | |
| | | | | | | | |
Total Financials | | | | 608,459 | |
| | | | | |
| Healthcare – 11.54% | | | | | | | | |
Abbott Laboratories | | | 15 | | | | 1,569 | |
AbbVie, Inc. | | | 128 | | | | 21,931 | |
Agilent Technologies, Inc. | | | 4 | | | | 572 | |
Align Technology, Inc. (1) | | | 6 | | | | 1,513 | |
Amgen, Inc. | | | 3 | | | | 1,083 | |
Argenx SE – ADR (1) | | | 9 | | | | 3,840 | |
Avantor, Inc. (1) | | | 657 | | | | 13,938 | |
Baxter International, Inc. | | | 24 | | | | 804 | |
Becton Dickinson & Co. | | | 52 | | | | 12,168 | |
Bio-Rad Laboratories, Inc. – Class A (1) | | | 7 | | | | 1,970 | |
Boston Scientific Corp. (1) | | | 11 | | | | 845 | |
Bristol Myers Squibb Co. | | | 44 | | | | 1,815 | |
Catalent, Inc. (1) | | | 14 | | | | 784 | |
Cencora, Inc. – Class A (2) | | | 0 | | | | 85 | |
Centene Corp. (1) | | | 22 | | | | 1,464 | |
Charles River Laboratories International, Inc. (1) | | | 9 | | | | 1,762 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Cigna Group | | | 62 | | | $ | 20,621 | |
Danaher Corp. | | | 24 | | | | 5,932 | |
DaVita, Inc. (1) | | | 9 | | | | 1,267 | |
DexCom, Inc. (1) | | | 8 | | | | 936 | |
Edwards Lifesciences Corp. (1) | | | 5 | | | | 458 | |
Elevance Health, Inc. | | | 44 | | | | 23,946 | |
Eli Lilly & Co. | | | 81 | | | | 73,083 | |
GE HealthCare Technologies, Inc. | | | 17 | | | | 1,321 | |
Gilead Sciences, Inc. | | | 3 | | | | 215 | |
HCA Healthcare, Inc. | | | 2 | | | | 696 | |
Hologic, Inc. (1) | | | 27 | | | | 2,037 | |
Humana, Inc. | | | 11 | | | | 4,283 | |
ICON Plc (1) | | | 25 | | | | 7,867 | |
IDEXX Laboratories, Inc. (1) | | | 1 | | | | 563 | |
Incyte Corp. (1) | | | 27 | | | | 1,653 | |
Intuitive Surgical, Inc. (1) | | | 55 | | | | 24,515 | |
IQVIA Holdings, Inc. (1) | | | 3 | | | | 577 | |
Johnson & Johnson | | | 156 | | | | 22,838 | |
Labcorp Holdings, Inc. | | | 2 | | | | 474 | |
Legend Biotech Corp. – ADR (1) | | | 21 | | | | 949 | |
LivaNova Plc (1) | | | 104 | | | | 5,713 | |
McKesson Corp. | | | 3 | | | | 1,733 | |
Medtronic Plc | | | 202 | | | | 15,890 | |
Merck & Co., Inc. | | | 414 | | | | 51,194 | |
Mettler-Toledo International, Inc. (1) | | | 1 | | | | 1,769 | |
Moderna, Inc. (1) | | | 10 | | | | 1,219 | |
Molina Healthcare, Inc. (1) | | | 4 | | | | 1,239 | |
Pfizer, Inc. | | | 143 | | | | 4,015 | |
Regeneron Pharmaceuticals, Inc. (1) | | | 1 | | | | 1,469 | |
ResMed, Inc. | | | 4 | | | | 742 | |
Sanofi SA – ADR | | | 312 | | | | 15,147 | |
Smith & Nephew Plc – ADR | | | 247 | | | | 6,118 | |
Solventum Corp. (1) | | | 6 | | | | 313 | |
Stryker Corp. | | | 112 | | | | 38,151 | |
Teleflex, Inc. | | | 7 | | | | 1,459 | |
Thermo Fisher Scientific, Inc. | | | 39 | | | | 21,495 | |
UnitedHealth Group, Inc. | | | 151 | | | | 76,838 | |
Vertex Pharmaceuticals, Inc. (1) | | | 15 | | | | 7,134 | |
Viatris, Inc. | | | 135 | | | | 1,440 | |
Zimmer Biomet Holdings, Inc. | | | 5 | | | | 516 | |
Zoetis, Inc. – Class A | | | 5 | | | | 886 | |
| | | | | | | | |
Total Healthcare | | | | 514,854 | |
| | | | | |
| Industrials – 9.85% | | | | | | | | |
3M Co. | | | 24 | | | | 2,417 | |
AECOM | | | 195 | | | | 17,187 | |
AerCap Holdings NV | | | 254 | | | | 23,684 | |
American Airlines Group, Inc. (1) | | | 111 | | | | 1,256 | |
Automatic Data Processing, Inc. | | | 90 | | | | 21,417 | |
Boeing Co. (1) | | | 12 | | | | 2,113 | |
BWX Technologies, Inc. | | | 216 | | | | 20,489 | |
CACI International, Inc. – Class A (1) | | | 47 | | | | 20,330 | |
Canadian Pacific Kansas City Ltd. | | | 104 | | | | 8,198 | |
Carrier Global Corp. | | | 25 | | | | 1,589 | |
Caterpillar, Inc. | | | 2 | | | | 752 | |
Cintas Corp. | | | 1 | | | | 1,010 | |
Copart, Inc. (1) | | | 32 | | | | 1,749 | |
CSX Corp. | | | 100 | | | | 3,361 | |
Cummins, Inc. (2) | | | 0 | | | | 56 | |
Dayforce, Inc. (1) | | | 2 | | | | 83 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Large Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Deere & Co. | | | 11 | | | $ | 3,932 | |
Delta Air Lines, Inc. | | | 14 | | | | 664 | |
Dover Corp. | | | 3 | | | | 572 | |
Eaton Corp. Plc | | | 59 | | | | 18,505 | |
Emerson Electric Co. | | | 110 | | | | 12,147 | |
Equifax, Inc. | | | 24 | | | | 5,855 | |
Fastenal Co. | | | 2 | | | | 100 | |
FedEx Corp. | | | 7 | | | | 2,008 | |
GE Vernova, Inc. (1) | | | 2 | | | | 422 | |
General Dynamics Corp. (2) | | | 0 | | | | 81 | |
General Electric Co. | | | 10 | | | | 1,563 | |
Honeywell International, Inc. | | | 121 | | | | 25,895 | |
Howmet Aerospace, Inc. | | | 78 | | | | 6,055 | |
Huntington Ingalls Industries, Inc. | | | 3 | | | | 809 | |
Illinois Tool Works, Inc. | | | 5 | | | | 1,116 | |
Ingersoll Rand, Inc. | | | 145 | | | | 13,160 | |
Jacobs Solutions, Inc. | | | 140 | | | | 19,579 | |
JB Hunt Transport Services, Inc. | | | 66 | | | | 10,614 | |
Johnson Controls International Plc | | | 244 | | | | 16,202 | |
L3Harris Technologies, Inc. | | | 8 | | | | 1,770 | |
Leidos Holdings, Inc. | | | 23 | | | | 3,314 | |
Lockheed Martin Corp. | | | 7 | | | | 3,386 | |
MDU Resources Group, Inc. | | | 750 | | | | 18,826 | |
Norfolk Southern Corp. | | | 11 | | | | 2,428 | |
Northrop Grumman Corp. | | | 12 | | | | 5,052 | |
Old Dominion Freight Line, Inc. | | | 20 | | | | 3,457 | |
Otis Worldwide Corp. | | | 10 | | | | 929 | |
PACCAR, Inc. | | | 7 | | | | 738 | |
Parker-Hannifin Corp. (2) | | | 0 | | | | 247 | |
Paychex, Inc. | | | 12 | | | | 1,455 | |
Paylocity Holding Corp. (1) | | | 6 | | | | 849 | |
Pentair Plc | | | 21 | | | | 1,617 | |
Quanta Services, Inc. | | | 6 | | | | 1,524 | |
Republic Services, Inc. – Class A | | | 4 | | | | 728 | |
Rockwell Automation, Inc. | | | 1 | | | | 383 | |
Rollins, Inc. | | | 22 | | | | 1,097 | |
RTX Corp. | | | 196 | | | | 19,633 | |
Stanley Black & Decker, Inc. | | | 80 | | | | 6,387 | |
Textron, Inc. | | | 29 | | | | 2,467 | |
Trane Technologies Plc | | | 6 | | | | 2,107 | |
U-Haul Holding Co. – Class B | | | 200 | | | | 11,998 | |
Union Pacific Corp. | | | 42 | | | | 9,555 | |
United Parcel Service, Inc. – Class B | | | 101 | | | | 13,853 | |
Vertiv Holdings Co. – Class A | | | 428 | | | | 37,051 | |
Waste Management, Inc. | | | 111 | | | | 23,704 | |
Westinghouse Air Brake Technologies Corp. (2) | | | 0 | | | | 1 | |
| | | | | | | | |
Total Industrials | | | | 439,526 | |
| | | | | |
| Information Technology – 26.47% | | | | | | | | |
Accenture Plc – Class A | | | 7 | | | | 2,253 | |
Adobe, Inc. (1) | | | 85 | | | | 47,429 | |
Advanced Micro Devices, Inc. (1) | | | 52 | | | | 8,418 | |
Akamai Technologies, Inc. (1) | | | 14 | | | | 1,302 | |
Amphenol Corp. – Class A | | | 265 | | | | 17,864 | |
Analog Devices, Inc. | | | 8 | | | | 1,753 | |
ANSYS, Inc. (1) | | | 3 | | | | 842 | |
Apple, Inc. | | | 984 | | | | 207,181 | |
Applied Materials, Inc. | | | 7 | | | | 1,634 | |
Arista Networks, Inc. (1) | | | 48 | | | | 16,884 | |
ASML Holding NV – Class REG | | | 41 | | | | 42,108 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Atlassian Corp. – Class A (1) | | | 22 | | | $ | 3,826 | |
Autodesk, Inc. (1) | | | 13 | | | | 3,263 | |
Broadcom, Inc. | | | 24 | | | | 39,331 | |
Cadence Design Systems, Inc. (1) | | | 37 | | | | 11,303 | |
CDW Corp. | | | 3 | | | | 723 | |
Ciena Corp. (1) | | | 220 | | | | 10,591 | |
Cisco Systems, Inc. | | | 61 | | | | 2,877 | |
Cognizant Technology Solutions Corp. – Class A | | | 236 | | | | 16,034 | |
Corning, Inc. | | | 74 | | | | 2,861 | |
Dynatrace, Inc. (1) | | | 101 | | | | 4,507 | |
EPAM Systems, Inc. (1) | | | 10 | | | | 1,915 | |
Fair Isaac Corp. (1) | | | 7 | | | | 11,013 | |
Fortinet, Inc. (1) | | | 24 | | | | 1,441 | |
Gen Digital, Inc. | | | 47 | | | | 1,174 | |
Hewlett Packard Enterprise Co. | | | 8 | | | | 162 | |
Intel Corp. | | | 30 | | | | 917 | |
Intuit, Inc. | | | 52 | | | | 33,949 | |
Lam Research Corp. | | | 2 | | | | 1,781 | |
Littelfuse, Inc. | | | 14 | | | | 3,547 | |
Marvell Technology, Inc. | | | 87 | | | | 6,059 | |
Microchip Technology, Inc. | | | 178 | | | | 16,248 | |
Micron Technology, Inc. | | | 11 | | | | 1,490 | |
Microsoft Corp. | | | 696 | | | | 311,101 | |
MongoDB, Inc. – Class A (1) | | | 9 | | | | 2,268 | |
Motorola Solutions, Inc. | | | 2 | | | | 708 | |
NVIDIA Corp. | | | 1,647 | | | | 203,488 | |
NXP Semiconductors NV | | | 7 | | | | 1,941 | |
ON Semiconductor Corp. (1) | | | 20 | | | | 1,386 | |
Oracle Corp. | | | 354 | | | | 50,001 | |
Qorvo, Inc. (1) | | | 14 | | | | 1,670 | |
QUALCOMM, Inc. | | | 160 | | | | 31,774 | |
Roper Technologies, Inc. (2) | | | 0 | | | | 144 | |
Salesforce, Inc. | | | 42 | | | | 10,732 | |
ServiceNow, Inc. (1) | | | 19 | | | | 14,626 | |
Shopify, Inc. – Class A (1) | | | 94 | | | | 6,205 | |
Skyworks Solutions, Inc. | | | 10 | | | | 1,066 | |
Synopsys, Inc. (1) | | | 16 | | | | 9,575 | |
TE Connectivity Ltd. | | | 7 | | | | 1,098 | |
Teledyne Technologies, Inc. (1) | | | 1 | | | | 498 | |
Teradyne, Inc. | | | 1 | | | | 137 | |
Texas Instruments, Inc. | | | 35 | | | | 6,823 | |
Trimble, Inc. (1) | | | 22 | | | | 1,228 | |
VeriSign, Inc. (1) | | | 11 | | | | 1,967 | |
| | | | | | | | |
Total Information Technology | | | | 1,181,116 | |
| | | | | |
| Materials – 4.72% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 91 | | | | 23,377 | |
Amcor Plc | | | 252 | | | | 2,461 | |
ArcelorMittal SA | | | 410 | | | | 9,408 | |
Axalta Coating Systems Ltd. (1) | | | 550 | | | | 18,779 | |
Ball Corp. | | | 55 | | | | 3,301 | |
Corteva, Inc. | | | 8 | | | | 437 | |
CRH Plc | | | 314 | | | | 23,551 | |
Crown Holdings, Inc. | | | 117 | | | | 8,688 | |
Dow, Inc. | | | 9 | | | | 498 | |
DuPont de Nemours, Inc. | | | 134 | | | | 10,763 | |
Ecolab, Inc. | | | 51 | | | | 12,180 | |
Element Solutions, Inc. | | | 715 | | | | 19,400 | |
Freeport-McMoRan, Inc. | | | 10 | | | | 494 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Large Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
International Flavors & Fragrances, Inc. | | | 15 | | | $ | 1,456 | |
Knife River Corp. (1) | | | 220 | | | | 15,443 | |
Linde Plc | | | 28 | | | | 12,493 | |
LyondellBasell Industries NV – Class A | | | 11 | | | | 1,052 | |
Martin Marietta Materials, Inc. (2) | | | 0 | | | | 56 | |
Mosaic Co. | | | 33 | | | | 944 | |
Newmont Corp. | | | 63 | | | | 2,619 | |
Nucor Corp. | | | 8 | | | | 1,205 | |
PPG Industries, Inc. | | | 125 | | | | 15,737 | |
Sherwin-Williams Co. | | | 28 | | | | 8,308 | |
Vulcan Materials Co. | | | 70 | | | | 17,348 | |
Westrock Co. | | | 17 | | | | 846 | |
| | | | | | | | |
Total Materials | | | | 210,844 | |
| | | | | |
| Real Estate – 2.52% | | | | | | | | |
American Tower Corp. | | | 81 | | | | 15,769 | |
AvalonBay Communities, Inc. | | | 5 | | | | 1,002 | |
Boston Properties, Inc. | | | 22 | | | | 1,352 | |
CBRE Group, Inc. – Class A (1) | | | 1 | | | | 93 | |
CoStar Group, Inc. (1) | | | 10 | | | | 735 | |
Crown Castle, Inc. | | | 8 | | | | 816 | |
CubeSmart | | | 327 | | | | 14,790 | |
Equinix, Inc. | | | 2 | | | | 1,676 | |
Equity Residential | | | 82 | | | | 5,680 | |
Extra Space Storage, Inc. | | | 9 | | | | 1,333 | |
Host Hotels & Resorts, Inc. | | | 49 | | | | 884 | |
Howard Hughes Holdings, Inc. (1) | | | 33 | | | | 2,169 | |
Iron Mountain, Inc. | | | 10 | | | | 894 | |
Mid-America Apartment Communities, Inc. | | | 82 | | | | 11,722 | |
Prologis, Inc. | | | 163 | | | | 18,349 | |
Public Storage | | | 52 | | | | 15,098 | |
SBA Communications Corp. – Class A | | | 8 | | | | 1,668 | |
Simon Property Group, Inc. | | | 3 | | | | 522 | |
VICI Properties, Inc. – Class A | | | 551 | | | | 15,795 | |
Weyerhaeuser Co. | | | 78 | | | | 2,225 | |
| | | | | | | | |
Total Real Estate | | | | 112,572 | |
| | | | | |
| Utilities – 1.90% | | | | | | | | |
Alliant Energy Corp. | | | 44 | | | | 2,250 | |
Ameren Corp. | | | 15 | | | | 1,062 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
American Electric Power Co., Inc. | | | 34 | | | $ | 3,003 | |
American Water Works Co., Inc. | | | 3 | | | | 372 | |
Atmos Energy Corp. | | | 9 | | | | 1,107 | |
CenterPoint Energy, Inc. | | | 540 | | | | 16,739 | |
Consolidated Edison, Inc. | | | 8 | | | | 752 | |
DTE Energy Co. | | | 2 | | | | 241 | |
Duke Energy Corp. | | | 22 | | | | 2,245 | |
Entergy Corp. | | | 139 | | | | 14,858 | |
Eversource Energy | | | 70 | | | | 3,984 | |
Exelon Corp. | | | 166 | | | | 5,739 | |
NextEra Energy, Inc. | | | 53 | | | | 3,766 | |
NiSource, Inc. | | | 6 | | | | 176 | |
PG&E Corp. | | | 24 | | | | 416 | |
Pinnacle West Capital Corp. | | | 209 | | | | 15,991 | |
PPL Corp. | | | 46 | | | | 1,277 | |
Sempra | | | 95 | | | | 7,235 | |
Southern Co. | | | 28 | | | | 2,171 | |
WEC Energy Group, Inc. | | | 17 | | | | 1,321 | |
| | | | | | | | |
Total Utilities | | | | 84,705 | |
| | | | | |
Total Common Stocks
(Cost: $3,264,596) | | | | 4,373,168 | |
| | | | | |
SHORT-TERM INVESTMENTS – 1.76% | |
| Money Market Funds – 1.76% | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (3) | | | 78,609 | | | | 78,609 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $78,609) | | | | 78,609 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $78,609) | | | | 78,609 | |
| | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.75%
(Cost: $3,343,205) | | | | 4,451,777 | |
| | | | | | | | |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.25% | | | | 11,013 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 4,462,790 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Represents annualized seven-day yield as of the close of the reporting period. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
COMMON STOCKS – 97.56% | | | | | | | | |
| Communication Services – 2.84% | | | | | | | | |
Anterix, Inc. (1) | | | 2 | | | $ | 84 | |
Atlanta Braves Holdings, Inc. – Class A (1) | | | 2 | | | | 85 | |
Atlanta Braves Holdings, Inc. – Class C (1) | | | 10 | | | | 383 | |
Bandwidth, Inc. – Class A (1) | | | 4 | | | | 72 | |
Boston Omaha Corp. – Class A (1)(2) | | | 0 | | | | 3 | |
Bumble, Inc. – Class A (1) | | | 2 | | | | 17 | |
Cable One, Inc. | | | 19 | | | | 6,863 | |
Cardlytics, Inc. (1) | | | 8 | | | | 64 | |
Cargurus, Inc. – Class A (1) | | | 17 | | | | 449 | |
Cinemark Holdings, Inc. (1) | | | 17 | | | | 369 | |
Clear Channel Outdoor Holdings,
Inc. – Class A (1) | | | 8 | | | | 11 | |
Cogent Communications Holdings, Inc. | | | 9 | | | | 483 | |
Electronic Arts, Inc. | | | 63 | | | | 8,824 | |
Entravision Communications Corp. – Class A | | | 2 | | | | 5 | |
Eventbrite, Inc. – Class A (1) | | | 14 | | | | 69 | |
EverQuote, Inc. – Class A (1) | | | 5 | | | | 102 | |
fuboTV, Inc. (1) | | | 5 | | | | 7 | |
Gambling.com Group Ltd. (1) | | | 3 | | | | 23 | |
Getty Images Holdings, Inc. (1) | | | 19 | | | | 63 | |
Globalstar, Inc. (1) | | | 120 | | | | 135 | |
Gogo, Inc. (1) | | | 5 | | | | 50 | |
Golden Matrix Group, Inc. (1) | | | 4 | | | | 9 | |
Grindr, Inc. (1) | | | 5 | | | | 58 | |
Ibotta, Inc. (1) | | | 1 | | | | 110 | |
IDT Corp. – Class B | | | 2 | | | | 74 | |
IMAX Corp. (1) | | | 8 | | | | 140 | |
Innovid Corp. (1) | | | 3 | | | | 6 | |
Integral Ad Science Holding Corp. (1) | | | 2 | | | | 16 | |
Iridium Communications, Inc. | | | 2 | | | | 53 | |
John Wiley & Sons, Inc. – Class A | | | 186 | | | | 7,581 | |
Liberty Broadband Corp. – Class A (1) | | | 1 | | | | 31 | |
Liberty Broadband Corp. – Class C (1) | | | 5 | | | | 282 | |
Liberty Media Corp.-Liberty Formula
One – Class A (1) | | | 2 | | | | 108 | |
Liberty Media Corp.-Liberty Formula
One – Class C (1) | | | 400 | | | | 28,715 | |
Live Nation Entertainment, Inc. (1) | | | 432 | | | | 40,514 | |
LiveOne, Inc. (1) | | | 11 | | | | 18 | |
Loop Media, Inc. (1)(2) | | | 3 | | | | 0 | |
Madison Square Garden Entertainment Corp. – Class A (1) | | | 1 | | | | 25 | |
Madison Square Garden Sports
Corp. – Class A (1)(2) | | | 0 | | | | 43 | |
Magnite, Inc. (1) | | | 22 | | | | 288 | |
MediaAlpha, Inc. – Class A (1) | | | 5 | | | | 64 | |
Nexstar Media Group, Inc. – Class A | | | 2 | | | | 387 | |
Pinterest, Inc. – Class A (1) | | | 651 | | | | 28,703 | |
PubMatic, Inc. – Class A (1) | | | 8 | | | | 165 | |
QuinStreet, Inc. (1) | | | 10 | | | | 170 | |
ROBLOX Corp. – Class A (1) | | | 95 | | | | 3,529 | |
Roku, Inc. – Class A (1) | | | 3 | | | | 208 | |
Shutterstock, Inc. | | | 4 | | | | 148 | |
Sinclair, Inc. | | | 6 | | | | 84 | |
Spotify Technology SA (1) | | | 208 | | | | 65,344 | |
Stagwell, Inc. – Class A (1) | | | 3 | | | | 19 | |
System1, Inc. (1) | | | 5 | | | | 7 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Take-Two Interactive Software, Inc. (1) | | | 145 | | | $ | 22,556 | |
TechTarget, Inc. (1) | | | 5 | | | | 157 | |
Thryv Holdings, Inc. (1) | | | 6 | | | | 108 | |
TKO Group Holdings, Inc. – Class A | | | 2 | | | | 217 | |
Townsquare Media, Inc. – Class A | | | 2 | | | | 27 | |
Trade Desk, Inc. – Class A (1) | | | 82 | | | | 7,998 | |
Trump Media & Technology Group Corp. (1) | | | 7 | | | | 218 | |
Vivid Seats, Inc. – Class A (1) | | | 15 | | | | 86 | |
Warner Music Group Corp. – Class A | | | 313 | | | | 9,585 | |
Yelp, Inc. – Class A (1) | | | 13 | | | | 467 | |
ZipRecruiter, Inc. – Class A (1) | | | 14 | | | | 125 | |
| | | | | | | | |
Total Communication Services | | | | 236,604 | |
| | | | | |
| Consumer Discretionary – 9.75% | | | | | | | | |
1-800-Flowers.com, Inc. – Class A (1) | | | 1 | | | | 10 | |
1stdibs.com, Inc. (1) | | | 1 | | | | 6 | |
Abercrombie & Fitch Co. – Class A (1) | | | 10 | | | | 1,735 | |
Academy Sports & Outdoors, Inc. | | | 4 | | | | 196 | |
Accel Entertainment, Inc. – Class A (1) | | | 10 | | | | 102 | |
Acushnet Holdings Corp. | | | 6 | | | | 357 | |
Adtalem Global Education, Inc. (1) | | | 1 | | | | 95 | |
Advance Auto Parts, Inc. | | | 241 | | | | 15,263 | |
American Eagle Outfitters, Inc. | | | 643 | | | | 12,833 | |
American Public Education, Inc. (1)(2) | | | 0 | | | | 7 | |
ARHAUS, Inc. | | | 8 | | | | 143 | |
Arko Corp. | | | 1 | | | | 9 | |
AutoZone, Inc. (1) | | | 7 | | | | 19,412 | |
Bath & Body Works, Inc. | | | 385 | | | | 15,034 | |
BJ’s Restaurants, Inc. (1) | | | 2 | | | | 70 | |
Bloomin’ Brands, Inc. | | | 8 | | | | 158 | |
Boot Barn Holdings, Inc. (1) | | | 6 | | | | 740 | |
Bright Horizons Family Solutions, Inc. (1) | | | 123 | | | | 13,570 | |
Brinker International, Inc. (1) | | | 8 | | | | 558 | |
Buckle, Inc. | | | 6 | | | | 221 | |
Build-A-Bear Workshop, Inc. | | | 2 | | | | 62 | |
Burlington Stores, Inc. (1) | | | 75 | | | | 17,986 | |
Caleres, Inc. | | | 2 | | | | 67 | |
Camping World Holdings, Inc. – Class A | | | 8 | | | | 148 | |
CarMax, Inc. (1) | | | 2 | | | | 160 | |
CarParts.com, Inc. (1) | | | 1 | | | | 1 | |
Carriage Services, Inc. – Class A | | | 2 | | | | 54 | |
Carvana Co. – Class A (1) | | | 188 | | | | 24,226 | |
Cava Group, Inc. (1) | | | 148 | | | | 13,691 | |
Cavco Industries, Inc. (1) | | | 2 | | | | 559 | |
Century Casinos, Inc. (1)(2) | | | 0 | | | | 1 | |
Century Communities, Inc. | | | 1 | | | | 55 | |
Cheesecake Factory, Inc. | | | 9 | | | | 369 | |
Chipotle Mexican Grill, Inc. – Class A (1) | | | 746 | | | | 46,705 | |
Choice Hotels International, Inc. | | | 5 | | | | 545 | |
Churchill Downs, Inc. | | | 13 | | | | 1,800 | |
Coupang, Inc. – Class A (1) | | | 215 | | | | 4,495 | |
Coursera, Inc. (1) | | | 27 | | | | 191 | |
Cracker Barrel Old Country Store, Inc. | | | 1 | | | | 43 | |
Cricut, Inc. – Class A (1) | | | 7 | | | | 43 | |
Crocs, Inc. (1) | | | 2 | | | | 291 | |
Darden Restaurants, Inc. | | | 12 | | | | 1,757 | |
Dave & Buster’s Entertainment, Inc. (1) | | | 6 | | | | 251 | |
Deckers Outdoor Corp. (1) | | | 57 | | | | 55,556 | |
Denny’s Corp. (1) | | | 7 | | | | 46 | |
Despegar.com Corp. (1) | | | 2 | | | | 21 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Dick’s Sporting Goods, Inc. | | | 41 | | | $ | 8,872 | |
Dine Brands Global, Inc. (2) | | | 0 | | | | 17 | |
Domino’s Pizza, Inc. | | | 127 | | | | 65,795 | |
DoorDash, Inc. – Class A (1) | | | 182 | | | | 19,744 | |
Dorman Products, Inc. (1) | | | 5 | | | | 466 | |
DraftKings, Inc. – Class A (1) | | | 376 | | | | 14,349 | |
Dream Finders Homes, Inc. – Class A (1) | | | 5 | | | | 139 | |
Duolingo, Inc. – Class A (1) | | | 91 | | | | 18,912 | |
Dutch Bros, Inc. – Class A (1) | | | 662 | | | | 27,412 | |
Empire Resorts, Inc. (1)(2)(3) | | | 1 | | | | — | |
Etsy, Inc. (1) | | | 14 | | | | 826 | |
European Wax Center, Inc. – Class A (1) | | | 6 | | | | 59 | |
Everi Holdings, Inc. (1) | | | 8 | | | | 69 | |
EVgo, Inc. – Class A (1) | | | 3 | | | | 8 | |
Expedia Group, Inc. (1) | | | 23 | | | | 2,960 | |
Figs, Inc. – Class A (1) | | | 1 | | | | 8 | |
First Watch Restaurant Group, Inc. (1) | | | 6 | | | | 103 | |
Five Below, Inc. (1) | | | 83 | | | | 9,070 | |
Floor & Decor Holdings, Inc. – Class A (1) | | | 7 | | | | 707 | |
Frontdoor, Inc. (1) | | | 15 | | | | 512 | |
Gap, Inc. | | | 629 | | | | 15,038 | |
Genesco, Inc. (1) | | | 1 | | | | 14 | |
Gentherm, Inc. (1) | | | 212 | | | | 10,441 | |
GigaCloud Technology, Inc. (1) | | | 5 | | | | 138 | |
Global Business Travel Group I (1) | | | 20 | | | | 135 | |
Grand Canyon Education, Inc. (1) | | | 2 | | | | 242 | |
Green Brick Partners, Inc. (1) | | | 2 | | | | 92 | |
Groupon, Inc. – Class A (1) | | | 2 | | | | 34 | |
H&R Block, Inc. | | | 5 | | | | 294 | |
Hanesbrands, Inc. (1) | | | 68 | | | | 336 | |
Hasbro, Inc. | | | 23 | | | | 1,321 | |
Hibbett, Inc. | | | 2 | | | | 153 | |
Hilton Grand Vacations, Inc. (1) | | | 14 | | | | 577 | |
Hilton Worldwide Holdings, Inc. | | | 23 | | | | 5,119 | |
Holley, Inc. (1) | | | 4 | | | | 14 | |
Hovnanian Enterprises, Inc. – Class A (1)(2) | | | 0 | | | | 8 | |
Hyatt Hotels Corp. – Class A | | | 1 | | | | 180 | |
Inspired Entertainment, Inc. (1) | | | 4 | | | | 35 | |
Installed Building Products, Inc. | | | 34 | | | | 6,974 | |
International Game Technology Plc | | | 3 | | | | 64 | |
J Jill, Inc. | | | 1 | | | | 27 | |
Jack in the Box, Inc. | | | 4 | | | | 195 | |
KB Home | | | 2 | | | | 132 | |
Kontoor Brands, Inc. | | | 11 | | | | 716 | |
Krispy Kreme, Inc. | | | 17 | | | | 178 | |
Kura Sushi USA, Inc. – Class A (1) | | | 1 | | | | 74 | |
Las Vegas Sands Corp. | | | 67 | | | | 2,949 | |
Laureate Education, Inc. – Class A | | | 21 | | | | 313 | |
LCI Industries | | | 5 | | | | 501 | |
Leslie’s, Inc. (1) | | | 21 | | | | 88 | |
LGI Homes, Inc. (1)(2) | | | 0 | | | | 24 | |
Light & Wonder, Inc. (1) | | | 17 | | | | 1,761 | |
Lindblad Expeditions Holdings, Inc. (1) | | | 5 | | | | 45 | |
Livewire Group, Inc. (1) | | | 3 | | | | 27 | |
Lovesac Co. (1) | | | 1 | | | | 32 | |
Luminar Technologies, Inc. – Class A (1) | | | 56 | | | | 84 | |
Marine Products Corp. | | | 1 | | | | 8 | |
Mister Car Wash, Inc. (1) | | | 16 | | | | 111 | |
Modine Manufacturing Co. (1) | | | 56 | | | | 5,591 | |
Monarch Casino & Resort, Inc. | | | 3 | | | | 171 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mondee Holdings, Inc. – Class A (1) | | | 5 | | | $ | 12 | |
Murphy USA, Inc. | | | 25 | | | | 11,888 | |
Nathan’s Famous, Inc. (2) | | | 0 | | | | 33 | |
National Vision Holdings, Inc. (1) | | | 1 | | | | 14 | |
Nerdy, Inc. (1) | | | 13 | | | | 21 | |
Norwegian Cruise Line Holdings Ltd. (1) | | | 79 | | | | 1,492 | |
NVR, Inc. (1) | | | 3 | | | | 26,158 | |
Ollie’s Bargain Outlet Holdings, Inc. (1) | | | 45 | | | | 4,431 | |
ONE Group Hospitality, Inc. (1) | | | 5 | | | | 20 | |
OneSpaWorld Holdings Ltd. (1) | | | 19 | | | | 299 | |
Oxford Industries, Inc. | | | 2 | | | | 203 | |
Papa John’s International, Inc. | | | 131 | | | | 6,175 | |
Patrick Industries, Inc. | | | 4 | | | | 452 | |
Peloton Interactive, Inc. – Class A (1) | | | 61 | | | | 206 | |
Planet Fitness, Inc. – Class A (1) | | | 370 | | | | 27,212 | |
PlayAGS, Inc. (1) | | | 8 | | | | 87 | |
Pool Corp. | | | 25 | | | | 7,731 | |
Portillo’s, Inc. – Class A (1) | | | 8 | | | | 82 | |
Potbelly Corp. (1) | | | 5 | | | | 40 | |
RCI Hospitality Holdings, Inc. | | | 1 | | | | 39 | |
RealReal, Inc. (1) | | | 13 | | | | 42 | |
Red Rock Resorts, Inc. – Class A | | | 4 | | | | 243 | |
Revolve Group, Inc. – Class A (1) | | | 8 | | | | 120 | |
RH (1) | | | 37 | | | | 9,037 | |
Rocky Brands, Inc. (2) | | | 0 | | | | 18 | |
Ross Stores, Inc. | | | 14 | | | | 2,055 | |
Royal Caribbean Cruises Ltd. (1) | | | 15 | | | | 2,435 | |
Rush Street Interactive, Inc. (1) | | | 15 | | | | 142 | |
Sabre Corp. (1) | | | 15 | | | | 39 | |
Savers Value Village, Inc. (1) | | | 4 | | | | 55 | |
Shake Shack, Inc. – Class A (1) | | | 7 | | | | 665 | |
SharkNinja, Inc. | | | 2 | | | | 186 | |
Six Flags Entertainment Corp. (1) | | | 11 | | | | 348 | |
Skechers USA, Inc. – Class A (1) | | | 2 | | | | 157 | |
Skyline Champion Corp. (1) | | | 186 | | | | 12,623 | |
Smith & Wesson Brands, Inc. | | | 1 | | | | 11 | |
Sonic Automotive, Inc. – Class A | | | 1 | | | | 43 | |
Sonos, Inc. (1) | | | 584 | | | | 8,615 | |
Steven Madden Ltd. | | | 256 | | | | 10,813 | |
Stride, Inc. (1) | | | 8 | | | | 583 | |
Sturm Ruger & Co., Inc. | | | 1 | | | | 39 | |
Super Group SGHC Ltd. (1) | | | 29 | | | | 94 | |
Superior Group of Companies, Inc. (2) | | | 0 | | | | 7 | |
Sweetgreen, Inc. – Class A (1) | | | 655 | | | | 19,751 | |
Target Hospitality Corp. (1) | | | 7 | | | | 58 | |
Tempur Sealy International, Inc. | | | 31 | | | | 1,473 | |
Texas Roadhouse, Inc. – Class A | | | 116 | | | | 19,973 | |
ThredUp, Inc. – Class A (1) | | | 3 | | | | 5 | |
Tile Shop Holdings, Inc. (1) | | | 2 | | | | 11 | |
TopBuild Corp. (1)(2) | | | 0 | | | | 185 | |
Torrid Holdings, Inc. (1) | | | 3 | | | | 20 | |
Tractor Supply Co. | | | 126 | | | | 33,964 | |
TRI Pointe Homes, Inc. (1) | | | 5 | | | | 197 | |
Udemy, Inc. (1) | | | 19 | | | | 160 | |
Ulta Beauty, Inc. (1) | | | 102 | | | | 39,238 | |
Under Armour, Inc. – Class C (1) | | | 1,654 | | | | 10,800 | |
United Homes Group, Inc. (1) | | | 1 | | | | 6 | |
United Parks & Resorts, Inc. (1) | | | 7 | | | | 353 | |
Universal Technical Institute, Inc. (1) | | | 8 | | | | 120 | |
Upbound Group, Inc. | | | 10 | | | | 318 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Urban Outfitters, Inc. (1) | | | 4 | | | $ | 144 | |
Vail Resorts, Inc. | | | 6 | | | | 1,063 | |
Valvoline, Inc. (1) | | | 24 | | | | 1,046 | |
Victoria’s Secret & Co. (1) | | | 4 | | | | 63 | |
Visteon Corp. (1) | | | 5 | | | | 564 | |
Vizio Holding Corp. – Class A (1) | | | 17 | | | | 186 | |
Warby Parker, Inc. – Class A (1) | | | 17 | | | | 272 | |
Wayfair, Inc. – Class A (1) | | | 89 | | | | 4,711 | |
Wendy’s Co. | | | 16 | | | | 280 | |
Williams-Sonoma, Inc. | | | 7 | | | | 1,970 | |
Wingstop, Inc. | | | 135 | | | | 57,080 | |
Winmark Corp. | | | 18 | | | | 6,330 | |
Wolverine World Wide, Inc. | | | 15 | | | | 209 | |
Worthington Enterprises, Inc. | | | 5 | | | | 259 | |
Wyndham Hotels & Resorts, Inc. | | | 1 | | | | 102 | |
Wynn Resorts Ltd. | | | 1 | | | | 121 | |
XPEL, Inc. (1) | | | 5 | | | | 174 | |
Xponential Fitness, Inc. – Class A (1) | | | 5 | | | | 71 | |
YETI Holdings, Inc. (1) | | | 5 | | | | 178 | |
Yum! Brands, Inc. | | | 20 | | | | 2,658 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 812,984 | |
| | | | | |
| Consumer Staples – 5.37% | | | | | | | | |
Andersons, Inc. | | | 1 | | | | 38 | |
Beauty Health Co. (1) | | | 15 | | | | 29 | |
BellRing Brands, Inc. (1) | | | 847 | | | | 48,377 | |
Beyond Meat, Inc. (1) | | | 11 | | | | 77 | |
Boston Beer Co., Inc. – Class A (1)(2) | | | 0 | | | | 105 | |
BRC, Inc. – Class A (1) | | | 9 | | | | 56 | |
Brown-Forman Corp. – Class B | | | 833 | | | | 35,977 | |
Calavo Growers, Inc. | | | 1 | | | | 13 | |
Cal-Maine Foods, Inc. | | | 1 | | | | 32 | |
Casey’s General Stores, Inc. | | | 1 | | | | 457 | |
Celsius Holdings, Inc. (1) | | | 800 | | | | 45,692 | |
Central Garden & Pet Co. – Class A (1) | | | 1 | | | | 21 | |
Central Garden & Pet Co. – Class A (1) | | | 1 | | | | 48 | |
Chefs’ Warehouse, Inc. (1) | | | 7 | | | | 265 | |
Clorox Co. | | | 274 | | | | 37,418 | |
elf Beauty, Inc. (1) | | | 140 | | | | 29,552 | |
Energizer Holdings, Inc. | | | 14 | | | | 412 | |
Forafric Global Plc (1) | | | 1 | | | | 6 | |
Freshpet, Inc. (1) | | | 512 | | | | 66,211 | |
Herbalife Ltd. (1) | | | 13 | | | | 134 | |
Hershey Co. | | | 4 | | | | 679 | |
Honest Co., Inc. (1) | | | 6 | | | | 18 | |
Hormel Foods Corp. | | | 1,027 | | | | 31,313 | |
Inter Parfums, Inc. | | | 104 | | | | 12,123 | |
Ispire Technology, Inc. (1) | | | 4 | | | | 32 | |
J&J Snack Foods Corp. | | | 3 | | | | 482 | |
J.M. Smucker Co. | | | 236 | | | | 25,733 | |
John B Sanfilippo & Son, Inc. | | | 2 | | | | 170 | |
Lamb Weston Holdings, Inc. | | | 248 | | | | 20,813 | |
Lancaster Colony Corp. | | | 4 | | | | 720 | |
Lifeway Foods, Inc. (1) | | | 1 | | | | 11 | |
Mama’s Creations, Inc. (1) | | | 6 | | | | 42 | |
McCormick & Co., Inc. | | | 590 | | | | 41,855 | |
MGP Ingredients, Inc. | | | 3 | | | | 203 | |
Mission Produce, Inc. (1) | | | 1 | | | | 13 | |
National Beverage Corp. | | | 5 | | | | 233 | |
Natural Grocers by Vitamin Cottage, Inc. (2) | | | 0 | | | | 10 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Nature’s Sunshine Products, Inc. (1)(2) | | | 0 | | | $ | 6 | |
Oil-Dri Corp. of America (2) | | | 0 | | | | 14 | |
Performance Food Group Co. (1) | | | 4 | | | | 270 | |
Pilgrim’s Pride Corp. (1) | | | 1 | | | | 37 | |
PriceSmart, Inc. | | | 3 | | | | 250 | |
Primo Water Corp. | | | 4 | | | | 87 | |
Simply Good Foods Co. (1) | | | 18 | | | | 641 | |
Sprouts Farmers Market, Inc. (1) | | | 238 | | | | 19,937 | |
SunOpta, Inc. (1) | | | 18 | | | | 97 | |
Sysco Corp. | | | 57 | | | | 4,100 | |
Turning Point Brands, Inc. | | | 3 | | | | 91 | |
Utz Brands, Inc. | | | 494 | | | | 8,223 | |
Vector Group Ltd. | | | 4 | | | | 46 | |
Veru, Inc. (1) | | | 19 | | | | 16 | |
Vita Coco Co., Inc. (1) | | | 172 | | | | 4,782 | |
Vital Farms, Inc. (1) | | | 6 | | | | 296 | |
WD-40 Co. | | | 42 | | | | 9,117 | |
Westrock Coffee Co. (1) | | | 6 | | | | 65 | |
WK Kellogg Co. | | | 13 | | | | 209 | |
| | | | | | | | |
Total Consumer Staples | | | | 447,654 | |
| | | | | |
| Energy – 2.85% | | | | | | | | |
Antero Midstream Corp. | | | 25 | | | | 368 | |
Antero Resources Corp. (1) | | | 451 | | | | 14,725 | |
Archrock, Inc. | | | 30 | | | | 606 | |
Atlas Energy Solutions, Inc. – Class A | | | 13 | | | | 263 | |
Berry Corp. | | | 5 | | | | 31 | |
Cactus, Inc. – Class A | | | 122 | | | | 6,416 | |
Cameco Corp. | | | 871 | | | | 42,878 | |
Centrus Energy Corp. – Class A (1) | | | 2 | | | | 82 | |
ChampionX Corp. | | | 367 | | | | 12,193 | |
Cheniere Energy, Inc. | | | 22 | | | | 3,817 | |
Chord Energy Corp. | | | 94 | | | | 15,758 | |
Civitas Resources, Inc. | | | 5 | | | | 357 | |
Core Laboratories, Inc. | | | 9 | | | | 184 | |
Coterra Energy, Inc. | | | 184 | | | | 4,895 | |
Crescent Energy Co. – Class A | | | 6 | | | | 73 | |
CVR Energy, Inc. | | | 6 | | | | 162 | |
Delek U.S. Holdings, Inc. | | | 3 | | | | 84 | |
Diamondback Energy, Inc. | | | 60 | | | | 12,047 | |
Diversified Energy Co. Plc (1)(2) | | | 0 | | | | 6 | |
DMC Global, Inc. (1) | | | 1 | | | | 15 | |
Dorian LPG Ltd. | | | 3 | | | | 140 | |
Drilling Tools International Corp. (1) | | | 1 | | | | 6 | |
Empire Petroleum Corp. (1) | | | 3 | | | | 14 | |
Encore Energy Corp. (1) | | | 25 | | | | 99 | |
Equitrans Midstream Corp. | | | 21 | | | | 267 | |
Evolution Petroleum Corp. | | | 2 | | | | 10 | |
FLEX LNG Ltd. | | | 3 | | | | 94 | |
Gulfport Energy Corp. (1) | | | 1 | | | | 193 | |
Helix Energy Solutions Group, Inc. (1) | | | 5 | | | | 60 | |
Hess Corp. | | | 33 | | | | 4,928 | |
Kinetik Holdings, Inc. – Class A | | | 1 | | | | 33 | |
Kodiak Gas Services, Inc. | | | 1 | | | | 30 | |
Kosmos Energy Ltd. (1) | | | 90 | | | | 498 | |
Liberty Energy, Inc. – Class A | | | 2 | | | | 38 | |
Magnolia Oil & Gas Corp. – Class A | | | 457 | | | | 11,589 | |
Matador Resources Co. | | | 119 | | | | 7,088 | |
Nabors Industries Ltd. (1) | | | 1 | | | | 37 | |
Natural Gas Services Group, Inc. (1)(2) | | | 0 | | | | 7 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
New Fortress Energy, Inc. – Class A | | | 7 | | | $ | 144 | |
NexGen Energy Ltd. (1) | | | 1,184 | | | | 8,263 | |
NextDecade Corp. (1) | | | 22 | | | | 177 | |
Noble Corp. Plc | | | 18 | | | | 782 | |
Northern Oil & Gas, Inc. | | | 1 | | | | 45 | |
Oceaneering International, Inc. (1) | | | 19 | | | | 461 | |
Permian Resources Corp. – Class A | | | 25 | | | | 406 | |
REX American Resources Corp. (1) | | | 1 | | | | 29 | |
Riley Exploration Permian, Inc. (2) | | | 0 | | | | 9 | |
Sable Offshore Corp. (1) | | | 10 | | | | 146 | |
Seadrill Ltd. (1) | | | 4 | | | | 221 | |
SFL Corp. Ltd. | | | 4 | | | | 62 | |
SilverBow Resources, Inc. (1)(2) | | | 0 | | | | 13 | |
SM Energy Co. | | | 235 | | | | 10,145 | |
Southwestern Energy Co. (1) | | | 1,369 | | | | 9,213 | |
Targa Resources Corp. | | | 41 | | | | 5,260 | |
TechnipFMC Plc | | | 857 | | | | 22,404 | |
Tellurian, Inc. (1)(2) | | | 1 | | | | 0 | |
TETRA Technologies, Inc. (1) | | | 23 | | | | 80 | |
Texas Pacific Land Corp. | | | 3 | | | | 2,552 | |
Tidewater, Inc. (1) | | | 106 | | | | 10,112 | |
Uranium Energy Corp. (1) | | | 76 | | | | 458 | |
Ur-Energy, Inc. (1) | | | 49 | | | | 68 | |
VAALCO Energy, Inc. | | | 2 | | | | 14 | |
Valaris Ltd. (1) | | | 8 | | | | 579 | |
Viper Energy, Inc. – Class A | | | 146 | | | | 5,470 | |
W&T Offshore, Inc. | | | 18 | | | | 39 | |
Weatherford International Plc (1) | | | 167 | | | | 20,397 | |
World Kinect Corp. | | | 1 | | | | 30 | |
| | | | | | | | |
Total Energy | | | | 237,670 | |
| | | | | |
| Financials – 9.53% | | | | | | | | |
AG Mortgage Investment Trust, Inc. | | | 1 | | | | 6 | |
Allstate Corp. | | | 8 | | | | 1,221 | |
Ally Financial, Inc. | | | 7 | | | | 275 | |
American Coastal Insurance Corp. (1) | | | 2 | | | | 22 | |
Ameriprise Financial, Inc. | | | 17 | | | | 7,253 | |
AMERISAFE, Inc. | | | 177 | | | | 7,772 | |
Angel Oak Mortgage REIT, Inc. | | | 1 | | | | 10 | |
Ares Management Corp. – Class A | | | 33 | | | | 4,428 | |
Arthur J. Gallagher & Co. | | | 201 | | | | 52,014 | |
Artisan Partners Asset Management, Inc. – Class A | | | 12 | | | | 504 | |
Assetmark Financial Holdings, Inc. (1) | | | 3 | | | | 95 | |
Atlanticus Holdings Corp. (1)(2) | | | 0 | | | | 3 | |
AvidXchange Holdings, Inc. (1) | | | 34 | | | | 407 | |
Axos Financial, Inc. (1) | | | 1 | | | | 68 | |
B. Riley Financial, Inc. | | | 5 | | | | 82 | |
Baldwin Insurance Group, Inc. – Class A (1) | | | 13 | | | | 454 | |
BancFirst Corp. | | | 1 | | | | 47 | |
Bancorp, Inc. (1) | | | 9 | | | | 349 | |
Bank7 Corp. (2) | | | 0 | | | | 5 | |
Block, Inc. – Class A (1) | | | 43 | | | | 2,805 | |
Blue Owl Capital, Inc. – Class A | | | 94 | | | | 1,668 | |
Brightsphere Investment Group, Inc. | | | 6 | | | | 131 | |
Brown & Brown, Inc. | | | 20 | | | | 1,755 | |
Cantaloupe, Inc. (1) | | | 11 | | | | 70 | |
Cass Information Systems, Inc. | | | 2 | | | | 90 | |
Citizens Financial Services, Inc. (2) | | | 0 | | | | 8 | |
City Holding Co. (2) | | | 0 | | | | 18 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Coastal Financial Corp. (1) | | | 2 | | | $ | 94 | |
Cohen & Steers, Inc. | | | 186 | | | | 13,524 | |
Coinbase Global, Inc. – Class A (1) | | | 31 | | | | 6,828 | |
Columbia Banking System, Inc. | | | 373 | | | | 7,419 | |
Columbia Financial, Inc. (1)(2) | | | 0 | | | | 6 | |
Corpay, Inc. (1) | | | 13 | | | | 3,420 | |
Crawford & Co. – Class A | | | 3 | | | | 27 | |
Credit Acceptance Corp. (1) | | | 1 | | | | 487 | |
Cullen/Frost Bankers, Inc. | | | 326 | | | | 33,131 | |
Diamond Hill Investment Group, Inc. | | | 1 | | | | 83 | |
Donnelley Financial Solutions, Inc. (1) | | | 3 | | | | 197 | |
Encore Capital Group, Inc. (1) | | | 154 | | | | 6,424 | |
Equitable Holdings, Inc. | | | 49 | | | | 2,003 | |
Esquire Financial Holdings, Inc. | | | 1 | | | | 53 | |
Euronet Worldwide, Inc. (1) | | | 55 | | | | 5,677 | |
Evercore, Inc. – Class A | | | 47 | | | | 9,845 | |
Everest Group Ltd. | | | 156 | | | | 59,571 | |
EVERTEC, Inc. | | | 12 | | | | 415 | |
FactSet Research Systems, Inc. | | | 63 | | | | 25,536 | |
Federal Agricultural Mortgage Corp. – Class C | | | 2 | | | | 288 | |
First Bancorp | | | 2 | | | | 43 | |
First Business Financial Services, Inc. (2) | | | 0 | | | | 6 | |
First Financial Bankshares, Inc. | | | 26 | | | | 754 | |
First Foundation, Inc. | | | 3 | | | | 19 | |
First Internet Bancorp | | | 1 | | | | 17 | |
First Interstate BancSystem, Inc. – Class A | | | 295 | | | | 8,194 | |
First Merchants Corp. | | | 211 | | | | 7,016 | |
First Western Financial, Inc. (1)(2) | | | 0 | | | | 6 | |
FirstCash Holdings, Inc. | | | 236 | | | | 24,785 | |
Flywire Corp. (1) | | | 327 | | | | 5,361 | |
GCM Grosvenor, Inc. – Class A | | | 8 | | | | 81 | |
Goosehead Insurance, Inc. – Class A (1) | | | 5 | | | | 261 | |
Greene County Bancorp, Inc. | | | 1 | | | | 45 | |
Hamilton Lane, Inc. – Class A | | | 8 | | | | 933 | |
HCI Group, Inc. | | | 2 | | | | 145 | |
Houlihan Lokey, Inc. – Class A | | | 117 | | | | 15,718 | |
I3 Verticals, Inc. – Class A (1)(2) | | | 0 | | | | 5 | |
International Money Express, Inc. (1) | | | 6 | | | | 129 | |
Investors Title Co. (2) | | | 0 | | | | 6 | |
Jefferies Financial Group, Inc. | | | 10 | | | | 495 | |
Kemper Corp. | | | 327 | | | | 19,405 | |
Kingsway Financial Services, Inc. (1) | | | 2 | | | | 20 | |
Kinsale Capital Group, Inc. | | | 102 | | | | 39,467 | |
KKR Real Estate Finance Trust, Inc. | | | 3 | | | | 26 | |
Lakeland Financial Corp. | | | 116 | | | | 7,157 | |
Lazard, Inc. – Class A | | | 20 | | | | 750 | |
Lemonade, Inc. (1) | | | 8 | | | | 136 | |
LendingTree, Inc. (1) | | | 2 | | | | 75 | |
Live Oak Bancshares, Inc. | | | 6 | | | | 204 | |
LPL Financial Holdings, Inc. | | | 14 | | | | 3,877 | |
Markel Group, Inc. (1) | | | 1 | | | | 892 | |
MarketAxess Holdings, Inc. | | | 36 | | | | 7,226 | |
Marqeta, Inc. – Class A (1) | | | 78 | | | | 428 | |
Mercury General Corp. | | | 1 | | | | 35 | |
Metrocity Bankshares, Inc. (2) | | | 0 | | | | 8 | |
Moelis & Co. – Class A | | | 7 | | | | 378 | |
Moneylion, Inc. (1) | | | 2 | | | | 121 | |
Morningstar, Inc. | | | 5 | | | | 1,464 | |
Mr Cooper Group, Inc. (1) | | | 5 | | | | 380 | |
MSCI, Inc. – Class A | | | 8 | | | | 3,980 | |
NBT Bancorp, Inc. | | | 188 | | | | 7,269 | |
NCR Atleos Corp. (1) | | | 14 | | | | 377 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
NerdWallet, Inc. – Class A (1) | | | 8 | | | $ | 110 | |
Nicolet Bankshares, Inc. | | | 1 | | | | 49 | |
NMI Holdings, Inc. – Class A (1) | | | 1 | | | | 42 | |
NU Holdings Ltd. – Class A (1) | | | 1,825 | | | | 23,530 | |
Open Lending Corp. – Class A (1) | | | 20 | | | | 110 | |
OppFi, Inc. | | | 3 | | | | 11 | |
Oscar Health, Inc. – Class A (1) | | | 38 | | | | 597 | |
P10, Inc. – Class A | | | 8 | | | | 71 | |
Pagseguro Digital Ltd. – Class A (1) | | | 19 | | | | 224 | |
Palomar Holdings, Inc. – Class A (1) | | | 204 | | | | 16,585 | |
Pathward Financial, Inc. | | | 1 | | | | 82 | |
Patria Investments Ltd. – Class A | | | 12 | | | | 141 | |
Payoneer Global, Inc. (1) | | | 1,206 | | | | 6,683 | |
Paysign, Inc. (1) | | | 7 | | | | 29 | |
PennyMac Financial Services, Inc. | | | 3 | | | | 276 | |
Peoples Financial Services Corp. (2) | | | 0 | | | | 18 | |
Perella Weinberg Partners – Class A | | | 11 | | | | 178 | |
Piper Sandler Companies | | | 54 | | | | 12,396 | |
PJT Partners, Inc. – Class A | | | 140 | | | | 15,088 | |
Popular, Inc. | | | 2 | | | | 145 | |
Priority Technology Holdings, Inc. (1) | | | 3 | | | | 16 | |
PROG Holdings, Inc. | | | 1 | | | | 47 | |
Regional Management Corp. (2) | | | 0 | | | | 11 | |
Remitly Global, Inc. (1) | | | 28 | | | | 341 | |
RLI Corp. (2) | | | 0 | | | | 63 | |
Robinhood Markets, Inc. – Class A (1) | | | 664 | | | | 15,075 | |
Root, Inc. – Class A (1) | | | 2 | | | | 86 | |
Ryan Specialty Holdings, Inc. – Class A | | | 1,237 | | | | 71,622 | |
Selective Insurance Group, Inc. | | | 143 | | | | 13,380 | |
ServisFirst Bancshares, Inc. | | | 3 | | | | 181 | |
Sezzle, Inc. (1)(2) | | | 0 | | | | 36 | |
Shift4 Payments, Inc. – Class A (1) | | | 99 | | | | 7,231 | |
Shore Bancshares, Inc. | | | 1 | | | | 12 | |
SiriusPoint Ltd. (1) | | | 1 | | | | 16 | |
Skyward Specialty Insurance Group, Inc. (1) | | | 2 | | | | 60 | |
SoFi Technologies, Inc. (1) | | | 30 | | | | 201 | |
StepStone Group, Inc. – Class A | | | 11 | | | | 489 | |
StoneCo Ltd. – Class A (1) | | | 29 | | | | 347 | |
StoneX Group, Inc. (1) | | | 1 | | | | 52 | |
Tiptree, Inc. | | | 1 | | | | 21 | |
Toast, Inc. – Class A (1) | | | 1,741 | | | | 44,870 | |
TPG, Inc. – Class A | | | 4 | | | | 184 | |
Tradeweb Markets, Inc. – Class A | | | 1,037 | | | | 109,971 | |
Triumph Financial, Inc. (1) | | | 4 | | | | 321 | |
Trupanion, Inc. (1) | | | 6 | | | | 189 | |
Universal Insurance Holdings, Inc. | | | 1 | | | | 18 | |
Upstart Holdings, Inc. (1) | | | 15 | | | | 353 | |
USCB Financial Holdings, Inc. | | | 1 | | | | 7 | |
UWM Holdings Corp. | | | 14 | | | | 94 | |
Value Line, Inc. (2) | | | 0 | | | | 6 | |
Victory Capital Holdings, Inc. – Class A | | | 8 | | | | 392 | |
Virtus Investment Partners, Inc. | | | 1 | | | | 257 | |
Walker & Dunlop, Inc. | | | 65 | | | | 6,395 | |
Western Alliance Bancorp | | | 124 | | | | 7,786 | |
Western Union Co. | | | 7 | | | | 91 | |
WEX, Inc. (1) | | | 1 | | | | 131 | |
Wintrust Financial Corp. | | | 54 | | | | 5,341 | |
WisdomTree, Inc. | | | 801 | | | | 7,934 | |
World Acceptance Corp. (1) | | | 1 | | | | 80 | |
WSFS Financial Corp. | | | 221 | | | | 10,400 | |
XP, Inc. – Class A | | | 8 | | | | 141 | |
| | | | | | | | |
Total Financials | | | | 794,895 | |
| | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Healthcare – 19.74% | | | | | | | | |
10X Genomics, Inc. – Class A (1) | | | 13 | | | $ | 247 | |
4D Molecular Therapeutics, Inc. (1) | | | 6 | | | | 131 | |
Absci Corp. (1) | | | 11 | | | | 35 | |
Acadia Healthcare Co., Inc. (1) | | | 238 | | | | 16,055 | |
ACADIA Pharmaceuticals, Inc. (1) | | | 23 | | | | 378 | |
Accolade, Inc. (1) | | | 5 | | | | 17 | |
Accuray, Inc. (1) | | | 17 | | | | 32 | |
Achieve Life Sciences, Inc. (1) | | | 4 | | | | 19 | |
Aclaris Therapeutics, Inc. (1) | | | 1 | | | | 1 | |
Actinium Pharmaceuticals, Inc. (1) | | | 6 | | | | 44 | |
AdaptHealth Corp. – Class A (1) | | | 9 | | | | 85 | |
ADC Therapeutics SA (1) | | | 8 | | | | 26 | |
Addus HomeCare Corp. (1) | | | 1 | | | | 140 | |
ADMA Biologics, Inc. (1) | | | 44 | | | | 487 | |
Aduro Bioteech, Inc. (1)(3) | | | 5 | | | | 10 | |
Aerovate Therapeutics, Inc. (1) | | | 2 | | | | 3 | |
Agenus, Inc. (1)(2) | | | 0 | | | | 8 | |
Agilent Technologies, Inc. | | | 137 | | | | 17,759 | |
agilon health, Inc. (1) | | | 60 | | | | 391 | |
AirSculpt Technologies, Inc. (1) | | | 2 | | | | 9 | |
Akebia Therapeutics, Inc. (1) | | | 7 | | | | 7 | |
Akero Therapeutics, Inc. (1) | | | 2 | | | | 52 | |
Akoya Biosciences, Inc. (1) | | | 4 | | | | 10 | |
Aldeyra Therapeutics, Inc. (1) | | | 1 | | | | 4 | |
Alector, Inc. (1) | | | 16 | | | | 71 | |
Align Technology, Inc. (1) | | | 97 | | | | 23,448 | |
Alignment Healthcare, Inc. (1) | | | 19 | | | | 152 | |
Alimera Sciences, Inc. (1) | | | 3 | | | | 19 | |
Alkermes Plc (1) | | | 33 | | | | 784 | |
Alnylam Pharmaceuticals, Inc. (1) | | | 48 | | | | 11,770 | |
Alphatec Holdings, Inc. (1) | | | 20 | | | | 207 | |
Altimmune, Inc. (1) | | | 8 | | | | 50 | |
Alto Neuroscience, Inc. (1) | | | 1 | | | | 11 | |
ALX Oncology Holdings, Inc. (1) | | | 6 | | | | 37 | |
Amicus Therapeutics, Inc. (1) | | | 594 | | | | 5,894 | |
AMN Healthcare Services, Inc. (1) | | | 7 | | | | 376 | |
Amneal Pharmaceuticals, Inc. (1) | | | 26 | | | | 163 | |
Amphastar Pharmaceuticals, Inc. (1) | | | 7 | | | | 297 | |
AnaptysBio, Inc. (1) | | | 4 | | | | 96 | |
Anavex Life Sciences Corp. (1) | | | 4 | | | | 17 | |
ANI Pharmaceuticals, Inc. (1) | | | 3 | | | | 160 | |
Anika Therapeutics, Inc. (1)(2) | | | 0 | | | | 12 | |
Apellis Pharmaceuticals, Inc. (1) | | | 125 | | | | 4,784 | |
Apogee Therapeutics, Inc. (1) | | | 225 | | | | 8,858 | |
Applied Therapeutics, Inc. (1) | | | 11 | | | | 53 | |
Aquestive Therapeutics, Inc. (1) | | | 4 | | | | 10 | |
Arbutus Biopharma Corp. (1) | | | 25 | | | | 78 | |
Arcellx, Inc. (1) | | | 90 | | | | 4,992 | |
Arcturus Therapeutics Holdings, Inc. (1) | | | 4 | | | | 97 | |
Arcus Biosciences, Inc. (1) | | | 11 | | | | 160 | |
Arcutis Biotherapeutics, Inc. (1) | | | 21 | | | | 191 | |
Ardelyx, Inc. (1) | | | 45 | | | | 334 | |
Argenx SE – ADR (1) | | | 175 | | | | 75,195 | |
ArriVent Biopharma, Inc. (1) | | | 1 | | | | 21 | |
Arrowhead Pharmaceuticals, Inc. (1) | | | 23 | | | | 602 | |
ARS Pharmaceuticals, Inc. (1) | | | 10 | | | | 81 | |
Artivion, Inc. (1) | | | 6 | | | | 149 | |
Arvinas, Inc. (1) | | | 12 | | | | 332 | |
Ascendis Pharma – ADR (1) | | | 493 | | | | 67,204 | |
Astrana Health, Inc. (1) | | | 8 | | | | 337 | |
Astria Therapeutics, Inc. (1) | | | 7 | | | | 68 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Atossa Therapeutics, Inc. (1) | | | 6 | | | $ | 7 | |
AtriCure, Inc. (1) | | | 119 | | | | 2,711 | |
Atrion Corp. (2) | | | 0 | | | | 123 | |
Aurinia Pharmaceuticals, Inc. (1) | | | 20 | | | | 116 | |
Avadel Pharmaceuticals Plc (1) | | | 18 | | | | 253 | |
Aveanna Healthcare Holdings, Inc. (1) | | | 6 | | | | 18 | |
Avid Bioservices, Inc. (1) | | | 11 | | | | 79 | |
Avidity Biosciences, Inc. (1) | | | 20 | | | | 801 | |
Avita Medical, Inc. (1) | | | 5 | | | | 37 | |
Axogen, Inc. (1) | | | 9 | | | | 62 | |
Axonics, Inc. (1) | | | 10 | | | | 666 | |
Axsome Therapeutics, Inc. (1) | | | 7 | | | | 569 | |
Azenta, Inc. (1) | | | 92 | | | | 4,824 | |
BioCryst Pharmaceuticals, Inc. (1) | | | 40 | | | | 247 | |
Biohaven Ltd. (1) | | | 84 | | | | 2,909 | |
BioLife Solutions, Inc. (1) | | | 307 | | | | 6,578 | |
Biomea Fusion, Inc. (1) | | | 5 | | | | 24 | |
Biote Corp. – Class A (1) | | | 5 | | | | 36 | |
Bio-Techne Corp. | | | 694 | | | | 49,746 | |
Bioventus, Inc. – Class A (1) | | | 3 | | | | 15 | |
Bioxcel Therapeutics, Inc. (1)(2) | | | 0 | | | | 0 | |
Black Diamond Therapeutics, Inc. (1) | | | 5 | | | | 23 | |
Blueprint Medicines Corp. (1) | | | 90 | | | | 9,741 | |
Boundless Bio, Inc. (1) | | | 2 | | | | 6 | |
Bridgebio Pharma, Inc. (1) | | | 136 | | | | 3,438 | |
Bright Green Corp. (1) | | | 3 | | | | 1 | |
BrightSpring Health Services, Inc. (1) | | | 10 | | | | 116 | |
Brookdale Senior Living, Inc. (1) | | | 32 | | | | 216 | |
Bruker Corp. | | | 12 | | | | 786 | |
Cabaletta Bio, Inc. (1) | | | 225 | | | | 1,682 | |
Candel Therapeutics, Inc. (1) | | | 3 | | | | 18 | |
Capricor Therapeutics, Inc. (1) | | | 4 | | | | 20 | |
Cardiff Oncology, Inc. (1) | | | 3 | | | | 7 | |
Cardinal Health, Inc. | | | 27 | | | | 2,659 | |
CareDx, Inc. (1) | | | 2 | | | | 33 | |
Cargo Therapeutics, Inc. (1)(2) | | | 0 | | | | 7 | |
Cartesian Therapeutics, Inc. (1) | | | 1 | | | | 37 | |
Cassava Sciences, Inc. (1) | | | 8 | | | | 97 | |
Castle Biosciences, Inc. (1) | | | 2 | | | | 35 | |
Catalyst Pharmaceuticals, Inc. (1) | | | 22 | | | | 348 | |
Celcuity, Inc. (1) | | | 4 | | | | 69 | |
Celldex Therapeutics, Inc. (1) | | | 10 | | | | 378 | |
Cencora, Inc. – Class A | | | 31 | | | | 7,043 | |
Cerevel Therapeutics Holdings, Inc. (1) | | | 13 | | | | 523 | |
Cerus Corp. (1) | | | 35 | | | | 61 | |
CervoMed, Inc. (1) | | | 1 | | | | 18 | |
CG oncology, Inc. (1) | | | 3 | | | | 87 | |
Chemed Corp. (2) | | | 0 | | | | 145 | |
Chinook Therapeutics, Inc. (1)(3) | | | 3 | | | | 1 | |
ChromaDex Corp. (1) | | | 9 | | | | 26 | |
Codexis, Inc. (1) | | | 2 | | | | 5 | |
Cogent Biosciences, Inc. (1) | | | 17 | | | | 139 | |
Coherus Biosciences, Inc. (1) | | | 6 | | | | 10 | |
Collegium Pharmaceutical, Inc. (1) | | | 6 | | | | 202 | |
Community Health Systems, Inc. (1) | | | 13 | | | | 44 | |
Conduit Pharmaceuticals, Inc. (1) | | | 6 | | | | 6 | |
CONMED Corp. | | | 112 | | | | 7,731 | |
Contineum Therapeutics, Inc. (1) | | | 1 | | | | 12 | |
Cooper Companies, Inc. | | | 284 | | | | 24,793 | |
Corbus Pharmaceuticals Holdings, Inc. (1) | | | 1 | | | | 54 | |
Corcept Therapeutics, Inc. (1) | | | 16 | | | | 509 | |
CorMedix, Inc. (1) | | | 10 | | | | 43 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
CorVel Corp. (1) | | | 2 | | | $ | 437 | |
Crinetics Pharmaceuticals, Inc. (1) | | | 949 | | | | 42,504 | |
CryoPort, Inc. (1) | | | 7 | | | | 49 | |
Cue Biopharma, Inc. (1) | | | 1 | | | | 1 | |
Cullinan Therapeutics, Inc. (1) | | | 7 | | | | 117 | |
Cutera, Inc. (1)(2) | | | 0 | | | | 0 | |
CVRx, Inc. (1) | | | 3 | | | | 31 | |
Cytokinetics, Inc. (1) | | | 2 | | | | 110 | |
DaVita, Inc. (1) | | | 9 | | | | 1,305 | |
Day One Biopharmaceuticals, Inc. (1) | | | 9 | | | | 125 | |
Definitive Healthcare Corp. – Class A (1) | | | 882 | | | | 4,815 | |
Denali Therapeutics, Inc. (1) | | | 14 | | | | 321 | |
Dentsply Sirona, Inc. | | | 693 | | | | 17,263 | |
DexCom, Inc. (1) | | | 947 | | | | 107,428 | |
Dianthus Therapeutics, Inc. (1)(2) | | | 0 | | | | 9 | |
Disc Medicine, Inc. – Class A (1) | | | 103 | | | | 4,632 | |
DocGo, Inc. (1) | | | 3 | | | | 11 | |
Doximity, Inc. – Class A (1) | | | 2 | | | | 45 | |
Dynavax Technologies Corp. – Class A (1) | | | 20 | | | | 228 | |
Dyne Therapeutics, Inc. (1) | | | 16 | | | | 553 | |
Edgewise Therapeutics, Inc. (1) | | | 14 | | | | 253 | |
Edwards Lifesciences Corp. (1) | | | 740 | | | | 68,312 | |
Elevation Oncology, Inc. (1) | | | 5 | | | | 15 | |
Embecta Corp. | | | 1 | | | | 14 | |
Enhabit, Inc. (1) | | | 1 | | | | 7 | |
Enliven Therapeutics, Inc. (1) | | | 6 | | | | 151 | |
Ensign Group, Inc. | | | 11 | | | | 1,336 | |
Esperion Therapeutics, Inc. (1) | | | 10 | | | | 22 | |
Evolent Health, Inc. – Class A (1) | | | 22 | | | | 427 | |
Evolus, Inc. (1) | | | 11 | | | | 116 | |
Exact Sciences Corp. (1) | | | 793 | | | | 33,491 | |
Exelixis, Inc. (1) | | | 520 | | | | 11,692 | |
EyePoint Pharmaceuticals, Inc. (1) | | | 5 | | | | 41 | |
Fennec Pharmaceuticals, Inc. (1) | | | 1 | | | | 5 | |
Fibrobiologics, Inc. (1) | | | 4 | | | | 18 | |
Foghorn Therapeutics, Inc. (1) | | | 4 | | | | 21 | |
Fortrea Holdings, Inc. (1)(2) | | | 0 | | | | 4 | |
Fractyl Health, Inc. (1) | | | 1 | | | | 6 | |
Fulcrum Therapeutics, Inc. (1) | | | 5 | | | | 32 | |
G1 Therapeutics, Inc. (1) | | | 10 | | | | 22 | |
Galectin Therapeutics, Inc. (1) | | | 3 | | | | 6 | |
GE HealthCare Technologies, Inc. | | | 7 | | | | 580 | |
GeneDx Holdings Corp. – Class A (1)(2) | | | 0 | | | | 8 | |
Genelux Corp. (1)(2) | | | 0 | | | | 0 | |
Geron Corp. (1) | | | 78 | | | | 329 | |
Glaukos Corp. (1) | | | 235 | | | | 27,833 | |
Globus Medical, Inc. – Class A (1) | | | 328 | | | | 22,498 | |
GRAIL, Inc. (1) | | | 4 | | | | 67 | |
Greenwich Lifesciences, Inc. (1) | | | 1 | | | | 20 | |
GTX, Inc. (1)(2)(3) | | | 0 | | | | 0 | |
Guardant Health, Inc. (1) | | | 23 | | | | 661 | |
Haemonetics Corp. (1) | | | 10 | | | | 806 | |
Halozyme Therapeutics, Inc. (1) | | | 232 | | | | 12,172 | |
Harmony Biosciences Holdings, Inc. (1) | | | 6 | | | | 176 | |
Harrow, Inc. (1) | | | 6 | | | | 123 | |
Harvard Bioscience, Inc. (1) | | | 2 | | | | 7 | |
Health Catalyst, Inc. (1) | | | 1 | | | | 7 | |
HealthEquity, Inc. (1) | | | 268 | | | | 23,118 | |
HealthStream, Inc. | | | 2 | | | | 45 | |
Heron Therapeutics, Inc. (1) | | | 2 | | | | 8 | |
HilleVax, Inc. (1) | | | 1 | | | | 18 | |
Hims & Hers Health, Inc. (1) | | | 37 | | | | 743 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Hologic, Inc. (1) | | | 126 | | | $ | 9,390 | |
Humacyte, Inc. (1) | | | 17 | | | | 82 | |
ICON Plc (1) | | | 97 | | | | 30,349 | |
Ideaya Biosciences, Inc. (1) | | | 116 | | | | 4,057 | |
IDEXX Laboratories, Inc. (1) | | | 32 | | | | 15,808 | |
IGM Biosciences, Inc. (1) | | | 3 | | | | 19 | |
Illumina, Inc. (1) | | | 113 | | | | 11,824 | |
Immuneering Corp. – Class A (1) | | | 1 | | | | 1 | |
ImmunityBio, Inc. (1) | | | 22 | | | | 137 | |
Immunome, Inc. (1) | | | 189 | | | | 2,287 | |
Immunovant, Inc. (1) | | | 120 | | | | 3,161 | |
Inari Medical, Inc. (1) | | | 10 | | | | 495 | |
Incyte Corp. (1) | | | 98 | | | | 5,927 | |
InfuSystem Holdings, Inc. (1) | | | 4 | | | | 25 | |
Inhibrx Biosciences, Inc. (1) | | | 1 | | | | 15 | |
Inhibrx, Inc. (1)(3) | | | 4 | | | | 3 | |
Inmode Ltd. (1) | | | 2 | | | | 35 | |
Inmune Bio, Inc. (1) | | | 2 | | | | 21 | |
Innovage Holding Corp. (1) | | | 1 | | | | 7 | |
Innoviva, Inc. (1) | | | 1 | | | | 13 | |
Insmed, Inc. (1) | | | 397 | | | | 26,614 | |
Inspire Medical Systems, Inc. (1) | | | 29 | | | | 3,923 | |
Insulet Corp. (1) | | | 13 | | | | 2,610 | |
Integer Holdings Corp. (1) | | | 52 | | | | 6,035 | |
Integra LifeSciences Holdings Corp. (1) | | | 208 | | | | 6,060 | |
Intra-Cellular Therapies, Inc. (1) | | | 19 | | | | 1,308 | |
Ionis Pharmaceuticals, Inc. (1) | | | 146 | | | | 6,947 | |
Iovance Biotherapeutics, Inc. (1) | | | 49 | | | | 394 | |
IQVIA Holdings, Inc. (1) | | | 4 | | | | 803 | |
iRadimed Corp. | | | 1 | | | | 65 | |
iRhythm Technologies, Inc. (1) | | | 335 | | | | 36,009 | |
Ironwood Pharmaceuticals, Inc. – Class A (1) | | | 9 | | | | 60 | |
Janux Therapeutics, Inc. (1) | | | 5 | | | | 228 | |
Jasper Therapeutics, Inc. (1) | | | 2 | | | | 45 | |
Joint Corp. (1) | | | 2 | | | | 30 | |
KalVista Pharmaceuticals, Inc. (1) | | | 7 | | | | 87 | |
Karyopharm Therapeutics, Inc. (1) | | | 2 | | | | 2 | |
Keros Therapeutics, Inc. (1) | | | 6 | | | | 261 | |
Kiniksa Pharmaceuticals International Plc (1) | | | 7 | | | | 134 | |
Korro Bio, Inc. (1)(2) | | | 0 | | | | 11 | |
Krystal Biotech, Inc. (1) | | | 42 | | | | 7,713 | |
Kura Oncology, Inc. (1) | | | 14 | | | | 290 | |
Kymera Therapeutics, Inc. (1) | | | 9 | | | | 258 | |
Kyverna Therapeutics, Inc. (1) | | | 2 | | | | 15 | |
Lantheus Holdings, Inc. (1) | | | 13 | | | | 1,058 | |
Larimar Therapeutics, Inc. (1) | | | 8 | | | | 55 | |
LeMaitre Vascular, Inc. | | | 4 | | | | 322 | |
Lexeo Therapeutics, Inc. (1) | | | 2 | | | | 30 | |
Lexicon Pharmaceuticals, Inc. (1) | | | 9 | | | | 15 | |
LifeMD, Inc. (1) | | | 4 | | | | 29 | |
LifeStance Health Group, Inc. (1) | | | 11 | | | | 53 | |
Ligand Pharmaceuticals, Inc. (1) | | | 89 | | | | 7,528 | |
Lineage Cell Therapeutics, Inc. (1) | | | 26 | | | | 26 | |
Liquidia Corp. (1) | | | 11 | | | | 134 | |
LivaNova Plc (1) | | | 1 | | | | 35 | |
Longboard Pharmaceuticals, Inc. (1) | | | 6 | | | | 169 | |
MacroGenics, Inc. (1) | | | 10 | | | | 43 | |
Madrigal Pharmaceuticals, Inc. (1) | | | 3 | | | | 954 | |
MannKind Corp. (1) | | | 39 | | | | 203 | |
Maravai LifeSciences Holdings,
Inc. – Class A (1) | | | 21 | | | | 153 | |
Masimo Corp. (1) | | | 4 | | | | 521 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
MediWound Ltd. (1) | | | 2 | | | $ | 24 | |
Medpace Holdings, Inc. (1) | | | 63 | | | | 25,782 | |
MeiraGTx Holdings Plc (1) | | | 5 | | | | 21 | |
Merit Medical Systems, Inc. (1) | | | 11 | | | | 955 | |
Mersana Therapeutics, Inc. (1) | | | 12 | | | | 25 | |
Mesa Laboratories, Inc. | | | 101 | | | | 8,733 | |
Metagenomi, Inc. (1) | | | 2 | | | | 7 | |
Mettler-Toledo International, Inc. (1) | | | 19 | | | | 26,554 | |
MiMedx Group, Inc. (1) | | | 11 | | | | 74 | |
Mind Medicine MindMed, Inc. (1) | | | 14 | | | | 101 | |
Mineralys Therapeutics, Inc. (1) | | | 1 | | | | 12 | |
Mirum Pharmaceuticals, Inc. (1) | | | 8 | | | | 259 | |
ModivCare, Inc. (1) | | | 1 | | | | 28 | |
Molina Healthcare, Inc. (1) | | | 7 | | | | 2,013 | |
MoonLake Immunotherapeutics – Class A (1) | | | 58 | | | | 2,548 | |
Nano-X Imaging Ltd. (1) | | | 10 | | | | 73 | |
Natera, Inc. (1) | | | 379 | | | | 41,083 | |
National Research Corp. | | | 3 | | | | 68 | |
Neogen Corp. (1) | | | 356 | | | | 5,557 | |
NeoGenomics, Inc. (1) | | | 2 | | | | 25 | |
Neumora Therapeutics, Inc. (1) | | | 16 | | | | 160 | |
Neurocrine Biosciences, Inc. (1) | | | 79 | | | | 10,897 | |
Neurogene, Inc. (1) | | | 1 | | | | 37 | |
NeuroPace, Inc. (1) | | | 3 | | | | 20 | |
Novavax, Inc. (1) | | | 21 | | | | 269 | |
Novocure Ltd. (1) | | | 21 | | | | 354 | |
Nurix Therapeutics, Inc. (1) | | | 8 | | | | 169 | |
Nuvalent, Inc. – Class A (1) | | | 150 | | | | 11,353 | |
Nuvectis Pharma, Inc. (1)(2) | | | 0 | | | | 1 | |
Ocugen, Inc. (1) | | | 50 | | | | 77 | |
Ocular Therapeutix, Inc. (1) | | | 30 | | | | 206 | |
Olema Pharmaceuticals, Inc. (1) | | | 267 | | | | 2,893 | |
Omega Therapeutics, Inc. (1)(2) | | | 0 | | | | 1 | |
Omeros Corp. (1) | | | 4 | | | | 18 | |
OmniAb, Inc. (1) | | | 2 | | | | 7 | |
OmniAb, Inc. – Class CR3 (1)(2)(3)(6) | | | 19 | | | | – | |
OmniAb, Inc. – Class CR4 (1)(2)(3)(6) | | | 19 | | | | – | |
Opthea Ltd. – ADR (1) | | | 162 | | | | 312 | |
OptimizeRx Corp. (1) | | | 3 | | | | 35 | |
Option Care Health, Inc. (1) | | | 16 | | | | 442 | |
Orchestra BioMed Holdings, Inc. (1) | | | 2 | | | | 20 | |
Organogenesis Holdings, Inc. – Class A (1) | | | 2 | | | | 4 | |
ORIC Pharmaceuticals, Inc. (1) | | | 3 | | | | 19 | |
Outlook Therapeutics, Inc. (1) | | | 1 | | | | 10 | |
Ovid therapeutics, Inc. (1) | | | 11 | | | | 9 | |
Owens & Minor, Inc. (1) | | | 2 | | | | 29 | |
Pacira BioSciences, Inc. (1) | | | 182 | | | | 5,206 | |
PACS Group, Inc. (1) | | | 5 | | | | 142 | |
Paragon 28, Inc. (1) | | | 9 | | | | 63 | |
Patterson Companies, Inc. | | | 3 | | | | 70 | |
Pennant Group, Inc. (1) | | | 6 | | | | 131 | |
Penumbra, Inc. (1) | | | 131 | | | | 23,537 | |
PepGen, Inc. (1) | | | 3 | | | | 42 | |
Performant Financial Corp. (1) | | | 9 | | | | 26 | |
Perspective Therapeutics, Inc. (1) | | | 7 | | | | 74 | |
PetIQ, Inc. – Class A (1) | | | 1 | | | | 16 | |
Phathom Pharmaceuticals, Inc. (1) | | | 2 | | | | 16 | |
Phibro Animal Health Corp. – Class A | | | 1 | | | | 16 | |
Phreesia, Inc. (1) | | | 10 | | | | 210 | |
Poseida Therapeutics, Inc. – Class A (1) | | | 3 | | | | 10 | |
Praxis Precision Medicines, Inc. (1) | | | 3 | | | | 138 | |
Precigen, Inc. (1) | | | 4 | | | | 6 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Prestige Consumer Healthcare, Inc. (1) | | | 191 | | | $ | 13,129 | |
Prime Medicine, Inc. (1) | | | 11 | | | | 57 | |
Privia Health Group, Inc. (1) | | | 20 | | | | 342 | |
PROCEPT BioRobotics Corp. (1) | | | 90 | | | | 5,526 | |
Progyny, Inc. (1) | | | 16 | | | | 467 | |
ProKidney Corp. – Class A (1) | | | 10 | | | | 24 | |
Protagonist Therapeutics, Inc. (1) | | | 11 | | | | 392 | |
Prothena Corp. Plc (1) | | | 5 | | | | 100 | |
PTC Therapeutics, Inc. (1) | | | 11 | | | | 343 | |
Pulmonx Corp. (1) | | | 338 | | | | 2,143 | |
Pulse Biosciences, Inc. (1) | | | 3 | | | | 38 | |
Puma Biotechnology, Inc. (1) | | | 3 | | | | 8 | |
Quanterix Corp. (1) | | | 1 | | | | 14 | |
RadNet, Inc. (1) | | | 159 | | | | 9,360 | |
Recursion Pharmaceuticals, Inc. – Class A (1) | | | 40 | | | | 301 | |
Regulus Therapeutics, Inc. (1) | | | 3 | | | | 5 | |
Renovaro, Inc. (1) | | | 6 | | | | 10 | |
Repligen Corp. (1) | | | 162 | | | | 20,392 | |
ResMed, Inc. | | | 58 | | | | 11,022 | |
Revance Therapeutics, Inc. (1) | | | 20 | | | | 52 | |
REVOLUTION Medicines, Inc. (1) | | | 194 | | | | 7,525 | |
Rhythm Pharmaceuticals, Inc. (1) | | | 11 | | | | 436 | |
Rigel Pharmaceuticals, Inc. (1) | | | 2 | | | | 20 | |
Rocket Pharmaceuticals, Inc. (1) | | | 13 | | | | 275 | |
RxSight, Inc. (1) | | | 81 | | | | 4,885 | |
Sana Biotechnology, Inc. (1) | | | 26 | | | | 140 | |
Sanara Medtech, Inc. (1) | | | 1 | | | | 18 | |
Sarepta Therapeutics, Inc. (1) | | | 17 | | | | 2,652 | |
Savara, Inc. (1) | | | 15 | | | | 61 | |
Scholar Rock Holding Corp. (1) | | | 12 | | | | 100 | |
Schrodinger, Inc. (1) | | | 166 | | | | 3,211 | |
Scilex Holding Co. (1) | | | 1 | | | | 2 | |
scPharmaceuticals, Inc. (1) | | | 6 | | | | 25 | |
Select Medical Holdings Corp. | | | 14 | | | | 499 | |
Semler Scientific, Inc. (1) | | | 1 | | | | 29 | |
Sera Prognostics, Inc. – Class A (1) | | | 5 | | | | 32 | |
Shattuck Labs, Inc. (1) | | | 5 | | | | 20 | |
SI-BONE, Inc. (1) | | | 195 | | | | 2,522 | |
SIGA Technologies, Inc. | | | 7 | | | | 50 | |
Sight Sciences, Inc. (1) | | | 7 | | | | 45 | |
Silk Road Medical, Inc. (1) | | | 8 | | | | 206 | |
Simulations Plus, Inc. | | | 3 | | | | 148 | |
Skye Bioscience, Inc. (1) | | | 1 | | | | 6 | |
Soleno Therapeutics, Inc. (1) | | | 4 | | | | 174 | |
Solid Biosciences, Inc. (1) | | | 1 | | | | 6 | |
Sonida Senior Living, Inc. (1)(2) | | | 0 | | | | 10 | |
SpringWorks Therapeutics, Inc. (1) | | | 134 | | | | 5,047 | |
Spyre Therapeutics, Inc. (1) | | | 1 | | | | 15 | |
STAAR Surgical Co. (1) | | | 10 | | | | 456 | |
Standard BioTools, Inc. (1) | | | 13 | | | | 23 | |
Stereotaxis, Inc. (1) | | | 10 | | | | 18 | |
STERIS Plc | | | 167 | | | | 36,663 | |
Stoke Therapeutics, Inc. (1) | | | 7 | | | | 93 | |
Structure Therapeutics, Inc. – ADR (1) | | | 554 | | | | 21,736 | |
Summit Therapeutics, Inc. (1) | | | 16 | | | | 126 | |
Supernus Pharmaceuticals, Inc. (1) | | | 271 | | | | 7,246 | |
Surgery Partners, Inc. (1) | | | 223 | | | | 5,297 | |
Surmodics, Inc. (1) | | | 2 | | | | 72 | |
Syndax Pharmaceuticals, Inc. (1) | | | 16 | | | | 328 | |
Talkspace, Inc. (1) | | | 24 | | | | 55 | |
Tandem Diabetes Care, Inc. (1) | | | 283 | | | | 11,394 | |
Tango Therapeutics, Inc. (1) | | | 9 | | | | 79 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Tarsus Pharmaceuticals, Inc. (1) | | | 7 | | | $ | 194 | |
Taysha Gene Therapies, Inc. (1) | | | 31 | | | | 70 | |
Tela Bio, Inc. (1) | | | 1 | | | | 3 | |
Teladoc Health, Inc. (1) | | | 5 | | | | 49 | |
Tenaya Therapeutics, Inc. (1) | | | 3 | | | | 9 | |
Terns Pharmaceuticals, Inc. (1) | | | 1 | | | | 4 | |
TG Therapeutics, Inc. (1) | | | 27 | | | | 481 | |
TransMedics Group, Inc. (1) | | | 256 | | | | 38,591 | |
Treace Medical Concepts, Inc. (1) | | | 9 | | | | 63 | |
Trevi Therapeutics, Inc. (1) | | | 7 | | | | 20 | |
TScan Therapeutics, Inc. (1) | | | 5 | | | | 28 | |
Twist Bioscience Corp. (1) | | | 598 | | | | 29,447 | |
Tyra Biosciences, Inc. (1) | | | 4 | | | | 63 | |
UFP Technologies, Inc. (1) | | | 1 | | | | 371 | |
Ultragenyx Pharmaceutical, Inc. (1) | | | 16 | | | | 661 | |
UroGen Pharma Ltd. (1) | | | 5 | | | | 86 | |
US Physical Therapy, Inc. | | | 3 | | | | 269 | |
Vaxcyte, Inc. (1) | | | 490 | | | | 37,035 | |
Veeva Systems, Inc. – Class A (1) | | | 384 | | | | 70,288 | |
Vera Therapeutics, Inc. – Class A (1) | | | 8 | | | | 274 | |
Verastem, Inc. (1) | | | 5 | | | | 15 | |
Vericel Corp. (1) | | | 281 | | | | 12,871 | |
Verrica Pharmaceuticals, Inc. (1) | | | 3 | | | | 24 | |
Viemed Healthcare, Inc. (1) | | | 6 | | | | 42 | |
Viking Therapeutics, Inc. (1) | | | 19 | | | | 1,032 | |
Viridian Therapeutics, Inc. (1) | | | 9 | | | | 116 | |
Waters Corp. (1) | | | 131 | | | | 37,907 | |
WaVe Life Sciences Ltd. (1) | | | 13 | | | | 64 | |
Werewolf Therapeutics, Inc. (1) | | | 3 | | | | 6 | |
West Pharmaceutical Services, Inc. | | | 282 | | | | 92,847 | |
X4 Pharmaceuticals, Inc. (1) | | | 32 | | | | 19 | |
Xencor, Inc. (1) | | | 5 | | | | 101 | |
Xenon Pharmaceuticals, Inc. (1) | | | 557 | | | | 21,736 | |
Xeris Biopharma Holdings, Inc. (1) | | | 27 | | | | 61 | |
XOMA Corp. (1) | | | 1 | | | | 21 | |
Y-mAbs Therapeutics, Inc. (1) | | | 7 | | | | 86 | |
Zevra Therapeutics, Inc. (1) | | | 4 | | | | 21 | |
Zura Bio Ltd. – Class A (1) | | | 4 | | | | 13 | |
Zynex, Inc. (1) | | | 3 | | | | 25 | |
| | | | | | | | |
Total Healthcare | | | | 1,645,600 | |
| | | | | |
| Industrials – 19.98% | | | | | | | | |
374Water, Inc. (1) | | | 10 | | | | 12 | |
AAON, Inc. | | | 257 | | | | 22,409 | |
AAR Corp. (1) | | | 107 | | | | 7,757 | |
ACV Auctions, Inc. – Class A (1) | | | 29 | | | | 525 | |
Advanced Drainage Systems, Inc. | | | 153 | | | | 24,507 | |
Aerovironment, Inc. (1) | | | 88 | | | | 16,081 | |
Alamo Group, Inc. | | | 2 | | | | 342 | |
Albany International Corp. – Class A | | | 120 | | | | 10,092 | |
Allient, Inc. (2) | | | 0 | | | | 4 | |
Alta Equipment Group, Inc. | | | 5 | | | | 40 | |
Ameresco, Inc. – Class A (1) | | | 161 | | | | 4,648 | |
American Airlines Group, Inc. (1) | | | 9 | | | | 102 | |
American Superconductor Corp. (1) | | | 7 | | | | 155 | |
American Woodmark Corp. (1)(2) | | | 0 | | | | 13 | |
AMETEK, Inc. | | | 343 | | | | 57,181 | |
Amprius Technologies, Inc. (1) | | | 1 | | | | 1 | |
API Group Corp. (1) | | | 226 | | | | 8,508 | |
Apogee Enterprises, Inc. | | | 1 | | | | 89 | |
Applied Industrial Technologies, Inc. | | | 68 | | | | 13,214 | |
ArcBest Corp. | | | 5 | | | | 488 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Archer Aviation, Inc. – Class A (1) | | | 43 | | | $ | 151 | |
Argan, Inc. | | | 2 | | | | 175 | |
Aris Water Solutions, Inc. – Class A (2) | | | 0 | | | | 6 | |
Armstrong World Industries, Inc. | | | 3 | | | | 313 | |
Array Technologies, Inc. (1) | | | 30 | | | | 303 | |
Atkore, Inc. | | | 30 | | | | 4,013 | |
Atmus Filtration Technologies, Inc. (1) | | | 201 | | | | 5,776 | |
Avis Budget Group, Inc. | | | 1 | | | | 130 | |
Axon Enterprise, Inc. (1) | | | 325 | | | | 95,768 | |
AZEK Co., Inc. – Class A (1) | | | 592 | | | | 24,949 | |
AZZ, Inc. | | | 5 | | | | 365 | |
Barrett Business Services, Inc. | | | 4 | | | | 143 | |
Beacon Roofing Supply, Inc. (1) | | | 283 | | | | 25,612 | |
Blink Charging Co. (1) | | | 8 | | | | 23 | |
Bloom Energy Corp. – Class A (1) | | | 35 | | | | 432 | |
Blue Bird Corp. (1) | | | 6 | | | | 335 | |
Boise Cascade Co. | | | 4 | | | | 438 | |
Booz Allen Hamilton Holding Corp. – Class A | | | 81 | | | | 12,446 | |
Bowman Consulting Group Ltd. – Class A (1) | | | 3 | | | | 82 | |
Brink’s Co. | | | 9 | | | | 894 | |
Broadridge Financial Solutions, Inc. | | | 20 | | | | 3,927 | |
Builders FirstSource, Inc. (1) | | | 2 | | | | 281 | |
BWX Technologies, Inc. | | | 4 | | | | 335 | |
Byrna Technologies, Inc. (1) | | | 3 | | | | 34 | |
Cadre Holdings, Inc. | | | 5 | | | | 171 | |
Carlisle Companies, Inc. | | | 49 | | | | 20,042 | |
Casella Waste Systems, Inc. – Class A (1) | | | 11 | | | | 1,104 | |
CBIZ, Inc. (1) | | | 9 | | | | 692 | |
CECO Environmental Corp. (1) | | | 6 | | | | 163 | |
Centuri Holdings, Inc. (1) | | | 3 | | | | 51 | |
ChargePoint Holdings, Inc. (1) | | | 42 | | | | 63 | |
Chart Industries, Inc. (1) | | | 143 | | | | 20,613 | |
Cimpress Plc (1) | | | 2 | | | | 207 | |
Clean Harbors, Inc. (1) | | | 105 | | | | 23,822 | |
Comfort Systems USA, Inc. | | | 36 | | | | 10,901 | |
CompX International, Inc. (2) | | | 0 | | | | 6 | |
Construction Partners, Inc. – Class A (1) | | | 8 | | | | 460 | |
Core & Main, Inc. – Class A (1) | | | 346 | | | | 16,928 | |
Costamare, Inc. | | | 1 | | | | 9 | |
Covenant Logistics Group, Inc. – Class A (2) | | | 0 | | | | 12 | |
CRA International, Inc. | | | 1 | | | | 223 | |
Crane Co. | | | 91 | | | | 13,182 | |
CSG Systems International, Inc. | | | 6 | | | | 237 | |
CSW Industrials, Inc. | | | 3 | | | | 798 | |
Curtiss-Wright Corp. | | | 86 | | | | 23,374 | |
Custom Truck One Source, Inc. (1) | | | 6 | | | | 27 | |
Dayforce, Inc. (1) | | | 3 | | | | 138 | |
Distribution Solutions Group, Inc. (1) | | | 2 | | | | 52 | |
DLH Holdings Corp. (1) | | | 1 | | | | 6 | |
Douglas Dynamics, Inc. | | | 4 | | | | 88 | |
Dragonfly Energy Holdings Corp. (1) | | | 1 | | | | 1 | |
Driven Brands Holdings, Inc. (1) | | | 11 | | | | 146 | |
DXP Enterprises, Inc. (1)(2) | | | 0 | | | | 9 | |
Dycom Industries, Inc. (1) | | | 6 | | | | 930 | |
EMCOR Group, Inc. | | | 31 | | | | 11,365 | |
Energy Recovery, Inc. (1) | | | 11 | | | | 146 | |
Enerpac Tool Group Corp. – Class A | | | 11 | | | | 401 | |
EnerSys | | | 7 | | | | 738 | |
Enovix Corp. (1) | | | 388 | | | | 6,005 | |
Enpro, Inc. (2) | | | 0 | | | | 64 | |
Equifax, Inc. | | | 96 | | | | 23,317 | |
Esab Corp. | | | 108 | | | | 10,185 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
ESCO Technologies, Inc. | | | 2 | | | $ | 257 | |
Eve Holding, Inc. (1) | | | 3 | | | | 13 | |
EVI Industries, Inc. | | | 1 | | | | 18 | |
ExlService Holdings, Inc. (1) | | | 441 | | | | 13,827 | |
Expeditors International of Washington, Inc. | | | 4 | | | | 514 | |
Exponent, Inc. | | | 10 | | | | 933 | |
Fastenal Co. | | | 89 | | | | 5,606 | |
Federal Signal Corp. | | | 12 | | | | 979 | |
Ferguson Plc | | | 59 | | | | 11,476 | |
First Advantage Corp. | | | 6 | | | | 94 | |
FiscalNote Holdings, Inc. (1) | | | 11 | | | | 17 | |
Fluence Energy, Inc. – Class A (1) | | | 12 | | | | 205 | |
Fluor Corp. (1) | | | 30 | | | | 1,323 | |
Fortive Corp. | | | 1,246 | | | | 92,291 | |
Franklin Covey Co. (1) | | | 2 | | | | 85 | |
Franklin Electric Co., Inc. | | | 9 | | | | 851 | |
Frontier Group Holdings, Inc. (1) | | | 9 | | | | 43 | |
FTAI Aviation Ltd. | | | 317 | | | | 32,759 | |
FTI Consulting, Inc. (1) | | | 53 | | | | 11,357 | |
Gates Industrial Corp. Plc (1) | | | 506 | | | | 7,993 | |
Generac Holdings, Inc. (1) | | | 5 | | | | 706 | |
Gibraltar Industries, Inc. (1) | | | 3 | | | | 192 | |
Global Industrial Co. | | | 3 | | | | 82 | |
GMS, Inc. (1) | | | 7 | | | | 562 | |
Gorman-Rupp Co. | | | 4 | | | | 147 | |
Graco, Inc. | | | 283 | | | | 22,436 | |
GrafTech International Ltd. (1) | | | 46 | | | | 45 | |
Graham Corp. (1) | | | 2 | | | | 55 | |
Granite Construction, Inc. | | | 7 | | | | 436 | |
Griffon Corp. | | | 7 | | | | 478 | |
H&E Equipment Services, Inc. | | | 6 | | | | 255 | |
Heartland Express, Inc. | | | 4 | | | | 44 | |
HEICO Corp. | | | 173 | | | | 38,717 | |
HEICO Corp. – Class A | | | 85 | | | | 15,096 | |
Helios Technologies, Inc. | | | 4 | | | | 210 | |
Herc Holdings, Inc. | | | 5 | | | | 729 | |
Hillenbrand, Inc. | | | 5 | | | | 184 | |
Hillman Solutions Corp. (1) | | | 995 | | | | 8,806 | |
Himalaya Shipping Ltd. (1) | | | 5 | | | | 47 | |
HireQuest, Inc. | | | 1 | | | | 12 | |
HNI Corp. | | | 4 | | | | 197 | |
Howmet Aerospace, Inc. | | | 116 | | | | 9,002 | |
Hubbell, Inc. – Class B | | | 86 | | | | 31,418 | |
Hudson Technologies, Inc. (1) | | | 1 | | | | 11 | |
Huron Consulting Group, Inc. (1) | | | 3 | | | | 341 | |
Hyster-Yale, Inc. | | | 1 | | | | 94 | |
ICF International, Inc. | | | 4 | | | | 536 | |
IDEX Corp. | | | 155 | | | | 31,186 | |
IES Holdings, Inc. (1) | | | 2 | | | | 225 | |
Ingersoll Rand, Inc. | | | 466 | | | | 42,357 | |
Innodata, Inc. (1) | | | 5 | | | | 81 | |
Insperity, Inc. | | | 7 | | | | 635 | |
Insteel Industries, Inc. | | | 2 | | | | 48 | |
Interface, Inc. – Class A | | | 1 | | | | 15 | |
Janus International Group, Inc. (1) | | | 27 | | | | 345 | |
JB Hunt Transport Services, Inc. | | | 26 | | | | 4,222 | |
JELD-WEN Holding, Inc. (1) | | | 6 | | | | 77 | |
Joby Aviation, Inc. (1) | | | 78 | | | | 399 | |
John Bean Technologies Corp. (2) | | | 0 | | | | 39 | |
Kadant, Inc. | | | 2 | | | | 667 | |
Karat Packaging, Inc. | | | 1 | | | | 39 | |
KBR, Inc. | | | 2 | | | | 146 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Kforce, Inc. | | | 4 | | | $ | 224 | |
Kirby Corp. (1) | | | 22 | | | | 2,685 | |
Kornit Digital Ltd. (1) | | | 181 | | | | 2,646 | |
Kratos Defense & Security Solutions, Inc. (1) | | | 648 | | | | 12,969 | |
Landstar System, Inc. | | | 36 | | | | 6,610 | |
LanzaTech Global, Inc. (1) | | | 22 | | | | 40 | |
Legalzoom.com, Inc. (1) | | | 27 | | | | 224 | |
Lennox International, Inc. | | | 24 | | | | 12,659 | |
Leonardo DRS, Inc. (1) | | | 906 | | | | 23,121 | |
Limbach Holdings, Inc. (1) | | | 2 | | | | 113 | |
Lincoln Electric Holdings, Inc. | | | 3 | | | | 535 | |
Lindsay Corp. | | | 1 | | | | 130 | |
Liquidity Services, Inc. (1) | | | 4 | | | | 80 | |
Loar Holdings, Inc. (1) | | | 2 | | | | 98 | |
LSI Industries, Inc. | | | 4 | | | | 53 | |
Lyft, Inc. – Class A (1) | | | 46 | | | | 650 | |
Marten Transport Ltd. | | | 2 | | | | 43 | |
MAXIMUS, Inc. | | | 138 | | | | 11,804 | |
McGrath RentCorp | | | 5 | | | | 504 | |
Miller Industries, Inc. (2) | | | 0 | | | | 10 | |
Montrose Environmental Group, Inc. (1) | | | 104 | | | | 4,640 | |
Moog, Inc. – Class A | | | 76 | | | | 12,697 | |
MSA Safety, Inc. | | | 83 | | | | 15,606 | |
MSC Industrial Direct Co., Inc. – Class A | | | 87 | | | | 6,868 | |
Mueller Industries, Inc. | | | 20 | | | | 1,142 | |
Mueller Water Products, Inc. – Class A | | | 30 | | | | 540 | |
MYR Group, Inc. (1) | | | 71 | | | | 9,594 | |
NEXTracker, Inc. – Class A (1) | | | 202 | | | | 9,450 | |
Nordson Corp. | | | 139 | | | | 32,240 | |
Northwest Pipe Co. (1)(2) | | | 0 | | | | 9 | |
NuScale Power Corp. (1) | | | 15 | | | | 176 | |
NV5 Global, Inc. (1) | | | 1 | | | | 47 | |
Old Dominion Freight Line, Inc. | | | 36 | | | | 6,413 | |
Omega Flex, Inc. | | | 1 | | | | 32 | |
Orion Group Holdings, Inc. (1) | | | 1 | | | | 8 | |
Oshkosh Corp. | | | 189 | | | | 20,407 | |
PAM Transportation Services, Inc. (1)(2) | | | 0 | | | | 3 | |
Park Aerospace Corp. | | | 2 | | | | 24 | |
Paychex, Inc. | | | 21 | | | | 2,536 | |
Paycom Software, Inc. | | | 6 | | | | 843 | |
Paylocity Holding Corp. (1) | | | 8 | | | | 1,063 | |
Perma-Fix Environmental Services, Inc. (1) | | | 2 | | | | 25 | |
Pitney Bowes, Inc. | | | 9 | | | | 47 | |
Plug Power, Inc. (1) | | | 10 | | | | 23 | |
Powell Industries, Inc. | | | 2 | | | | 260 | |
Preformed Line Products Co. (2) | | | 0 | | | | 4 | |
Primoris Services Corp. | | | 331 | | | | 16,521 | |
Quad/Graphics, Inc. | | | 3 | | | | 18 | |
Quanta Services, Inc. | | | 224 | | | | 57,013 | |
Quest Resource Holding Corp. (1) | | | 3 | | | | 27 | |
RBC Bearings, Inc. (1) | | | 88 | | | | 23,702 | |
Redwire Corp. (1) | | | 1 | | | | 6 | |
REV Group, Inc. | | | 8 | | | | 194 | |
Rocket Lab USA, Inc. (1) | | | 68 | | | | 324 | |
Rockwell Automation, Inc. | | | 167 | | | | 45,866 | |
Rollins, Inc. | | | 52 | | | | 2,526 | |
RXO, Inc. (1) | | | 23 | | | | 590 | |
Saia, Inc. (1) | | | 111 | | | | 52,849 | |
SES AI Corp. (1) | | | 2 | | | | 3 | |
Shoals Technologies Group, Inc. – Class A (1) | | | 33 | | | | 207 | |
Shyft Group, Inc. | | | 1 | | | | 6 | |
Simpson Manufacturing Co., Inc. | | | 81 | | | | 13,665 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
SiteOne Landscape Supply, Inc. (1) | | | 69 | | | $ | 8,404 | |
Sky Harbour Group Corp. (1) | | | 2 | | | | 20 | |
SKYX Platforms Corp. (1) | | | 3 | | | | 3 | |
Spire Global, Inc. (1) | | | 4 | | | | 46 | |
Spirit AeroSystems Holdings,
Inc. – Class A (1) | | | 3 | | | | 89 | |
SPX Technologies, Inc. (1) | | | 9 | | | | 1,243 | |
Standex International Corp. | | | 2 | | | | 278 | |
Sterling Check Corp. (1) | | | 4 | | | | 56 | |
Sterling Infrastructure, Inc. (1) | | | 6 | | | | 694 | |
Sun Country Airlines Holdings, Inc. (1) | | | 4 | | | | 45 | |
Symbotic, Inc. – Class A (1) | | | 166 | | | | 5,848 | |
Taylor Devices, Inc. (1)(2) | | | 0 | | | | 20 | |
Tecnoglass, Inc. | | | 113 | | | | 5,667 | |
Tennant Co. | | | 2 | | | | 161 | |
Terex Corp. | | | 71 | | | | 3,875 | |
Tetra Tech, Inc. | | | 88 | | | | 17,963 | |
Thermon Group Holdings, Inc. (1) | | | 1 | | | | 20 | |
Toro Co. | | | 275 | | | | 25,668 | |
Transcat, Inc. (1) | | | 2 | | | | 200 | |
TransUnion | | | 2 | | | | 153 | |
Trex Co., Inc. (1) | | | 412 | | | | 30,563 | |
TriNet Group, Inc. | | | 6 | | | | 631 | |
Trinity Industries, Inc. | | | 14 | | | | 434 | |
UFP Industries, Inc. | | | 7 | | | | 745 | |
U-Haul Holding Co. (1) | | | 1 | | | | 36 | |
U-Haul Holding Co. – Class B | | | 8 | | | | 489 | |
UniFirst Corp. | | | 41 | | | | 7,089 | |
United Rentals, Inc. | | | 3 | | | | 1,932 | |
Universal Logistics Holdings, Inc. (2) | | | 0 | | | | 19 | |
Upwork, Inc. (1) | | | 24 | | | | 259 | |
Velo3D, Inc. (1)(2) | | | 0 | | | | 0 | |
Veralto Corp. | | | 21 | | | | 1,969 | |
Verisk Analytics, Inc. – Class A | | | 147 | | | | 39,502 | |
Verra Mobility Corp. – Class A (1) | | | 32 | | | | 879 | |
Vertiv Holdings Co. – Class A | | | 607 | | | | 52,527 | |
Viad Corp. (1) | | | 4 | | | | 136 | |
Vicor Corp. (1) | | | 2 | | | | 80 | |
Virgin Galactic Holdings, Inc. (1) | | | 1 | | | | 5 | |
VirTra, Inc. (1) | | | 2 | | | | 16 | |
VSE Corp. (2) | | | 0 | | | | 39 | |
Watts Water Technologies, Inc. – Class A | | | 47 | | | | 8,673 | |
Werner Enterprises, Inc. | | | 2 | | | | 62 | |
Westinghouse Air Brake Technologies Corp. | | | 110 | | | | 17,404 | |
Wheels Up Experience, Inc. (1) | | | 18 | | | | 33 | |
WillScot Mobile Mini Holdings
Corp. – Class A (1) | | | 10 | | | | 383 | |
WNS Holdings Ltd. (1) | | | 9 | | | | 471 | |
WW Grainger, Inc. | | | 7 | | | | 6,321 | |
Xometry, Inc. – Class A (1) | | | 8 | | | | 94 | |
XPO, Inc. (1) | | | 21 | | | | 2,249 | |
Xylem, Inc. | | | 574 | | | | 77,851 | |
Zurn Elkay Water Solutions Corp. | | | 314 | | | | 9,235 | |
| | | | | | | | |
Total Industrials | | | | 1,665,726 | |
| | | | | |
| Information Technology – 24.83% | | | | | | | | |
8x8, Inc. (1) | | | 24 | | | | 53 | |
A10 Networks, Inc. | | | 14 | | | | 191 | |
ACI Worldwide, Inc. (1) | | | 20 | | | | 811 | |
ACM Research, Inc. – Class A (1) | | | 7 | | | | 156 | |
Adeia, Inc. | | | 18 | | | | 203 | |
Advanced Energy Industries, Inc. | | | 7 | | | | 791 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Aehr Test Systems (1) | | | 5 | | | $ | 57 | |
Agilysys, Inc. (1) | | | 4 | | | | 446 | |
Akamai Technologies, Inc. (1) | | | 299 | | | | 26,934 | |
Alarm.com Holdings, Inc. (1) | | | 9 | | | | 596 | |
Alkami Technology, Inc. (1) | | | 9 | | | | 247 | |
Altair Engineering, Inc. – Class A (1) | | | 307 | | | | 30,073 | |
Ambarella, Inc. (1) | | | 66 | | | | 3,582 | |
American Software, Inc. – Class A | | | 376 | | | | 3,437 | |
Amkor Technology, Inc. | | | 450 | | | | 18,028 | |
Amplitude, Inc. – Class A (1) | | | 15 | | | | 133 | |
ANSYS, Inc. (1) | | | 11 | | | | 3,686 | |
Appfolio, Inc. – Class A (1) | | | 105 | | | | 25,652 | |
Appian Corp. – Class A (1) | | | 8 | | | | 243 | |
Applied Digital Corp. (1) | | | 13 | | | | 79 | |
AppLovin Corp. – Class A (1) | | | 49 | | | | 4,045 | |
Arista Networks, Inc. (1) | | | 143 | | | | 50,081 | |
Arlo Technologies, Inc. (1) | | | 18 | | | | 241 | |
Arteris, Inc. (1) | | | 5 | | | | 41 | |
Asana, Inc. – Class A (1) | | | 16 | | | | 217 | |
ASGN, Inc. (1) | | | 2 | | | | 176 | |
Aspen Technology, Inc. (1) | | | 32 | | | | 6,384 | |
Astera Labs, Inc. (1)(2) | | | 0 | | | | 15 | |
Atlassian Corp. – Class A (1) | | | 220 | | | | 38,903 | |
AudioEye, Inc. (1) | | | 1 | | | | 24 | |
Aurora Innovation, Inc. – Class A (1) | | | 88 | | | | 244 | |
Autodesk, Inc. (1) | | | 82 | | | | 20,291 | |
AvePoint, Inc. (1) | | | 25 | | | | 259 | |
Axcelis Technologies, Inc. (1) | | | 6 | | | | 897 | |
Backblaze, Inc. (1) | | | 8 | | | | 48 | |
Badger Meter, Inc. | | | 26 | | | | 4,871 | |
Belden, Inc. | | | 4 | | | | 395 | |
Bentley Systems, Inc. – Class B | | | 501 | | | | 24,716 | |
BigBear.ai Holdings, Inc. (1) | | | 15 | | | | 22 | |
BigCommerce Holdings, Inc. (1) | | | 13 | | | | 107 | |
BILL Holdings, Inc. (1) | | | 5 | | | | 246 | |
Blackbaud, Inc. (1) | | | 8 | | | | 612 | |
BlackLine, Inc. (1) | | | 125 | | | | 6,050 | |
Blend Labs, Inc. – Class A (1) | | | 45 | | | | 106 | |
Box, Inc. – Class A (1) | | | 226 | | | | 5,986 | |
Braze, Inc. – Class A (1) | | | 152 | | | | 5,893 | |
C3.ai, Inc. – Class A (1) | | | 16 | | | | 465 | |
Cadence Design Systems, Inc. (1) | | | 28 | | | | 8,680 | |
Calix, Inc. (1) | | | 8 | | | | 298 | |
Cambium Networks Corp. (1)(2) | | | 0 | | | | 1 | |
Camtek Ltd. | | | 337 | | | | 42,193 | |
CCC Intelligent Solutions Holdings, Inc. (1) | | | 2,105 | | | | 23,384 | |
CDW Corp. | | | 13 | | | | 2,827 | |
Celestica, Inc. (1) | | | 284 | | | | 16,257 | |
CEVA, Inc. (1) | | | 4 | | | | 74 | |
Cipher Mining, Inc. (1) | | | 23 | | | | 94 | |
Cleanspark, Inc. (1) | | | 43 | | | | 686 | |
Clear Secure, Inc. – Class A | | | 17 | | | | 318 | |
Clearwater Analytics Holdings, Inc. (1) | | | 27 | | | | 505 | |
Climb Global Solutions, Inc. | | | 1 | | | | 50 | |
Cloudflare, Inc. – Class A (1) | | | 56 | | | | 4,603 | |
Cognex Corp. | | | 129 | | | | 6,020 | |
Coherent Corp. (1) | | | 388 | | | | 28,116 | |
CommVault Systems, Inc. (1) | | | 8 | | | | 960 | |
CompoSecure, Inc. – Class A | | | 3 | | | | 22 | |
Confluent, Inc. – Class A (1) | | | 1,208 | | | | 35,672 | |
Core Scientific, Inc. (1) | | | 27 | | | | 252 | |
Corsair Gaming, Inc. (1) | | | 2 | | | | 20 | |
Couchbase, Inc. (1) | | | 8 | | | | 139 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
CPI Card Group, Inc. (1) | | | 1 | | | $ | 27 | |
Credo Technology Group Holding Ltd. (1) | | | 945 | | | | 30,170 | |
CS Disco, Inc. (1) | | | 4 | | | | 21 | |
CTS Corp. | | | 5 | | | | 232 | |
CyberArk Software Ltd. (1) | | | 200 | | | | 54,662 | |
Daily Journal Corp. (1)(2) | | | 0 | | | | 75 | |
Daktronics, Inc. (1) | | | 1 | | | | 14 | |
Datadog, Inc. – Class A (1) | | | 353 | | | | 45,809 | |
Dave, Inc. (1) | | | 2 | | | | 46 | |
Digimarc Corp. (1) | | | 3 | | | | 85 | |
DigitalOcean Holdings, Inc. (1) | | | 13 | | | | 443 | |
Diodes, Inc. (1) | | | 1 | | | | 68 | |
DocuSign, Inc. – Class A (1) | | | 38 | | | | 2,010 | |
Domo, Inc. – Class B (1) | | | 7 | | | | 52 | |
DoubleVerify Holdings, Inc. – Class Rights (1) | | | 15 | | | | 293 | |
Dropbox, Inc. – Class A (1) | | | 14 | | | | 316 | |
D-Wave Quantum, Inc. (1) | | | 9 | | | | 11 | |
Dynatrace, Inc. (1) | | | 48 | | | | 2,149 | |
eGain Corp. (1) | | | 4 | | | | 24 | |
Elastic NV (1) | | | 186 | | | | 21,230 | |
Endava Plc – ADR (1) | | | 158 | | | | 4,620 | |
Enfusion, Inc. – Class A (1) | | | 9 | | | | 80 | |
Enphase Energy, Inc. (1) | | | 24 | | | | 2,432 | |
Entegris, Inc. | | | 207 | | | | 28,016 | |
Envestnet, Inc. (1) | | | 205 | | | | 12,815 | |
EPAM Systems, Inc. (1) | | | 1 | | | | 121 | |
ePlus, Inc. (1) | | | 3 | | | | 252 | |
Everbridge, Inc. (1) | | | 8 | | | | 284 | |
EverCommerce, Inc. (1) | | | 3 | | | | 35 | |
Everspin Technologies, Inc. (1) | | | 3 | | | | 16 | |
Evolv Technologies Holdings, Inc. (1) | | | 25 | | | | 64 | |
Extreme Networks, Inc. (1) | | | 13 | | | | 175 | |
Fabrinet (1) | | | 107 | | | | 26,200 | |
Fair Isaac Corp. (1) | | | 13 | | | | 19,708 | |
Fastly, Inc. – Class A (1) | | | 20 | | | | 148 | |
First Solar, Inc. (1) | | | 56 | | | | 12,701 | |
Five9, Inc. (1) | | | 276 | | | | 12,153 | |
FormFactor, Inc. (1) | | | 103 | | | | 6,206 | |
Fortinet, Inc. (1) | | | 41 | | | | 2,455 | |
Freshworks, Inc. – Class A (1) | | | 40 | | | | 503 | |
Gartner, Inc. (1) | | | 14 | | | | 6,277 | |
GCT Semiconductor Holding, Inc. (1) | | | 1 | | | | 7 | |
Gitlab, Inc. – Class A (1) | | | 413 | | | | 20,535 | |
Globant SA (1) | | | 59 | | | | 10,575 | |
GoDaddy, Inc. – Class A (1) | | | 156 | | | | 21,842 | |
Grid Dynamics Holdings, Inc. (1) | | | 8 | | | | 88 | |
Guidewire Software, Inc. (1) | | | 158 | | | | 21,747 | |
Hackett Group, Inc. | | | 4 | | | | 91 | |
Harmonic, Inc. (1) | | | 21 | | | | 252 | |
HashiCorp, Inc. – Class A (1) | | | 14 | | | | 469 | |
HP, Inc. | | | 44 | | | | 1,544 | |
HubSpot, Inc. (1) | | | 87 | | | | 51,025 | |
Ichor Holdings Ltd. (1) | | | 2 | | | | 76 | |
iLearningEngines Holdings, Inc. (1) | | | 5 | | | | 46 | |
Impinj, Inc. (1) | | | 4 | | | | 686 | |
indie Semiconductor, Inc. – Class A (1) | | | 10 | | | | 61 | |
Infinera Corp. (1) | | | 39 | | | | 236 | |
Insight Enterprises, Inc. (1) | | | 5 | | | | 1,073 | |
Instructure Holdings, Inc. (1) | | | 2 | | | | 57 | |
Intapp, Inc. (1) | | | 8 | | | | 279 | |
InterDigital, Inc. | | | 5 | | | | 574 | |
IonQ, Inc. (1) | | | 39 | | | | 271 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Iteris, Inc. (1) | | | 7 | | | $ | 31 | |
Itron, Inc. (1) | | | 85 | | | | 8,395 | |
Jabil, Inc. | | | 225 | | | | 24,514 | |
Jamf Holding Corp. (1) | | | 14 | | | | 238 | |
JFrog Ltd. (1) | | | 307 | | | | 11,538 | |
Kaltura, Inc. (1) | | | 20 | | | | 24 | |
Keysight Technologies, Inc. (1) | | | 230 | | | | 31,453 | |
Knowles Corp. (1) | | | 389 | | | | 6,722 | |
Kulicke & Soffa Industries, Inc. | | | 11 | | | | 526 | |
Lattice Semiconductor Corp. (1) | | | 938 | | | | 54,383 | |
Lightwave Logic, Inc. (1) | | | 22 | | | | 67 | |
Littelfuse, Inc. | | | 35 | | | | 8,881 | |
LiveRamp Holdings, Inc. (1) | | | 13 | | | | 391 | |
MACOM Technology Solutions Holdings, Inc. (1) | | | 352 | | | | 39,288 | |
Manhattan Associates, Inc. (1) | | | 84 | | | | 20,603 | |
Marathon Digital Holdings, Inc. (1) | | | 44 | | | | 874 | |
Marvell Technology, Inc. | | | 269 | | | | 18,830 | |
Matterport, Inc. (1) | | | 51 | | | | 227 | |
MaxLinear, Inc. – Class A (1) | | | 14 | | | | 292 | |
MeridianLink, Inc. (1) | | | 3 | | | | 67 | |
Microchip Technology, Inc. | | | 75 | | | | 6,906 | |
MicroStrategy, Inc. – Class A (1)(2) | | | 0 | | | | 252 | |
MicroVision, Inc. (1) | | | 22 | | | | 24 | |
Mirion Technologies, Inc. – Class A (1) | | | 310 | | | | 3,326 | |
Mitek Systems, Inc. (1) | | | 9 | | | | 101 | |
MKS Instruments, Inc. | | | 65 | | | | 8,472 | |
Monday.com Ltd. (1) | | | 238 | | | | 57,348 | |
MongoDB, Inc. – Class A (1) | | | 190 | | | | 47,583 | |
Monolithic Power Systems, Inc. | | | 55 | | | | 44,982 | |
N-able, Inc. (1) | | | 14 | | | | 210 | |
Napco Security Technologies, Inc. | | | 7 | | | | 354 | |
Navitas Semiconductor Corp. – Class A (1) | | | 3 | | | | 14 | |
nCino, Inc. (1) | | | 292 | | | | 9,179 | |
NCR Voyix Corp. (1) | | | 25 | | | | 313 | |
NetApp, Inc. | | | 17 | | | | 2,209 | |
NextNav, Inc. (1) | | | 15 | | | | 118 | |
nLight, Inc. (1) | | | 1 | | | | 6 | |
Novanta, Inc. (1) | | | 7 | | | | 1,135 | |
Nutanix, Inc. – Class A (1) | | | 1,075 | | | | 61,129 | |
NVE Corp. | | | 1 | | | | 69 | |
Okta, Inc. – Class A (1) | | | 698 | | | | 65,381 | |
Olo, Inc. – Class A (1) | | | 10 | | | | 45 | |
ON Semiconductor Corp. (1) | | | 392 | | | | 26,872 | |
OneSpan, Inc. (1) | | | 7 | | | | 86 | |
Onto Innovation, Inc. (1) | | | 346 | | | | 75,960 | |
Ooma, Inc. (1) | | | 1 | | | | 7 | |
OSI Systems, Inc. (1) | | | 3 | | | | 405 | |
Ouster, Inc. (1) | | | 1 | | | | 15 | |
PagerDuty, Inc. (1) | | | 17 | | | | 397 | |
Palantir Technologies, Inc. – Class A (1) | | | 373 | | | | 9,444 | |
Palo Alto Networks, Inc. (1) | | | 77 | | | | 26,104 | |
PAR Technology Corp. (1) | | | 6 | | | | 289 | |
PDF Solutions, Inc. (1) | | | 6 | | | | 220 | |
Pegasystems, Inc. | | | 8 | | | | 499 | |
Perficient, Inc. (1) | | | 7 | | | | 503 | |
Photronics, Inc. (1) | | | 4 | | | | 99 | |
Plexus Corp. (1) | | | 2 | | | | 163 | |
Porch Group, Inc. (1) | | | 15 | | | | 22 | |
Power Integrations, Inc. | | | 88 | | | | 6,179 | |
PowerSchool Holdings, Inc. – Class A (1) | | | 10 | | | | 231 | |
Prairie Operating Co. (1) | | | 2 | | | | 18 | |
Procore Technologies, Inc. (1) | | | 19 | | | | 1,291 | |
Progress Software Corp. | | | 8 | | | | 450 | |
PROS Holdings, Inc. (1) | | | 398 | | | | 11,413 | |
PTC, Inc. (1) | | | 80 | | | | 14,529 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Pure Storage, Inc. – Class A (1) | | | 1,102 | | | $ | 70,767 | |
Q2 Holdings, Inc. (1) | | | 124 | | | | 7,454 | |
Qualys, Inc. (1) | | | 55 | | | | 7,843 | |
QuickLogic Corp. (1) | | | 3 | | | | 28 | |
Rambus, Inc. (1) | | | 94 | | | | 5,544 | |
Rapid7, Inc. (1) | | | 95 | | | | 4,089 | |
Red Violet, Inc. (1) | | | 2 | | | | 56 | |
Rekor Systems, Inc. (1) | | | 12 | | | | 19 | |
ReposiTrak, Inc. (1) | | | 2 | | | | 35 | |
Rimini Street, Inc. (1) | | | 1 | | | | 4 | |
RingCentral, Inc. – Class A (1) | | | 15 | | | | 430 | |
Riot Platforms, Inc. (1) | | | 8 | | | | 76 | |
Samsara, Inc. – Class A (1) | | | 342 | | | | 11,532 | |
Sapiens International Corp. NV | | | 6 | | | | 203 | |
SEMrush Holdings, Inc. – Class A (1) | | | 7 | | | | 95 | |
Semtech Corp. (1) | | | 124 | | | | 3,702 | |
SentinelOne, Inc. – Class A (1) | | | 7 | | | | 142 | |
Shopify, Inc. – Class A (1) | | | 377 | | | | 24,924 | |
Silicon Laboratories, Inc. (1) | | | 113 | | | | 12,456 | |
SiTime Corp. (1) | | | 4 | | | | 444 | |
SkyWater Technology, Inc. (1) | | | 5 | | | | 40 | |
Smartsheet, Inc. – Class A (1) | | | 112 | | | | 4,942 | |
SoundHound AI, Inc. – Class A (1) | | | 55 | | | | 218 | |
SoundThinking, Inc. (1) | | | 2 | | | | 21 | |
Sprinklr, Inc. – Class A (1) | | | 20 | | | | 193 | |
Sprout Social, Inc. – Class A (1) | | | 244 | | | | 8,693 | |
SPS Commerce, Inc. (1) | | | 65 | | | | 12,233 | |
Squarespace, Inc. – Class A (1) | | | 12 | | | | 515 | |
Super Micro Computer, Inc. (1) | | | 48 | | | | 39,512 | |
Synaptics, Inc. (1) | | | 1 | | | | 52 | |
Synopsys, Inc. (1) | | | 117 | | | | 69,338 | |
Tenable Holdings, Inc. (1) | | | 166 | | | | 7,225 | |
Teradata Corp. (1) | | | 18 | | | | 623 | |
Teradyne, Inc. | | | 26 | | | | 3,826 | |
Terawulf, Inc. (1) | | | 42 | | | | 185 | |
Tucows, Inc. – Class A (1) | | | 1 | | | | 29 | |
Turtle Beach Corp. (1) | | | 2 | | | | 28 | |
Twilio, Inc. – Class A (1) | | | 6 | | | | 361 | |
Tyler Technologies, Inc. (1) | | | 152 | | | | 76,226 | |
Ubiquiti, Inc. (2) | | | 0 | | | | 49 | |
UiPath, Inc. – Class A (1) | | | 62 | | | | 783 | |
Ultra Clean Holdings, Inc. (1) | | | 9 | | | | 417 | |
Unity Software, Inc. (1) | | | 24 | | | | 394 | |
Universal Display Corp. | | | 4 | | | | 916 | |
Varonis Systems, Inc. – Class B (1) | | | 470 | | | | 22,533 | |
Veeco Instruments, Inc. (1) | | | 9 | | | | 423 | |
VeriSign, Inc. (1) | | | 1 | | | | 184 | |
VERTEX, Inc. – Class A (1) | | | 11 | | | | 381 | |
Viant Technology, Inc. – Class A (1) | | | 3 | | | | 28 | |
Weave Communications, Inc. (1) | | | 8 | | | | 69 | |
WM Technology, Inc. (1) | | | 15 | | | | 16 | |
Workday, Inc. – Class A (1) | | | 94 | | | | 21,015 | |
Workiva, Inc. – Class A (1) | | | 10 | | | | 719 | |
Yext, Inc. (1) | | | 20 | | | | 108 | |
Zebra Technologies Corp. – Class A (1) | | | 2 | | | | 620 | |
Zeta Global Holdings Corp. – Class A (1) | | | 32 | | | | 564 | |
Zscaler, Inc. (1) | | | 274 | | | | 52,646 | |
Zuora, Inc. – Class A (1) | | | 25 | | | | 251 | |
| | | | | | | | |
Total Information Technology | | | | 2,070,351 | |
| | | | | |
| Materials – 1.69% | | | | | | | | |
5E Advanced Materials, Inc. (1) | | | 1 | | | | 2 | |
Alpha Metallurgical Resources, Inc. | | | 2 | | | | 597 | |
Ardagh Metal Packaging SA | | | 27 | | | | 93 | |
Arq, Inc. (1) | | | 1 | | | | 6 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Ashland, Inc. | | | 54 | | | $ | 5,059 | |
ASP Isotopes, Inc. (1) | | | 8 | | | | 24 | |
Aspen Aerogels, Inc. (1) | | | 2 | | | | 60 | |
Avery Dennison Corp. | | | 6 | | | | 1,243 | |
Balchem Corp. | | | 43 | | | | 6,647 | |
Berry Global Group, Inc. | | | 81 | | | | 4,761 | |
Cabot Corp. | | | 11 | | | | 968 | |
Carpenter Technology Corp. | | | 9 | | | | 1,013 | |
Celanese Corp. – Class A | | | 5 | | | | 716 | |
Century Aluminum Co. (1) | | | 10 | | | | 173 | |
Chemours Co. | | | 2 | | | | 46 | |
Cleveland-Cliffs, Inc. (1) | | | 28 | | | | 437 | |
Constellium SE – Class A (1) | | | 25 | | | | 472 | |
Contango ORE, Inc. (1) | | | 1 | | | | 12 | |
Critical Metals Corp. (1) | | | 1 | | | | 12 | |
Dakota Gold Corp. (1) | | | 8 | | | | 22 | |
Eagle Materials, Inc. | | | 40 | | | | 8,597 | |
Element Solutions, Inc. | | | 464 | | | | 12,573 | |
Graphic Packaging Holding Co. | | | 217 | | | | 5,676 | |
Hawkins, Inc. | | | 4 | | | | 340 | |
HB Fuller Co. | | | 3 | | | | 237 | |
Ingevity Corp. (1) | | | 89 | | | | 3,884 | |
Innospec, Inc. | | | 100 | | | | 12,301 | |
Ivanhoe Electric, Inc. (1) | | | 16 | | | | 152 | |
Kaiser Aluminum Corp. | | | 3 | | | | 256 | |
Knife River Corp. (1) | | | 11 | | | | 774 | |
Louisiana-Pacific Corp. | | | 8 | | | | 685 | |
Martin Marietta Materials, Inc. | | | 1 | | | | 339 | |
Materion Corp. | | | 51 | | | | 5,527 | |
Metals Acquisition Ltd. (1) | | | 3 | | | | 40 | |
Myers Industries, Inc. | | | 7 | | | | 94 | |
Northern Technologies International Corp. | | | 2 | | | | 25 | |
Orion SA | | | 11 | | | | 243 | |
Pactiv Evergreen, Inc. | | | 1 | | | | 10 | |
Perpetua Resources Corp. (1) | | | 8 | | | | 42 | |
Piedmont Lithium, Inc. (1) | | | 1 | | | | 11 | |
PureCycle Technologies, Inc. (1) | | | 5 | | | | 28 | |
Quaker Chemical Corp. | | | 3 | | | | 460 | |
Ramaco Resources, Inc. – Class A | | | 5 | | | | 66 | |
Ramaco Resources, Inc. – Class B | | | 1 | | | | 6 | |
Royal Gold, Inc. | | | 106 | | | | 13,238 | |
RPM International, Inc. | | | 5 | | | | 579 | |
Sealed Air Corp. | | | 1 | | | | 51 | |
Sensient Technologies Corp. | | | 90 | | | | 6,662 | |
Silgan Holdings, Inc. | | | 118 | | | | 4,998 | |
Smith-Midland Corp. (1) | | | 1 | | | | 24 | |
Stepan Co. (2) | | | 0 | | | | 35 | |
Summit Materials, Inc. – Class A (1) | | | 222 | | | | 8,131 | |
Sylvamo Corp. | | | 1 | | | | 103 | |
Teck Resources Ltd. – Class B | | | 316 | | | | 15,159 | |
Tronox Holdings Plc – Class A | | | 972 | | | | 15,251 | |
United States Lime & Minerals, Inc. (2) | | | 0 | | | | 149 | |
Vulcan Materials Co. | | | 6 | | | | 1,570 | |
| | | | | | | | |
Total Materials | | | | 140,679 | |
| | | | | |
| Real Estate – 0.88% | | | | | | | | |
Agree Realty Corp. | | | 98 | | | | 6,065 | |
Alexander’s, Inc. (2) | | | 0 | | | | 92 | |
Apartment Investment & Management
Co. – Class A (1) | | | 13 | | | | 105 | |
Armada Hoffler Properties, Inc. | | | 1 | | | | 7 | |
CareTrust REIT, Inc. | | | 314 | | | | 7,893 | |
CBL & Associates Properties, Inc. | | | 3 | | | | 72 | |
Clipper Realty, Inc. | | | 2 | | | | 8 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Community Healthcare Trust, Inc. | | | 1 | | | $ | 12 | |
Compass, Inc. – Class A (1) | | | 71 | | | | 255 | |
COPT Defense Properties | | | 274 | | | | 6,848 | |
CoStar Group, Inc. (1) | | | 386 | | | | 28,589 | |
DigitalBridge Group, Inc. | | | 8 | | | | 113 | |
eXp World Holdings, Inc. | | | 16 | | | | 177 | |
FirstService Corp. | | | 56 | | | | 8,549 | |
Forestar Group, Inc. (1)(2) | | | 0 | | | | 13 | |
Gladstone Commercial Corp. | | | 1 | | | | 17 | |
Iron Mountain, Inc. | | | 23 | | | | 2,085 | |
Jones Lang LaSalle, Inc. (1) | | | 3 | | | | 582 | |
Lamar Advertising Co. – Class A | | | 4 | | | | 514 | |
Maui Land & Pineapple Co., Inc. (1) | | | 1 | | | | 31 | |
NETSTREIT Corp. | | | 3 | | | | 42 | |
Opendoor Technologies, Inc. (1) | | | 6 | | | | 10 | |
Outfront Media, Inc. | | | 11 | | | | 162 | |
Phillips Edison & Co., Inc. | | | 4 | | | | 123 | |
Postal Realty Trust, Inc. – Class A | | | 1 | | | | 16 | |
Real Brokerage, Inc. (1) | | | 18 | | | | 75 | |
Redfin Corp. (1) | | | 23 | | | | 136 | |
Ryman Hospitality Properties, Inc. | | | 11 | | | | 1,140 | |
Saul Centers, Inc. | | | 2 | | | | 69 | |
Simon Property Group, Inc. | | | 16 | | | | 2,375 | |
St Joe Co. | | | 7 | | | | 381 | |
Strawberry Fields REIT, Inc. (1) | | | 1 | | | | 9 | |
Tanger, Inc. | | | 8 | | | | 222 | |
Terreno Realty Corp. | | | 114 | | | | 6,757 | |
UMH Properties, Inc. | | | 2 | | | | 31 | |
Universal Health Realty Income Trust | | | 2 | | | | 85 | |
| | | | | | | | |
Total Real Estate | | | | 73,660 | |
| | | | | |
| Utilities – 0.10% | | | | | | | | |
American States Water Co. | | | 4 | | | | 301 | |
Cadiz, Inc. (1) | | | 7 | | | | 22 | |
California Water Service Group | | | 3 | | | | 146 | |
Consolidated Water Co. Ltd. | | | 1 | | | | 20 | |
Genie Energy Ltd. – Class B | | | 1 | | | | 16 | |
Global Water Resources, Inc. | | | 2 | | | | 25 | |
MGE Energy, Inc. | | | 3 | | | | 228 | |
Middlesex Water Co. (2) | | | 0 | | | | 25 | |
Montauk Renewables, Inc. (1) | | | 12 | | | | 71 | |
NRG Energy, Inc. | | | 16 | | | | 1,280 | |
Otter Tail Corp. | | | 4 | | | | 317 | |
Vistra Corp. | | | 64 | | | | 5,497 | |
York Water Co. (2) | | | 0 | | | | 17 | |
| | | | | | | | |
Total Utilities | | | | 7,965 | |
| | | | | |
Total Common Stocks
(Cost: $6,260,192) | | | | 8,133,788 | |
| | | | | |
RIGHTS – 0.00% (4) | |
| Healthcare – 0.00% (4) | |
Pulse Biosciences, Inc., expires 12/31/2049 (1)(2) | | | 0 | | | | 1 | |
| | | | | | | | |
Total Healthcare | | | | 1 | |
| | | | | |
Total Rights
(Cost: $1) | | | | 1 | |
| | | | | |
SHORT-TERM INVESTMENTS – 2.34% | |
| Money Market Funds – 2.28% | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (5) | | | 189,661 | | | | 189,661 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $189,661) | | | | 189,661 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Time Deposits – 0.06% | |
JP Morgan, New York,
4.83% due 07/01/2024 | | $ | 841 | | | $ | 841 | |
Sumitomo Trust Bank, London,
4.83% due 07/01/2024 | | | 4,234 | | | | 4,234 | |
| | | | | | | | |
Total Time Deposits
(Cost: $5,075) | | | | 5,075 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $194,736) | | | | 194,736 | |
| | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.90%
(Cost: $6,454,929) | | | | 8,328,525 | |
| | | | | | | | |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.10% | | | | 8,120 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 8,336,645 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $14, which represents 0.00% of total net assets. |
| (4) | Amount calculated is less than 0.005%. |
| (5) | Represents annualized seven-day yield as of the close of the reporting period. |
| (6) | Security that is restricted at June 30, 2024. The value of these securities totals $0, which represents 0.00% of total net assets. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 39 | | E-mini Russell 2000 Future | | | Sep. 2024 | | | $ | 4,010 | | | $ | 4,027 | | | $ | 17 | |
| 2 | | NASDAQ 100 E-mini Future (1) | | | Sep. 2024 | | | | 797 | | | | 797 | | | | (0 | ) |
| 8 | | S&P 500 E-mini Future | | | Sep. 2024 | | | | 2,203 | | | | 2,208 | | | | 5 | |
| 3 | | S&P MidCap 400 E-mini Future | | | Sep. 2024 | | | | 886 | | | | 888 | | | | 2 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 24 | |
| | | | | | | | | | | | | | | | | | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
COMMON STOCKS – 97.66% | |
| Communication Services – 0.99% | | | | | |
Advantage Solutions, Inc. (1) | | | 49 | | | $ | 157 | |
AMC Entertainment Holdings, Inc. – Class A (1) | | | 116 | | | | 577 | |
AMC Networks, Inc. – Class A (1) | | | 80 | | | | 771 | |
Anterix, Inc. (1) | | | 1 | | | | 23 | |
AST SpaceMobile, Inc. – Class A (1) | | | 53 | | | | 618 | |
ATN International, Inc. | | | 4 | | | | 98 | |
Bandwidth, Inc. – Class A (1) | | | 1 | | | | 25 | |
Boston Omaha Corp. – Class A (1) | | | 10 | | | | 138 | |
Bumble, Inc. – Class A (1) | | | 40 | | | | 418 | |
Cable One, Inc. | | | 17 | | | | 5,917 | |
Cars.com, Inc. (1) | | | 30 | | | | 589 | |
Charter Communications, Inc. – Class A (1) | | | 3 | | | | 790 | |
Cinemark Holdings, Inc. (1) | | | 11 | | | | 228 | |
Clear Channel Outdoor Holdings,
Inc. – Class A (1) | | | 142 | | | | 201 | |
Consolidated Communications Holdings, Inc. (1) | | | 34 | | | | 150 | |
EchoStar Corp. – Class A (1) | | | 55 | | | | 977 | |
Electronic Arts, Inc. | | | 8 | | | | 1,049 | |
Emerald Holding, Inc. (1) | | | 7 | | | | 42 | |
Entravision Communications Corp. – Class A | | | 600 | | | | 1,218 | |
ESC GCI Liberty, Inc. (1)(2)(3) | | | 3 | | | | — | |
Eventbrite, Inc. – Class A (1) | | | 3 | | | | 14 | |
EW Scripps Co. – Class A (1) | | | 27 | | | | 86 | |
Fox Corp. – Class A | | | 225 | | | | 7,749 | |
Fox Corp. – Class B | | | 4 | | | | 113 | |
Frontier Communications Parent, Inc. (1) | | | 7 | | | | 182 | |
fuboTV, Inc. (1) | | | 128 | | | | 159 | |
Gannett Co., Inc. (1) | | | 64 | | | | 294 | |
Globalstar, Inc. (1) | | | 58 | | | | 65 | |
Gogo, Inc. (1) | | | 17 | | | | 162 | |
Gray Television, Inc. | | | 39 | | | | 203 | |
IAC, Inc. (1) | | | 2 | | | | 98 | |
IDT Corp. – Class B | | | 2 | | | | 78 | |
iHeartMedia, Inc. – Class A (1) | | | 44 | | | | 48 | |
Innovid Corp. (1) | | | 33 | | | | 60 | |
Integral Ad Science Holding Corp. (1) | | | 29 | | | | 282 | |
Interpublic Group of Companies, Inc. | | | 11 | | | | 310 | |
Iridium Communications, Inc. | | | 3 | | | | 81 | |
John Wiley & Sons, Inc. – Class A | | | 8 | | | | 324 | |
Liberty Broadband Corp. – Class A (1)(2) | | | 0 | | | | 24 | |
Liberty Broadband Corp. – Class C (1) | | | 2 | | | | 123 | |
Liberty Global Ltd. – Class A (1) | | | 5 | | | | 80 | |
Liberty Global Ltd. – Class C (1) | | | 5 | | | | 86 | |
Liberty Latin America Ltd. – Class A (1) | | | 17 | | | | 159 | |
Liberty Latin America Ltd. – Class C (1) | | | 59 | | | | 568 | |
Liberty Media Corp.-Liberty Formula
One – Class A (1) | | | 1 | | | | 37 | |
Liberty Media Corp.-Liberty Formula
One – Class C (1) | | | 141 | | | | 10,134 | |
Liberty Media Corp.-Liberty Live – Class A (1) | | | 1 | | | | 22 | |
Liberty Media Corp.-Liberty Live – Class C (1) | | | 1 | | | | 49 | |
Liberty Media Corp.-Liberty SiriusXM (1) | | | 4 | | | | 91 | |
Liberty Media Corp.-Liberty
SiriusXM – Class A (1) | | | 2 | | | | 41 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Lions Gate Entertainment Corp. – Class A (1) | | | 32 | | | $ | 302 | |
Lions Gate Entertainment
Corp. – Class B (1) | | | 49 | | | | 423 | |
Lumen Technologies, Inc. (1) | | | 458 | | | | 504 | |
Madison Square Garden Entertainment
Corp. – Class A (1) | | | 16 | | | | 540 | |
Madison Square Garden Sports
Corp. – Class A (1)(2) | | | 0 | | | | 88 | |
Magnite, Inc. (1) | | | 7 | | | | 87 | |
Marcus Corp. | | | 10 | | | | 117 | |
Match Group, Inc. (1) | | | 7 | | | | 226 | |
National CineMedia, Inc. (1) | | | 33 | | | | 143 | |
New York Times Co. – Class A | | | 5 | | | | 231 | |
News Corp. – Class A | | | 11 | | | | 291 | |
News Corp. – Class B | | | 3 | | | | 95 | |
Nexstar Media Group, Inc. – Class A | | | 40 | | | | 6,681 | |
Nextdoor Holdings, Inc. (1) | | | 79 | | | | 221 | |
Omnicom Group, Inc. | | | 5 | | | | 490 | |
Outbrain, Inc. (1) | | | 19 | | | | 97 | |
Paramount Global – Class A (2) | | | 0 | | | | 9 | |
Paramount Global – Class B | | | 17 | | | | 173 | |
Playstudios, Inc. (1) | | | 41 | | | | 85 | |
Playtika Holding Corp. | | | 416 | | | | 3,276 | |
Reservoir Media, Inc. (1) | | | 8 | | | | 65 | |
Roku, Inc. – Class A (1) | | | 3 | | | | 181 | |
Scholastic Corp. | | | 11 | | | | 383 | |
Shenandoah Telecommunications Co. | | | 22 | | | | 357 | |
Shutterstock, Inc. | | | 96 | | | | 3,719 | |
Sirius XM Holdings, Inc. | | | 18 | | | | 51 | |
Sphere Entertainment Co. (1) | | | 12 | | | | 424 | |
Spok Holdings, Inc. | | | 8 | | | | 122 | |
Stagwell, Inc. – Class A (1) | | | 35 | | | | 236 | |
Take-Two Interactive Software, Inc. (1) | | | 68 | | | | 10,538 | |
TEGNA, Inc. | | | 293 | | | | 4,082 | |
Telephone & Data Systems, Inc. | | | 45 | | | | 924 | |
TKO Group Holdings, Inc. – Class A | | | 2 | | | | 206 | |
Townsquare Media, Inc. – Class A | | | 37 | | | | 406 | |
TripAdvisor, Inc. (1) | | | 223 | | | | 3,964 | |
TrueCar, Inc. (1) | | | 42 | | | | 131 | |
Trump Media & Technology Group Corp. (1) | | | 1 | | | | 20 | |
Urban One, Inc. (1)(2) | | | 0 | | | | 1 | |
Urban One, Inc. – Class A (1)(2) | | | 0 | | | | 1 | |
Vimeo, Inc. (1) | | | 67 | | | | 249 | |
Warner Bros Discovery, Inc. (1) | | | 68 | | | | 507 | |
WideOpenWest, Inc. (1) | | | 21 | | | | 115 | |
Ziff Davis, Inc. (1) | | | 21 | | | | 1,129 | |
ZoomInfo Technologies, Inc. – Class A (1) | | | 9 | | | | 112 | |
| | | | | | | | |
Total Communication Services | | | | 77,710 | |
| | | | | | | | |
| Consumer Discretionary – 11.37% | | | | | | | | |
1-800-Flowers.com, Inc. – Class A (1) | | | 9 | | | | 84 | |
1stdibs.com, Inc. (1) | | | 9 | | | | 39 | |
Aaron’s Co., Inc. | | | 40 | | | | 396 | |
Academy Sports & Outdoors, Inc. | | | 24 | | | | 1,289 | |
Accel Entertainment, Inc. – Class A (1) | | | 216 | | | | 2,220 | |
Adient Plc (1) | | | 42 | | | | 1,031 | |
ADT, Inc. | | | 8 | | | | 64 | |
Adtalem Global Education, Inc. (1) | | | 14 | | | | 986 | |
Advance Auto Parts, Inc. | | | 2 | | | | 105 | |
A-Mark Precious Metals, Inc. | | | 103 | | | | 3,338 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Amer Sports, Inc. (1) | | | 3 | | | $ | 43 | |
American Axle & Manufacturing Holdings, Inc. (1) | | | 52 | | | | 366 | |
American Eagle Outfitters, Inc. | | | 18 | | | | 352 | |
American Public Education, Inc. (1) | | | 7 | | | | 116 | |
America’s Car-Mart, Inc. (1) | | | 3 | | | | 166 | |
AMMO, Inc. (1) | | | 39 | | | | 66 | |
Aptiv Plc (1) | | | 8 | | | | 540 | |
Aramark | | | 7 | | | | 251 | |
Arhaus, Inc. | | | 4 | | | | 59 | |
Arko Corp. | | | 32 | | | | 200 | |
Asbury Automotive Group, Inc. (1) | | | 54 | | | | 12,348 | |
AutoNation, Inc. (1) | | | 1 | | | | 117 | |
AutoZone, Inc. (1) | | | 17 | | | | 50,981 | |
Bally’s Corp. (1) | | | 11 | | | | 127 | |
BARK, Inc. (1) | | | 63 | | | | 114 | |
Bath & Body Works, Inc. | | | 6 | | | | 249 | |
Beazer Homes USA, Inc. (1) | | | 13 | | | | 356 | |
Best Buy Co., Inc. | | | 257 | | | | 21,665 | |
Beyond, Inc. (1) | | | 20 | | | | 267 | |
Biglari Holdings, Inc. – Class B (1)(2) | | | 0 | | | | 63 | |
Birkenstock Holding Plc (1) | | | 1 | | | | 38 | |
BJ’s Restaurants, Inc. (1) | | | 4 | | | | 149 | |
Bloomin’ Brands, Inc. | | | 171 | | | | 3,293 | |
BorgWarner, Inc. | | | 94 | | | | 3,047 | |
Boyd Gaming Corp. | | | 172 | | | | 9,492 | |
Bright Horizons Family Solutions, Inc. (1) | | | 1 | | | | 151 | |
Brinker International, Inc. (1) | | | 108 | | | | 7,823 | |
BRP, Inc. | | | 64 | | | | 4,067 | |
Brunswick Corp. | | | 206 | | | | 15,016 | |
Caesars Entertainment, Inc. (1) | | | 6 | | | | 239 | |
Caleres, Inc. | | | 11 | | | | 376 | |
Canada Goose Holdings, Inc. (1) | | | 481 | | | | 6,222 | |
Canoo, Inc. (1) | | | 26 | | | | 56 | |
Capri Holdings Ltd. (1) | | | 86 | | | | 2,838 | |
CarMax, Inc. (1) | | | 107 | | | | 7,869 | |
Carnival Corp. (1) | | | 1,164 | | | | 21,783 | |
Carriage Services, Inc. – Class A | | | 1 | | | | 36 | |
Carter’s, Inc. | | | 1 | | | | 63 | |
Carvana Co. – Class A (1) | | | 2 | | | | 248 | |
Cavco Industries, Inc. (1) | | | 6 | | | | 2,085 | |
Century Casinos, Inc. (1)(2) | | | 0 | | | | 0 | |
Century Communities, Inc. | | | 11 | | | | 925 | |
Chegg, Inc. (1) | | | 45 | | | | 141 | |
Choice Hotels International, Inc. (2) | | | 0 | | | | 14 | |
Churchill Downs, Inc. | | | 83 | | | | 11,589 | |
Chuy’s Holdings, Inc. (1) | | | 7 | | | | 190 | |
Citi Trends, Inc. (1) | | | 4 | | | | 76 | |
Clarus Corp. | | | 10 | | | | 66 | |
Columbia Sportswear Co. | | | 1 | | | | 72 | |
Cooper-Standard Holdings, Inc. (1) | | | 8 | | | | 95 | |
Cracker Barrel Old Country Store, Inc. | | | 8 | | | | 333 | |
Cricut, Inc. – Class A (1) | | | 4 | | | | 26 | |
Crocs, Inc. (1) | | | 1 | | | | 201 | |
Dana, Inc. | | | 60 | | | | 727 | |
Darden Restaurants, Inc. | | | 38 | | | | 5,791 | |
Dave & Buster’s Entertainment, Inc. (1) | | | 79 | | | | 3,161 | |
Denny’s Corp. (1) | | | 6 | | | | 45 | |
Designer Brands, Inc. – Class A | | | 19 | | | | 127 | |
Despegar.com Corp. (1) | | | 24 | | | | 318 | |
Destination XL Group, Inc. (1) | | | 23 | | | | 84 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Dick’s Sporting Goods, Inc. | | | 39 | | | $ | 8,327 | |
Dillard’s, Inc. – Class A (2) | | | 0 | | | | 39 | |
Dine Brands Global, Inc. | | | 31 | | | | 1,129 | |
Domino’s Pizza, Inc. | | | 1 | | | | 328 | |
DoorDash, Inc. – Class A (1) | | | 239 | | | | 26,046 | |
DR Horton, Inc. | | | 8 | | | | 1,176 | |
Dutch Bros, Inc. – Class A (1) | | | 2 | | | | 64 | |
eBay, Inc. | | | 450 | | | | 24,163 | |
El Pollo Loco Holdings, Inc. (1) | | | 13 | | | | 142 | |
Empire Resorts, Inc. (1)(2)(3) | | | 0 | | | | — | |
Escalade, Inc. | | | 5 | | | | 63 | |
Ethan Allen Interiors, Inc. | | | 10 | | | | 276 | |
Etsy, Inc. (1) | | | 1 | | | | 67 | |
European Wax Center, Inc. – Class A (1) | | | 1 | | | | 6 | |
Everi Holdings, Inc. (1) | | | 177 | | | | 1,489 | |
EVgo, Inc. – Class A (1) | | | 43 | | | | 105 | |
Expedia Group, Inc. (1) | | | 58 | | | | 7,319 | |
Figs, Inc. – Class A (1) | | | 55 | | | | 293 | |
Five Below, Inc. (1)(2) | | | 0 | | | | 33 | |
Flexsteel Industries, Inc. (1) | | | 2 | | | | 64 | |
Floor & Decor Holdings, Inc. – Class A (1) | | | 87 | | | | 8,640 | |
Foot Locker, Inc. | | | 126 | | | | 3,129 | |
Ford Motor Co. | | | 316 | | | | 3,968 | |
Fox Factory Holding Corp. (1) | | | 19 | | | | 918 | |
Frontdoor, Inc. (1) | | | 296 | | | | 10,000 | |
Full House Resorts, Inc. (1) | | | 9 | | | | 47 | |
Funko, Inc. – Class A (1) | | | 320 | | | | 3,124 | |
GameStop Corp. – Class A (1) | | | 7 | | | | 185 | |
Gap, Inc. | | | 6 | | | | 135 | |
Garmin Ltd. | | | 89 | | | | 14,474 | |
Genesco, Inc. (1) | | | 4 | | | | 93 | |
Gentex Corp. | | | 403 | | | | 13,594 | |
Genuine Parts Co. | | | 4 | | | | 542 | |
G-III Apparel Group Ltd. (1) | | | 78 | | | | 2,108 | |
Global Business Travel Group I (1) | | | 8 | | | | 50 | |
Golden Entertainment, Inc. | | | 9 | | | | 283 | |
Goodyear Tire & Rubber Co. (1) | | | 274 | | | | 3,109 | |
GoPro, Inc. – Class A (1) | | | 64 | | | | 91 | |
Graham Holdings Co. – Class B | | | 2 | | | | 1,075 | |
Grand Canyon Education, Inc. (1) | | | 54 | | | | 7,485 | |
Green Brick Partners, Inc. (1) | | | 10 | | | | 576 | |
Group 1 Automotive, Inc. | | | 32 | | | | 9,516 | |
Groupon, Inc. – Class A (1) | | | 5 | | | | 80 | |
GrowGeneration Corp. (1) | | | 29 | | | | 62 | |
H&R Block, Inc. | | | 329 | | | | 17,853 | |
Hamilton Beach Brands Holding Co. – Class A | | | 4 | | | | 67 | |
Harley-Davidson, Inc. | | | 404 | | | | 13,563 | |
Hasbro, Inc. | | | 117 | | | | 6,843 | |
Haverty Furniture Companies, Inc. | | | 6 | | | | 151 | |
Helen of Troy Ltd. (1) | | | 81 | | | | 7,521 | |
Hibbett, Inc. | | | 1 | | | | 101 | |
Hilton Worldwide Holdings, Inc. | | | 3 | | | | 740 | |
Holley, Inc. (1) | | | 12 | | | | 41 | |
Hooker Furnishings Corp. | | | 5 | | | | 66 | |
Hovnanian Enterprises, Inc. – Class A (1) | | | 2 | | | | 300 | |
Hyatt Hotels Corp. – Class A | | | 1 | | | | 161 | |
Installed Building Products, Inc. | | | 68 | | | | 13,962 | |
International Game Technology Plc | | | 408 | | | | 8,357 | |
iRobot Corp. (1) | | | 13 | | | | 116 | |
J Jill, Inc. (2) | | | 0 | | | | 8 | |
Jack in the Box, Inc. | | | 37 | | | | 1,869 | |
JAKKS Pacific, Inc. (1) | | | 3 | | | | 59 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Johnson Outdoors, Inc. – Class A | | | 2 | | | $ | 61 | |
KB Home | | | 79 | | | | 5,534 | |
Kohl’s Corp. | | | 74 | | | | 1,698 | |
Lands’ End, Inc. (1) | | | 7 | | | | 95 | |
Landsea Homes Corp. (1) | | | 8 | | | | 75 | |
Latham Group, Inc. (1) | | | 16 | | | | 48 | |
Laureate Education, Inc. – Class A | | | 12 | | | | 186 | |
La-Z-Boy, Inc. | | | 443 | | | | 16,528 | |
Lear Corp. | | | 124 | | | | 14,187 | |
Legacy Housing Corp. (1) | | | 4 | | | | 94 | |
Leggett & Platt, Inc. | | | 4 | | | | 45 | |
Lennar Corp. – Class A | | | 7 | | | | 1,008 | |
Lennar Corp. – Class B (2) | | | 0 | | | | 53 | |
Leslie’s, Inc. (1) | | | 32 | | | | 133 | |
LGI Homes, Inc. (1) | | | 9 | | | | 762 | |
Life Time Group Holdings, Inc. (1) | | | 27 | | | | 508 | |
Lifetime Brands, Inc. | | | 6 | | | | 49 | |
Lincoln Educational Services Corp. (1) | | | 12 | | | | 141 | |
Lindblad Expeditions Holdings, Inc. (1) | | | 5 | | | | 48 | |
Lithia Motors, Inc. – Class A | | | 1 | | | | 194 | |
LKQ Corp. | | | 276 | | | | 11,468 | |
Lovesac Co. (1) | | | 3 | | | | 69 | |
Lucid Group, Inc. (1) | | | 25 | | | | 65 | |
Luminar Technologies, Inc. – Class A (1) | | | 19 | | | | 29 | |
M/I Homes, Inc. (1) | | | 12 | | | | 1,492 | |
Macy’s, Inc. | | | 142 | | | | 2,718 | |
Malibu Boats, Inc. – Class A (1) | | | 22 | | | | 778 | |
Marine Products Corp. | | | 2 | | | | 17 | |
MarineMax, Inc. (1) | | | 137 | | | | 4,421 | |
Marriott International, Inc. – Class A | | | 26 | | | | 6,222 | |
Marriott Vacations Worldwide Corp. | | | 1 | | | | 82 | |
MasterCraft Boat Holdings, Inc. (1) | | | 7 | | | | 133 | |
Mattel, Inc. (1) | | | 10 | | | | 158 | |
Meritage Homes Corp. | | | 16 | | | | 2,613 | |
MGM Resorts International (1) | | | 7 | | | | 303 | |
Mister Car Wash, Inc. (1) | | | 6 | | | | 43 | |
Mohawk Industries, Inc. (1) | | | 22 | | | | 2,495 | |
Mondee Holdings, Inc. – Class A (1) | | | 2 | | | | 4 | |
Monro, Inc. | | | 130 | | | | 3,096 | |
Movado Group, Inc. | | | 6 | | | | 158 | |
National Vision Holdings, Inc. (1) | | | 33 | | | | 429 | |
Newell Brands, Inc. | | | 822 | | | | 5,272 | |
Nordstrom, Inc. | | | 78 | | | | 1,652 | |
NVR, Inc. (1) | | | 4 | | | | 27,645 | |
ODP Corp. (1) | | | 85 | | | | 3,325 | |
Ollie’s Bargain Outlet Holdings, Inc. (1) | | | 2 | | | | 168 | |
OneWater Marine, Inc. – Class A (1) | | | 105 | | | | 2,906 | |
Oxford Industries, Inc. | | | 165 | | | | 16,573 | |
Papa John’s International, Inc. | | | 4 | | | | 190 | |
Patrick Industries, Inc. | | | 44 | | | | 4,757 | |
Peloton Interactive, Inc. – Class A (1) | | | 11 | | | | 39 | |
Penn Entertainment, Inc. (1) | | | 4 | | | | 82 | |
Penske Automotive Group, Inc. | | | 51 | | | | 7,611 | |
Perdoceo Education Corp. | | | 27 | | | | 568 | |
Petco Health & Wellness Co.,
Inc. – Class A (1) | | | 37 | | | | 141 | |
Phinia, Inc. | | | 38 | | | | 1,504 | |
Planet Fitness, Inc. – Class A (1) | | | 1 | | | | 82 | |
Polaris, Inc. | | | 2 | | | | 118 | |
Portillo’s, Inc. – Class A (1) | | | 5 | | | | 45 | |
PulteGroup, Inc. | | | 117 | | | | 12,827 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Purple Innovation, Inc. – Class A (1) | | | 26 | | | $ | 27 | |
PVH Corp. | | | 121 | | | | 12,840 | |
QuantumScape Corp. – Class A (1) | | | 10 | | | | 48 | |
Ralph Lauren Corp. – Class A | | | 55 | | | | 9,700 | |
RCI Hospitality Holdings, Inc. | | | 2 | | | | 67 | |
RealReal, Inc. (1) | | | 14 | | | | 44 | |
Red Robin Gourmet Burgers, Inc. (1) | | | 17 | | | | 132 | |
Red Rock Resorts, Inc. – Class A | | | 673 | | | | 36,976 | |
Rent the Runway, Inc. – Class A (1)(2) | | | 0 | | | | 1 | |
RH (1)(2) | | | 0 | | | | 83 | |
Rivian Automotive, Inc. – Class A (1) | | | 23 | | | | 310 | |
Rocky Brands, Inc. | | | 2 | | | | 79 | |
Ross Stores, Inc. | | | 122 | | | | 17,691 | |
Royal Caribbean Cruises Ltd. (1) | | | 344 | | | | 54,851 | |
RumbleON, Inc. – Class B (1) | | | 7 | | | | 28 | |
Sabre Corp. (1) | | | 135 | | | | 361 | |
Sally Beauty Holdings, Inc. (1) | | | 47 | | | | 504 | |
Service Corp. International | | | 4 | | | | 285 | |
SharkNinja, Inc. | | | 1 | | | | 112 | |
Shoe Carnival, Inc. | | | 8 | | | | 305 | |
Signet Jewelers Ltd. | | | 19 | | | | 1,732 | |
Six Flags Entertainment Corp. (1) | | | 9 | | | | 289 | |
Skechers USA, Inc. – Class A (1) | | | 399 | | | | 27,552 | |
Skyline Champion Corp. (1) | | | 217 | | | | 14,733 | |
Sleep Number Corp. (1) | | | 10 | | | | 93 | |
Smith & Wesson Brands, Inc. | | | 19 | | | | 268 | |
Smith Douglas Homes Corp. – Class A (1) | | | 98 | | | | 2,299 | |
Solid Power, Inc. (1) | | | 73 | | | | 120 | |
Solo Brands, Inc. – Class A (1) | | | 373 | | | | 850 | |
Sonic Automotive, Inc. – Class A | | | 5 | | | | 260 | |
Sonos, Inc. (1) | | | 6 | | | | 90 | |
Standard Motor Products, Inc. | | | 10 | | | | 264 | |
Stitch Fix, Inc. – Class A (1) | | | 41 | | | | 171 | |
Stoneridge, Inc. (1) | | | 12 | | | | 190 | |
Strategic Education, Inc. | | | 10 | | | | 1,119 | |
Sturm Ruger & Co., Inc. | | | 5 | | | | 215 | |
Superior Group of Companies, Inc. | | | 5 | | | | 97 | |
Tapestry, Inc. | | | 212 | | | | 9,062 | |
Taylor Morrison Home Corp. – Class A (1) | | | 47 | | | | 2,609 | |
Tempur Sealy International, Inc. | | | 251 | | | | 11,905 | |
Thor Industries, Inc. | | | 48 | | | | 4,508 | |
ThredUp, Inc. – Class A (1) | | | 26 | | | | 44 | |
Tile Shop Holdings, Inc. (1) | | | 9 | | | | 66 | |
Tilly’s, Inc. – Class A (1) | | | 4 | | | | 27 | |
Toll Brothers, Inc. | | | 185 | | | | 21,286 | |
TopBuild Corp. (1) | | | 1 | | | | 318 | |
Topgolf Callaway Brands Corp. (1) | | | 271 | | | | 4,147 | |
Traeger, Inc. (1) | | | 16 | | | | 37 | |
Travel + Leisure Co. | | | 58 | | | | 2,607 | |
TRI Pointe Homes, Inc. (1) | | | 30 | | | | 1,102 | |
Ulta Beauty, Inc. (1)(2) | | | 0 | | | | 68 | |
Under Armour, Inc. – Class A (1) | | | 4 | | | | 26 | |
Under Armour, Inc. – Class C (1) | | | 908 | | | | 5,931 | |
United Homes Group, Inc. (1) | | | 4 | | | | 22 | |
United Parks & Resorts, Inc. (1) | | | 1 | | | | 80 | |
Urban Outfitters, Inc. (1) | | | 21 | | | | 858 | |
Vacasa, Inc. (1) | | | 4 | | | | 21 | |
Vail Resorts, Inc. | | | 20 | | | | 3,587 | |
Vera Bradley, Inc. (1) | | | 11 | | | | 72 | |
VF Corp. | | | 10 | | | | 136 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Victoria’s Secret & Co. (1) | | | 27 | | | $ | 479 | |
Vista Outdoor, Inc. (1) | | | 26 | | | | 993 | |
Visteon Corp. (1) | | | 91 | | | | 9,711 | |
VOXX International Corp. – Class A (1)(2) | | | 0 | | | | 1 | |
Wayfair, Inc. – Class A (1) | | | 3 | | | | 137 | |
Wendy’s Co. | | | 2 | | | | 41 | |
Weyco Group, Inc. | | | 3 | | | | 80 | |
Whirlpool Corp. | | | 53 | | | | 5,456 | |
Williams-Sonoma, Inc. | | | 29 | | | | 8,283 | |
Winmark Corp. | | | 1 | | | | 446 | |
Winnebago Industries, Inc. | | | 13 | | | | 704 | |
Worthington Enterprises, Inc. | | | 2 | | | | 84 | |
Wyndham Hotels & Resorts, Inc. | | | 174 | | | | 12,863 | |
Wynn Resorts Ltd. | | | 3 | | | | 238 | |
YETI Holdings, Inc. (1) | | | 2 | | | | 63 | |
Yum! Brands, Inc. | | | 5 | | | | 645 | |
Zumiez, Inc. (1) | | | 305 | | | | 5,933 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 896,268 | |
| | | | | | | | |
| Consumer Staples – 3.57% | | | | | | | | |
Albertsons Companies, Inc. – Class A | | | 228 | | | | 4,512 | |
Alico, Inc. | | | 3 | | | | 83 | |
Andersons, Inc. | | | 13 | | | | 655 | |
Archer-Daniels-Midland Co. | | | 124 | | | | 7,476 | |
B&G Foods, Inc. | | | 35 | | | | 285 | |
BellRing Brands, Inc. (1) | | | 4 | | | | 209 | |
BJ’s Wholesale Club Holdings, Inc. (1) | | | 4 | | | | 326 | |
Boston Beer Co., Inc. – Class A (1)(2) | | | 0 | | | | 61 | |
BRC, Inc. – Class A (1) | | | 3 | | | | 21 | |
Brown-Forman Corp. – Class A | | | 1 | | | | 54 | |
Brown-Forman Corp. – Class B | | | 5 | | | | 215 | |
Bunge Global SA | | | 68 | | | | 7,246 | |
Calavo Growers, Inc. | | | 6 | | | | 140 | |
Cal-Maine Foods, Inc. | | | 17 | | | | 1,066 | |
Campbell Soup Co. | | | 5 | | | | 244 | |
Casey’s General Stores, Inc. | | | 1 | | | | 329 | |
Central Garden & Pet Co. – Class A (1) | | | 5 | | | | 182 | |
Central Garden & Pet Co. – Class A (1) | | | 320 | | | | 10,563 | |
Church & Dwight Co., Inc. | | | 7 | | | | 708 | |
Coca-Cola Consolidated, Inc. (2) | | | 0 | | | | 180 | |
Coca-Cola Europacific Partners Plc | | | 158 | | | | 11,504 | |
Conagra Brands, Inc. | | | 217 | | | | 6,169 | |
Constellation Brands, Inc. – Class A | | | 66 | | | | 16,955 | |
Coty, Inc. – Class A (1) | | | 11 | | | | 114 | |
Darling Ingredients, Inc. (1) | | | 4 | | | | 164 | |
Dole Plc | | | 34 | | | | 415 | |
Dollar General Corp. | | | 6 | | | | 818 | |
Dollar Tree, Inc. (1) | | | 6 | | | | 616 | |
Duckhorn Portfolio, Inc. (1) | | | 22 | | | | 158 | |
Edgewell Personal Care Co. | | | 227 | | | | 9,126 | |
Flowers Foods, Inc. | | | 5 | | | | 116 | |
Fresh Del Monte Produce, Inc. | | | 15 | | | | 324 | |
Freshpet, Inc. (1) | | | 1 | | | | 118 | |
General Mills, Inc. | | | 123 | | | | 7,779 | |
Grocery Outlet Holding Corp. (1) | | | 3 | | | | 60 | |
Hain Celestial Group, Inc. (1) | | | 39 | | | | 270 | |
Herbalife Ltd. (1) | | | 15 | | | | 156 | |
Hershey Co. | | | 4 | | | | 655 | |
HF Foods Group, Inc. (1) | | | 16 | | | | 48 | |
Honest Co., Inc. (1) | | | 21 | | | | 63 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Hormel Foods Corp. | | | 8 | | | $ | 249 | |
Ingles Markets, Inc. – Class A | | | 6 | | | | 432 | |
Ingredion, Inc. | | | 60 | | | | 6,839 | |
J.M. Smucker Co. | | | 3 | | | | 315 | |
Kellanova | | | 7 | | | | 426 | |
Kenvue, Inc. | | | 54 | | | | 977 | |
Kraft Heinz Co. | | | 172 | | | | 5,539 | |
Kroger Co. | | | 173 | | | | 8,658 | |
Lamb Weston Holdings, Inc. | | | 3 | | | | 231 | |
Lancaster Colony Corp. | | | 139 | | | | 26,208 | |
Limoneira Co. | | | 7 | | | | 143 | |
Maplebear, Inc. (1) | | | 5 | | | | 155 | |
McCormick & Co., Inc. | | | 7 | | | | 502 | |
Medifast, Inc. | | | 5 | | | | 106 | |
MGP Ingredients, Inc. | | | 65 | | | | 4,809 | |
Mission Produce, Inc. (1) | | | 17 | | | | 171 | |
Molson Coors Beverage Co. – Class B | | | 163 | | | | 8,270 | |
Natural Grocers by Vitamin Cottage, Inc. | | | 3 | | | | 68 | |
Nature’s Sunshine Products, Inc. (1) | | | 4 | | | | 65 | |
Nomad Foods Ltd. | | | 622 | | | | 10,244 | |
Nu Skin Enterprises, Inc. – Class A | | | 23 | | | | 243 | |
Oil-Dri Corp. of America | | | 2 | | | | 112 | |
Olaplex Holdings, Inc. (1) | | | 63 | | | | 96 | |
Performance Food Group Co. (1) | | | 348 | | | | 23,023 | |
Pilgrim’s Pride Corp. (1) | | | 1 | | | | 41 | |
Post Holdings, Inc. (1) | | | 294 | | | | 30,610 | |
PriceSmart, Inc. | | | 4 | | | | 329 | |
Primo Water Corp. | | | 63 | | | | 1,387 | |
Reynolds Consumer Products, Inc. | | | 2 | | | | 48 | |
Seaboard Corp. (2) | | | 0 | | | | 19 | |
Seneca Foods Corp. – Class A (1) | | | 2 | | | | 118 | |
Simply Good Foods Co. (1) | | | 329 | | | | 11,882 | |
SpartanNash Co. | | | 16 | | | | 291 | |
Spectrum Brands Holdings, Inc. | | | 79 | | | | 6,747 | |
Sprouts Farmers Market, Inc. (1) | | | 92 | | | | 7,655 | |
Sysco Corp. | | | 115 | | | | 8,184 | |
TreeHouse Foods, Inc. (1) | | | 22 | | | | 805 | |
Turning Point Brands, Inc. | | | 56 | | | | 1,808 | |
Tyson Foods, Inc. – Class A | | | 8 | | | | 452 | |
United Natural Foods, Inc. (1) | | | 27 | | | | 357 | |
Universal Corp. | | | 11 | | | | 523 | |
US Foods Holding Corp. (1) | | | 261 | | | | 13,805 | |
USANA Health Sciences, Inc. (1) | | | 5 | | | | 226 | |
Utz Brands, Inc. | | | 9 | | | | 152 | |
Vector Group Ltd. | | | 56 | | | | 594 | |
Veru, Inc. (1) | | | 20 | | | | 17 | |
Village Super Market, Inc. – Class A | | | 4 | | | | 93 | |
Waldencast Plc – Class A (1) | | | 11 | | | | 41 | |
Walgreens Boots Alliance, Inc. | | | 166 | | | | 2,007 | |
Weis Markets, Inc. | | | 7 | | | | 459 | |
Whole Earth Brands, Inc. (1) | | | 14 | | | | 67 | |
WK Kellogg Co. | | | 299 | | | | 4,929 | |
| | | | | | | | |
Total Consumer Staples | | | | 281,710 | |
| | | | | | | | |
| Energy – 6.55% | | | | | | | | |
Aemetis, Inc. (1) | | | 17 | | | | 50 | |
Amplify Energy Corp. (1) | | | 16 | | | | 110 | |
Antero Midstream Corp. | | | 6 | | | | 89 | |
Antero Resources Corp. (1) | | | 326 | | | | 10,631 | |
APA Corp. | | | 118 | | | | 3,478 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Ardmore Shipping Corp. | | | 19 | | | $ | 424 | |
Baker Hughes Co. – Class A | | | 28 | | | | 989 | |
Berry Corp. | | | 24 | | | | 157 | |
Borr Drilling Ltd. (1) | | | 106 | | | | 687 | |
Bristow Group, Inc. (1) | | | 11 | | | | 369 | |
Cactus, Inc. – Class A | | | 134 | | | | 7,083 | |
California Resources Corp. | | | 165 | | | | 8,756 | |
Centrus Energy Corp. – Class A (1) | | | 2 | | | | 77 | |
ChampionX Corp. | | | 346 | | | | 11,506 | |
Cheniere Energy, Inc. | | | 3 | | | | 552 | |
Chesapeake Energy Corp. | | | 4 | | | | 305 | |
Chord Energy Corp. | | | 147 | | | | 24,728 | |
Civitas Resources, Inc. | | | 130 | | | | 8,967 | |
Clean Energy Fuels Corp. (1) | | | 76 | | | | 204 | |
CNX Resources Corp. (1) | | | 68 | | | | 1,644 | |
Comstock Resources, Inc. | | | 42 | | | | 437 | |
CONSOL Energy, Inc. (1) | | | 13 | | | | 1,355 | |
Coterra Energy, Inc. | | | 424 | | | | 11,318 | |
Crescent Energy Co. – Class A | | | 408 | | | | 4,833 | |
CVR Energy, Inc. | | | 3 | | | | 75 | |
Delek U.S. Holdings, Inc. | | | 22 | | | | 533 | |
Devon Energy Corp. | | | 18 | | | | 840 | |
DHT Holdings, Inc. | | | 61 | | | | 700 | |
Diamond Offshore Drilling, Inc. (1) | | | 46 | | | | 713 | |
Diamondback Energy, Inc. | | | 128 | | | | 25,629 | |
Diversified Energy Co. Plc (1) | | | 19 | | | | 262 | |
DMC Global, Inc. (1) | | | 6 | | | | 90 | |
Dorian LPG Ltd. | | | 8 | | | | 327 | |
Drilling Tools International Corp. (1) | | | 3 | | | | 17 | |
Dril-Quip, Inc. (1) | | | 15 | | | | 285 | |
DT Midstream, Inc. | | | 3 | | | | 193 | |
Encore Energy Corp. (1) | | | 22 | | | | 87 | |
Energy Fuels, Inc. (1) | | | 73 | | | | 439 | |
EQT Corp. | | | 308 | | | | 11,386 | |
Equitrans Midstream Corp. | | | 148 | | | | 1,923 | |
Evolution Petroleum Corp. | | | 7 | | | | 38 | |
Excelerate Energy, Inc. – Class A | | | 8 | | | | 146 | |
Expro Group Holdings NV (1) | | | 388 | | | | 8,901 | |
FLEX LNG Ltd. | | | 5 | | | | 128 | |
Forum Energy Technologies, Inc. (1) | | | 5 | | | | 85 | |
FutureFuel Corp. | | | 12 | | | | 63 | |
Geospace Technologies Corp. (1) | | | 5 | | | | 49 | |
Golar LNG Ltd. | | | 44 | | | | 1,392 | |
Granite Ridge Resources, Inc. | | | 21 | | | | 134 | |
Green Plains, Inc. (1) | | | 21 | | | | 340 | |
Gulfport Energy Corp. (1) | | | 3 | | | | 427 | |
Hallador Energy Co. (1) | | | 12 | | | | 90 | |
Halliburton Co. | | | 537 | | | | 18,136 | |
Helix Energy Solutions Group, Inc. (1) | | | 54 | | | | 644 | |
Helmerich & Payne, Inc. | | | 246 | | | | 8,901 | |
Hess Corp. | | | 3 | | | | 407 | |
HF Sinclair Corp. | | | 136 | | | | 7,264 | |
HighPeak Energy, Inc. | | | 6 | | | | 85 | |
International Seaways, Inc. | | | 18 | | | | 1,074 | |
Kinder Morgan, Inc. | | | 54 | | | | 1,082 | |
Kinetik Holdings, Inc. – Class A | | | 16 | | | | 643 | |
Kodiak Gas Services, Inc. | | | 7 | | | | 182 | |
Kosmos Energy Ltd. (1) | | | 4,338 | | | | 24,030 | |
Liberty Energy, Inc. – Class A | | | 69 | | | | 1,442 | |
Mach Natural Resources LP | | | 130 | | | | 2,467 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Magnolia Oil & Gas Corp. – Class A | | | 1,027 | | | $ | 26,029 | |
Mammoth Energy Services, Inc. (1) | | | 12 | | | | 41 | |
Marathon Oil Corp. | | | 370 | | | | 10,600 | |
Marathon Petroleum Corp. | | | 59 | | | | 10,183 | |
Matador Resources Co. | | | 548 | | | | 32,672 | |
Murphy Oil Corp. | | | 66 | | | | 2,731 | |
Nabors Industries Ltd. (1) | | | 3 | | | | 201 | |
NACCO Industries, Inc. – Class A | | | 2 | | | | 51 | |
Natural Gas Services Group, Inc. (1) | | | 4 | | | | 73 | |
New Fortress Energy, Inc. – Class A | | | 1 | | | | 20 | |
Newpark Resources, Inc. (1) | | | 38 | | | | 314 | |
Noble Corp. Plc | | | 11 | | | | 494 | |
Nordic American Tankers Ltd. | | | 90 | | | | 357 | |
Northern Oil & Gas, Inc. | | | 279 | | | | 10,371 | |
NOV, Inc. | | | 11 | | | | 212 | |
Oil States International, Inc. (1) | | | 30 | | | | 132 | |
ONEOK, Inc. | | | 16 | | | | 1,341 | |
Overseas Shipholding Group, Inc. – Class A | | | 22 | | | | 187 | |
Ovintiv, Inc. | | | 8 | | | | 354 | |
Par Pacific Holdings, Inc. (1) | | | 26 | | | | 666 | |
Patterson-UTI Energy, Inc. | | | 180 | | | | 1,870 | |
PBF Energy, Inc. – Class A | | | 170 | | | | 7,822 | |
Peabody Energy Corp. | | | 58 | | | | 1,279 | |
Permian Resources Corp. – Class A | | | 993 | | | | 16,044 | |
Phillips 66 | | | 163 | | | | 23,020 | |
Plains GP Holdings LP – Class A (1) | | | 584 | | | | 10,983 | |
PrimeEnergy Resources Corp. (1)(2) | | | 0 | | | | 16 | |
ProFrac Holding Corp. – Class A (1) | | | 9 | | | | 70 | |
ProPetro Holding Corp. (1) | | | 41 | | | | 352 | |
Range Resources Corp. | | | 1,172 | | | | 39,306 | |
Ranger Energy Services, Inc. – Class A | | | 6 | | | | 67 | |
REX American Resources Corp. (1) | | | 5 | | | | 248 | |
Riley Exploration Permian, Inc. | | | 4 | | | | 117 | |
Ring Energy, Inc. (1) | | | 64 | | | | 108 | |
RPC, Inc. | | | 39 | | | | 246 | |
SandRidge Energy, Inc. | | | 15 | | | | 190 | |
Scorpio Tankers, Inc. | | | 91 | | | | 7,410 | |
SEACOR Marine Holdings, Inc. (1) | | | 11 | | | | 147 | |
Seadrill Ltd. (1) | | | 24 | | | | 1,227 | |
Select Water Solutions, Inc. – Class A | | | 42 | | | | 444 | |
SFL Corp. Ltd. | | | 40 | | | | 551 | |
SilverBow Resources, Inc. (1) | | | 9 | | | | 339 | |
Sitio Royalties Corp. – Class A | | | 36 | | | | 855 | |
SM Energy Co. | | | 44 | | | | 1,899 | |
Solaris Oilfield Infrastructure, Inc. – Class A | | | 10 | | | | 88 | |
Southwestern Energy Co. (1) | | | 31 | | | | 209 | |
Talos Energy, Inc. (1) | | | 66 | | | | 807 | |
TechnipFMC Plc | | | 1,083 | | | | 28,320 | |
Teekay Corp. (1) | | | 26 | | | | 232 | |
Teekay Tankers Ltd. – Class A | | | 11 | | | | 746 | |
Tellurian, Inc. (1) | | | 25 | | | | 17 | |
Tidewater, Inc. (1) | | | 156 | | | | 14,840 | |
Transocean Ltd. (1) | | | 330 | | | | 1,765 | |
TXO Partners LP | | | 63 | | | | 1,278 | |
Ur-Energy, Inc. (1) | | | 11 | | | | 16 | |
US Silica Holdings, Inc. (1) | | | 35 | | | | 536 | |
VAALCO Energy, Inc. | | | 44 | | | | 273 | |
Valaris Ltd. (1) | | | 10 | | | | 758 | |
Valero Energy Corp. | | | 26 | | | | 3,997 | |
Viper Energy, Inc. – Class A | | | 271 | | | | 10,155 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Vital Energy, Inc. (1) | | | 13 | | | $ | 574 | |
Vitesse Energy, Inc. | | | 11 | | | | 260 | |
Weatherford International Plc (1) | | | 126 | | | | 15,485 | |
Williams Companies, Inc. | | | 34 | | | | 1,457 | |
World Kinect Corp. | | | 90 | | | | 2,321 | |
| | | | | | | | |
Total Energy | | | | 516,171 | |
| | | | | | | | |
| Financials – 19.22% | | | | | | | | |
1st Source Corp. | | | 9 | | | | 503 | |
Acacia Research Corp. (1) | | | 16 | | | | 79 | |
ACNB Corp. | | | 4 | | | | 149 | |
AFC Gamma, Inc. | | | 8 | | | | 95 | |
Affiliated Managers Group, Inc. | | | 72 | | | | 11,253 | |
Affirm Holdings, Inc. – Class A (1) | | | 6 | | | | 194 | |
Aflac, Inc. | | | 101 | | | | 9,041 | |
AG Mortgage Investment Trust, Inc. | | | 11 | | | | 71 | |
AGNC Investment Corp. | | | 20 | | | | 191 | |
Alerus Financial Corp. | | | 9 | | | | 179 | |
Allstate Corp. | | | 168 | | | | 26,755 | |
Ally Financial, Inc. | | | 494 | | | | 19,613 | |
AlTi Global, Inc. (1) | | | 15 | | | | 80 | |
Amalgamated Financial Corp. | | | 10 | | | | 261 | |
Ambac Financial Group, Inc. (1) | | | 20 | | | | 251 | |
Amerant Bancorp, Inc. – Class A | | | 16 | | | | 359 | |
American Coastal Insurance Corp. (1) | | | 7 | | | | 72 | |
American Financial Group, Inc. | | | 36 | | | | 4,488 | |
American International Group, Inc. | | | 557 | | | | 41,388 | |
Ameriprise Financial, Inc. | | | 120 | | | | 51,375 | |
Ameris Bancorp | | | 133 | | | | 6,721 | |
AMERISAFE, Inc. | | | 5 | | | | 231 | |
Ames National Corp. | | | 5 | | | | 95 | |
Angel Oak Mortgage REIT, Inc. | | | 5 | | | | 60 | |
Annaly Capital Management, Inc. | | | 86 | | | | 1,640 | |
Aon Plc – Class A | | | 29 | | | | 8,647 | |
Apollo Commercial Real Estate Finance, Inc. | | | 65 | | | | 640 | |
Apollo Global Management, Inc. | | | 250 | | | | 29,556 | |
Arbor Realty Trust, Inc. | | | 71 | | | | 1,013 | |
Arch Capital Group Ltd. (1) | | | 10 | | | | 1,028 | |
Ares Commercial Real Estate Corp. | | | 24 | | | | 162 | |
Ares Management Corp. – Class A | | | 200 | | | | 26,618 | |
ARMOUR Residential REIT, Inc. | | | 22 | | | | 430 | |
Arrow Financial Corp. | | | 8 | | | | 209 | |
Arthur J. Gallagher & Co. | | | 6 | | | | 1,471 | |
Assetmark Financial Holdings, Inc. (1) | | | 6 | | | | 197 | |
Associated Banc-Corp. | | | 319 | | | | 6,739 | |
Assurant, Inc. | | | 46 | | | | 7,650 | |
Assured Guaranty Ltd. | | | 2 | | | | 119 | |
Atlantic Union Bankshares Corp. | | | 35 | | | | 1,163 | |
Atlanticus Holdings Corp. (1) | | | 3 | | | | 83 | |
Axis Capital Holdings Ltd. | | | 220 | | | | 15,575 | |
Axos Financial, Inc. (1) | | | 53 | | | | 3,055 | |
Banc of California, Inc. | | | 720 | | | | 9,203 | |
BancFirst Corp. | | | 9 | | | | 749 | |
Banco Latinoamericano de Comercio Exterior SA – Class E | | | 13 | | | | 394 | |
Bank First Corp. | | | 5 | | | | 372 | |
Bank of Hawaii Corp. | | | 50 | | | | 2,833 | |
Bank of Marin Bancorp | | | 9 | | | | 140 | |
Bank of New York Mellon Corp. | | | 129 | | | | 7,717 | |
Bank of NT Butterfield & Son Ltd. | | | 23 | | | | 798 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Bank OZK | | | 159 | | | $ | 6,532 | |
Bank7 Corp. | | | 2 | | | | 67 | |
BankUnited, Inc. | | | 76 | | | | 2,216 | |
Bankwell Financial Group, Inc. | | | 3 | | | | 85 | |
Banner Corp. | | | 14 | | | | 689 | |
Bar Harbor Bankshares | | | 9 | | | | 232 | |
BayCom Corp. | | | 6 | | | | 121 | |
BCB Bancorp, Inc. | | | 9 | | | | 90 | |
Berkshire Hills Bancorp, Inc. | | | 16 | | | | 366 | |
BGC Group, Inc. – Class A | | | 87 | | | | 726 | |
Blackstone Mortgage Trust, Inc. – Class A | | | 79 | | | | 1,377 | |
Block, Inc. – Class A (1) | | | 9 | | | | 583 | |
Blue Foundry Bancorp (1) | | | 11 | | | | 96 | |
Blue Owl Capital Corp. | | | 243 | | | | 3,737 | |
Blue Ridge Bankshares, Inc. (1)(2) | | | 0 | | | | 1 | |
BOK Financial Corp. | | | 73 | | | | 6,705 | |
Bowhead Specialty Holdings, Inc. (1) | | | 31 | | | | 798 | |
Bread Financial Holdings, Inc. | | | 13 | | | | 598 | |
Bridgewater Bancshares, Inc. (1) | | | 10 | | | | 112 | |
Brighthouse Financial, Inc. (1) | | | 2 | | | | 87 | |
BrightSpire Capital, Inc. – Class A | | | 63 | | | | 359 | |
Brookline Bancorp, Inc. | | | 456 | | | | 3,810 | |
Brown & Brown, Inc. | | | 4 | | | | 343 | |
Burford Capital Ltd. (1) | | | 90 | | | | 1,180 | |
Burke & Herbert Financial Services Corp. | | | 6 | | | | 302 | |
Business First Bancshares, Inc. | | | 12 | | | | 257 | |
Byline Bancorp, Inc. | | | 16 | | | | 388 | |
C&F Financial Corp. (2) | | | 0 | | | | 8 | |
Cadence Bank | | | 906 | | | | 25,625 | |
California Bancorp, Inc. (1) | | | 3 | | | | 58 | |
Cambridge Bancorp | | | 4 | | | | 249 | |
Camden National Corp. | | | 7 | | | | 242 | |
Cannae Holdings, Inc. | | | 27 | | | | 486 | |
Cantaloupe, Inc. (1) | | | 3 | | | | 17 | |
Capital Bancorp, Inc. | | | 5 | | | | 105 | |
Capital City Bank Group, Inc. | | | 6 | | | | 182 | |
Capitol Federal Financial, Inc. | | | 56 | | | | 307 | |
Carlyle Group, Inc. | | | 315 | | | | 12,635 | |
Carter Bankshares, Inc. (1) | | | 12 | | | | 182 | |
Cass Information Systems, Inc. | | | 1 | | | | 46 | |
Cathay General Bancorp | | | 324 | | | | 12,226 | |
CBOE Global Markets, Inc. | | | 3 | | | | 506 | |
Central Pacific Financial Corp. | | | 8 | | | | 164 | |
Chemung Financial Corp. | | | 2 | | | | 100 | |
Chicago Atlantic Real Estate Finance, Inc. | | | 7 | | | | 113 | |
Chimera Investment Corp. | | | 36 | | | | 466 | |
ChoiceOne Financial Services, Inc. | | | 3 | | | | 100 | |
Cincinnati Financial Corp. | | | 4 | | | | 513 | |
Citizens & Northern Corp. | | | 8 | | | | 137 | |
Citizens Financial Group, Inc. | | | 229 | | | | 8,257 | |
Citizens Financial Services, Inc. | | | 2 | | | | 87 | |
City Holding Co. | | | 6 | | | | 592 | |
Civista Bancshares, Inc. | | | 8 | | | | 129 | |
Claros Mortgage Trust, Inc. | | | 40 | | | | 317 | |
CNA Financial Corp. | | | 76 | | | | 3,485 | |
CNB Financial Corp. | | | 11 | | | | 227 | |
CNO Financial Group, Inc. | | | 159 | | | | 4,403 | |
Coastal Financial Corp. (1) | | | 1 | | | | 31 | |
Codorus Valley Bancorp, Inc. | | | 5 | | | | 109 | |
Coinbase Global, Inc. – Class A (1) | | | 1 | | | | 198 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Colony Bankcorp, Inc. | | | 10 | | | $ | 119 | |
Columbia Banking System, Inc. | | | 758 | | | | 15,068 | |
Columbia Financial, Inc. (1) | | | 12 | | | | 181 | |
Comerica, Inc. | | | 317 | | | | 16,161 | |
Commerce Bancshares, Inc. | | | 3 | | | | 186 | |
Community Financial System, Inc. | | | 21 | | | | 978 | |
Community Trust Bancorp, Inc. | | | 8 | | | | 343 | |
Community West Bancshares | | | 8 | | | | 153 | |
Compass Diversified Holdings | | | 387 | | | | 8,478 | |
ConnectOne Bancorp, Inc. | | | 18 | | | | 337 | |
Consumer Portfolio Services, Inc. (1) | | | 5 | | | | 47 | |
Credit Acceptance Corp. (1)(2) | | | 0 | | | | 20 | |
CrossFirst Bankshares, Inc. (1) | | | 23 | | | | 316 | |
Cullen/Frost Bankers, Inc. | | | 2 | | | | 168 | |
Customers Bancorp, Inc. (1) | | | 13 | | | | 640 | |
CVB Financial Corp. | | | 1,262 | | | | 21,752 | |
Diamond Hill Investment Group, Inc. (2) | | | 0 | | | | 61 | |
Dime Community Bancshares, Inc. | | | 16 | | | | 326 | |
Discover Financial Services | | | 114 | | | | 14,967 | |
Donegal Group, Inc. – Class A | | | 9 | | | | 121 | |
Donnelley Financial Solutions, Inc. (1) | | | 4 | | | | 266 | |
Dynex Capital, Inc. | | | 28 | | | | 331 | |
Eagle Bancorp, Inc. | | | 12 | | | | 224 | |
East West Bancorp, Inc. | | | 292 | | | | 21,416 | |
Eastern Bankshares, Inc. | | | 528 | | | | 7,374 | |
Ellington Financial, Inc. | | | 37 | | | | 443 | |
Employers Holdings, Inc. | | | 10 | | | | 417 | |
Enact Holdings, Inc. | | | 15 | | | | 462 | |
Encore Capital Group, Inc. (1) | | | 11 | | | | 462 | |
Enova International, Inc. (1) | | | 11 | | | | 703 | |
Enstar Group Ltd. (1) | | | 6 | | | | 1,801 | |
Enterprise Bancorp, Inc. | | | 5 | | | | 133 | |
Enterprise Financial Services Corp. | | | 18 | | | | 747 | |
Equity Bancshares, Inc. – Class A | | | 8 | | | | 265 | |
Esquire Financial Holdings, Inc. | | | 1 | | | | 25 | |
ESSA Bancorp, Inc. | | | 4 | | | | 64 | |
Essent Group Ltd. | | | 116 | | | | 6,542 | |
Euronet Worldwide, Inc. (1) | | | 65 | | | | 6,759 | |
Evercore, Inc. – Class A | | | 78 | | | | 16,192 | |
Everest Group Ltd. | | | 46 | | | | 17,596 | |
EVERTEC, Inc. | | | 281 | | | | 9,347 | |
F&G Annuities & Life, Inc. | | | 7 | | | | 269 | |
FactSet Research Systems, Inc. | | | 1 | | | | 280 | |
Farmers & Merchants Bancorp, Inc. | | | 6 | | | | 137 | |
Farmers National Banc Corp. | | | 19 | | | | 239 | |
FB Financial Corp. | | | 18 | | | | 697 | |
Federal Agricultural Mortgage Corp. – Class C | | | 1 | | | | 121 | |
Fidelis Insurance Holdings Ltd. | | | 185 | | | | 3,012 | |
Fidelity D&D Bancorp, Inc. | | | 2 | | | | 101 | |
Fidelity National Financial, Inc. | | | 7 | | | | 358 | |
Fidelity National Information Services, Inc. | | | 268 | | | | 20,226 | |
Fifth Third Bancorp | | | 947 | | | | 34,570 | |
Financial Institutions, Inc. | | | 8 | | | | 159 | |
First American Financial Corp. | | | 187 | | | | 10,078 | |
First Bancorp | | | 18 | | | | 575 | |
First Bancorp | | | 344 | | | | 6,294 | |
First Bancorp, Inc. | | | 6 | | | | 143 | |
First Bancshares, Inc. | | | 15 | | | | 392 | |
First Bank | | | 12 | | | | 151 | |
First Busey Corp. | | | 28 | | | | 666 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
First Business Financial Services, Inc. | | | 4 | | | $ | 147 | |
First Citizens BancShares, Inc. – Class A (2) | | | 0 | | | | 567 | |
First Commonwealth Financial Corp. | | | 41 | | | | 571 | |
First Community Bankshares, Inc. | | | 8 | | | | 312 | |
First Financial Bancorp | | | 39 | | | | 857 | |
First Financial Corp. | | | 7 | | | | 241 | |
First Financial Northwest, Inc. | | | 3 | | | | 57 | |
First Foundation, Inc. | | | 18 | | | | 116 | |
First Hawaiian, Inc. | | | 459 | | | | 9,520 | |
First Horizon Corp. | | | 571 | | | | 9,005 | |
First Internet Bancorp | | | 3 | | | | 69 | |
First Interstate BancSystem, Inc. – Class A | | | 546 | | | | 15,153 | |
First Merchants Corp. | | | 86 | | | | 2,873 | |
First Mid Bancshares, Inc. | | | 12 | | | | 391 | |
First of Long Island Corp. | | | 12 | | | | 125 | |
First Western Financial, Inc. (1) | | | 3 | | | | 46 | |
Five Star Bancorp | | | 8 | | | | 197 | |
Flushing Financial Corp. | | | 12 | | | | 159 | |
FNB Corp. | | | 798 | | | | 10,920 | |
Forge Global Holdings, Inc. (1) | | | 58 | | | | 84 | |
Franklin BSP Realty Trust, Inc. | | | 36 | | | | 456 | |
Franklin Resources, Inc. | | | 8 | | | | 181 | |
FS Bancorp, Inc. | | | 3 | | | | 123 | |
FS KKR Capital Corp. | | | 122 | | | | 2,410 | |
Fulton Financial Corp. | | | 68 | | | | 1,149 | |
FVCBankcorp, Inc. (1) | | | 8 | | | | 92 | |
GCM Grosvenor, Inc. – Class A | | | 7 | | | | 66 | |
Genworth Financial, Inc. – Class A (1) | | | 585 | | | | 3,536 | |
German American Bancorp, Inc. | | | 14 | | | | 489 | |
Glacier Bancorp, Inc. | | | 695 | | | | 25,929 | |
Global Payments, Inc. | | | 7 | | | | 694 | |
Globe Life, Inc. | | | 3 | | | | 218 | |
GoHealth, Inc. – Class A (1) | | | 2 | | | | 21 | |
Granite Point Mortgage Trust, Inc. | | | 24 | | | | 70 | |
Great Southern Bancorp, Inc. | | | 4 | | | | 250 | |
Green Dot Corp. – Class A (1) | | | 11 | | | | 108 | |
Greenlight Capital Re Ltd. – Class A (1) | | | 14 | | | | 187 | |
Guaranty Bancshares, Inc. | | | 4 | | | | 133 | |
Hamilton Insurance Group Ltd. – Class B (1) | | | 146 | | | | 2,438 | |
Hancock Whitney Corp. | | | 39 | | | | 1,868 | |
Hanmi Financial Corp. | | | 11 | | | | 185 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 51 | | | | 1,505 | |
Hanover Insurance Group, Inc. | | | 80 | | | | 10,008 | |
HarborOne Bancorp, Inc. | | | 20 | | | | 218 | |
Hartford Financial Services Group, Inc. | | | 303 | | | | 30,446 | |
HBT Financial, Inc. | | | 7 | | | | 148 | |
Heartland Financial USA, Inc. | | | 20 | | | | 874 | |
Heritage Commerce Corp. | | | 34 | | | | 292 | |
Heritage Financial Corp. | | | 14 | | | | 255 | |
Heritage Insurance Holdings, Inc. | | | 11 | | | | 78 | |
Hilltop Holdings, Inc. | | | 23 | | | | 728 | |
Hingham Institution for Savings | | | 1 | | | | 133 | |
Hippo Holdings, Inc. (1) | | | 9 | | | | 157 | |
Home Bancorp, Inc. | | | 4 | | | | 152 | |
Home Bancshares, Inc. | | | 424 | | | | 10,166 | |
HomeStreet, Inc. | | | 9 | | | | 97 | |
HomeTrust Bancshares, Inc. | | | 8 | | | | 235 | |
Hope Bancorp, Inc. | | | 47 | | | | 506 | |
Horace Mann Educators Corp. | | | 16 | | | | 520 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Horizon Bancorp, Inc. | | | 23 | | | $ | 287 | |
Houlihan Lokey, Inc. – Class A | | | 1 | | | | 177 | |
Huntington Bancshares, Inc. | | | 1,647 | | | | 21,705 | |
I3 Verticals, Inc. – Class A (1) | | | 10 | | | | 216 | |
Independent Bank Corp. | | | 12 | | | | 314 | |
Independent Bank Corp. | | | 182 | | | | 9,232 | |
Independent Bank Group, Inc. | | | 16 | | | | 743 | |
Interactive Brokers Group, Inc. – Class A | | | 3 | | | | 360 | |
International Bancshares Corp. | | | 26 | | | | 1,476 | |
Invesco Ltd. | | | 10 | | | | 153 | |
Invesco Mortgage Capital, Inc. | | | 23 | | | | 216 | |
Investar Holding Corp. | | | 4 | | | | 56 | |
Investors Title Co. | | | 1 | | | | 114 | |
Jack Henry & Associates, Inc. | | | 2 | | | | 337 | |
Jackson Financial, Inc. – Class A | | | 87 | | | | 6,433 | |
James River Group Holdings Ltd. | | | 15 | | | | 113 | |
Janus Henderson Group Plc | | | 4 | | | | 125 | |
Jefferies Financial Group, Inc. | | | 4 | | | | 187 | |
John Marshall Bancorp, Inc. | | | 6 | | | | 108 | |
Kearny Financial Corp. | | | 26 | | | | 161 | |
Kemper Corp. | | | 492 | | | | 29,186 | |
KeyCorp | | | 298 | | | | 4,234 | |
KKR Real Estate Finance Trust, Inc. | | | 19 | | | | 172 | |
Ladder Capital Corp. – Class A | | | 54 | | | | 614 | |
Lakeland Financial Corp. | | | 215 | | | | 13,239 | |
Lazard, Inc. – Class A (2) | | | 0 | | | | 10 | |
LCNB Corp. | | | 7 | | | | 93 | |
Lemonade, Inc. (1) | | | 5 | | | | 75 | |
LendingClub Corp. (1) | | | 51 | | | | 435 | |
LendingTree, Inc. (1) | | | 1 | | | | 21 | |
Lincoln National Corp. | | | 277 | | | | 8,612 | |
LINKBANCORP, Inc. | | | 5 | | | | 31 | |
Live Oak Bancshares, Inc. | | | 3 | | | | 96 | |
Loews Corp. | | | 54 | | | | 4,041 | |
LPL Financial Holdings, Inc. | | | 69 | | | | 19,303 | |
M&T Bank Corp. | | | 5 | | | | 710 | |
Macatawa Bank Corp. | | | 13 | | | | 185 | |
Maiden Holdings Ltd. (1) | | | 39 | | | | 81 | |
Markel Group, Inc. (1) | | | 10 | | | | 15,054 | |
MarketAxess Holdings, Inc. | | | 1 | | | | 207 | |
MarketWise, Inc. | | | 14 | | | | 16 | |
Marqeta, Inc. – Class A (1) | | | 32 | | | | 177 | |
MBIA, Inc. (1) | | | 20 | | | | 108 | |
Medallion Financial Corp. | | | 9 | | | | 72 | |
Mercantile Bank Corp. | | | 8 | | | | 333 | |
Merchants Bancorp | | | 8 | | | | 335 | |
Mercury General Corp. | | | 11 | | | | 587 | |
Metrocity Bankshares, Inc. | | | 10 | | | | 255 | |
Metropolitan Bank Holding Corp. (1) | | | 5 | | | | 209 | |
MFA Financial, Inc. | | | 47 | | | | 499 | |
MGIC Investment Corp. | | | 281 | | | | 6,063 | |
Mid Penn Bancorp, Inc. | | | 7 | | | | 161 | |
Middlefield Banc Corp. | | | 3 | | | | 82 | |
Midland States Bancorp, Inc. | | | 9 | | | | 213 | |
MidWestOne Financial Group, Inc. | | | 8 | | | | 176 | |
Mr Cooper Group, Inc. (1) | | | 230 | | | | 18,667 | |
MSCI, Inc. – Class A | | | 36 | | | | 17,538 | |
MVB Financial Corp. | | | 5 | | | | 99 | |
Nasdaq, Inc. | | | 692 | | | | 41,699 | |
National Bank Holdings Corp. – Class A | | | 15 | | | | 576 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
National Bankshares, Inc. | | | 3 | | | $ | 85 | |
National Western Life Group, Inc. – Class A | | | 1 | | | | 532 | |
Navient Corp. | | | 264 | | | | 3,841 | |
NB Bancorp, Inc. (1) | | | 19 | | | | 284 | |
NBT Bancorp, Inc. | | | 17 | | | | 645 | |
NCR Atleos Corp. (1) | | | 39 | | | | 1,061 | |
Nelnet, Inc. – Class A | | | 7 | | | | 692 | |
New York Community Bancorp, Inc. | | | 344 | | | | 1,107 | |
New York Mortgage Trust, Inc. | | | 42 | | | | 248 | |
NewtekOne, Inc. | | | 11 | | | | 142 | |
Nexpoint Real Estate Finance, Inc. | | | 4 | | | | 51 | |
NI Holdings, Inc. (1) | | | 3 | | | | 43 | |
Nicolet Bankshares, Inc. | | | 5 | | | | 415 | |
NMI Holdings, Inc. – Class A (1) | | | 34 | | | | 1,171 | |
Northeast Bank | | | 3 | | | | 212 | |
Northeast Community Bancorp, Inc. | | | 7 | | | | 117 | |
Northern Trust Corp. | | | 6 | | | | 479 | |
Northfield Bancorp, Inc. | | | 19 | | | | 176 | |
Northrim BanCorp, Inc. | | | 3 | | | | 167 | |
Northwest Bancshares, Inc. | | | 52 | | | | 599 | |
Norwood Financial Corp. | | | 4 | | | | 97 | |
Oak Valley Bancorp | | | 3 | | | | 81 | |
OceanFirst Financial Corp. | | | 28 | | | | 451 | |
OFG Bancorp | | | 19 | | | | 706 | |
Old National Bancorp | | | 1,537 | | | | 26,414 | |
Old Republic International Corp. | | | 140 | | | | 4,334 | |
Old Second Bancorp, Inc. | | | 22 | | | | 319 | |
OneMain Holdings, Inc. – Class A | | | 3 | | | | 159 | |
Onity Group, Inc. (1) | | | 3 | | | | 78 | |
Orange County Bancorp, Inc. | | | 3 | | | | 135 | |
Orchid Island Capital, Inc. – Class A | | | 25 | | | | 206 | |
Origin Bancorp, Inc. | | | 14 | | | | 448 | |
Orrstown Financial Services, Inc. | | | 6 | | | | 158 | |
Pacific Premier Bancorp, Inc. | | | 711 | | | | 16,328 | |
Pagseguro Digital Ltd. – Class A (1) | | | 42 | | | | 491 | |
Park National Corp. | | | 7 | | | | 1,004 | |
Parke Bancorp, Inc. | | | 7 | | | | 116 | |
Pathward Financial, Inc. | | | 7 | | | | 392 | |
Patria Investments Ltd. – Class A | | | 128 | | | | 1,540 | |
Payoneer Global, Inc. (1) | | | 2 | | | | 14 | |
Paysafe Ltd. (1) | | | 15 | | | | 268 | |
PCB Bancorp | | | 6 | | | | 96 | |
Peapack Gladstone Financial Corp. | | | 8 | | | | 190 | |
PennantPark Investment Corp. | | | 164 | | | | 1,234 | |
PennyMac Financial Services, Inc. | | | 6 | | | | 585 | |
PennyMac Mortgage Investment Trust | | | 41 | | | | 560 | |
Peoples Bancorp of North Carolina, Inc. | | | 2 | | | | 50 | |
Peoples Bancorp, Inc. | | | 17 | | | | 512 | |
Peoples Financial Services Corp. | | | 3 | | | | 150 | |
Pinnacle Financial Partners, Inc. | | | 2 | | | | 172 | |
Pioneer Bancorp, Inc. (1) | | | 5 | | | | 50 | |
Plumas Bancorp | | | 3 | | | | 103 | |
Ponce Financial Group, Inc. (1) | | | 8 | | | | 77 | |
Popular, Inc. | | | 182 | | | | 16,121 | |
PRA Group, Inc. (1) | | | 18 | | | | 354 | |
Preferred Bank | | | 3 | | | | 258 | |
Premier Financial Corp. | | | 18 | | | | 371 | |
Primerica, Inc. | | | 1 | | | | 242 | |
Primis Financial Corp. | | | 11 | | | | 111 | |
Princeton Bancorp, Inc. | | | 3 | | | | 88 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Principal Financial Group, Inc. | | | 7 | | | $ | 515 | |
ProAssurance Corp. (1) | | | 21 | | | | 259 | |
PROG Holdings, Inc. | | | 16 | | | | 563 | |
Prospect Capital Corp. | | | 296 | | | | 1,635 | |
Prosperity Bancshares, Inc. | | | 188 | | | | 11,506 | |
Provident Bancorp, Inc. (1) | | | 5 | | | | 50 | |
Provident Financial Services, Inc. | | | 95 | | | | 1,363 | |
Prudential Financial, Inc. | | | 10 | | | | 1,197 | |
QCR Holdings, Inc. | | | 8 | | | | 502 | |
Radian Group, Inc. | | | 46 | | | | 1,436 | |
Raymond James Financial, Inc. | | | 117 | | | | 14,402 | |
RBB Bancorp | | | 9 | | | | 174 | |
Ready Capital Corp. | | | 74 | | | | 605 | |
Red River Bancshares, Inc. | | | 2 | | | | 97 | |
Redwood Trust, Inc. | | | 61 | | | | 397 | |
Regional Management Corp. | | | 4 | | | | 101 | |
Regions Financial Corp. | | | 504 | | | | 10,102 | |
Reinsurance Group of America, Inc. – Class A | | | 101 | | | | 20,697 | |
RenaissanceRe Holdings Ltd. | | | 1 | | | | 326 | |
Renasant Corp. | | | 22 | | | | 683 | |
Repay Holdings Corp. – Class A (1) | | | 210 | | | | 2,213 | |
Republic Bancorp, Inc. – Class A | | | 4 | | | | 231 | |
Rithm Capital Corp. | | | 14 | | | | 152 | |
RLI Corp. | | | 1 | | | | 154 | |
Robinhood Markets, Inc. – Class A (1) | | | 19 | | | | 422 | |
Rocket Companies, Inc. – Class A (1) | | | 563 | | | | 7,713 | |
S&T Bancorp, Inc. | | | 16 | | | | 520 | |
Safety Insurance Group, Inc. | | | 6 | | | | 425 | |
Sandy Spring Bancorp, Inc. | | | 181 | | | | 4,416 | |
Seacoast Banking Corp. of Florida | | | 36 | | | | 841 | |
SEI Investments Co. | | | 3 | | | | 176 | |
Selective Insurance Group, Inc. | | | 164 | | | | 15,372 | |
Selectquote, Inc. (1) | | | 64 | | | | 176 | |
ServisFirst Bancshares, Inc. | | | 16 | | | | 1,035 | |
Seven Hills Realty Trust | | | 7 | | | | 83 | |
Sezzle, Inc. (1)(2) | | | 0 | | | | 17 | |
Shore Bancshares, Inc. | | | 14 | | | | 157 | |
Sierra Bancorp | | | 7 | | | | 153 | |
Silvercrest Asset Management Group, Inc. – Class A | | | 2 | | | | 39 | |
Simmons First National Corp. – Class A | | | 53 | | | | 923 | |
SiriusPoint Ltd. (1) | | | 43 | | | | 519 | |
Skyward Specialty Insurance Group, Inc. (1) | | | 13 | | | | 477 | |
SLM Corp. | | | 902 | | | | 18,756 | |
SmartFinancial, Inc. | | | 8 | | | | 187 | |
SoFi Technologies, Inc. (1) | | | 24 | | | | 161 | |
South Plains Financial, Inc. | | | 7 | | | | 179 | |
South State Corp. | | | 317 | | | | 24,246 | |
Southern California Bancorp (1) | | | 5 | | | | 66 | |
Southern First Bancshares, Inc. (1) | | | 4 | | | | 111 | |
Southern Missouri Bancorp, Inc. | | | 5 | | | | 217 | |
Southern States Bancshares, Inc. | | | 4 | | | | 114 | |
Southside Bancshares, Inc. | | | 13 | | | | 357 | |
Starwood Property Trust, Inc. | | | 8 | | | | 157 | |
State Street Corp. | | | 200 | | | | 14,808 | |
Stellar Bancorp, Inc. | | | 24 | | | | 544 | |
Sterling Bancorp, Inc. (1) | | | 10 | | | | 54 | |
Stewart Information Services Corp. | | | 41 | | | | 2,538 | |
Stifel Financial Corp. | | | 227 | | | | 19,111 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Stock Yards Bancorp, Inc. | | | 8 | | | $ | 411 | |
StoneCo Ltd. – Class A (1) | | | 63 | | | | 753 | |
StoneX Group, Inc. (1) | | | 29 | | | | 2,220 | |
SWK Holdings Corp. (1) | | | 1 | | | | 19 | |
Synchrony Financial | | | 433 | | | | 20,419 | |
Synovus Financial Corp. | | | 4 | | | | 168 | |
T Rowe Price Group, Inc. | | | 6 | | | | 712 | |
Texas Capital Bancshares, Inc. (1) | | | 146 | | | | 8,946 | |
TFS Financial Corp. | | | 1 | | | | 18 | |
Third Coast Bancshares, Inc. (1) | | | 5 | | | | 116 | |
Timberland Bancorp, Inc. | | | 4 | | | | 111 | |
Tiptree, Inc. | | | 9 | | | | 156 | |
Tompkins Financial Corp. | | | 6 | | | | 293 | |
Towne Bank | | | 35 | | | | 945 | |
TPG RE Finance Trust, Inc. | | | 27 | | | | 230 | |
TPG, Inc. – Class A | | | 2 | | | | 75 | |
Tradeweb Markets, Inc. – Class A | | | 2 | | | | 210 | |
Travelers Companies, Inc. | | | 58 | | | | 11,773 | |
TriCo Bancshares | | | 15 | | | | 604 | |
Triumph Financial, Inc. (1) | | | 1 | | | | 108 | |
Truist Financial Corp. | | | 141 | | | | 5,466 | |
TrustCo Bank Corp. NY | | | 7 | | | | 207 | |
Trustmark Corp. | | | 23 | | | | 686 | |
Two Harbors Investment Corp. | | | 525 | | | | 6,940 | |
UMB Financial Corp. | | | 202 | | | | 16,879 | |
United Bankshares, Inc. | | | 380 | | | | 12,316 | |
United Community Banks, Inc. | | | 373 | | | | 9,500 | |
United Fire Group, Inc. | | | 10 | | | | 213 | |
Unity Bancorp, Inc. | | | 4 | | | | 118 | |
Universal Insurance Holdings, Inc. | | | 33 | | | | 625 | |
Univest Financial Corp. | | | 15 | | | | 334 | |
Unum Group | | | 102 | | | | 5,234 | |
USCB Financial Holdings, Inc. | | | 5 | | | | 59 | |
UWM Holdings Corp. | | | 1 | | | | 4 | |
Valley National Bancorp | | | 317 | | | | 2,210 | |
Value Line, Inc. (2) | | | 0 | | | | 1 | |
Velocity Financial, Inc. (1) | | | 5 | | | | 89 | |
Veritex Holdings, Inc. | | | 21 | | | | 443 | |
Virginia National Bankshares Corp. | | | 2 | | | | 71 | |
Virtu Financial, Inc. – Class A | | | 2 | | | | 49 | |
Virtus Investment Partners, Inc. | | | 1 | | | | 185 | |
Voya Financial, Inc. | | | 148 | | | | 10,503 | |
WaFd, Inc. | | | 33 | | | | 945 | |
Walker & Dunlop, Inc. | | | 5 | | | | 443 | |
Washington Trust Bancorp, Inc. | | | 9 | | | | 247 | |
Waterstone Financial, Inc. | | | 9 | | | | 114 | |
Webster Financial Corp. | | | 465 | | | | 20,265 | |
WesBanco, Inc. | | | 29 | | | | 804 | |
West BanCorp, Inc. | | | 8 | | | | 146 | |
Westamerica BanCorp | | | 9 | | | | 413 | |
Western Alliance Bancorp | | | 306 | | | | 19,215 | |
Western Union Co. | | | 191 | | | | 2,329 | |
WEX, Inc. (1) | | | 1 | | | | 189 | |
White Mountains Insurance Group Ltd. (2) | | | 0 | | | | 133 | |
Willis Towers Watson Plc | | | 48 | | | | 12,709 | |
Wintrust Financial Corp. | | | 86 | | | | 8,511 | |
World Acceptance Corp. (1)(2) | | | 0 | | | | 35 | |
WR Berkley Corp. | | | 6 | | | | 462 | |
WSFS Financial Corp. | | | 24 | | | | 1,149 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
XP, Inc. – Class A | | | 10 | | | $ | 182 | |
Zions Bancorp N.A. | | | 537 | | | | 23,277 | |
| | | | | | | | |
Total Financials | | | | 1,515,178 | |
| | | | | | | | |
| Healthcare – 7.15% | | | | | | | | |
10X Genomics, Inc. – Class A (1) | | | 1 | | | | 18 | |
2seventy bio, Inc. (1) | | | 20 | | | | 77 | |
4D Molecular Therapeutics, Inc. (1) | | | 8 | | | | 168 | |
89bio, Inc. (1) | | | 36 | | | | 292 | |
Aadi Bioscience, Inc. (1) | | | 1 | | | | 1 | |
Absci Corp. (1) | | | 10 | | | | 31 | |
Acadia Healthcare Co., Inc. (1) | | | 3 | | | | 172 | |
Accolade, Inc. (1) | | | 22 | | | | 78 | |
ACELYRIN, Inc. (1) | | | 33 | | | | 144 | |
Achieve Life Sciences, Inc. (1) | | | 6 | | | | 28 | |
Acrivon Therapeutics, Inc. (1) | | | 6 | | | | 34 | |
Acumen Pharmaceuticals, Inc. (1) | | | 18 | | | | 44 | |
AdaptHealth Corp. – Class A (1) | | | 26 | | | | 259 | |
Adaptive Biotechnologies Corp. (1) | | | 52 | | | | 189 | |
ADC Therapeutics SA (1) | | | 12 | | | | 39 | |
Addus HomeCare Corp. (1) | | | 134 | | | | 15,547 | |
Adicet Bio, Inc. (1) | | | 2 | | | | 2 | |
Aduro Bioteech, Inc. (1)(3) | | | 1 | | | | 2 | |
Adverum Biotechnologies, Inc. (1) | | | 9 | | | | 63 | |
Agenus, Inc. (1) | | | 8 | | | | 133 | |
Agilent Technologies, Inc. | | | 151 | | | | 19,620 | |
Agios Pharmaceuticals, Inc. (1) | | | 25 | | | | 1,099 | |
Akebia Therapeutics, Inc. (1) | | | 85 | | | | 87 | |
Akero Therapeutics, Inc. (1) | | | 25 | | | | 596 | |
Aldeyra Therapeutics, Inc. (1) | | | 20 | | | | 66 | |
Align Technology, Inc. (1) | | | 1 | | | | 210 | |
Allogene Therapeutics, Inc. (1) | | | 49 | | | | 115 | |
Alnylam Pharmaceuticals, Inc. (1)(2) | | | 0 | | | | 97 | |
Altimmune, Inc. (1) | | | 15 | | | | 99 | |
Alto Neuroscience, Inc. (1) | | | 2 | | | | 17 | |
Amedisys, Inc. (1) | | | 1 | | | | 81 | |
AMN Healthcare Services, Inc. (1) | | | 147 | | | | 7,512 | |
Amneal Pharmaceuticals, Inc. (1) | | | 13 | | | | 81 | |
Anavex Life Sciences Corp. (1) | | | 24 | | | | 101 | |
AngioDynamics, Inc. (1) | | | 16 | | | | 96 | |
ANI Pharmaceuticals, Inc. (1) | | | 2 | | | | 149 | |
Anika Therapeutics, Inc. (1) | | | 5 | | | | 131 | |
Annexon, Inc. (1) | | | 38 | | | | 187 | |
Applied Therapeutics, Inc. (1) | | | 17 | | | | 81 | |
Aquestive Therapeutics, Inc. (1) | | | 25 | | | | 64 | |
Arbutus Biopharma Corp. (1) | | | 5 | | | | 17 | |
Arcturus Therapeutics Holdings, Inc. (1) | | | 1 | | | | 30 | |
ArriVent Biopharma, Inc. (1) | | | 2 | | | | 38 | |
Artivion, Inc. (1) | | | 4 | | | | 115 | |
Astria Therapeutics, Inc. (1) | | | 3 | | | | 23 | |
Atea Pharmaceuticals, Inc. (1) | | | 32 | | | | 105 | |
Atossa Therapeutics, Inc. (1) | | | 48 | | | | 57 | |
AtriCure, Inc. (1) | | | 7 | | | | 170 | |
Aura Biosciences, Inc. (1) | | | 20 | | | | 150 | |
Aurinia Pharmaceuticals, Inc. (1) | | | 17 | | | | 97 | |
Avanos Medical, Inc. (1) | | | 20 | | | | 406 | |
Avantor, Inc. (1) | | | 1,243 | | | | 26,358 | |
Aveanna Healthcare Holdings, Inc. (1) | | | 8 | | | | 23 | |
Avid Bioservices, Inc. (1) | | | 2 | | | | 16 | |
Azenta, Inc. (1) | | | 2 | | | | 84 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Baxter International, Inc. | | | 14 | | | $ | 479 | |
Beam Therapeutics, Inc. (1) | | | 34 | | | | 807 | |
BioAtla, Inc. (1) | | | 2 | | | | 2 | |
Biogen, Inc. (1) | | | 4 | | | | 950 | |
BioLife Solutions, Inc. (1) | | | 2 | | | | 42 | |
BioMarin Pharmaceutical, Inc. (1) | | | 5 | | | | 436 | |
Bio-Rad Laboratories, Inc. – Class A (1) | | | 1 | | | | 147 | |
Biote Corp. – Class A (1) | | | 1 | | | | 4 | |
Bio-Techne Corp. | | | 4 | | | | 313 | |
Bioventus, Inc. – Class A (1) | | | 11 | | | | 63 | |
Black Diamond Therapeutics, Inc. (1) | | | 6 | | | | 27 | |
Bluebird Bio, Inc. (1) | | | 79 | | | | 78 | |
Boston Scientific Corp. (1) | | | 221 | | | | 17,047 | |
Bridgebio Pharma, Inc. (1) | | | 24 | | | | 607 | |
Brookdale Senior Living, Inc. (1) | | | 13 | | | | 88 | |
Bruker Corp. | | | 405 | | | | 25,845 | |
C4 Therapeutics, Inc. (1) | | | 27 | | | | 123 | |
Cabaletta Bio, Inc. (1) | | | 15 | | | | 113 | |
Capricor Therapeutics, Inc. (1) | | | 3 | | | | 17 | |
Cardiff Oncology, Inc. (1) | | | 11 | | | | 25 | |
Cardinal Health, Inc. | | | 90 | | | | 8,828 | |
CareDx, Inc. (1) | | | 18 | | | | 275 | |
Cargo Therapeutics, Inc. (1) | | | 8 | | | | 130 | |
Caribou Biosciences, Inc. (1) | | | 34 | | | | 56 | |
Carisma Therapeutics, Inc. (1) | | | 2 | | | | 4 | |
Castle Biosciences, Inc. (1) | | | 8 | | | | 173 | |
Catalent, Inc. (1) | | | 5 | | | | 286 | |
Celcuity, Inc. (1) | | | 1 | | | | 11 | |
Celldex Therapeutics, Inc. (1) | | | 5 | | | | 200 | |
Cencora, Inc. – Class A | | | 221 | | | | 49,847 | |
Centene Corp. (1) | | | 235 | | | | 15,589 | |
Century Therapeutics, Inc. (1) | | | 20 | | | | 52 | |
Certara, Inc. (1) | | | 3 | | | | 46 | |
CG oncology, Inc. (1) | | | 4 | | | | 131 | |
Charles River Laboratories International, Inc. (1) | | | 1 | | | | 297 | |
Chemed Corp. (2) | | | 0 | | | | 201 | |
Chinook Therapeutics, Inc. (1)(3) | | | 17 | | | | 6 | |
Cibus, Inc. (1) | | | 7 | | | | 66 | |
Codexis, Inc. (1) | | | 30 | | | | 93 | |
Cogent Biosciences, Inc. (1) | | | 3 | | | | 26 | |
Coherus Biosciences, Inc. (1) | | | 36 | | | | 62 | |
Community Health Systems, Inc. (1) | | | 27 | | | | 89 | |
Compass Therapeutics, Inc. (1) | | | 46 | | | | 46 | |
Contineum Therapeutics, Inc. (1) | | | 1 | | | | 17 | |
Cooper Companies, Inc. | | | 5 | | | | 480 | |
Corbus Pharmaceuticals Holdings, Inc. (1) | | | 2 | | | | 84 | |
CorMedix, Inc. (1) | | | 4 | | | | 17 | |
Cross Country Healthcare, Inc. (1) | | | 15 | | | | 209 | |
CryoPort, Inc. (1) | | | 3 | | | | 19 | |
Cullinan Therapeutics, Inc. (1) | | | 2 | | | | 37 | |
Cutera, Inc. (1) | | | 1 | | | | 1 | |
Cytek Biosciences, Inc. (1) | | | 55 | | | | 304 | |
Cytokinetics, Inc. (1) | | | 46 | | | | 2,473 | |
DaVita, Inc. (1) | | | 38 | | | | 5,280 | |
Day One Biopharmaceuticals, Inc. (1) | | | 2 | | | | 27 | |
Definitive Healthcare Corp. – Class A (1) | | | 25 | | | | 136 | |
Denali Therapeutics, Inc. (1) | | | 24 | | | | 557 | |
Dentsply Sirona, Inc. | | | 6 | | | | 145 | |
Design Therapeutics, Inc. (1) | | | 14 | | | | 46 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Dianthus Therapeutics, Inc. (1) | | | 10 | | | $ | 259 | |
Disc Medicine, Inc. – Class A (1) | | | 7 | | | | 298 | |
DocGo, Inc. (1) | | | 36 | | | | 112 | |
Doximity, Inc. – Class A (1) | | | 3 | | | | 87 | |
Dynavax Technologies Corp. – Class A (1) | | | 12 | | | | 131 | |
Editas Medicine, Inc. – Class A (1) | | | 37 | | | | 171 | |
Elanco Animal Health, Inc. (1) | | | 14 | | | | 200 | |
Elevation Oncology, Inc. (1) | | | 8 | | | | 22 | |
Eliem Therapeutics, Inc. (1) | | | 3 | | | | 22 | |
Embecta Corp. | | | 227 | | | | 2,841 | |
Enanta Pharmaceuticals, Inc. (1) | | | 9 | | | | 116 | |
Encompass Health Corp. | | | 94 | | | | 8,097 | |
Enhabit, Inc. (1) | | | 19 | | | | 173 | |
Enliven Therapeutics, Inc. (1) | | | 1 | | | | 21 | |
Enovis Corp. (1) | | | 363 | | | | 16,428 | |
Entrada Therapeutics, Inc. (1) | | | 11 | | | | 157 | |
Envista Holdings Corp. (1) | | | 812 | | | | 13,509 | |
Erasca, Inc. (1) | | | 50 | | | | 119 | |
Esperion Therapeutics, Inc. (1) | | | 62 | | | | 137 | |
Exact Sciences Corp. (1) | | | 3 | | | | 131 | |
Exelixis, Inc. (1) | | | 114 | | | | 2,551 | |
EyePoint Pharmaceuticals, Inc. (1) | | | 12 | | | | 107 | |
Fate Therapeutics, Inc. (1) | | | 45 | | | | 148 | |
Fennec Pharmaceuticals, Inc. (1) | | | 8 | | | | 48 | |
Foghorn Therapeutics, Inc. (1) | | | 4 | | | | 23 | |
Fortrea Holdings, Inc. (1) | | | 2 | | | | 50 | |
Fulcrum Therapeutics, Inc. (1) | | | 16 | | | | 101 | |
Fulgent Genetics, Inc. (1) | | | 9 | | | | 184 | |
GE HealthCare Technologies, Inc. | | | 11 | | | | 847 | |
GeneDx Holdings Corp. – Class A (1) | | | 5 | | | | 124 | |
Genelux Corp. (1) | | | 1 | | | | 1 | |
Generation Bio Co. (1) | | | 25 | | | | 69 | |
Geron Corp. (1) | | | 79 | | | | 335 | |
Globus Medical, Inc. – Class A (1) | | | 3 | | | | 215 | |
GRAIL, Inc. (1) | | | 1 | | | | 8 | |
Gyre Therapeutics, Inc. (1) | | | 3 | | | | 34 | |
Haemonetics Corp. (1) | | | 121 | | | | 10,040 | |
Harmony Biosciences Holdings, Inc. (1) | | | 98 | | | | 2,954 | |
Harvard Bioscience, Inc. (1) | | | 12 | | | | 35 | |
Health Catalyst, Inc. (1) | | | 25 | | | | 157 | |
HealthStream, Inc. | | | 7 | | | | 204 | |
Henry Schein, Inc. (1) | | | 4 | | | | 231 | |
Heron Therapeutics, Inc. (1) | | | 48 | | | | 169 | |
HilleVax, Inc. (1) | | | 11 | | | | 161 | |
Hologic, Inc. (1) | | | 6 | | | | 482 | |
Humana, Inc. | | | 40 | | | | 14,789 | |
ICON Plc (1) | | | 99 | | | | 30,886 | |
Icosavax, Inc. (1)(3) | | | 11 | | | | 3 | |
ICU Medical, Inc. (1) | | | 102 | | | | 12,103 | |
IGM Biosciences, Inc. (1) | | | 1 | | | | 6 | |
Illumina, Inc. (1) | | | 4 | | | | 467 | |
Immuneering Corp. – Class A (1)(2) | | | 0 | | | | 1 | |
ImmunityBio, Inc. (1) | | | 15 | | | | 92 | |
Incyte Corp. (1) | | | 95 | | | | 5,757 | |
Inhibrx Biosciences, Inc. (1) | | | 2 | | | | 34 | |
Inhibrx, Inc. (1)(3) | | | 5 | | | | 3 | |
Inmode Ltd. (1) | | | 31 | | | | 572 | |
Innovage Holding Corp. (1) | | | 4 | | | | 19 | |
Innoviva, Inc. (1) | | | 22 | | | | 363 | |
Inogen, Inc. (1) | | | 10 | | | | 80 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Inovio Pharmaceuticals, Inc. (1) | | | 12 | | | $ | 94 | |
Inozyme Pharma, Inc. (1) | | | 23 | | | | 104 | |
Integer Holdings Corp. (1) | | | 173 | | | | 20,076 | |
Integra LifeSciences Holdings Corp. (1) | | | 31 | | | | 897 | |
Intellia Therapeutics, Inc. (1) | | | 43 | | | | 973 | |
Invivyd, Inc. (1) | | | 36 | | | | 39 | |
Ionis Pharmaceuticals, Inc. (1)(2) | | | 0 | | | | 14 | |
IQVIA Holdings, Inc. (1) | | | 172 | | | | 36,399 | |
Ironwood Pharmaceuticals, Inc. – Class A (1) | | | 288 | | | | 1,875 | |
iTeos Therapeutics, Inc. (1) | | | 12 | | | | 181 | |
Jazz Pharmaceuticals Plc (1) | | | 93 | | | | 9,894 | |
Kodiak Sciences, Inc. (1) | | | 14 | | | | 32 | |
Korro Bio, Inc. (1) | | | 2 | | | | 69 | |
Kyverna Therapeutics, Inc. (1) | | | 3 | | | | 21 | |
Labcorp Holdings, Inc. | | | 58 | | | | 11,888 | |
Lantheus Holdings, Inc. (1) | | | 172 | | | | 13,796 | |
LENZ Therapeutics, Inc. | | | 6 | | | | 99 | |
Lexeo Therapeutics, Inc. (1)(2) | | | 0 | | | | 5 | |
Lexicon Pharmaceuticals, Inc. (1) | | | 32 | | | | 54 | |
Lifecore Biomedical, Inc. (1) | | | 9 | | | | 46 | |
LifeMD, Inc. (1) | | | 6 | | | | 43 | |
LifeStance Health Group, Inc. (1) | | | 29 | | | | 142 | |
Ligand Pharmaceuticals, Inc. (1) | | | 8 | | | | 647 | |
LivaNova Plc (1) | | | 23 | | | | 1,267 | |
Lyell Immunopharma, Inc. (1) | | | 74 | | | | 107 | |
MacroGenics, Inc. (1) | | | 5 | | | | 21 | |
MannKind Corp. (1) | | | 27 | | | | 142 | |
Maravai LifeSciences Holdings,
Inc. – Class A (1) | | | 387 | | | | 2,769 | |
Masimo Corp. (1) | | | 1 | | | | 73 | |
MaxCyte, Inc. (1) | | | 47 | | | | 184 | |
McKesson Corp. | | | 11 | | | | 6,600 | |
MeiraGTx Holdings Plc (1) | | | 4 | | | | 16 | |
Mersana Therapeutics, Inc. (1) | | | 21 | | | | 43 | |
Mesa Laboratories, Inc. | | | 1 | | | | 129 | |
Mettler-Toledo International, Inc. (1) | | | 1 | | | | 830 | |
MiMedx Group, Inc. (1) | | | 28 | | | | 195 | |
Mineralys Therapeutics, Inc. (1) | | | 10 | | | | 118 | |
ModivCare, Inc. (1) | | | 120 | | | | 3,159 | |
Molina Healthcare, Inc. (1) | | | 61 | | | | 18,044 | |
Monte Rosa Therapeutics, Inc. (1) | | | 16 | | | | 60 | |
Morphic Holding, Inc. (1) | | | 18 | | | | 612 | |
Myriad Genetics, Inc. (1) | | | 40 | | | | 987 | |
Nano-X Imaging Ltd. (1) | | | 2 | | | | 11 | |
National HealthCare Corp. | | | 6 | | | | 609 | |
Nautilus Biotechnology, Inc. – Class A (1) | | | 22 | | | | 51 | |
Nektar Therapeutics – Class A (1) | | | 81 | | | | 101 | |
Neogen Corp. (1) | | | 98 | | | | 1,535 | |
NeoGenomics, Inc. (1) | | | 53 | | | | 735 | |
Neurogene, Inc. (1) | | | 2 | | | | 79 | |
Nevro Corp. (1) | | | 16 | | | | 136 | |
Nkarta, Inc. (1) | | | 24 | | | | 141 | |
Novavax, Inc. (1) | | | 15 | | | | 186 | |
Nurix Therapeutics, Inc. (1) | | | 9 | | | | 180 | |
Nuvation Bio, Inc. (1) | | | 81 | | | | 237 | |
Ocean Biomedical, Inc. (1)(2) | | | 0 | | | | 0 | |
Olema Pharmaceuticals, Inc. (1) | | | 13 | | | | 146 | |
Omeros Corp. (1) | | | 18 | | | | 74 | |
OmniAb, Inc. (1) | | | 35 | | | | 133 | |
OmniAb, Inc. – Class CR3 (1)(2)(3)(6) | | | 2 | | | | — | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
OmniAb, Inc. – Class CR4 (1)(2)(3)(6) | | | 2 | | | $ | — | |
Omnicell, Inc. (1) | | | 21 | | | | 557 | |
OPKO Health, Inc. (1) | | | 148 | | | | 186 | |
Option Care Health, Inc. (1) | | | 335 | | | | 9,293 | |
OraSure Technologies, Inc. (1) | | | 33 | | | | 142 | |
Orchestra BioMed Holdings, Inc. (1) | | | 6 | | | | 47 | |
Organogenesis Holdings, Inc. – Class A (1) | | | 32 | | | | 89 | |
Organon & Co. | | | 259 | | | | 5,370 | |
ORIC Pharmaceuticals, Inc. (1) | | | 21 | | | | 151 | |
Orthofix Medical, Inc. (1) | | | 16 | | | | 207 | |
OrthoPediatrics Corp. (1) | | | 7 | | | | 208 | |
Outlook Therapeutics, Inc. (1) | | | 2 | | | | 17 | |
Owens & Minor, Inc. (1) | | | 29 | | | | 392 | |
Pacific Biosciences of California, Inc. (1) | | | 123 | | | | 169 | |
Pacira BioSciences, Inc. (1) | | | 19 | | | | 536 | |
Patterson Companies, Inc. | | | 175 | | | | 4,218 | |
Pediatrix Medical Group, Inc. (1) | | | 38 | | | | 290 | |
PepGen, Inc. (1) | | | 1 | | | | 16 | |
Performant Financial Corp. (1) | | | 12 | | | | 35 | |
Perrigo Co. Plc | | | 4 | | | | 101 | |
Perspective Therapeutics, Inc. (1) | | | 4 | | | | 38 | |
PetIQ, Inc. – Class A (1) | | | 10 | | | | 228 | |
Phathom Pharmaceuticals, Inc. (1) | | | 12 | | | | 127 | |
Phibro Animal Health Corp. – Class A | | | 7 | | | | 124 | |
Pliant Therapeutics, Inc. (1) | | | 25 | | | | 274 | |
Poseida Therapeutics, Inc. – Class A (1) | | | 21 | | | | 61 | |
Precigen, Inc. (1) | | | 56 | | | | 89 | |
Prelude Therapeutics, Inc. (1) | | | 8 | | | | 30 | |
Premier, Inc. – Class A | | | 3 | | | | 61 | |
Prestige Consumer Healthcare, Inc. (1) | | | 179 | | | | 12,318 | |
ProKidney Corp. – Class A (1) | | | 6 | | | | 15 | |
Protalix BioTherapeutics, Inc. (1) | | | 1 | | | | 2 | |
Prothena Corp. Plc (1) | | | 8 | | | | 163 | |
PTC Therapeutics, Inc. (1) | | | 8 | | | | 252 | |
Puma Biotechnology, Inc. (1) | | | 12 | | | | 39 | |
Pyxis Oncology, Inc. (1) | | | 22 | | | | 72 | |
Q32 Bio, Inc. (1) | | | 3 | | | | 50 | |
QIAGEN NV (1) | | | 6 | | | | 256 | |
Quanterix Corp. (1) | | | 14 | | | | 189 | |
Quantum-Si, Inc. (1) | | | 44 | | | | 46 | |
Quest Diagnostics, Inc. | | | 3 | | | | 427 | |
QuidelOrtho Corp. (1) | | | 139 | | | | 4,618 | |
Quipt Home Medical Corp. (1) | | | 12 | | | | 40 | |
R1 RCM, Inc. (1) | | | 4 | | | | 53 | |
Rallybio Corp. (1) | | | 1 | | | | 2 | |
RAPT Therapeutics, Inc. (1) | | | 13 | | | | 41 | |
REGENXBIO, Inc. (1) | | | 21 | | | | 242 | |
Regulus Therapeutics, Inc. (1) | | | 21 | | | | 38 | |
Relay Therapeutics, Inc. (1) | | | 45 | | | | 292 | |
Renovaro, Inc. (1) | | | 10 | | | | 18 | |
Repligen Corp. (1) | | | 1 | | | | 169 | |
Replimune Group, Inc. – Class Rights (1) | | | 23 | | | | 205 | |
ResMed, Inc. | | | 3 | | | | 569 | |
REVOLUTION Medicines, Inc. (1) | | | 24 | | | | 932 | |
Revvity, Inc. | | | 3 | | | | 364 | |
Rigel Pharmaceuticals, Inc. (1) | | | 1 | | | | 9 | |
Roivant Sciences Ltd. (1) | | | 10 | | | | 104 | |
Royalty Pharma Plc – Class A | | | 11 | | | | 293 | |
Sage Therapeutics, Inc. (1) | | | 24 | | | | 264 | |
Savara, Inc. (1) | | | 10 | | | | 38 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Scholar Rock Holding Corp. (1) | | | 3 | | | $ | 28 | |
Scilex Holding Co. (1) | | | 16 | | | | 31 | |
Select Medical Holdings Corp. | | | 15 | | | | 539 | |
Shattuck Labs, Inc. (1) | | | 6 | | | | 24 | |
SI-BONE, Inc. (1) | | | 3 | | | | 43 | |
SIGA Technologies, Inc. | | | 5 | | | | 41 | |
Skye Bioscience, Inc. (1) | | | 7 | | | | 52 | |
Solid Biosciences, Inc. (1) | | | 9 | | | | 53 | |
Solventum Corp. (1) | | | 4 | | | | 206 | |
Sonida Senior Living, Inc. (1) | | | 1 | | | | 20 | |
Sotera Health Co. (1) | | | 3 | | | | 41 | |
Spyre Therapeutics, Inc. (1) | | | 14 | | | | 333 | |
Standard BioTools, Inc. (1) | | | 105 | | | | 185 | |
STERIS Plc | | | 3 | | | | 610 | |
Summit Therapeutics, Inc. (1) | | | 2 | | | | 18 | |
Supernus Pharmaceuticals, Inc. (1) | | | 21 | | | | 557 | |
Surgery Partners, Inc. (1) | | | 35 | | | | 824 | |
Surmodics, Inc. (1) | | | 2 | | | | 92 | |
Sutro Biopharma, Inc. (1) | | | 37 | | | | 107 | |
Tactile Systems Technology, Inc. (1) | | | 10 | | | | 124 | |
Teladoc Health, Inc. (1) | | | 65 | | | | 635 | |
Teleflex, Inc. | | | 1 | | | | 278 | |
Tenaya Therapeutics, Inc. (1) | | | 19 | | | | 59 | |
Tenet Healthcare Corp. (1) | | | 3 | | | | 364 | |
Terns Pharmaceuticals, Inc. (1) | | | 25 | | | | 167 | |
Theravance Biopharma, Inc. (1) | | | 16 | | | | 138 | |
Third Harmonic Bio, Inc. (1) | | | 9 | | | | 115 | |
Tourmaline Bio, Inc. (1) | | | 10 | | | | 133 | |
Travere Therapeutics, Inc. – Class Preferre (1) | | | 33 | | | | 271 | |
Trevi Therapeutics, Inc. (1) | | | 10 | | | | 30 | |
TScan Therapeutics, Inc. (1) | | | 6 | | | | 36 | |
United Therapeutics Corp. (1) | | | 31 | | | | 9,980 | |
Universal Health Services, Inc. – Class B | | | 35 | | | | 6,441 | |
UroGen Pharma Ltd. (1) | | | 3 | | | | 58 | |
Utah Medical Products, Inc. | | | 1 | | | | 54 | |
Vanda Pharmaceuticals, Inc. (1) | | | 26 | | | | 145 | |
Varex Imaging Corp. (1) | | | 17 | | | | 254 | |
Ventyx Biosciences, Inc. (1) | | | 27 | | | | 62 | |
Veracyte, Inc. (1) | | | 35 | | | | 752 | |
Verve Therapeutics, Inc. (1) | | | 33 | | | | 161 | |
Viatris, Inc. | | | 443 | | | | 4,708 | |
Vir Biotechnology, Inc. (1) | | | 41 | | | | 361 | |
Viridian Therapeutics, Inc. (1) | | | 7 | | | | 96 | |
Voyager Therapeutics, Inc. (1) | | | 21 | | | | 163 | |
Waters Corp. (1) | | | 1 | | | | 188 | |
WaVe Life Sciences Ltd. (1) | | | 5 | | | | 26 | |
Werewolf Therapeutics, Inc. (1) | | | 10 | | | | 24 | |
West Pharmaceutical Services, Inc. | | | 1 | | | | 264 | |
XBiotech, Inc. (1) | | | 8 | | | | 42 | |
Xencor, Inc. (1) | | | 14 | | | | 269 | |
XOMA Corp. (1) | | | 1 | | | | 33 | |
Zentalis Pharmaceuticals, Inc. (1) | | | 25 | | | | 104 | |
Zevra Therapeutics, Inc. (1) | | | 9 | | | | 44 | |
Zimmer Biomet Holdings, Inc. | | | 126 | | | | 13,728 | |
Zimvie, Inc. (1) | | | 12 | | | | 228 | |
Zymeworks, Inc. (1) | | | 25 | | | | 209 | |
| | | | | | | | |
Total Healthcare | | | | 563,364 | |
| | | | | | | | |
| Industrials – 21.20% | | | | | | | | |
3D Systems Corp. (1) | | | 58 | | | | 178 | |
AAON, Inc. | | | 302 | | | | 26,384 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
AAR Corp. (1) | | | 13 | | | $ | 913 | |
ABM Industries, Inc. | | | 367 | | | | 18,553 | |
ACCO Brands Corp. | | | 42 | | | | 196 | |
Acuity Brands, Inc. | | | 1 | | | | 210 | |
Advanced Drainage Systems, Inc. | | | 86 | | | | 13,791 | |
AECOM | | | 4 | | | | 336 | |
AerSale Corp. (1) | | | 14 | | | | 94 | |
AGCO Corp. | | | 114 | | | | 11,115 | |
Air Lease Corp. – Class A | | | 263 | | | | 12,510 | |
Air Transport Services Group, Inc. (1) | | | 23 | | | | 324 | |
Alaska Air Group, Inc. (1) | | | 537 | | | | 21,680 | |
Albany International Corp. – Class A | | | 11 | | | | 892 | |
Alight, Inc. – Class A (1) | | | 215 | | | | 1,588 | |
Allegiant Travel Co. – Class A | | | 99 | | | | 4,966 | |
Allegion Plc | | | 323 | | | | 38,204 | |
Allient, Inc. | | | 6 | | | | 148 | |
Allison Transmission Holdings, Inc. | | | 112 | | | | 8,506 | |
Ameresco, Inc. – Class A (1) | | | 10 | | | | 281 | |
American Airlines Group, Inc. (1) | | | 129 | | | | 1,463 | |
American Woodmark Corp. (1) | | | 7 | | | | 531 | |
AMETEK, Inc. | | | 263 | | | | 43,786 | |
AO Smith Corp. | | | 3 | | | | 273 | |
API Group Corp. (1) | | | 6 | | | | 240 | |
Apogee Enterprises, Inc. | | | 7 | | | | 442 | |
ArcBest Corp. | | | 44 | | | | 4,701 | |
Archer Aviation, Inc. – Class A (1) | | | 7 | | | | 24 | |
Arcosa, Inc. | | | 177 | | | | 14,748 | |
Aris Water Solutions, Inc. – Class A | | | 11 | | | | 175 | |
Armstrong World Industries, Inc. | | | 1 | | | | 93 | |
Astec Industries, Inc. | | | 10 | | | | 299 | |
Astronics Corp. (1) | | | 13 | | | | 260 | |
Asure Software, Inc. (1) | | | 11 | | | | 95 | |
Atkore, Inc. | | | 110 | | | | 14,886 | |
Atmus Filtration Technologies, Inc. (1) | | | 376 | | | | 10,813 | |
Avis Budget Group, Inc. (2) | | | 0 | | | | 31 | |
Axon Enterprise, Inc. (1) | | | 107 | | | | 31,495 | |
AZEK Co., Inc. – Class A (1) | | | 502 | | | | 21,142 | |
AZZ, Inc. | | | 2 | | | | 192 | |
Barnes Group, Inc. | | | 21 | | | | 869 | |
Barrett Business Services, Inc. | | | 33 | | | | 1,086 | |
Beacon Roofing Supply, Inc. (1) | | | 194 | | | | 17,552 | |
BlackSky Technology, Inc. (1) | | | 49 | | | | 52 | |
Blade Air Mobility, Inc. (1) | | | 25 | | | | 85 | |
Blink Charging Co. (1) | | | 24 | | | | 66 | |
Bloom Energy Corp. – Class A (1) | | | 8 | | | | 97 | |
BlueLinx Holdings, Inc. (1) | | | 4 | | | | 375 | |
Boise Cascade Co. | | | 100 | | | | 11,970 | |
BrightView Holdings, Inc. (1) | | | 21 | | | | 277 | |
Brink’s Co. | | | 296 | | | | 30,286 | |
Broadridge Financial Solutions, Inc. (2) | | | 0 | | | | 57 | |
Brookfield Business Corp. – Class A | | | 5 | | | | 98 | |
Builders FirstSource, Inc. (1) | | | 156 | | | | 21,566 | |
BWX Technologies, Inc. | | | 127 | | | | 12,108 | |
CACI International, Inc. – Class A (1) | | | 68 | | | | 29,428 | |
Caesarstone Ltd. (1) | | | 8 | | | | 42 | |
Carlisle Companies, Inc. | | | 1 | | | | 472 | |
Casella Waste Systems, Inc. – Class A (1) | | | 133 | | | | 13,233 | |
CBIZ, Inc. (1) | | | 218 | | | | 16,148 | |
Centuri Holdings, Inc. (1) | | | 377 | | | | 7,348 | |
CH Robinson Worldwide, Inc. | | | 3 | | | | 284 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
ChargePoint Holdings, Inc. (1) | | | 78 | | | $ | 118 | |
Cimpress Plc (1) | | | 3 | | | | 237 | |
Clarivate Plc (1) | | | 11 | | | | 65 | |
Clean Harbors, Inc. (1) | | | 1 | | | | 330 | |
CNH Industrial NV | | | 1,258 | | | | 12,740 | |
Columbus McKinnon Corp. | | | 13 | | | | 440 | |
Commercial Vehicle Group, Inc. (1) | | | 14 | | | | 67 | |
CompX International, Inc. | | | 1 | | | | 13 | |
Concentrix Corp. | | | 1 | | | | 84 | |
Concrete Pumping Holdings, Inc. (1) | | | 10 | | | | 58 | |
Conduent, Inc. (1) | | | 74 | | | | 242 | |
Core & Main, Inc. – Class A (1) | | | 2 | | | | 80 | |
CoreCivic, Inc. (1) | | | 50 | | | | 654 | |
Costamare, Inc. | | | 19 | | | | 305 | |
Covenant Logistics Group, Inc. – Class A | | | 3 | | | | 149 | |
Crane Co. | | | 109 | | | | 15,808 | |
Cummins, Inc. | | | 54 | | | | 15,078 | |
Curtiss-Wright Corp. | | | 67 | | | | 18,217 | |
Custom Truck One Source, Inc. (1) | | | 6 | | | | 27 | |
Dayforce, Inc. (1) | | | 4 | | | | 185 | |
Delta Air Lines, Inc. | | | 177 | | | | 8,387 | |
Deluxe Corp. | | | 236 | | | | 5,294 | |
DIRTT Environmental Solutions (1)(3) | | | 229 | | | | 99 | |
Distribution Solutions Group, Inc. (1) | | | 1 | | | | 17 | |
DLH Holdings Corp. (1) | | | 2 | | | | 18 | |
DNOW, Inc. (1) | | | 49 | | | | 671 | |
Donaldson Co., Inc. | | | 3 | | | | 238 | |
Douglas Dynamics, Inc. | | | 1 | | | | 31 | |
Dover Corp. | | | 107 | | | | 19,337 | |
Ducommun, Inc. (1) | | | 6 | | | | 363 | |
Dun & Bradstreet Holdings, Inc. | | | 967 | | | | 8,952 | |
DXP Enterprises, Inc. (1) | | | 50 | | | | 2,302 | |
Eastern Co. | | | 2 | | | | 57 | |
Element Fleet Management Corp. | | | 506 | | | | 9,211 | |
EMCOR Group, Inc. | | | 1 | | | | 290 | |
Encore Wire Corp. | | | 7 | | | | 1,889 | |
Energy Vault Holdings, Inc. (1) | | | 41 | | | | 39 | |
EnerSys | | | 2 | | | | 163 | |
Ennis, Inc. | | | 11 | | | | 237 | |
Enpro, Inc. | | | 9 | | | | 1,243 | |
Enviri Corp. (1) | | | 36 | | | | 312 | |
Equifax, Inc. | | | 112 | | | | 27,176 | |
Esab Corp. | | | 147 | | | | 13,839 | |
ESCO Technologies, Inc. | | | 146 | | | | 15,309 | |
EVI Industries, Inc. | | | 1 | | | | 11 | |
Expeditors International of Washington, Inc. | | | 131 | | | | 16,308 | |
Fastenal Co. | | | 2 | | | | 156 | |
Federal Signal Corp. | | | 208 | | | | 17,424 | |
Ferguson Plc | | | 118 | | | | 22,884 | |
First Advantage Corp. | | | 10 | | | | 158 | |
Flowserve Corp. | | | 711 | | | | 34,181 | |
Fluor Corp. (1) | | | 7 | | | | 297 | |
Forrester Research, Inc. (1) | | | 5 | | | | 90 | |
Fortive Corp. | | | 196 | | | | 14,491 | |
Fortune Brands Innovations, Inc. | | | 92 | | | | 5,945 | |
Forward Air Corp. | | | 11 | | | | 214 | |
Freyr Battery, Inc. (1) | | | 50 | | | | 85 | |
FTAI Infrastructure, Inc. | | | 46 | | | | 396 | |
FTI Consulting, Inc. (1) | | | 1 | | | | 213 | |
FuelCell Energy, Inc. (1) | | | 215 | | | | 137 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Gates Industrial Corp. Plc (1) | | | 544 | | | $ | 8,603 | |
GATX Corp. | | | 16 | | | | 2,130 | |
Genco Shipping & Trading Ltd. | | | 19 | | | | 415 | |
Gencor Industries, Inc. (1) | | | 4 | | | | 87 | |
Generac Holdings, Inc. (1) | | | 57 | | | | 7,478 | |
Genpact Ltd. | | | 5 | | | | 158 | |
GEO Group, Inc. (1) | | | 57 | | | | 813 | |
Gibraltar Industries, Inc. (1) | | | 202 | | | | 13,872 | |
GMS, Inc. (1) | | | 99 | | | | 7,947 | |
Golden Ocean Group Ltd. | | | 55 | | | | 764 | |
Graco, Inc. | | | 5 | | | | 369 | |
GrafTech International Ltd. (1) | | | 11 | | | | 11 | |
Granite Construction, Inc. | | | 4 | | | | 236 | |
Great Lakes Dredge & Dock Corp. (1) | | | 30 | | | | 264 | |
Greenbrier Companies, Inc. | | | 14 | | | | 692 | |
Griffon Corp. | | | 72 | | | | 4,623 | |
GXO Logistics, Inc. (1) | | | 3 | | | | 166 | |
H&E Equipment Services, Inc. | | | 1 | | | | 58 | |
Hawaiian Holdings, Inc. (1) | | | 23 | | | | 292 | |
Hayward Holdings, Inc. (1) | | | 630 | | | | 7,746 | |
Healthcare Services Group, Inc. (1) | | | 33 | | | | 349 | |
Heartland Express, Inc. | | | 12 | | | | 149 | |
Heidrick & Struggles International, Inc. | | | 9 | | | | 296 | |
Helios Technologies, Inc. | | | 5 | | | | 224 | |
Herc Holdings, Inc. | | | 58 | | | | 7,769 | |
Hertz Global Holdings, Inc. (1) | | | 56 | | | | 197 | |
Hexcel Corp. | | | 2 | | | | 146 | |
Hillenbrand, Inc. | | | 21 | | | | 844 | |
Hillman Solutions Corp. (1) | | | 441 | | | | 3,903 | |
Himalaya Shipping Ltd. (1) | | | 3 | | | | 24 | |
HNI Corp. | | | 12 | | | | 527 | |
Howmet Aerospace, Inc. | | | 312 | | | | 24,223 | |
Hub Group, Inc. – Class A | | | 28 | | | | 1,186 | |
Hubbell, Inc. – Class B | | | 45 | | | | 16,591 | |
Hudson Technologies, Inc. (1) | | | 17 | | | | 151 | |
Huntington Ingalls Industries, Inc. | | | 24 | | | | 5,818 | |
Hyliion Holdings Corp. (1) | | | 63 | | | | 102 | |
Hyster-Yale, Inc. | | | 2 | | | | 144 | |
IBEX Holdings Ltd. (1) | | | 84 | | | | 1,365 | |
ICF International, Inc. | | | 120 | | | | 17,870 | |
IDEX Corp. | | | 2 | | | | 426 | |
Ingersoll Rand, Inc. | | | 11 | | | | 1,033 | |
Insperity, Inc. | | | 74 | | | | 6,743 | |
Insteel Industries, Inc. | | | 5 | | | | 145 | |
Interface, Inc. – Class A | | | 24 | | | | 349 | |
Intuitive Machines, Inc. (1) | | | 12 | | | | 40 | |
ITT, Inc. | | | 108 | | | | 13,951 | |
Jacobs Solutions, Inc. | | | 72 | | | | 10,105 | |
Janus International Group, Inc. (1) | | | 813 | | | | 10,271 | |
JB Hunt Transport Services, Inc. | | | 2 | | | | 372 | |
JELD-WEN Holding, Inc. (1) | | | 26 | | | | 347 | |
JetBlue Airways Corp. (1) | | | 139 | | | | 847 | |
John Bean Technologies Corp. | | | 13 | | | | 1,259 | |
Johnson Controls International Plc | | | 132 | | | | 8,801 | |
Karat Packaging, Inc. | | | 7 | | | | 212 | |
KBR, Inc. | | | 129 | | | | 8,298 | |
Kelly Services, Inc. – Class A | | | 15 | | | | 314 | |
Kennametal, Inc. | | | 36 | | | | 848 | |
Kirby Corp. (1) | | | 2 | | | | 196 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Knight-Swift Transportation Holdings, Inc. – Class A | | | 4 | | | $ | 219 | |
Korn Ferry | | | 112 | | | | 7,527 | |
Kratos Defense & Security Solutions, Inc. (1) | | | 37 | | | | 750 | |
L3Harris Technologies, Inc. | | | 126 | | | | 28,315 | |
Landstar System, Inc. | | | 71 | | | | 13,081 | |
LB Foster Co. – Class A (1) | | | 4 | | | | 88 | |
Leidos Holdings, Inc. | | | 75 | | | | 10,966 | |
Leonardo DRS, Inc. (1) | | | 719 | | | | 18,343 | |
Li-Cycle Holdings Corp. (1) | | | 1 | | | | 5 | |
Lincoln Electric Holdings, Inc. | | | 1 | | | | 211 | |
Lindsay Corp. | | | 2 | | | | 290 | |
Loomis AB – Class B | | | 94 | | | | 2,436 | |
LSI Industries, Inc. | | | 4 | | | | 57 | |
Luxfer Holdings Plc | | | 47 | | | | 544 | |
Lyft, Inc. – Class A (1) | | | 3 | | | | 45 | |
Manitowoc Co., Inc. (1) | | | 15 | | | | 177 | |
ManpowerGroup, Inc. | | | 74 | | | | 5,194 | |
Marten Transport Ltd. | | | 19 | | | | 358 | |
Masco Corp. | | | 330 | | | | 21,975 | |
MasTec, Inc. (1) | | | 2 | | | | 188 | |
Masterbrand, Inc. (1) | | | 57 | | | | 843 | |
Matrix Service Co. (1) | | | 12 | | | | 121 | |
Matson, Inc. | | | 15 | | | | 2,024 | |
Matthews International Corp. – Class A | | | 13 | | | | 335 | |
Mayville Engineering Co., Inc. (1) | | | 5 | | | | 81 | |
MDU Resources Group, Inc. | | | 257 | | | | 6,457 | |
Mercury Systems, Inc. (1) | | | 25 | | | | 661 | |
Microvast Holdings, Inc. (1) | | | 9 | | | | 4 | |
Middleby Corp. (1) | | | 1 | | | | 182 | |
Miller Industries, Inc. | | | 5 | | | | 257 | |
MillerKnoll, Inc. | | | 32 | | | | 855 | |
Mistras Group, Inc. (1) | | | 8 | | | | 66 | |
Moog, Inc. – Class A | | | 61 | | | | 10,277 | |
MRC Global, Inc. (1) | | | 39 | | | | 500 | |
MSA Safety, Inc. | | | 1 | | | | 195 | |
MSC Industrial Direct Co., Inc. – Class A | | | 1 | | | | 99 | |
Mueller Industries, Inc. | | | 88 | | | | 5,037 | |
National Presto Industries, Inc. | | | 2 | | | | 169 | |
Net Power, Inc. (1) | | | 9 | | | | 90 | |
NEXTracker, Inc. – Class A (1) | | | 13 | | | | 631 | |
NL Industries, Inc. | | | 5 | | | | 30 | |
NN, Inc. (1) | | | 19 | | | | 58 | |
Nordson Corp. | | | 2 | | | | 369 | |
Norfolk Southern Corp. | | | 89 | | | | 19,187 | |
Northwest Pipe Co. (1) | | | 3 | | | | 115 | |
NV5 Global, Inc. (1) | | | 36 | | | | 3,313 | |
nVent Electric Plc | | | 637 | | | | 48,772 | |
OPENLANE, Inc. (1) | | | 49 | | | | 815 | |
Orion Group Holdings, Inc. (1) | | | 12 | | | | 115 | |
Oshkosh Corp. | | | 41 | | | | 4,484 | |
Otis Worldwide Corp. | | | 199 | | | | 19,198 | |
Owens Corning | | | 66 | | | | 11,472 | |
PACCAR, Inc. | | | 92 | | | | 9,429 | |
PAM Transportation Services, Inc. (1) | | | 3 | | | | 50 | |
Pangaea Logistics Solutions Ltd. | | | 15 | | | | 120 | |
Park Aerospace Corp. | | | 4 | | | | 58 | |
Parker-Hannifin Corp. | | | 101 | | | | 50,913 | |
Park-Ohio Holdings Corp. | | | 4 | | | | 102 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Parsons Corp. (1) | | | 1 | | | $ | 106 | |
Paychex, Inc. | | | 6 | | | | 687 | |
Paycom Software, Inc. | | | 1 | | | | 76 | |
Paycor HCM, Inc. (1) | | | 2 | | | | 22 | |
Pentair Plc | | | 5 | | | | 358 | |
Pitney Bowes, Inc. | | | 4 | | | | 19 | |
Planet Labs PBC (1) | | | 75 | | | | 139 | |
Plug Power, Inc. (1) | | | 262 | | | | 610 | |
Preformed Line Products Co. | | | 1 | | | | 123 | |
Primoris Services Corp. | | | 2 | | | | 116 | |
Proficient Auto Logistics, Inc. (1) | | | 80 | | | | 1,287 | |
Proto Labs, Inc. (1) | | | 11 | | | | 350 | |
Quad/Graphics, Inc. | | | 7 | | | | 37 | |
Quanex Building Products Corp. | | | 15 | | | | 414 | |
Quanta Services, Inc. | | | 3 | | | | 723 | |
Radiant Logistics, Inc. (1) | | | 14 | | | | 80 | |
RB Global, Inc. | | | 212 | | | | 16,156 | |
RBC Bearings, Inc. (1) | | | 1 | | | | 216 | |
Redwire Corp. (1) | | | 8 | | | | 55 | |
Regal Rexnord Corp. | | | 218 | | | | 29,451 | |
Resideo Technologies, Inc. (1) | | | 408 | | | | 7,984 | |
Resources Connection, Inc. | | | 14 | | | | 154 | |
REV Group, Inc. | | | 6 | | | | 140 | |
Robert Half, Inc. | | | 178 | | | | 11,407 | |
Rockwell Automation, Inc. | | | 3 | | | | 804 | |
Rush Enterprises, Inc. – Class A | | | 27 | | | | 1,145 | |
Rush Enterprises, Inc. – Class B | | | 4 | | | | 158 | |
RXO, Inc. (1) | | | 338 | | | | 8,844 | |
Ryder System, Inc. | | | 40 | | | | 4,985 | |
Safe Bulkers, Inc. | | | 30 | | | | 175 | |
Saia, Inc. (1) | | | 76 | | | | 35,907 | |
Schneider National, Inc. – Class B | | | 296 | | | | 7,155 | |
Science Applications International Corp. | | | 138 | | | | 16,208 | |
Sensata Technologies Holding Plc | | | 250 | | | | 9,353 | |
SES AI Corp. (1) | | | 60 | | | | 75 | |
Shyft Group, Inc. | | | 14 | | | | 169 | |
Simpson Manufacturing Co., Inc. | | | 1 | | | | 181 | |
SiteOne Landscape Supply, Inc. (1) | | | 136 | | | | 16,502 | |
SkyWest, Inc. (1) | | | 18 | | | | 1,485 | |
Snap-on, Inc. | | | 36 | | | | 9,502 | |
Southland Holdings, Inc. (1) | | | 2 | | | | 11 | |
Southwest Airlines Co. | | | 17 | | | | 480 | |
Spirit AeroSystems Holdings, Inc. – Class A (1) | | | 3 | | | | 92 | |
Spirit Airlines, Inc. | | | 48 | | | | 176 | |
SS&C Technologies Holdings, Inc. | | | 6 | | | | 383 | |
Standex International Corp. | | | 141 | | | | 22,674 | |
Stanley Black & Decker, Inc. | | | 4 | | | | 345 | |
Steelcase, Inc. – Class A | | | 43 | | | | 554 | |
Stem, Inc. (1) | | | 73 | | | | 81 | |
Stericycle, Inc. (1) | | | 3 | | | | 150 | |
Sterling Check Corp. (1) | | | 6 | | | | 90 | |
Sun Country Airlines Holdings, Inc. (1) | | | 171 | | | | 2,144 | |
SunPower Corp. – Class A (1) | | | 40 | | | | 118 | |
Sunrun, Inc. (1) | | | 98 | | | | 1,168 | |
Tecnoglass, Inc. | | | 92 | | | | 4,597 | |
Tennant Co. | | | 5 | | | | 470 | |
Terex Corp. | | | 30 | | | | 1,650 | |
Terran Orbital Corp. (1) | | | 62 | | | | 51 | |
Tetra Tech, Inc. | | | 1 | | | | 241 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Textron, Inc. | | | 426 | | | $ | 36,573 | |
TFI International, Inc. | | | 180 | | | | 26,109 | |
Thermon Group Holdings, Inc. (1) | | | 13 | | | | 413 | |
Timken Co. | | | 230 | | | | 18,466 | |
Titan International, Inc. (1) | | | 211 | | | | 1,563 | |
Titan Machinery, Inc. (1) | | | 82 | | | | 1,307 | |
Toro Co. | | | 3 | | | | 274 | |
TPI Composites, Inc. (1) | | | 21 | | | | 84 | |
TransUnion | | | 5 | | | | 382 | |
TriNet Group, Inc. | | | 58 | | | | 5,843 | |
Trinity Industries, Inc. | | | 3 | | | | 100 | |
Triumph Group, Inc. (1) | | | 30 | | | | 456 | |
TrueBlue, Inc. (1) | | | 14 | | | | 148 | |
TTEC Holdings, Inc. | | | 10 | | | | 57 | |
Tutor Perini Corp. (1) | | | 20 | | | | 432 | |
Twin Discount, Inc. | | | 5 | | | | 55 | |
UFP Industries, Inc. | | | 12 | | | | 1,369 | |
U-Haul Holding Co. (1)(2) | | | 0 | | | | 9 | |
U-Haul Holding Co. – Class B | | | 2 | | | | 97 | |
UL Solutions, Inc. – Class A | | | 220 | | | | 9,296 | |
Ultralife Corp. (1) | | | 4 | | | | 42 | |
UniFirst Corp. | | | 7 | | | | 1,164 | |
United Airlines Holdings, Inc. (1) | | | 100 | | | | 4,868 | |
United Rentals, Inc. | | | 12 | | | | 7,516 | |
Universal Logistics Holdings, Inc. | | | 2 | | | | 84 | |
V2X, Inc. (1) | | | 5 | | | | 262 | |
Valmont Industries, Inc. | | | 1 | | | | 156 | |
Veralto Corp. | | | 4 | | | | 365 | |
Verra Mobility Corp. – Class A (1) | | | 39 | | | | 1,071 | |
Vertiv Holdings Co. – Class A | | | 84 | | | | 7,259 | |
Vestis Corp. | | | 4 | | | | 48 | |
Vicor Corp. (1) | | | 5 | | | | 150 | |
Virco Mfg. Corp. | | | 5 | | | | 63 | |
Virgin Galactic Holdings, Inc. (1) | | | 8 | | | | 70 | |
VSE Corp. | | | 5 | | | | 464 | |
Wabash National Corp. | | | 20 | | | | 437 | |
Watsco, Inc. | | | 1 | | | | 449 | |
Werner Enterprises, Inc. | | | 24 | | | | 875 | |
WESCO International, Inc. | | | 218 | | | | 34,541 | |
Westinghouse Air Brake Technologies Corp. | | | 5 | | | | 780 | |
Willdan Group, Inc. (1) | | | 6 | | | | 159 | |
Willis Lease Finance Corp. | | | 1 | | | | 101 | |
WillScot Mobile Mini Holdings
Corp. – Class A (1) | | | 4 | | | | 138 | |
WNS Holdings Ltd. (1) | | | 82 | | | | 4,317 | |
Woodward, Inc. | | | 2 | | | | 294 | |
WW Grainger, Inc.(2) | | | 0 | | | | 143 | |
XPO, Inc. (1) | | | 68 | | | | 7,250 | |
Xylem, Inc. | | | 7 | | | | 922 | |
Zurn Elkay Water Solutions Corp. | | | 4 | | | | 117 | |
| | | | | | | | |
Total Industrials | | | | 1,670,801 | |
| | | | | | | | |
| Information Technology – 9.49% | | | | | | | | |
908 Devices, Inc. (1) | | | 9 | | | | 47 | |
ACI Worldwide, Inc. (1) | | | 370 | | | | 14,657 | |
ACM Research, Inc. – Class A (1) | | | 7 | | | | 168 | |
Adeia, Inc. | | | 8 | | | | 95 | |
ADTRAN Holdings, Inc. | | | 35 | | | | 186 | |
Aeva Technologies, Inc. (1) | | | 13 | | | | 33 | |
Akamai Technologies, Inc. (1) | | | 4 | | | | 382 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Allegro MicroSystems, Inc. (1) | | | 2 | | | $ | 59 | |
Alpha & Omega Semiconductor Ltd. (1) | | | 11 | | | | 400 | |
Ambarella, Inc. (1) | | | 8 | | | | 440 | |
Amdocs Ltd. | | | 54 | | | | 4,225 | |
American Software, Inc. – Class A | | | 14 | | | | 130 | |
Amkor Technology, Inc. | | | 341 | | | | 13,627 | |
ANSYS, Inc. (1) | | | 2 | | | | 789 | |
Applied Digital Corp. (1) | | | 14 | | | | 81 | |
Applied Optoelectronics, Inc. (1) | | | 17 | | | | 141 | |
Arrow Electronics, Inc. (1) | | | 182 | | | | 22,004 | |
ASGN, Inc. (1) | | | 78 | | | | 6,886 | |
Aspen Technology, Inc. (1) | | | 1 | | | | 151 | |
Astera Labs, Inc. (1) | | | 1 | | | | 36 | |
Aurora Innovation, Inc. – Class A (1) | | | 176 | | | | 488 | |
Aviat Networks, Inc. (1) | | | 5 | | | | 148 | |
Avnet, Inc. | | | 230 | | | | 11,842 | |
Axcelis Technologies, Inc. (1) | | | 67 | | | | 9,531 | |
Bel Fuse, Inc. | | | 1 | | | | 65 | |
Bel Fuse, Inc. – Class B | | | 5 | | | | 306 | |
Belden, Inc. | | | 198 | | | | 18,560 | |
Benchmark Electronics, Inc. | | | 16 | | | | 644 | |
BigBear.ai Holdings, Inc. (1) | | | 13 | | | | 20 | |
BILL Holdings, Inc. (1) | | | 2 | | | | 114 | |
Bit Digital, Inc. (1) | | | 54 | | | | 171 | |
Calix, Inc. (1) | | | 7 | | | | 251 | |
CCC Intelligent Solutions Holdings, Inc. (1) | | | 12 | | | | 132 | |
CDW Corp. | | | 130 | | | | 29,133 | |
Cerence, Inc. (1) | | | 18 | | | | 51 | |
CEVA, Inc. (1) | | | 1 | | | | 18 | |
Check Point Software Technologies Ltd. (1) | | | 175 | | | | 28,923 | |
Ciena Corp. (1) | | | 266 | | | | 12,805 | |
Cipher Mining, Inc. (1) | | | 25 | | | | 105 | |
Cirrus Logic, Inc. (1) | | | 57 | | | | 7,315 | |
Clearfield, Inc. (1) | | | 6 | | | | 219 | |
Cognex Corp. | | | 5 | | | | 213 | |
Cognizant Technology Solutions Corp. – Class A | | | 136 | | | | 9,274 | |
Coherent Corp. (1) | | | 296 | | | | 21,441 | |
Cohu, Inc. (1) | | | 190 | | | | 6,291 | |
CommScope Holding Co., Inc. (1) | | | 97 | | | | 119 | |
CommVault Systems, Inc. (1) | | | 2 | | | | 183 | |
CompoSecure, Inc. – Class A | | | 1 | | | | 6 | |
Consensus Cloud Solutions, Inc. (1) | | | 8 | | | | 142 | |
Core Scientific, Inc. (1) | | | 17 | | | | 161 | |
Corning, Inc. | | | 22 | | | | 838 | |
Corsair Gaming, Inc. (1) | | | 17 | | | | 191 | |
Crane NXT Co. | | | 1 | | | | 82 | |
CS Disco, Inc. (1) | | | 6 | | | | 35 | |
CTS Corp. | | | 3 | | | | 146 | |
Daily Journal Corp. (1)(2) | | | 0 | | | | 72 | |
Daktronics, Inc. (1) | | | 15 | | | | 203 | |
Dell Technologies, Inc. – Class C | | | 125 | | | | 17,290 | |
Diebold Nixdorf, Inc. (1) | | | 12 | | | | 448 | |
Digi International, Inc. (1) | | | 16 | | | | 367 | |
Digimarc Corp. (1) | | | 1 | | | | 16 | |
Digital Turbine, Inc. (1) | | | 45 | | | | 74 | |
Diodes, Inc. (1) | | | 18 | | | | 1,313 | |
Dolby Laboratories, Inc. – Class A | | | 2 | | | | 129 | |
DoubleVerify Holdings, Inc. – Class Rights (1) | | | 2 | | | | 34 | |
Dropbox, Inc. – Class A (1) | | | 117 | | | | 2,635 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
D-Wave Quantum, Inc. (1) | | | 20 | | | $ | 23 | |
DXC Technology Co. (1) | | | 120 | | | | 2,285 | |
DZS, Inc. (1) | | | 1 | | | | 1 | |
E2open Parent Holdings, Inc. (1) | | | 78 | | | | 351 | |
Eastman Kodak Co. (1) | | | 28 | | | | 150 | |
Endava Plc – ADR (1) | | | 101 | | | | 2,941 | |
EPAM Systems, Inc. (1) | | | 1 | | | | 275 | |
ePlus, Inc. (1) | | | 4 | | | | 312 | |
EverCommerce, Inc. (1) | | | 4 | | | | 40 | |
Everspin Technologies, Inc. (1) | | | 3 | | | | 17 | |
Extreme Networks, Inc. (1) | | | 27 | | | | 358 | |
F5, Inc. (1) | | | 2 | | | | 280 | |
Fair Isaac Corp. (1)(2) | | | 0 | | | | 156 | |
FARO Technologies, Inc. (1) | | | 8 | | | | 122 | |
Fastly, Inc. – Class A (1) | | | 12 | | | | 91 | |
First Solar, Inc. (1) | | | 3 | | | | 677 | |
Flex Ltd. (1) | | | 608 | | | | 17,917 | |
FormFactor, Inc. (1) | | | 286 | | | | 17,312 | |
Gen Digital, Inc. | | | 405 | | | | 10,115 | |
GlobalFoundries, Inc. (1) | | | 3 | | | | 142 | |
Globant SA (1)(2) | | | 0 | | | | 52 | |
GoDaddy, Inc. – Class A (1) | | | 49 | | | | 6,867 | |
Grid Dynamics Holdings, Inc. (1) | | | 7 | | | | 75 | |
Guidewire Software, Inc. (1) | | | 1 | | | | 174 | |
Hackett Group, Inc. (2) | | | 0 | | | | 9 | |
HashiCorp, Inc. – Class A (1) | | | 1 | | | | 20 | |
Hewlett Packard Enterprise Co. | | | 469 | | | | 9,934 | |
HP, Inc. | | | 437 | | | | 15,306 | |
Hut 8 Corp. (1) | | | 36 | | | | 545 | |
Ichor Holdings Ltd. (1) | | | 10 | | | | 395 | |
Immersion Corp. | | | 14 | | | | 131 | |
indie Semiconductor, Inc. – Class A (1) | | | 50 | | | | 311 | |
Informatica, Inc. – Class A (1) | | | 2 | | | | 56 | |
Information Services Group, Inc. | | | 18 | | | | 54 | |
Instructure Holdings, Inc. (1) | | | 5 | | | | 110 | |
InterDigital, Inc. | | | 58 | | | | 6,754 | |
IPG Photonics Corp. (1) | | | 1 | | | | 63 | |
Iteris, Inc. (1) | | | 1 | | | | 6 | |
Itron, Inc. (1) | | | 2 | | | | 211 | |
Jabil, Inc. | | | 95 | | | | 10,372 | |
Juniper Networks, Inc. | | | 9 | | | | 330 | |
Keysight Technologies, Inc. (1) | | | 66 | | | | 9,047 | |
Kimball Electronics, Inc. (1) | | | 11 | | | | 231 | |
Knowles Corp. (1) | | | 40 | | | | 699 | |
Kulicke & Soffa Industries, Inc. | | | 125 | | | | 6,156 | |
Kyndryl Holdings, Inc. (1) | | | 6 | | | | 169 | |
Lattice Semiconductor Corp. (1)(2) | | | 0 | | | | 29 | |
Littelfuse, Inc. | | | 1 | | | | 178 | |
Lumentum Holdings, Inc. (1) | | | 2 | | | | 96 | |
MACOM Technology Solutions Holdings, Inc. (1) | | | 2 | | | | 173 | |
Marathon Digital Holdings, Inc. (1) | | | 23 | | | | 448 | |
Marvell Technology, Inc. | | | 478 | | | | 33,385 | |
MaxLinear, Inc. – Class A (1) | | | 2 | | | | 40 | |
MeridianLink, Inc. (1) | | | 5 | | | | 109 | |
Methode Electronics, Inc. | | | 16 | | | | 163 | |
Microchip Technology, Inc. | | | 129 | | | | 11,831 | |
MicroStrategy, Inc. – Class A (1)(2) | | | 0 | | | | 569 | |
MicroVision, Inc. (1) | | | 43 | | | | 46 | |
Mirion Technologies, Inc. – Class A (1) | | | 79 | | | | 848 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mitek Systems, Inc. (1) | | | 124 | | | $ | 1,392 | |
MKS Instruments, Inc. | | | 2 | | | | 230 | |
Monolithic Power Systems, Inc. | | | 61 | | | | 50,222 | |
Motorola Solutions, Inc. | | | 37 | | | | 14,247 | |
Navitas Semiconductor Corp. – Class A (1) | | | 49 | | | | 192 | |
nCino, Inc. (1) | | | 1 | | | | 28 | |
NCR Voyix Corp. (1) | | | 85 | | | | 1,055 | |
NetApp, Inc. | | | 111 | | | | 14,249 | |
NETGEAR, Inc. (1) | | | 13 | | | | 195 | |
NetScout Systems, Inc. (1) | | | 32 | | | | 577 | |
nLight, Inc. (1) | | | 20 | | | | 220 | |
Nutanix, Inc. – Class A (1) | | | 5 | | | | 280 | |
NXP Semiconductors NV | | | 29 | | | | 7,930 | |
Okta, Inc. – Class A (1) | | | 2 | | | | 226 | |
Olo, Inc. – Class A (1) | | | 25 | | | | 112 | |
ON Semiconductor Corp. (1) | | | 346 | | | | 23,748 | |
ON24, Inc. (1) | | | 12 | | | | 70 | |
OneSpan, Inc. (1) | | | 2 | | | | 32 | |
Onto Innovation, Inc. (1) | | | 1 | | | | 224 | |
Ooma, Inc. (1) | | | 9 | | | | 89 | |
OSI Systems, Inc. (1)(2) | | | 0 | | | | 53 | |
Ouster, Inc. (1) | | | 16 | | | | 160 | |
Pagaya Technologies Ltd. (1) | | | 18 | | | | 235 | |
PAR Technology Corp. (1) | | | 1 | | | | 45 | |
PC Connection, Inc. | | | 6 | | | | 358 | |
Perficient, Inc. (1) | | | 54 | | | | 4,016 | |
Photronics, Inc. (1) | | | 157 | | | | 3,884 | |
Plexus Corp. (1) | | | 213 | | | | 21,992 | |
Powerfleet, Inc. (1) | | | 42 | | | | 191 | |
PowerSchool Holdings, Inc. – Class A (1) | | | 3 | | | | 73 | |
PTC, Inc. (1) | | | 1 | | | | 243 | |
Pure Storage, Inc. – Class A (1) | | | 1 | | | | 67 | |
Qorvo, Inc. (1) | | | 3 | | | | 313 | |
Rackspace Technology, Inc. (1) | | | 32 | | | | 96 | |
Rambus, Inc. (1) | | | 133 | | | | 7,831 | |
Ribbon Communications, Inc. (1) | | | 40 | | | | 133 | |
Richardson Electronics Ltd. | | | 6 | | | | 71 | |
Rigetti Computing, Inc. (1) | | | 62 | | | | 67 | |
Rimini Street, Inc. (1) | | | 19 | | | | 57 | |
Riot Platforms, Inc. (1) | | | 106 | | | | 973 | |
Rogers Corp. (1) | | | 8 | | | | 1,013 | |
Sanmina Corp. (1) | | | 107 | | | | 7,058 | |
ScanSource, Inc. (1) | | | 12 | | | | 527 | |
SentinelOne, Inc. – Class A (1) | | | 5 | | | | 114 | |
Skyworks Solutions, Inc. | | | 39 | | | | 4,103 | |
SMART Global Holdings, Inc. (1) | | | 180 | | | | 4,126 | |
SmartRent, Inc. – Class A (1) | | | 88 | | | | 211 | |
Softchoice Corp. | | | 421 | | | | 5,386 | |
SolarWinds Corp. | | | 26 | | | | 315 | |
Synaptics, Inc. (1) | | | 16 | | | | 1,439 | |
TD SYNNEX Corp. | | | 33 | | | | 3,755 | |
TE Connectivity Ltd. | | | 91 | | | | 13,680 | |
Teledyne Technologies, Inc. (1) | | | 1 | | | | 513 | |
Telos Corp. (1) | | | 26 | | | | 105 | |
Teradata Corp. (1) | | | 216 | | | | 7,463 | |
Teradyne, Inc. | | | 126 | | | | 18,710 | |
Terawulf, Inc. (1) | | | 8 | | | | 36 | |
Thoughtworks Holding, Inc. (1) | | | 1,036 | | | | 2,941 | |
Trimble, Inc. (1) | | | 7 | | | | 383 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
TTM Technologies, Inc. (1) | | | 46 | | | $ | 885 | |
Turtle Beach Corp. (1) | | | 3 | | | | 49 | |
Twilio, Inc. – Class A (1) | | | 4 | | | | 223 | |
Tyler Technologies, Inc. (1) | | | 82 | | | | 41,040 | |
Ubiquiti, Inc. (2) | | | 0 | | | | 9 | |
UiPath, Inc. – Class A (1) | | | 2 | | | | 20 | |
Unisys Corp. (1) | | | 31 | | | | 130 | |
Unity Software, Inc. (1) | | | 5 | | | | 76 | |
Universal Display Corp. | | | 1 | | | | 135 | |
Veeco Instruments, Inc. (1) | | | 4 | | | | 198 | |
Verint Systems, Inc. (1) | | | 253 | | | | 8,162 | |
VeriSign, Inc. (1) | | | 57 | | | | 10,069 | |
Viasat, Inc. (1) | | | 55 | | | | 694 | |
Viavi Solutions, Inc. (1) | | | 99 | | | | 679 | |
Vishay Intertechnology, Inc. | | | 184 | | | | 4,109 | |
Vishay Precision Group, Inc. (1) | | | 5 | | | | 144 | |
Vontier Corp. | | | 277 | | | | 10,600 | |
Western Digital Corp. (1) | | | 9 | | | | 697 | |
Wolfspeed, Inc. (1) | | | 4 | | | | 82 | |
Xerox Holdings Corp. | | | 143 | | | | 1,660 | |
Xperi, Inc. (1) | | | 21 | | | | 170 | |
Zebra Technologies Corp. – Class A (1) | | | 74 | | | | 22,887 | |
Zoom Video Communications,
Inc. – Class A (1) | | | 7 | | | | 415 | |
| | | | | | | | |
Total Information Technology | | | | 747,825 | |
| | | | | | | | |
| Materials – 7.67% | | | | | | | | |
5E Advanced Materials, Inc. (1) | | | 1 | | | | 1 | |
AdvanSix, Inc. | | | 12 | | | | 270 | |
Albemarle Corp. | | | 3 | | | | 316 | |
Alcoa Corp. | | | 5 | | | | 200 | |
Amcor Plc | | | 41 | | | | 400 | |
American Vanguard Corp. | | | 10 | | | | 89 | |
AptarGroup, Inc. | | | 2 | | | | 264 | |
Arcadium Lithium Plc (1) | | | 488 | | | | 1,640 | |
Arch Resources, Inc. | | | 8 | | | | 1,206 | |
Ardagh Group SA – Class A (1)(2)(3) | | | 0 | | | | 3 | |
Ardagh Metal Packaging SA | | | 996 | | | | 3,386 | |
Arq, Inc. (1) | | | 10 | | | | 61 | |
Ashland, Inc. | | | 351 | | | | 33,182 | |
Aspen Aerogels, Inc. (1) | | | 21 | | | | 492 | |
ATI, Inc. (1) | | | 3 | | | | 192 | |
Avery Dennison Corp. | | | 93 | | | | 20,393 | |
Avient Corp. | | | 536 | | | | 23,392 | |
Axalta Coating Systems Ltd. (1) | | | 227 | | | | 7,766 | |
Ball Corp. | | | 280 | | | | 16,828 | |
Berry Global Group, Inc. | | | 223 | | | | 13,148 | |
Caledonia Mining Corp. Plc | | | 6 | | | | 62 | |
Celanese Corp. – Class A | | | 2 | | | | 318 | |
CF Industries Holdings, Inc. | | | 188 | | | | 13,928 | |
Chemours Co. | | | 467 | | | | 10,530 | |
Clearwater Paper Corp. (1) | | | 7 | | | | 363 | |
Cleveland-Cliffs, Inc. (1) | | | 9 | | | | 137 | |
Coeur Mining, Inc. (1) | | | 179 | | | | 1,006 | |
Commercial Metals Co. | | | 256 | | | | 14,055 | |
Compass Minerals International, Inc. | | | 16 | | | | 160 | |
Constellium SE – Class A (1) | | | 2,293 | | | | 43,222 | |
Contango ORE, Inc. (1) | | | 3 | | | | 45 | |
Core Molding Technologies, Inc. (1) | | | 3 | | | | 48 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Corteva, Inc. | | | 941 | | | $ | 50,771 | |
Crown Holdings, Inc. | | | 3 | | | | 245 | |
Dakota Gold Corp. (1) | | | 11 | | | | 29 | |
Dow, Inc. | | | 20 | | | | 1,053 | |
DuPont de Nemours, Inc. | | | 108 | | | | 8,684 | |
Eagle Materials, Inc. (2) | | | 0 | | | | 52 | |
Eastman Chemical Co. | | | 65 | | | | 6,320 | |
Ecovyst, Inc. (1) | | | 220 | | | | 1,971 | |
Element Solutions, Inc. | | | 1,030 | | | | 27,922 | |
FMC Corp. | | | 4 | | | | 202 | |
Freeport-McMoRan, Inc. | | | 785 | | | | 38,166 | |
Glatfelter Corp. (1) | | | 5 | | | | 6 | |
Graphic Packaging Holding Co. | | | 837 | | | | 21,935 | |
Greif, Inc. – Class A | | | 97 | | | | 5,576 | |
Greif, Inc. – Class B | | | 2 | | | | 128 | |
Haynes International, Inc. | | | 6 | | | | 333 | |
HB Fuller Co. | | | 207 | | | | 15,938 | |
Hecla Mining Co. | | | 261 | | | | 1,268 | |
Huntsman Corp. | | | 5 | | | | 111 | |
i-80 Gold Corp. (1) | | | 111 | | | | 120 | |
Ingevity Corp. (1) | | | 47 | | | | 2,058 | |
Innospec, Inc. | | | 2 | | | | 205 | |
International Flavors & Fragrances, Inc. | | | 7 | | | | 685 | |
International Paper Co. | | | 138 | | | | 5,939 | |
Intrepid Potash, Inc. (1) | | | 5 | | | | 108 | |
Kaiser Aluminum Corp. | | | 1 | | | | 55 | |
Knife River Corp. (1) | | | 202 | | | | 14,135 | |
Koppers Holdings, Inc. | | | 93 | | | | 3,457 | |
Kronos Worldwide, Inc. | | | 10 | | | | 127 | |
Lifezone Metals Ltd. (1) | | | 7 | | | | 56 | |
Louisiana-Pacific Corp. | | | 1 | | | | 45 | |
LSB Industries, Inc. (1) | | | 24 | | | | 193 | |
LyondellBasell Industries NV – Class A | | | 7 | | | | 704 | |
Martin Marietta Materials, Inc. | | | 2 | | | | 886 | |
Materion Corp. | | | 122 | | | | 13,182 | |
Mativ Holdings, Inc. | | | 24 | | | | 403 | |
Metallus, Inc. (1) | | | 19 | | | | 391 | |
Metals Acquisition Ltd. (1) | | | 17 | | | | 229 | |
Minerals Technologies, Inc. | | | 59 | | | | 4,928 | |
Mosaic Co. | | | 438 | | | | 12,649 | |
MP Materials Corp. (1) | | | 4 | | | | 46 | |
NewMarket Corp. | | | 9 | | | | 4,892 | |
Novagold Resources, Inc. (1) | | | 109 | | | | 379 | |
Nucor Corp. | | | 7 | | | | 1,067 | |
O-I Glass, Inc. (1) | | | 294 | | | | 3,273 | |
Olin Corp. | | | 179 | | | | 8,449 | |
Olympic Steel, Inc. | | | 5 | | | | 224 | |
Origin Materials, Inc. (1) | | | 5 | | | | 5 | |
Packaging Corp. of America | | | 89 | | | | 16,273 | |
Pactiv Evergreen, Inc. | | | 276 | | | | 3,128 | |
Perimeter Solutions SA (1) | | | 61 | | | | 476 | |
Piedmont Lithium, Inc. (1) | | | 6 | | | | 64 | |
PPG Industries, Inc. | | | 109 | | | | 13,731 | |
PureCycle Technologies, Inc. (1) | | | 45 | | | | 269 | |
Quaker Chemical Corp. | | | 35 | | | | 5,902 | |
Radius Recycling, Inc. – Class A | | | 12 | | | | 177 | |
Ranpak Holdings Corp. – Class A (1) | | | 20 | | | | 129 | |
Rayonier Advanced Materials, Inc. (1) | | | 30 | | | | 164 | |
Reliance, Inc. | | | 21 | | | | 6,084 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Royal Gold, Inc. | | | 2 | | | $ | 230 | |
RPM International, Inc. | | | 3 | | | | 299 | |
Ryerson Holding Corp. | | | 13 | | | | 258 | |
Scotts Miracle-Gro Co. | | | 1 | | | | 77 | |
Sealed Air Corp. | | | 88 | | | | 3,065 | |
Sensient Technologies Corp. | | | 1 | | | | 67 | |
Silgan Holdings, Inc. | | | 272 | | | | 11,515 | |
Sonoco Products Co. | | | 3 | | | | 143 | |
SSR Mining, Inc. | | | 91 | | | | 411 | |
Steel Dynamics, Inc. | | | 68 | | | | 8,791 | |
Stepan Co. | | | 9 | | | | 715 | |
Summit Materials, Inc. – Class A (1) | | | 55 | | | | 2,025 | |
SunCoke Energy, Inc. | | | 38 | | | | 370 | |
Sylvamo Corp. | | | 116 | | | | 7,948 | |
Teck Resources Ltd. – Class B | | | 106 | | | | 5,095 | |
Tredegar Corp. (1) | | | 12 | | | | 58 | |
TriMas Corp. | | | 256 | | | | 6,537 | |
Trinseo Plc | | | 1 | | | | 3 | |
Tronox Holdings Plc – Class A | | | 54 | | | | 851 | |
United States Steel Corp. | | | 122 | | | | 4,602 | |
Universal Stainless & Alloy Products, Inc. (1) | | | 4 | | | | 108 | |
Valhi, Inc. | | | 2 | | | | 32 | |
Vulcan Materials Co. | | | 144 | | | | 35,841 | |
Warrior Met Coal, Inc. | | | 23 | | | | 1,466 | |
Westlake Corp. | | | 1 | | | | 138 | |
Westrock Co. | | | 7 | | | | 364 | |
Worthington Steel, Inc. | | | 15 | | | | 492 | |
| | | | | | | | |
Total Materials | | | | 604,601 | |
| | | | | | | | |
| Real Estate – 7.27% | | | | | | | | |
Acadia Realty Trust | | | 47 | | | | 841 | |
Agree Realty Corp. | | | 3 | | | | 170 | |
Alexander & Baldwin, Inc. | | | 35 | | | | 587 | |
Alexandria Real Estate Equities, Inc. | | | 5 | | | | 570 | |
Alpine Income Property Trust, Inc. | | | 6 | | | | 88 | |
American Assets Trust, Inc. | | | 167 | | | | 3,747 | |
American Healthcare REIT, Inc. (1) | | | 30 | | | | 434 | |
American Homes 4 Rent – Class A | | | 183 | | | | 6,793 | |
American Realty Investors, Inc. (1) | | | 1 | | | | 9 | |
Americold Realty Trust, Inc. | | | 8 | | | | 202 | |
Anywhere Real Estate, Inc. (1) | | | 47 | | | | 156 | |
Apartment Investment & Management Co. – Class A (1) | | | 35 | | | | 293 | |
Apple Hospitality REIT, Inc. | | | 363 | | | | 5,278 | |
Armada Hoffler Properties, Inc. | | | 28 | | | | 306 | |
AvalonBay Communities, Inc. | | | 4 | | | | 825 | |
Boston Properties, Inc. | | | 41 | | | | 2,520 | |
Braemar Hotels & Resorts, Inc. | | | 28 | | | | 71 | |
Brandywine Realty Trust | | | 294 | | | | 1,316 | |
Brixmor Property Group, Inc. | | | 597 | | | | 13,781 | |
Broadstone Net Lease, Inc. – Class A | | | 519 | | | | 8,244 | |
BRT Apartments Corp. | | | 6 | | | | 99 | |
Camden Property Trust | | | 3 | | | | 317 | |
CareTrust REIT, Inc. | | | 186 | | | | 4,677 | |
CBL & Associates Properties, Inc. | | | 3 | | | | 79 | |
CBRE Group, Inc. – Class A (1) | | | 9 | | | | 767 | |
Centerspace | | | 7 | | | | 459 | |
Chatham Lodging Trust | | | 128 | | | | 1,088 | |
City Office REIT, Inc. | | | 135 | | | | 672 | |
Clipper Realty, Inc. | | | 1 | | | | 2 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Community Healthcare Trust, Inc. | | | 11 | | | $ | 256 | |
COPT Defense Properties | | | 51 | | | | 1,281 | |
CoStar Group, Inc. (1) | | | 11 | | | | 847 | |
Cousins Properties, Inc. | | | 4 | | | | 97 | |
Crown Castle, Inc. | | | 12 | | | | 1,196 | |
CTO Realty Growth, Inc. | | | 9 | | | | 150 | |
CubeSmart | | | 483 | | | | 21,820 | |
Cushman & Wakefield Plc (1) | | | 706 | | | | 7,342 | |
DiamondRock Hospitality Co. | | | 98 | | | | 826 | |
Digital Realty Trust, Inc. | | | 9 | | | | 1,383 | |
DigitalBridge Group, Inc. | | | 53 | | | | 732 | |
Diversified Healthcare Trust | | | 102 | | | | 312 | |
Douglas Emmett, Inc. | | | 618 | | | | 8,221 | |
Easterly Government Properties, Inc. – Class A | | | 44 | | | | 547 | |
EastGroup Properties, Inc. | | | 250 | | | | 42,533 | |
Elme Communities | | | 40 | | | | 635 | |
Empire State Realty Trust, Inc. – Class A | | | 909 | | | | 8,530 | |
EPR Properties | | | 104 | | | | 4,361 | |
Equity Commonwealth (1) | | | 46 | | | | 898 | |
Equity LifeStyle Properties, Inc. | | | 203 | | | | 13,253 | |
Equity Residential | | | 173 | | | | 12,028 | |
Essential Properties Realty Trust, Inc. | | | 420 | | | | 11,637 | |
Essex Property Trust, Inc. | | | 45 | | | | 12,204 | |
Extra Space Storage, Inc. | | | 323 | | | | 50,227 | |
Farmland Partners, Inc. | | | 20 | | | | 227 | |
Federal Realty Investment Trust | | | 2 | | | | 233 | |
First Industrial Realty Trust, Inc. | | | 4 | | | | 173 | |
Forestar Group, Inc. (1) | | | 8 | | | | 254 | |
Four Corners Property Trust, Inc. | | | 42 | | | | 1,042 | |
Franklin Street Properties Corp. | | | 161 | | | | 247 | |
FRP Holdings, Inc. (1) | | | 6 | | | | 160 | |
Gaming & Leisure Properties, Inc. | | | 7 | | | | 335 | |
Getty Realty Corp. | | | 22 | | | | 587 | |
Gladstone Commercial Corp. | | | 16 | | | | 223 | |
Gladstone Land Corp. | | | 14 | | | | 187 | |
Global Medical REIT, Inc. | | | 28 | | | | 257 | |
Global Net Lease, Inc. | | | 90 | | | | 664 | |
Healthcare Realty Trust, Inc. – Class A | | | 11 | | | | 176 | |
Healthpeak Properties, Inc. | | | 20 | | | | 392 | |
Highwoods Properties, Inc. | | | 114 | | | | 3,004 | |
Host Hotels & Resorts, Inc. | | | 336 | | | | 6,038 | |
Howard Hughes Holdings, Inc. (1) | | | 1 | | | | 52 | |
Hudson Pacific Properties, Inc. | | | 62 | | | | 296 | |
Independence Realty Trust, Inc. | | | 365 | | | | 6,834 | |
Industrial Logistics Properties Trust | | | 143 | | | | 525 | |
Innovative Industrial Properties, Inc. – Class A | | | 41 | | | | 4,531 | |
InvenTrust Properties Corp. | | | 31 | | | | 771 | |
Invitation Homes, Inc. | | | 209 | | | | 7,485 | |
Iron Mountain, Inc. | | | 4 | | | | 316 | |
JBG SMITH Properties | | | 39 | | | | 588 | |
Jones Lang LaSalle, Inc. (1) | | | 33 | | | | 6,866 | |
Kennedy-Wilson Holdings, Inc. | | | 52 | | | | 504 | |
Kilroy Realty Corp. | | | 3 | | | | 100 | |
Kimco Realty Corp. | | | 19 | | | | 362 | |
Kite Realty Group Trust | | | 99 | | | | 2,208 | |
Lamar Advertising Co. – Class A | | | 158 | | | | 18,901 | |
LTC Properties, Inc. | | | 19 | | | | 668 | |
LXP Industrial Trust | | | 1,017 | | | | 9,273 | |
Macerich Co. | | | 99 | | | | 1,534 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Marcus & Millichap, Inc. | | | 11 | | | $ | 347 | |
Medical Properties Trust, Inc. | | | 335 | | | | 1,442 | |
Mid-America Apartment Communities, Inc. | | | 112 | | | | 15,977 | |
National Health Investors, Inc. | | | 19 | | | | 1,303 | |
National Storage Affiliates Trust | | | 273 | | | | 11,241 | |
NET Lease Office Properties | | | 7 | | | | 166 | |
NETSTREIT Corp. | | | 26 | | | | 419 | |
Newmark Group, Inc. – Class A | | | 64 | | | | 657 | |
NexPoint Diversified Real Estate Trust | | | 14 | | | | 77 | |
NexPoint Residential Trust, Inc. | | | 10 | | | | 404 | |
NNN REIT, Inc. | | | 5 | | | | 219 | |
Offerpad Solutions, Inc. (1) | | | 4 | | | | 19 | |
Office Properties Income Trust | | | 97 | | | | 198 | |
Omega Healthcare Investors, Inc. | | | 195 | | | | 6,695 | |
One Liberty Properties, Inc. | | | 7 | | | | 176 | |
Opendoor Technologies, Inc. (1) | | | 267 | | | | 491 | |
Orion Office REIT, Inc. | | | 25 | | | | 90 | |
Outfront Media, Inc. | | | 41 | | | | 589 | |
Paramount Group, Inc. | | | 84 | | | | 389 | |
Park Hotels & Resorts, Inc. | | | 6 | | | | 91 | |
Peakstone Realty Trust | | | 17 | | | | 185 | |
Pebblebrook Hotel Trust | | | 423 | | | | 5,817 | |
Phillips Edison & Co., Inc. | | | 277 | | | | 9,074 | |
Piedmont Office Realty Trust, Inc. – Class A | | | 251 | | | | 1,818 | |
Plymouth Industrial REIT, Inc. | | | 584 | | | | 12,491 | |
Postal Realty Trust, Inc. – Class A | | | 3 | | | | 36 | |
PotlatchDeltic Corp. | | | 340 | | | | 13,408 | |
Rayonier, Inc. | | | 284 | | | | 8,269 | |
Realty Income Corp. | | | 24 | | | | 1,281 | |
Regency Centers Corp. | | | 257 | | | | 15,981 | |
Retail Opportunity Investments Corp. | | | 57 | | | | 708 | |
REX Holdings, Inc. – Class A | | | 7 | | | | 60 | |
Rexford Industrial Realty, Inc. | | | 179 | | | | 7,965 | |
RLJ Lodging Trust | | | 71 | | | | 679 | |
RMR Group, Inc. – Class A | | | 7 | | | | 154 | |
Ryman Hospitality Properties, Inc. | | | 180 | | | | 17,963 | |
Sabra Health Care REIT, Inc. | | | 396 | | | | 6,101 | |
Safehold, Inc. | | | 24 | | | | 466 | |
Saul Centers, Inc. (2) | | | 0 | | | | 15 | |
SBA Communications Corp. – Class A | | | 52 | | | | 10,294 | |
Service Properties Trust | | | 233 | | | | 1,198 | |
Simon Property Group, Inc. | | | 146 | | | | 22,089 | |
SITE Centers Corp. | | | 89 | | | | 1,284 | |
SL Green Realty Corp. | | | 30 | | | | 1,694 | |
STAG Industrial, Inc. | | | 234 | | | | 8,455 | |
Star Holdings (1) | | | 6 | | | | 68 | |
Stratus Properties, Inc. (1) | | | 2 | | | | 56 | |
Summit Hotel Properties, Inc. | | | 45 | | | | 272 | |
Sun Communities, Inc. | | | 3 | | | | 416 | |
Sunstone Hotel Investors, Inc. | | | 94 | | | | 983 | |
Tanger, Inc. | | | 121 | | | | 3,267 | |
Tejon Ranch Co. (1) | | | 9 | | | | 150 | |
Terreno Realty Corp. | | | 158 | | | | 9,331 | |
Transcontinental Realty Investors, Inc. (1)(2) | | | 0 | | | | 13 | |
UDR, Inc. | | | 325 | | | | 13,391 | |
UMH Properties, Inc. | | | 213 | | | | 3,401 | |
Uniti Group, Inc. | | | 411 | | | | 1,200 | |
Universal Health Realty Income Trust | | | 1 | | | | 33 | |
Urban Edge Properties | | | 56 | | | | 1,028 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Ventas, Inc. | | | 11 | | | $ | 583 | |
Veris Residential, Inc. | | | 35 | | | | 531 | |
VICI Properties, Inc. – Class A | | | 543 | | | | 15,555 | |
Vornado Realty Trust | | | 5 | | | | 135 | |
Weyerhaeuser Co. | | | 21 | | | | 584 | |
Whitestone REIT – Class B | | | 23 | | | | 304 | |
WP Carey, Inc. | | | 6 | | | | 336 | |
Xenia Hotels & Resorts, Inc. | | | 48 | | | | 684 | |
Zillow Group, Inc. – Class A (1) | | | 1 | | | | 66 | |
Zillow Group, Inc. – Class C (1) | | | 4 | | | | 200 | |
| | | | | | | | |
Total Real Estate | | | | 572,782 | |
| | | | | | | | |
| Utilities – 3.18% | | | | | | | | |
AES Corp. | | | 20 | | | | 351 | |
ALLETE, Inc. | | | 34 | | | | 2,107 | |
Alliant Energy Corp. | | | 7 | | | | 365 | |
Altus Power, Inc. – Class A (1) | | | 34 | | | | 133 | |
Ameren Corp. | | | 7 | | | | 531 | |
American Electric Power Co., Inc. | | | 126 | | | | 11,039 | |
American States Water Co. | | | 7 | | | | 517 | |
American Water Works Co., Inc. | | | 5 | | | | 707 | |
Atmos Energy Corp. | | | 4 | | | | 491 | |
Avangrid, Inc. | | | 2 | | | | 70 | |
Avista Corp. | | | 35 | | | | 1,220 | |
Black Hills Corp. | | | 207 | | | | 11,255 | |
Brookfield Infrastructure Corp. – Class A | | | 54 | | | | 1,827 | |
Brookfield Renewable Corp. – Class A | | | 4 | | | | 107 | |
California Water Service Group | | | 19 | | | | 923 | |
CenterPoint Energy, Inc. | | | 781 | | | | 24,189 | |
Chesapeake Utilities Corp. | | | 10 | | | | 1,041 | |
Clearway Energy, Inc. – Class A | | | 1 | | | | 30 | |
Clearway Energy, Inc. – Class C | | | 2 | | | | 50 | |
CMS Energy Corp. | | | 8 | | | | 500 | |
Consolidated Edison, Inc. | | | 10 | | | | 874 | |
Consolidated Water Co. Ltd. | | | 5 | | | | 131 | |
DTE Energy Co. | | | 143 | | | | 15,829 | |
Edison International | | | 11 | | | | 772 | |
Entergy Corp. | | | 124 | | | | 13,240 | |
Essential Utilities, Inc. | | | 7 | | | | 263 | |
Evergy, Inc. | | | 6 | | | | 332 | |
Eversource Energy | | | 10 | | | | 560 | |
Exelon Corp. | | | 28 | | | | 974 | |
FirstEnergy Corp. | | | 232 | | | | 8,881 | |
Genie Energy Ltd. – Class B | | | 3 | | | | 48 | |
Hawaiian Electric Industries, Inc. | | | 50 | | | | 454 | |
IDACORP, Inc. – Class Rights | | | 1 | | | | 128 | |
MGE Energy, Inc. | | | 94 | | | | 7,039 | |
Middlesex Water Co. | | | 7 | | | | 353 | |
National Fuel Gas Co. | | | 140 | | | | 7,577 | |
New Jersey Resources Corp. | | | 226 | | | | 9,662 | |
NiSource, Inc. | | | 13 | | | | 360 | |
Northwest Natural Holding Co. | | | 17 | | | | 611 | |
Northwestern Energy Group, Inc. | | | 274 | | | | 13,714 | |
NRG Energy, Inc. | | | 212 | | | | 16,536 | |
OGE Energy Corp. | | | 237 | | | | 8,445 | |
ONE Gas, Inc. | | | 306 | | | | 19,533 | |
Ormat Technologies, Inc. | | | 24 | | | | 1,749 | |
Otter Tail Corp. | | | 10 | | | | 907 | |
PG&E Corp. | | | 60 | | | | 1,053 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Pinnacle West Capital Corp. | | | 3 | | | $ | 244 | |
PNM Resources, Inc. | | | 41 | | | | 1,498 | |
Portland General Electric Co. | | | 347 | | | | 15,007 | |
PPL Corp. | | | 21 | | | | 576 | |
Public Service Enterprise Group, Inc. | | | 14 | | | | 1,037 | |
Pure Cycle Corp. (1) | | | 5 | | | | 47 | |
RGC Resources, Inc. | | | 3 | | | | 58 | |
SJW Group | | | 14 | | | | 772 | |
Southwest Gas Holdings, Inc. | | | 81 | | | | 5,690 | |
Spire, Inc. | | | 25 | | | | 1,494 | |
Sunnova Energy International, Inc. (1) | | | 49 | | | | 272 | |
UGI Corp. | | | 492 | | | | 11,260 | |
Unitil Corp. | | | 7 | | | | 345 | |
Vistra Corp. | | | 271 | | | | 23,319 | |
WEC Energy Group, Inc. | | | 9 | | | | 697 | |
Xcel Energy, Inc. | | | 16 | | | | 836 | |
York Water Co. | | | 4 | | | | 155 | |
| | | | | | | | |
Total Utilities | | | | 250,785 | |
| | | | | | | | |
Total Common Stocks
(Cost: $5,976,235) | | | | 7,697,195 | |
| | | | | | | | |
RIGHTS – 0.00% (4) | | | | | | | | |
| Healthcare – 0.00% (4) | | | | | | | | |
Pulse Biosciences, Inc., expires 12/31/2049 (1) | | | 1 | | | | 7 | |
| | | | | | | | |
Total Healthcare | | | | 7 | |
| | | | | | | | |
Total Rights
(Cost: $6) | | | | 7 | |
| | | | | | | | |
| WARRANTS – 0.00% (4) | | | | | | | | |
| Materials – 0.00% (4) | | | | | | | | |
Danimer Scientific, Inc., expires 07/15/2025 (1)(2) | | | 12 | | | | — | |
| | | | | | | | |
Total Materials | | | | — | |
| | | | | | | | |
Total Warrants
(Cost: $42) | | | | — | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 2.15% | | | | | | | | |
| Money Market Funds – 2.11% | | | | | | | | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (5) | | | 165,934 | | | | 165,934 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $165,934) | | | | 165,934 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Time Deposits – 0.04% | | | | | |
Citibank, New York, 4.83% due 07/01/2024 | | $ | 2,221 | | | | 2,221 | |
JP Morgan, New York, 4.83% due 07/01/2024 | | | 964 | | | | 964 | |
Skandinaviska Enskilda Banken AB, Stockholm, 2.76% due
07/01/2024 (2) | | SEK | 0 | | | | 0 | |
Sumitomo Trust Bank, London, 4.83% due 07/01/2024 | | $ | 168 | | | | 168 | |
| | | | | | | | |
Total Time Deposits
(Cost: $3,353) | | | | 3,353 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $169,287) | | | | 169,287 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.81%
(Cost: $6,145,570) | | | | 7,866,489 | |
| | | | | | | | |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.19% | | | | 15,084 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 7,881,573 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
SEK Swedish Krona
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $116, which represents 0.00% of total net assets. |
| (4) | Amount calculated is less than 0.005%. |
| (5) | Represents annualized seven-day yield as of the close of the reporting period. |
| (6) | Security that is restricted at June 30, 2024. The value of these securities totals $0, which represents 0.00% of total net assets. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 73 | | E-mini Russell 2000 Future | | | Sep. 2024 | | | $ | 7,508 | | | $ | 7,538 | | | $ | 30 | |
| 7 | | S&P 500 E-mini Future | | | Sep. 2024 | | | | 1,928 | | | | 1,932 | | | | 4 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 34 | |
| | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Communication Services – 1.80% | | | | | | | | |
AMC Networks, Inc. – Class A (1) | | | 16 | | | $ | 154 | |
Atlanta Braves Holdings, Inc. – Class C (1) | | | 1 | | | | 24 | |
Bumble, Inc. – Class A (1) | | | 45 | | | | 471 | |
Cable One, Inc. | | | 1 | | | | 381 | |
Cogent Communications Holdings, Inc. | | | 7 | | | | 387 | |
Criteo SA – ADR (1) | | | 104 | | | | 3,930 | |
EchoStar Corp. – Class A (1) | | | 25 | | | | 454 | |
Integral Ad Science Holding Corp. (1) | | | 48 | | | | 467 | |
Iridium Communications, Inc. | | | 1 | | | | 34 | |
Liberty Broadband Corp. – Class A (1) | | | 3 | | | | 169 | |
Liberty Broadband Corp. – Class C (1) | | | 5 | | | | 250 | |
Liberty Latin America Ltd. – Class A (1) | | | 10 | | | | 98 | |
Liberty Latin America Ltd. – Class C (1) | | | 18 | | | | 169 | |
Liberty Media Corp.-Liberty Formula One – Class C (1) | | | 41 | | | | 2,929 | |
Liberty Media Corp.-Liberty Live – Class A (1) | | | 9 | | | | 338 | |
Liberty Media Corp.-Liberty Live – Class C (1) | | | 1 | | | | 35 | |
Madison Square Garden Entertainment Corp. – Class A (1) | | | 1 | | | | 40 | |
Madison Square Garden Sports Corp. – Class A (1) | | | 1 | | | | 96 | |
News Corp. – Class B | | | 1 | | | | 41 | |
Nexstar Media Group, Inc. – Class A | | | 56 | | | | 9,253 | |
Omnicom Group, Inc. (2) | | | 0 | | | | 30 | |
Pinterest, Inc. – Class A (1) | | | 19 | | | | 831 | |
ROBLOX Corp. – Class A (1) | | | 1 | | | | 50 | |
Roku, Inc. – Class A (1) | | | 4 | | | | 224 | |
Sphere Entertainment Co. (1) | | | 1 | | | | 40 | |
Spotify Technology SA (1) | | | 2 | | | | 684 | |
Take-Two Interactive Software, Inc. (1) | | | 12 | | | | 1,895 | |
TEGNA, Inc. | | | 35 | | | | 488 | |
Telephone & Data Systems, Inc. | | | 23 | | | | 467 | |
Trade Desk, Inc. – Class A (1) | | | 44 | | | | 4,344 | |
TrueCar, Inc. (1) | | | 33 | | | | 102 | |
Vivid Seats, Inc. – Class A (1) | | | 9 | | | | 54 | |
Warner Bros Discovery, Inc. (1) | | | 16 | | | | 116 | |
Yelp, Inc. – Class A (1) | | | 6 | | | | 238 | |
Ziff Davis, Inc. (1) | | | 4 | | | | 234 | |
ZipRecruiter, Inc. – Class A (1) | | | 15 | | | | 135 | |
| | | | | | | | |
Total Communication Services | | | | 29,652 | |
| | | | | |
| Consumer Discretionary – 11.38% | | | | | | | | |
Abercrombie & Fitch Co. – Class A (1) | | | 2 | | | | 328 | |
Academy Sports & Outdoors, Inc. | | | 6 | | | | 324 | |
Accel Entertainment, Inc. – Class A (1) | | | 10 | | | | 103 | |
Adient Plc (1) | | | 105 | | | | 2,599 | |
ADT, Inc. | | | 530 | | | | 4,031 | |
Adtalem Global Education, Inc. (1) | | | 1 | | | | 53 | |
American Axle & Manufacturing Holdings, Inc. (1) | | | 4 | | | | 28 | |
American Eagle Outfitters, Inc. | | | 15 | | | | 302 | |
Aptiv Plc (1) | | | 51 | | | | 3,593 | |
Aramark | | | 14 | | | | 490 | |
Asbury Automotive Group, Inc. (1) | | | 1 | | | | 256 | |
AutoNation, Inc. (1) | | | 28 | | | | 4,533 | |
AutoZone, Inc. (1)(2) | | | 0 | | | | 1,094 | |
Bath & Body Works, Inc. | | | 87 | | | | 3,415 | |
Best Buy Co., Inc. | | | 3 | | | | 258 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Birkenstock Holding Plc (1) | | | 46 | | | $ | 2,494 | |
BorgWarner, Inc. | | | 148 | | | | 4,760 | |
Bright Horizons Family Solutions, Inc. (1) | | | 36 | | | | 3,973 | |
Brunswick Corp. | | | 25 | | | | 1,830 | |
Burlington Stores, Inc. (1) | | | 6 | | | | 1,553 | |
Caesars Entertainment, Inc. (1) | | | 1 | | | | 52 | |
CarMax, Inc. (1) | | | 2 | | | | 170 | |
Carvana Co. – Class A (1) | | | 5 | | | | 614 | |
Cava Group, Inc. (1) | | | 4 | | | | 414 | |
Century Communities, Inc. | | | 3 | | | | 266 | |
Chipotle Mexican Grill, Inc. – Class A (1) | | | 48 | | | | 2,988 | |
Choice Hotels International, Inc. (2) | | | 0 | | | | 51 | |
Churchill Downs, Inc. | | | 4 | | | | 507 | |
Coupang, Inc. – Class A (1) | | | 11 | | | | 227 | |
Coursera, Inc. (1) | | | 73 | | | | 525 | |
Cracker Barrel Old Country Store, Inc. | | | 12 | | | | 495 | |
Crocs, Inc. (1) | | | 37 | | | | 5,338 | |
Dana, Inc. | | | 69 | | | | 839 | |
Darden Restaurants, Inc. | | | 2 | | | | 310 | |
Dave & Buster’s Entertainment, Inc. (1) | | | 1 | | | | 27 | |
Deckers Outdoor Corp. (1) | | | 6 | | | | 6,279 | |
Dick’s Sporting Goods, Inc. | | | 22 | | | | 4,765 | |
Dillard’s, Inc. – Class A | | | 2 | | | | 918 | |
Dine Brands Global, Inc. | | | 28 | | | | 1,031 | |
Domino’s Pizza, Inc. | | | 16 | | | | 8,081 | |
DoorDash, Inc. – Class A (1) | | | 25 | | | | 2,771 | |
Dorman Products, Inc. (1) | | | 1 | | | | 117 | |
DR Horton, Inc. | | | 13 | | | | 1,791 | |
Duolingo, Inc. – Class A (1) | | | 2 | | | | 408 | |
eBay, Inc. | | | 2 | | | | 104 | |
Etsy, Inc. (1) | | | 2 | | | | 128 | |
Everi Holdings, Inc. (1) | | | 77 | | | | 649 | |
Expedia Group, Inc. (1) | | | 2 | | | | 285 | |
Floor & Decor Holdings, Inc. – Class A (1) | | | 66 | | | | 6,606 | |
Foot Locker, Inc. | | | 69 | | | | 1,710 | |
Fox Factory Holding Corp. (1) | | | 10 | | | | 494 | |
Frontdoor, Inc. (1) | | | 10 | | | | 327 | |
GameStop Corp. – Class A (1) | | | 15 | | | | 380 | |
Garmin Ltd. | | | 12 | | | | 1,909 | |
Gentex Corp. | | | 2 | | | | 55 | |
G-III Apparel Group Ltd. (1) | | | 14 | | | | 370 | |
Goodyear Tire & Rubber Co. (1) | | | 40 | | | | 458 | |
Graham Holdings Co. – Class B (2) | | | 0 | | | | 41 | |
Green Brick Partners, Inc. (1) | | | 1 | | | | 73 | |
Group 1 Automotive, Inc. | | | 1 | | | | 446 | |
Hanesbrands, Inc. (1) | | | 40 | | | | 199 | |
Helen of Troy Ltd. (1) | | | 5 | | | | 475 | |
Hilton Worldwide Holdings, Inc. | | | 14 | | | | 2,985 | |
Installed Building Products, Inc. | | | 13 | | | | 2,626 | |
International Game Technology Plc | | | 1 | | | | 30 | |
Jack in the Box, Inc. | | | 3 | | | | 135 | |
KB Home | | | 15 | | | | 1,085 | |
Krispy Kreme, Inc. | | | 2 | | | | 25 | |
Las Vegas Sands Corp. | | | 20 | | | | 867 | |
La-Z-Boy, Inc. | | | 1 | | | | 24 | |
LCI Industries | | | 1 | | | | 94 | |
Lear Corp. | | | 6 | | | | 637 | |
Leggett & Platt, Inc. | | | 41 | | | | 472 | |
Leslie’s, Inc. (1) | | | 25 | | | | 103 | |
LGI Homes, Inc. (1) | | | 5 | | | | 454 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Light & Wonder, Inc. (1) | | | 4 | | | $ | 386 | |
Lithia Motors, Inc. – Class A | | | 1 | | | | 157 | |
LKQ Corp. | | | 149 | | | | 6,187 | |
Macy’s, Inc. | | | 20 | | | | 386 | |
Malibu Boats, Inc. – Class A (1) | | | 14 | | | | 490 | |
Meritage Homes Corp. | | | 2 | | | | 306 | |
MGM Resorts International (1) | | | 6 | | | | 263 | |
Murphy USA, Inc. | | | 1 | | | | 468 | |
Nordstrom, Inc. | | | 1 | | | | 32 | |
Norwegian Cruise Line Holdings Ltd. (1) | | | 14 | | | | 257 | |
On Holding AG – Class A (1) | | | 52 | | | | 2,025 | |
Oxford Industries, Inc. (2) | | | 0 | | | | 46 | |
Papa John’s International, Inc. | | | 11 | | | | 518 | |
Patrick Industries, Inc. | | | 1 | | | | 83 | |
Penske Automotive Group, Inc. (2) | | | 0 | | | | 49 | |
Phinia, Inc. (2) | | | 0 | | | | 3 | |
Planet Fitness, Inc. – Class A (1) | | | 3 | | | | 229 | |
Pool Corp. | | | 13 | | | | 4,067 | |
Portillo’s, Inc. – Class A (1) | | | 48 | | | | 467 | |
PulteGroup, Inc. | | | 41 | | | | 4,460 | |
PVH Corp. | | | 41 | | | | 4,391 | |
Ralph Lauren Corp. – Class A | | | 23 | | | | 4,007 | |
RCI Hospitality Holdings, Inc. | | | 12 | | | | 507 | |
Red Rock Resorts, Inc. – Class A | | | 1 | | | | 49 | |
Revolve Group, Inc. – Class A (1) | | | 13 | | | | 205 | |
RH (1) | | | 2 | | | | 582 | |
Rivian Automotive, Inc. – Class A (1) | | | 11 | | | | 146 | |
Ross Stores, Inc. | | | 32 | | | | 4,680 | |
Royal Caribbean Cruises Ltd. (1) | | | 9 | | | | 1,510 | |
SharkNinja, Inc. | | | 39 | | | | 2,922 | |
Shoe Carnival, Inc. | | | 2 | | | | 83 | |
Signet Jewelers Ltd. | | | 2 | | | | 196 | |
Six Flags Entertainment Corp. (1) | | | 4 | | | | 146 | |
Skyline Champion Corp. (1) | | | 5 | | | | 350 | |
Sonic Automotive, Inc. – Class A | | | 1 | | | | 63 | |
Sonos, Inc. (1) | | | 2 | | | | 25 | |
Steven Madden Ltd. | | | 3 | | | | 120 | |
Stoneridge, Inc. (1) | | | 32 | | | | 504 | |
Strategic Education, Inc. | | | 5 | | | | 584 | |
Tapestry, Inc. | | | 89 | | | | 3,802 | |
Taylor Morrison Home Corp. – Class A (1) | | | 62 | | | | 3,441 | |
Tempur Sealy International, Inc. | | | 1 | | | | 53 | |
Texas Roadhouse, Inc. – Class A | | | 53 | | | | 9,185 | |
Thor Industries, Inc. | | | 5 | | | | 487 | |
TopBuild Corp. (1) | | | 4 | | | | 1,722 | |
Tractor Supply Co. | | | 34 | | | | 9,262 | |
Travel + Leisure Co. | | | 1 | | | | 43 | |
Ulta Beauty, Inc. (1)(2) | | | 0 | | | | 164 | |
Urban Outfitters, Inc. (1) | | | 2 | | | | 84 | |
Vail Resorts, Inc. | | | 1 | | | | 221 | |
Victoria’s Secret & Co. (1) | | | 10 | | | | 183 | |
Viking Holdings Ltd. (1) | | | 122 | | | | 4,140 | |
Vista Outdoor, Inc. (1) | | | 14 | | | | 527 | |
Visteon Corp. (1) | | | 1 | | | | 146 | |
Wendy’s Co. | | | 91 | | | | 1,542 | |
Whirlpool Corp. | | | 1 | | | | 95 | |
Williams-Sonoma, Inc. | | | 10 | | | | 2,724 | |
Wingstop, Inc. | | | 13 | | | | 5,290 | |
Worthington Enterprises, Inc. (2) | | | 0 | | | | 22 | |
Wyndham Hotels & Resorts, Inc. | | | 8 | | | | 596 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
XPEL, Inc. (1) | | | 6 | | | $ | 223 | |
YETI Holdings, Inc. (1) | | | 5 | | | | 206 | |
Yum China Holdings, Inc. | | | 52 | | | | 1,592 | |
Yum! Brands, Inc. (2) | | | 0 | | | | 22 | |
| | | | | | | | |
Total Consumer Discretionary | | | | 186,968 | |
| | | | | |
| Consumer Staples – 3.84% | | | | | | | | |
Albertsons Companies, Inc. – Class A | | | 11 | | | | 213 | |
Andersons, Inc. | | | 4 | | | | 222 | |
BellRing Brands, Inc. (1) | | | 34 | | | | 1,921 | |
BJ’s Wholesale Club Holdings, Inc. (1) | | | 56 | | | | 4,903 | |
Campbell Soup Co. | | | 7 | | | | 331 | |
Casey’s General Stores, Inc. | | | 10 | | | | 3,961 | |
Celsius Holdings, Inc. (1) | | | 54 | | | | 3,099 | |
Central Garden & Pet Co. – Class A (1) | | | 8 | | | | 266 | |
Church & Dwight Co., Inc. | | | 98 | | | | 10,113 | |
Clorox Co. | | | 1 | | | | 187 | |
Coca-Cola Consolidated, Inc. (2) | | | 0 | | | | 75 | |
Conagra Brands, Inc. | | | 6 | | | | 185 | |
Constellation Brands, Inc. – Class A | | | 7 | | | | 1,799 | |
Duckhorn Portfolio, Inc. (1) | | | 102 | | | | 722 | |
Edgewell Personal Care Co. | | | 5 | | | | 196 | |
elf Beauty, Inc. (1) | | | 30 | | | | 6,295 | |
Energizer Holdings, Inc. | | | 1 | | | | 15 | |
Flowers Foods, Inc. | | | 2 | | | | 38 | |
Hain Celestial Group, Inc. (1) | | | 39 | | | | 267 | |
Herbalife Ltd. (1) | | | 12 | | | | 120 | |
Ingles Markets, Inc. – Class A | | | 1 | | | | 43 | |
J.M. Smucker Co. | | | 4 | | | | 458 | |
John B Sanfilippo & Son, Inc. | | | 1 | | | | 80 | |
Kellanova | | | 3 | | | | 160 | |
Keurig Dr Pepper, Inc. | | | 255 | | | | 8,525 | |
Kroger Co. | | | 5 | | | | 259 | |
Lamb Weston Holdings, Inc. | | | 42 | | | | 3,515 | |
MGP Ingredients, Inc. | | | 7 | | | | 550 | |
National Beverage Corp. | | | 4 | | | | 222 | |
Nature’s Sunshine Products, Inc. (1) | | | 12 | | | | 186 | |
Nomad Foods Ltd. | | | 230 | | | | 3,787 | |
Nu Skin Enterprises, Inc. – Class A | | | 17 | | | | 177 | |
Performance Food Group Co. (1) | | | 1 | | | | 71 | |
Post Holdings, Inc. (1) | | | 3 | | | | 261 | |
PriceSmart, Inc. | | | 1 | | | | 107 | |
Primo Water Corp. | | | 13 | | | | 274 | |
Reynolds Consumer Products, Inc. | | | 252 | | | | 7,048 | |
Simply Good Foods Co. (1) | | | 8 | | | | 300 | |
Sprouts Farmers Market, Inc. (1) | | | 2 | | | | 130 | |
TreeHouse Foods, Inc. (1) | | | 3 | | | | 106 | |
Universal Corp. | | | 2 | | | | 72 | |
Vector Group Ltd. | | | 34 | | | | 358 | |
Village Super Market, Inc. – Class A | | | 1 | | | | 18 | |
Walgreens Boots Alliance, Inc. | | | 53 | | | | 644 | |
WD-40 Co. | | | 2 | | | | 549 | |
Weis Markets, Inc. | | | 4 | | | | 282 | |
| | | | | | | | |
Total Consumer Staples | | | | 63,110 | |
| | | | | |
| Energy – 4.87% | | | | | | | | |
Antero Resources Corp. (1) | | | 19 | | | | 625 | |
APA Corp. | | | 5 | | | | 134 | |
Atlas Energy Solutions, Inc. – Class A | | | 12 | | | | 231 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Baker Hughes Co. – Class A | | | 93 | | | $ | 3,274 | |
Berry Corp. | | | 3 | | | | 22 | |
Bristow Group, Inc. (1) | | | 1 | | | | 33 | |
California Resources Corp. | | | 10 | | | | 534 | |
Cameco Corp. | | | 100 | | | | 4,918 | |
ChampionX Corp. | | | 93 | | | | 3,080 | |
Cheniere Energy, Inc. | | | 16 | | | | 2,732 | |
Chesapeake Energy Corp. | | | 5 | | | | 424 | |
Chord Energy Corp. | | | 3 | | | | 534 | |
Civitas Resources, Inc. | | | 9 | | | | 628 | |
CNX Resources Corp. (1) | | | 141 | | | | 3,425 | |
Comstock Resources, Inc. | | | 26 | | | | 273 | |
CONSOL Energy, Inc. (1)(2) | | | 0 | | | | 37 | |
Coterra Energy, Inc. | | | 11 | | | | 285 | |
CVR Energy, Inc. | | | 5 | | | | 145 | |
Delek U.S. Holdings, Inc. | | | 7 | | | | 169 | |
Devon Energy Corp. | | | 67 | | | | 3,153 | |
Diamondback Energy, Inc. | | | 3 | | | | 557 | |
Dorian LPG Ltd. | | | 5 | | | | 228 | |
Dril-Quip, Inc. (1) | | | 1 | | | | 20 | |
Energy Fuels, Inc. (1) | | | 27 | | | | 164 | |
EOG Resources, Inc. | | | 49 | | | | 6,166 | |
EQT Corp. | | | 11 | | | | 423 | |
Equitrans Midstream Corp. | | | 64 | | | | 832 | |
Expro Group Holdings NV (1) | | | 16 | | | | 357 | |
Halliburton Co. | | | 12 | | | | 418 | |
Helmerich & Payne, Inc. | | | 14 | | | | 496 | |
Hess Corp. | | | 4 | | | | 601 | |
HF Sinclair Corp. | | | 39 | | | | 2,071 | |
HighPeak Energy, Inc. | | | 15 | | | | 209 | |
International Seaways, Inc. | | | 51 | | | | 2,994 | |
Kinetik Holdings, Inc. – Class A | | | 9 | | | | 384 | |
Kosmos Energy Ltd. (1) | | | 34 | | | | 188 | |
Liberty Energy, Inc. – Class A | | | 13 | | | | 265 | |
Magnolia Oil & Gas Corp. – Class A | | | 155 | | | | 3,915 | |
Matador Resources Co. | | | 6 | | | | 377 | |
Murphy Oil Corp. | | | 14 | | | | 571 | |
Nabors Industries Ltd. (1) | | | 3 | | | | 191 | |
Noble Corp. Plc | | | 48 | | | | 2,134 | |
Northern Oil & Gas, Inc. | | | 73 | | | | 2,727 | |
NOV, Inc. | | | 63 | | | | 1,199 | |
ONEOK, Inc. (2) | | | 0 | | | | 31 | |
Patterson-UTI Energy, Inc. | | | 35 | | | | 358 | |
PBF Energy, Inc. – Class A | | | 11 | | | | 496 | |
Peabody Energy Corp. | | | 19 | | | | 410 | |
Permian Resources Corp. – Class A | | | 82 | | | | 1,327 | |
ProFrac Holding Corp. – Class A (1) | | | 28 | | | | 210 | |
ProPetro Holding Corp. (1) | | | 32 | | | | 275 | |
REX American Resources Corp. (1) | | | 3 | | | | 153 | |
RPC, Inc. | | | 4 | | | | 28 | |
Scorpio Tankers, Inc. | | | 1 | | | | 87 | |
Sitio Royalties Corp. – Class A | | | 150 | | | | 3,546 | |
SM Energy Co. | | | 10 | | | | 419 | |
Solaris Oilfield Infrastructure, Inc. – Class A | | | 2 | | | | 20 | |
Southwestern Energy Co. (1) | | | 28 | | | | 189 | |
Targa Resources Corp. | | | 13 | | | | 1,734 | |
TechnipFMC Plc | | | 114 | | | | 2,991 | |
Teekay Corp. (1) | | | 35 | | | | 315 | |
Tidewater, Inc. (1) | | | 83 | | | | 7,912 | |
Transocean Ltd. (1) | | | 92 | | | | 491 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Valaris Ltd. (1) | | | 10 | | | $ | 731 | |
Valero Energy Corp. | | | 23 | | | | 3,625 | |
Vitesse Energy, Inc. | | | 16 | | | | 376 | |
Weatherford International Plc (1) | | | 10 | | | | 1,271 | |
Williams Companies, Inc. | | | 20 | | | | 837 | |
| | | | | | | | |
Total Energy | | | | 79,975 | |
| | | | | |
| Financials – 14.24% | | | | | | | | |
1st Source Corp. | | | 1 | | | | 39 | |
Affiliated Managers Group, Inc. | | | 1 | | | | 122 | |
Aflac, Inc. | | | 2 | | | | 189 | |
AGNC Investment Corp. | | | 15 | | | | 142 | |
Allstate Corp. | | | 58 | | | | 9,206 | |
Ally Financial, Inc. | | | 9 | | | | 345 | |
Amerant Bancorp, Inc. – Class A | | | 9 | | | | 208 | |
American Financial Group, Inc. | | | 24 | | | | 2,903 | |
Ameriprise Financial, Inc. | | | 1 | | | | 241 | |
Annaly Capital Management, Inc. | | | 346 | | | | 6,593 | |
Apollo Commercial Real Estate Finance, Inc. | | | 10 | | | | 102 | |
Apollo Global Management, Inc. | | | 4 | | | | 476 | |
Arbor Realty Trust, Inc. | | | 6 | | | | 82 | |
Arch Capital Group Ltd. (1) | | | 108 | | | | 10,892 | |
Ares Management Corp. – Class A | | | 19 | | | | 2,572 | |
Arthur J. Gallagher & Co. | | | 7 | | | | 1,851 | |
Artisan Partners Asset Management, Inc. – Class A | | | 19 | | | | 786 | |
Associated Banc-Corp. | | | 2 | | | | 38 | |
Atlantic Union Bankshares Corp. | | | 1 | | | | 23 | |
Axis Capital Holdings Ltd. | | | 21 | | | | 1,460 | |
Axos Financial, Inc. (1) | | | 6 | | | | 345 | |
Banc of California, Inc. | | | 14 | | | | 183 | |
BancFirst Corp. | | | 5 | | | | 412 | |
Banco Latinoamericano de Comercio Exterior SA – Class E | | | 9 | | | | 277 | |
Bank First Corp. | | | 1 | | | | 56 | |
Bank of Hawaii Corp. | | | 7 | | | | 420 | |
Bank of Marin Bancorp | | | 9 | | | | 149 | |
BankUnited, Inc. | | | 103 | | | | 3,010 | |
Blackstone Mortgage Trust, Inc. – Class A | | | 22 | | | | 380 | |
Block, Inc. – Class A (1) | | | 4 | | | | 239 | |
Bread Financial Holdings, Inc. | | | 5 | | | | 243 | |
Bridgewater Bancshares, Inc. (1) | | | 32 | | | | 369 | |
BrightSpire Capital, Inc. – Class A | | | 13 | | | | 75 | |
Brookline Bancorp, Inc. | | | 30 | | | | 248 | |
Brown & Brown, Inc. | | | 91 | | | | 8,119 | |
BRP Group, Inc. – Class A (1) | | | 10 | | | | 344 | |
Byline Bancorp, Inc. | | | 1 | | | | 25 | |
Cadence Bank | | | 18 | | | | 515 | |
Cambridge Bancorp | | | 5 | | | | 317 | |
Cannae Holdings, Inc. | | | 2 | | | | 41 | |
CBOE Global Markets, Inc. | | | 24 | | | | 4,165 | |
Central Pacific Financial Corp. | | | 11 | | | | 235 | |
Chimera Investment Corp. | | | 3 | | | | 38 | |
Cincinnati Financial Corp.(2) | | | 0 | | | | 50 | |
Citizens Financial Group, Inc. | | | 13 | | | | 465 | |
City Holding Co. | | | 1 | | | | 118 | |
Claros Mortgage Trust, Inc. | | | 27 | | | | 215 | |
CNA Financial Corp. | | | 1 | | | | 38 | |
CNO Financial Group, Inc. | | | 7 | | | | 188 | |
Cohen & Steers, Inc. | | | 1 | | | | 47 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Coinbase Global, Inc. – Class A (1) | | | 4 | | | $ | 903 | |
Comerica, Inc. | | | 74 | | | | 3,801 | |
Commerce Bancshares, Inc. | | | 9 | | | | 490 | |
Community Financial System, Inc. | | | 83 | | | | 3,939 | |
Community Trust Bancorp, Inc. (2) | | | 0 | | | | 1 | |
Compass Diversified Holdings | | | 9 | | | | 195 | |
Corpay, Inc. (1) | | | 1 | | | | 341 | |
Cullen/Frost Bankers, Inc. | | | 35 | | | | 3,582 | |
Customers Bancorp, Inc. (1) | | | 9 | | | | 416 | |
CVB Financial Corp. | | | 21 | | | | 356 | |
Diamond Hill Investment Group, Inc. (2) | | | 0 | | | | 19 | |
Dime Community Bancshares, Inc. | | | 17 | | | | 350 | |
Discover Financial Services | | | 12 | | | | 1,620 | |
Eagle Bancorp, Inc. | | | 13 | | | | 247 | |
Eastern Bankshares, Inc. | | | 18 | | | | 258 | |
Enact Holdings, Inc. | | | 22 | | | | 669 | |
Enstar Group Ltd. (1) | | | 2 | | | | 746 | |
Essent Group Ltd. | | | 16 | | | | 886 | |
Euronet Worldwide, Inc. (1) | | | 61 | | | | 6,312 | |
Evercore, Inc. – Class A (2) | | | 0 | | | | 51 | |
Everest Group Ltd. | | | 6 | | | | 2,414 | |
EVERTEC, Inc. | | | 3 | | | | 90 | |
FactSet Research Systems, Inc. | | | 5 | | | | 2,010 | |
Fidelity National Financial, Inc. | | | 4 | | | | 191 | |
Fifth Third Bancorp | | | 182 | | | | 6,627 | |
Financial Institutions, Inc. | | | 18 | | | | 356 | |
First Bancorp | | | 211 | | | | 3,866 | |
First Bancshares, Inc. | | | 1 | | | | 33 | |
First Citizens BancShares, Inc. – Class A | | | 3 | | | | 5,305 | |
First Commonwealth Financial Corp. | | | 12 | | | | 169 | |
First Community Bankshares, Inc. | | | 1 | | | | 49 | |
First Financial Bancorp | | | 2 | | | | 43 | |
First Foundation, Inc. | | | 54 | | | | 352 | |
First Hawaiian, Inc. | | | 172 | | | | 3,566 | |
First Interstate BancSystem, Inc. – Class A | | | 10 | | | | 284 | |
First of Long Island Corp. | | | 14 | | | | 138 | |
FirstCash Holdings, Inc. | | | 1 | | | | 149 | |
Flushing Financial Corp. | | | 19 | | | | 245 | |
FNB Corp. | | | 2 | | | | 28 | |
Franklin BSP Realty Trust, Inc. | | | 8 | | | | 99 | |
Fulton Financial Corp. | | | 31 | | | | 533 | |
Genworth Financial, Inc. – Class A (1) | | | 39 | | | | 233 | |
German American Bancorp, Inc. | | | 1 | | | | 48 | |
Glacier Bancorp, Inc. | | | 22 | | | | 828 | |
Global Payments, Inc. | | | 5 | | | | 449 | |
Granite Point Mortgage Trust, Inc. | | | 36 | | | | 106 | |
Hamilton Lane, Inc. – Class A | | | 30 | | | | 3,719 | |
Hancock Whitney Corp. | | | 4 | | | | 190 | |
Hanover Insurance Group, Inc. | | | 14 | | | | 1,774 | |
HBT Financial, Inc. | | | 4 | | | | 87 | |
Heartland Financial USA, Inc. | | | 12 | | | | 541 | |
Heritage Commerce Corp. | | | 19 | | | | 169 | |
Heritage Financial Corp. | | | 22 | | | | 397 | |
HomeStreet, Inc. | | | 25 | | | | 288 | |
Horace Mann Educators Corp. | | | 16 | | | | 512 | |
Horizon Bancorp, Inc. | | | 23 | | | | 287 | |
Houlihan Lokey, Inc. – Class A | | | 13 | | | | 1,804 | |
Independent Bank Corp. | | | 3 | | | | 76 | |
Independent Bank Corp. | | | 15 | | | | 743 | |
Independent Bank Group, Inc. | | | 10 | | | | 462 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Interactive Brokers Group, Inc. – Class A | | | 13 | | | $ | 1,632 | |
Invesco Ltd. | | | 215 | | | | 3,211 | |
Jack Henry & Associates, Inc. | | | 2 | | | | 366 | |
Jackson Financial, Inc. – Class A | | | 6 | | | | 481 | |
Jefferies Financial Group, Inc. | | | 144 | | | | 7,186 | |
Kemper Corp. | | | 35 | | | | 2,094 | |
KeyCorp | | | 55 | | | | 786 | |
Kinsale Capital Group, Inc. | | | 10 | | | | 3,798 | |
KKR & Co., Inc. – Class Miscella | | | 33 | | | | 3,495 | |
Ladder Capital Corp. – Class A | | | 21 | | | | 233 | |
Lincoln National Corp. | | | 12 | | | | 358 | |
Loews Corp. | | | 65 | | | | 4,833 | |
LPL Financial Holdings, Inc. | | | 12 | | | | 3,470 | |
M&T Bank Corp. | | | 2 | | | | 253 | |
MarketAxess Holdings, Inc. | | | 1 | | | | 154 | |
Marqeta, Inc. – Class A (1) | | | 32 | | | | 173 | |
Metropolitan Bank Holding Corp. (1) | | | 4 | | | | 148 | |
MFA Financial, Inc. | | | 6 | | | | 69 | |
Moelis & Co. – Class A | | | 51 | | | | 2,907 | |
Moody’s Corp. | | | 6 | | | | 2,386 | |
Morningstar, Inc. | | | 3 | | | | 885 | |
Mr Cooper Group, Inc. (1) | | | 2 | | | | 128 | |
MSCI, Inc. – Class A | | | 4 | | | | 1,997 | |
National Western Life Group, Inc. – Class A | | | 1 | | | | 330 | |
NBT Bancorp, Inc. | | | 1 | | | | 41 | |
NCR Atleos Corp. (1) | | | 77 | | | | 2,084 | |
Nelnet, Inc. – Class A | | | 2 | | | | 234 | |
NerdWallet, Inc. – Class A (1) | | | 16 | | | | 241 | |
New York Community Bancorp, Inc. | | | 199 | | | | 640 | |
NMI Holdings, Inc. – Class A (1) | | | 2 | | | | 81 | |
OFG Bancorp | | | 2 | | | | 93 | |
Old Second Bancorp, Inc. | | | 5 | | | | 71 | |
Open Lending Corp. – Class A (1) | | | 29 | | | | 162 | |
Pacific Premier Bancorp, Inc. | | | 17 | | | | 393 | |
Park National Corp. | | | 2 | | | | 319 | |
Patria Investments Ltd. – Class A | | | 29 | | | | 346 | |
Pinnacle Financial Partners, Inc. | | | 3 | | | | 205 | |
PRA Group, Inc. (1) | | | 9 | | | | 173 | |
Premier Financial Corp. | | | 12 | | | | 255 | |
Primis Financial Corp. | | | 44 | | | | 465 | |
PROG Holdings, Inc. | | | 1 | | | | 38 | |
Prosperity Bancshares, Inc. | | | 50 | | | | 3,057 | |
Provident Financial Services, Inc. | | | 51 | | | | 732 | |
Prudential Financial, Inc. (2) | | | 0 | | | | 39 | |
QCR Holdings, Inc. (2) | | | 0 | | | | 26 | |
Radian Group, Inc. | | | 10 | | | | 310 | |
Raymond James Financial, Inc. | | | 15 | | | | 1,858 | |
RBB Bancorp | | | 19 | | | | 364 | |
Redwood Trust, Inc. | | | 9 | | | | 56 | |
Regions Financial Corp. | | | 162 | | | | 3,250 | |
Reinsurance Group of America, Inc. – Class A | | | 9 | | | | 1,798 | |
Remitly Global, Inc. (1) | | | 85 | | | | 1,035 | |
Republic Bancorp, Inc. – Class A | | | 8 | | | | 406 | |
RLI Corp. | | | 35 | | | | 4,902 | |
Robinhood Markets, Inc. – Class A (1) | | | 53 | | | | 1,215 | |
Rocket Companies, Inc. – Class A (1) | | | 66 | | | | 904 | |
Ryan Specialty Holdings, Inc. – Class A | | | 153 | | | | 8,861 | |
S&T Bancorp, Inc. | | | 3 | | | | 110 | |
Safety Insurance Group, Inc. | | | 4 | | | | 315 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Sandy Spring Bancorp, Inc. | | | 8 | | | $ | 183 | |
Seacoast Banking Corp. of Florida | | | 12 | | | | 287 | |
SEI Investments Co. (2) | | | 0 | | | | 21 | |
Selective Insurance Group, Inc. | | | 14 | | | | 1,298 | |
ServisFirst Bancshares, Inc. | | | 8 | | | | 491 | |
SiriusPoint Ltd. (1) | | | 20 | | | | 249 | |
South State Corp. | | | 7 | | | | 546 | |
Southern First Bancshares, Inc. (1) | | | 8 | | | | 232 | |
Stellar Bancorp, Inc. | | | 12 | | | | 266 | |
Stewart Information Services Corp. | | | 2 | | | | 110 | |
Stifel Financial Corp. | | | 51 | | | | 4,278 | |
StoneCo Ltd. – Class A (1) | | | 14 | | | | 164 | |
StoneX Group, Inc. (1) | | | 3 | | | | 225 | |
Synchrony Financial | | | 1 | | | | 67 | |
T Rowe Price Group, Inc. | | | 2 | | | | 214 | |
Texas Capital Bancshares, Inc. (1) | | | 57 | | | | 3,462 | |
TFS Financial Corp. | | | 18 | | | | 224 | |
Toast, Inc. – Class A (1) | | | 25 | | | | 655 | |
Tompkins Financial Corp. | | | 4 | | | | 190 | |
Tradeweb Markets, Inc. – Class A | | | 19 | | | | 1,983 | |
TriCo Bancshares | | | 5 | | | | 190 | |
Triumph Financial, Inc. (1) | | | 4 | | | | 294 | |
TrustCo Bank Corp. NY | | | 1 | | | | 35 | |
UMB Financial Corp. | | | 5 | | | | 387 | |
Universal Insurance Holdings, Inc. | | | 12 | | | | 216 | |
Valley National Bancorp | | | 92 | | | | 640 | |
Virtu Financial, Inc. – Class A | | | 14 | | | | 308 | |
Walker & Dunlop, Inc. | | | 42 | | | | 4,158 | |
Washington Trust Bancorp, Inc. | | | 11 | | | | 312 | |
Webster Financial Corp. | | | 64 | | | | 2,801 | |
Westamerica BanCorp | | | 4 | | | | 189 | |
Western Alliance Bancorp | | | 3 | | | | 181 | |
WEX, Inc. (1) | | | 6 | | | | 1,046 | |
White Mountains Insurance Group Ltd. (2) | | | 0 | | | | 29 | |
Wintrust Financial Corp. | | | 39 | | | | 3,863 | |
Zions Bancorp N.A. | | | 84 | | | | 3,646 | |
| | | | | | | | |
Total Financials | | | | 233,930 | |
| | | | | |
| Healthcare – 11.98% | | | | | | | | |
10X Genomics, Inc. – Class A (1) | | | 11 | | | | 211 | |
Abiomed, Inc. (1)(2)(3) | | | 0 | | | | 0 | |
Acadia Healthcare Co., Inc. (1) | | | 46 | | | | 3,130 | |
Agilent Technologies, Inc. | | | 34 | | | | 4,431 | |
Agios Pharmaceuticals, Inc. (1) | | | 6 | | | | 274 | |
Alcon, Inc. | | | 52 | | | | 4,614 | |
Align Technology, Inc. (1) | | | 7 | | | | 1,690 | |
Alignment Healthcare, Inc. (1) | | | 22 | | | | 176 | |
Alkermes Plc (1) | | | 6 | | | | 146 | |
Alnylam Pharmaceuticals, Inc. (1) | | | 10 | | | | 2,342 | |
Amedisys, Inc. (1) | | | 4 | | | | 397 | |
Amicus Therapeutics, Inc. (1) | | | 98 | | | | 971 | |
AMN Healthcare Services, Inc. (1) | | | 19 | | | | 994 | |
Amphastar Pharmaceuticals, Inc. (1) | | | 3 | | | | 110 | |
Anika Therapeutics, Inc. (1) | | | 14 | | | | 344 | |
Apellis Pharmaceuticals, Inc. (1) | | | 23 | | | | 889 | |
Arcellx, Inc. (1) | | | 9 | | | | 508 | |
Arrowhead Pharmaceuticals, Inc. (1) | | | 7 | | | | 184 | |
AtriCure, Inc. (1) | | | 4 | | | | 101 | |
Aurinia Pharmaceuticals, Inc. (1) | | | 35 | | | | 197 | |
Avanos Medical, Inc. (1) | | | 4 | | | | 79 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Avantor, Inc. (1) | | | 153 | | | $ | 3,250 | |
Avidity Biosciences, Inc. (1) | | | 20 | | | | 831 | |
Axonics, Inc. (1) | | | 13 | | | | 853 | |
Azenta, Inc. (1) | | | 3 | | | | 178 | |
Beam Therapeutics, Inc. (1) | | | 8 | | | | 180 | |
Biogen, Inc. (1) | | | 2 | | | | 389 | |
BioMarin Pharmaceutical, Inc. (1) | | | 18 | | | | 1,509 | |
Bio-Rad Laboratories, Inc. – Class A (1) | | | 1 | | | | 263 | |
Bio-Techne Corp. | | | 114 | | | | 8,173 | |
Blueprint Medicines Corp. (1) | | | 21 | | | | 2,299 | |
Bridgebio Pharma, Inc. (1) | | | 45 | | | | 1,136 | |
Bruker Corp. | | | 36 | | | | 2,290 | |
Catalent, Inc. (1) | | | 4 | | | | 206 | |
Celldex Therapeutics, Inc. (1) | | | 8 | | | | 289 | |
Cencora, Inc. – Class A (2) | | | 0 | | | | 63 | |
Centene Corp. (1) | | | 20 | | | | 1,338 | |
Cerevel Therapeutics Holdings, Inc. (1) | | | 8 | | | | 324 | |
Charles River Laboratories International, Inc. (1) | | | 27 | | | | 5,567 | |
Chemed Corp. | | | 10 | | | | 5,361 | |
CONMED Corp. | | | 6 | | | | 424 | |
Cooper Companies, Inc. | | | 62 | | | | 5,370 | |
CorVel Corp. (1) | | | 2 | | | | 398 | |
Crinetics Pharmaceuticals, Inc. (1) | | | 23 | | | | 1,048 | |
Cytek Biosciences, Inc. (1) | | | 25 | | | | 141 | |
Cytokinetics, Inc. (1) | | | 9 | | | | 503 | |
DaVita, Inc. (1) | | | 2 | | | | 296 | |
Denali Therapeutics, Inc. (1) | | | 14 | | | | 336 | |
Dentsply Sirona, Inc. | | | 4 | | | | 102 | |
DexCom, Inc. (1) | | | 34 | | | | 3,832 | |
Doximity, Inc. – Class A (1) | | | 7 | | | | 197 | |
Dynavax Technologies Corp. – Class A (1) | | | 43 | | | | 484 | |
Editas Medicine, Inc. – Class A (1) | | | 24 | | | | 112 | |
Embecta Corp. | | | 9 | | | | 117 | |
Enanta Pharmaceuticals, Inc. (1) | | | 17 | | | | 216 | |
Enovis Corp. (1) | | | 12 | | | | 540 | |
Ensign Group, Inc. | | | 2 | | | | 209 | |
Evolent Health, Inc. – Class A (1) | | | 71 | | | | 1,349 | |
Exact Sciences Corp. (1) | | | 34 | | | | 1,419 | |
Exelixis, Inc. (1) | | | 99 | | | | 2,227 | |
Fortrea Holdings, Inc. (1) | | | 62 | | | | 1,446 | |
Geron Corp. (1) | | | 8 | | | | 34 | |
Glaukos Corp. (1) | | | 4 | | | | 422 | |
GRAIL, Inc. (1)(2) | | | 0 | | | | 5 | |
Guardant Health, Inc. (1) | | | 6 | | | | 174 | |
Haemonetics Corp. (1) | | | 72 | | | | 5,979 | |
Halozyme Therapeutics, Inc. (1) | | | 16 | | | | 859 | |
HealthEquity, Inc. (1) | | | 4 | | | | 302 | |
Hologic, Inc. (1) | | | 12 | | | | 916 | |
Humana, Inc. | | | 9 | | | | 3,432 | |
ICON Plc (1) | | | 19 | | | | 5,951 | |
IDEXX Laboratories, Inc. (1) | | | 2 | | | | 1,112 | |
Illumina, Inc. (1) | | | 2 | | | | 185 | |
Inmode Ltd. (1) | | | 25 | | | | 461 | |
Innoviva, Inc. (1) | | | 28 | | | | 460 | |
Inogen, Inc. (1) | | | 32 | | | | 262 | |
Insmed, Inc. (1) | | | 52 | | | | 3,501 | |
Inspire Medical Systems, Inc. (1) | | | 24 | | | | 3,174 | |
Insulet Corp. (1) | | | 3 | | | | 666 | |
Integer Holdings Corp. (1) | | | 2 | | | | 269 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Integra LifeSciences Holdings Corp. (1) | | | 110 | | | $ | 3,209 | |
Intellia Therapeutics, Inc. (1) | | | 8 | | | | 189 | |
Intra-Cellular Therapies, Inc. (1) | | | 37 | | | | 2,524 | |
Ionis Pharmaceuticals, Inc. (1) | | | 4 | | | | 190 | |
Iovance Biotherapeutics, Inc. (1) | | | 22 | | | | 174 | |
IQVIA Holdings, Inc. (1) | | | 16 | | | | 3,337 | |
iRhythm Technologies, Inc. (1) | | | 5 | | | | 532 | |
Ironwood Pharmaceuticals, Inc. – Class A (1) | | | 5 | | | | 32 | |
Joint Corp. (1) | | | 18 | | | | 255 | |
Krystal Biotech, Inc. (1) | | | 8 | | | | 1,479 | |
Kura Oncology, Inc. (1) | | | 23 | | | | 465 | |
Labcorp Holdings, Inc. | | | 30 | | | | 6,122 | |
Lantheus Holdings, Inc. (1) | | | 3 | | | | 235 | |
LeMaitre Vascular, Inc. | | | 3 | | | | 285 | |
Ligand Pharmaceuticals, Inc. (1)(2) | | | 0 | | | | 21 | |
Madrigal Pharmaceuticals, Inc. (1) | | | 4 | | | | 1,134 | |
McKesson Corp. | | | 4 | | | | 2,244 | |
Medpace Holdings, Inc. (1) | | | 7 | | | | 3,010 | |
Merit Medical Systems, Inc. (1) | | | 5 | | | | 408 | |
Mesa Laboratories, Inc. | | | 6 | | | | 500 | |
Mettler-Toledo International, Inc. (1) | | | 3 | | | | 3,845 | |
Mineralys Therapeutics, Inc. (1) | | | 23 | | | | 264 | |
Molina Healthcare, Inc. (1) | | | 1 | | | | 365 | |
Mural Oncology Plc (1) | | | 1 | | | | 2 | |
Myriad Genetics, Inc. (1) | | | 10 | | | | 233 | |
Natera, Inc. (1) | | | 73 | | | | 7,916 | |
Neogen Corp. (1) | | | 43 | | | | 673 | |
NeoGenomics, Inc. (1) | | | 18 | | | | 243 | |
Neurocrine Biosciences, Inc. (1) | | | 37 | | | | 5,028 | |
Nevro Corp. (1) | | | 8 | | | | 70 | |
OmniAb, Inc. – Class CR3 (1)(2)(3)(5) | | | 0 | | | | — | |
OmniAb, Inc. – Class CR4 (1)(2)(3)(5) | | | 0 | | | | — | |
Omnicell, Inc. (1) | | | 9 | | | | 240 | |
OptimizeRx Corp. (1) | | | 20 | | | | 204 | |
Option Care Health, Inc. (1) | | | 15 | | | | 405 | |
Organon & Co. | | | 14 | | | | 291 | |
Pacific Biosciences of California, Inc. (1) | | | 28 | | | | 38 | |
Pacira BioSciences, Inc. (1) | | | 18 | | | | 517 | |
Patterson Companies, Inc. | | | 22 | | | | 534 | |
Pediatrix Medical Group, Inc. (1) | | | 124 | | | | 938 | |
Penumbra, Inc. (1) | | | 11 | | | | 2,039 | |
Perrigo Co. Plc | | | 8 | | | | 195 | |
Phibro Animal Health Corp. – Class A | | | 4 | | | | 67 | |
Premier, Inc. – Class A | | | 8 | | | | 140 | |
Prestige Consumer Healthcare, Inc. (1) | | | 4 | | | | 301 | |
Prime Medicine, Inc. (1) | | | 22 | | | | 113 | |
Progyny, Inc. (1) | | | 5 | | | | 145 | |
Prothena Corp. Plc (1) | | | 20 | | | | 416 | |
PTC Therapeutics, Inc. (1) | | | 7 | | | | 200 | |
QIAGEN NV (1) | | | 34 | | | | 1,382 | |
Quest Diagnostics, Inc. (2) | | | 0 | | | | 31 | |
R1 RCM, Inc. (1) | | | 14 | | | | 176 | |
Repligen Corp. (1) | | | 16 | | | | 2,017 | |
ResMed, Inc. | | | 5 | | | | 916 | |
REVOLUTION Medicines, Inc. (1) | | | 18 | | | | 684 | |
Roivant Sciences Ltd. (1) | | | 198 | | | | 2,090 | |
Royalty Pharma Plc – Class A | | | 42 | | | | 1,109 | |
Sage Therapeutics, Inc. (1) | | | 8 | | | | 89 | |
Sarepta Therapeutics, Inc. (1) | | | 18 | | | | 2,886 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Select Medical Holdings Corp. | | | 16 | | | $ | 570 | |
SpringWorks Therapeutics, Inc. (1) | | | 7 | | | | 258 | |
STAAR Surgical Co. (1) | | | 6 | | | | 274 | |
Stevanato Group SpA | | | 29 | | | | 525 | |
Supernus Pharmaceuticals, Inc. (1) | | | 2 | | | | 41 | |
Surgery Partners, Inc. (1) | | | 81 | | | | 1,928 | |
Surmodics, Inc. (1) | | | 9 | | | | 397 | |
Syndax Pharmaceuticals, Inc. (1) | | | 28 | | | | 570 | |
Teladoc Health, Inc. (1) | | | 48 | | | | 472 | |
Teleflex, Inc. | | | 15 | | | | 3,099 | |
Tenet Healthcare Corp. (1) | | | 3 | | | | 335 | |
Travere Therapeutics, Inc. – Class Preferre (1) | | | 25 | | | | 204 | |
Twist Bioscience Corp. (1) | | | 12 | | | | 593 | |
Ultragenyx Pharmaceutical, Inc. (1) | | | 41 | | | | 1,698 | |
Universal Health Services, Inc. – Class B | | | 5 | | | | 1,013 | |
US Physical Therapy, Inc. | | | 6 | | | | 579 | |
Vaxcyte, Inc. (1) | | | 31 | | | | 2,327 | |
Veeva Systems, Inc. – Class A (1) | | | 1 | | | | 195 | |
Veracyte, Inc. (1) | | | 21 | | | | 465 | |
Viking Therapeutics, Inc. (1) | | | 5 | | | | 273 | |
Vir Biotechnology, Inc. (1) | | | 19 | | | | 166 | |
Waters Corp. (1) | | | 2 | | | | 600 | |
West Pharmaceutical Services, Inc. | | | 19 | | | | 6,307 | |
Xencor, Inc. (1) | | | 23 | | | | 431 | |
Zimmer Biomet Holdings, Inc. | | | 48 | | | | 5,195 | |
| | | | | | | | |
Total Healthcare | | | | 196,879 | |
| | | | | |
| Industrials – 22.11% | | | | | | | | |
AAON, Inc. | | | 76 | | | | 6,596 | |
AAR Corp. (1) | | | 1 | | | | 71 | |
ABM Industries, Inc. | | | 58 | | | | 2,941 | |
Advanced Drainage Systems, Inc. | | | 2 | | | | 383 | |
AECOM | | | 19 | | | | 1,631 | |
AerCap Holdings NV | | | 136 | | | | 12,640 | |
Aerovironment, Inc. (1) | | | 2 | | | | 330 | |
AGCO Corp. | | | 2 | | | | 151 | |
Air Lease Corp. – Class A | | | 24 | | | | 1,161 | |
Alamo Group, Inc. | | | 1 | | | | 227 | |
Alaska Air Group, Inc. (1) | | | 54 | | | | 2,170 | |
Albany International Corp. – Class A | | | 1 | | | | 113 | |
Alight, Inc. – Class A (1) | | | 24 | | | | 177 | |
Allegion Plc | | | 28 | | | | 3,292 | |
American Airlines Group, Inc. (1) | | | 13 | | | | 142 | |
American Woodmark Corp. (1) | | | 2 | | | | 146 | |
AMETEK, Inc. | | | 8 | | | | 1,295 | |
AO Smith Corp. | | | 1 | | | | 110 | |
API Group Corp. (1) | | | 90 | | | | 3,379 | |
Applied Industrial Technologies, Inc. | | | 1 | | | | 271 | |
ArcBest Corp. | | | 46 | | | | 4,898 | |
Arcosa, Inc. | | | 19 | | | | 1,545 | |
Array Technologies, Inc. (1) | | | 5 | | | | 55 | |
Atkore, Inc. (2) | | | 0 | | | | 39 | |
Axon Enterprise, Inc. (1) | | | 1 | | | | 205 | |
AZEK Co., Inc. – Class A (1) | | | 21 | | | | 876 | |
AZZ, Inc. | | | 3 | | | | 236 | |
Barnes Group, Inc. | | | 3 | | | | 137 | |
Barrett Business Services, Inc. | | | 15 | | | | 478 | |
Beacon Roofing Supply, Inc. (1) | | | 7 | | | | 608 | |
Boise Cascade Co. | | | 4 | | | | 461 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Booz Allen Hamilton Holding Corp. – Class A | | | 19 | | | $ | 2,936 | |
BrightView Holdings, Inc. (1) | | | 27 | | | | 356 | |
Brink’s Co. | | | 11 | | | | 1,168 | |
Builders FirstSource, Inc. (1) | | | 16 | | | | 2,151 | |
CACI International, Inc. – Class A (1) | | | 4 | | | | 1,911 | |
Carlisle Companies, Inc. | | | 29 | | | | 11,911 | |
Carrier Global Corp. | | | 6 | | | | 349 | |
Casella Waste Systems, Inc. – Class A (1) | | | 1 | | | | 97 | |
CBIZ, Inc. (1) | | | 4 | | | | 324 | |
ChargePoint Holdings, Inc. (1) | | | 97 | | | | 147 | |
Chart Industries, Inc. (1) | | | 2 | | | | 242 | |
Cimpress Plc (1) | | | 4 | | | | 326 | |
Cintas Corp. | | | 4 | | | | 2,807 | |
CNH Industrial NV | | | 28 | | | | 283 | |
Columbus McKinnon Corp. | | | 17 | | | | 586 | |
Comfort Systems USA, Inc. | | | 2 | | | | 591 | |
Concentrix Corp. | | | 4 | | | | 237 | |
Copart, Inc. (1) | | | 79 | | | | 4,255 | |
Core & Main, Inc. – Class A (1) | | | 107 | | | | 5,238 | |
Crane Co. | | | 5 | | | | 782 | |
CSG Systems International, Inc. | | | 2 | | | | 63 | |
CSW Industrials, Inc. (2) | | | 0 | | | | 47 | |
Cummins, Inc. (2) | | | 0 | | | | 27 | |
Dayforce, Inc. (1) | | | 3 | | | | 150 | |
Delta Air Lines, Inc. | | | 21 | | | | 994 | |
Donaldson Co., Inc. | | | 46 | | | | 3,289 | |
Driven Brands Holdings, Inc. (1) | | | 25 | | | | 324 | |
Ducommun, Inc. (1) | | | 1 | | | | 48 | |
Dun & Bradstreet Holdings, Inc. | | | 288 | | | | 2,663 | |
Dycom Industries, Inc. (1) | | | 32 | | | | 5,332 | |
EMCOR Group, Inc. | | | 12 | | | | 4,334 | |
Encore Wire Corp. | | | 1 | | | | 385 | |
Energy Recovery, Inc. (1) | | | 5 | | | | 70 | |
EnerSys | | | 2 | | | | 229 | |
Ennis, Inc. | | | 28 | | | | 610 | |
Enovix Corp. (1) | | | 22 | | | | 334 | |
Equifax, Inc. | | | 4 | | | | 936 | |
Esab Corp. | | | 28 | | | | 2,602 | |
ESCO Technologies, Inc. | | | 13 | | | | 1,381 | |
ExlService Holdings, Inc. (1) | | | 6 | | | | 190 | |
Expeditors International of Washington, Inc. | | | 3 | | | | 399 | |
Exponent, Inc. | | | 28 | | | | 2,618 | |
Fastenal Co. | | | 8 | | | | 484 | |
Federal Signal Corp. | | | 29 | | | | 2,436 | |
Ferguson Plc | | | 7 | | | | 1,414 | |
Fluor Corp. (1) | | | 94 | | | | 4,103 | |
Fortune Brands Innovations, Inc. | | | 1 | | | | 83 | |
Franklin Electric Co., Inc. | | | 1 | | | | 140 | |
Frontier Group Holdings, Inc. (1) | | | 42 | | | | 209 | |
FTAI Aviation Ltd. | | | 7 | | | | 671 | |
FTI Consulting, Inc. (1) | | | 5 | | | | 1,078 | |
FuelCell Energy, Inc. (1) | | | 116 | | | | 74 | |
Gates Industrial Corp. Plc (1) | | | 462 | | | | 7,301 | |
GATX Corp. (2) | | | 0 | | | | 23 | |
Generac Holdings, Inc. (1) | | | 2 | | | | 220 | |
Gibraltar Industries, Inc. (1) | | | 1 | | | | 60 | |
Global Industrial Co. | | | 6 | | | | 200 | |
Graco, Inc. | | | 54 | | | | 4,269 | |
Granite Construction, Inc. | | | 1 | | | | 46 | |
GXO Logistics, Inc. (1) | | | 8 | | | | 402 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
H&E Equipment Services, Inc. | | | 10 | | | $ | 436 | |
Healthcare Services Group, Inc. (1) | | | 15 | | | | 164 | |
Heartland Express, Inc. | | | 2 | | | | 19 | |
HEICO Corp. | | | 16 | | | | 3,514 | |
HEICO Corp. – Class A | | | 16 | | | | 2,752 | |
Heidrick & Struggles International, Inc. | | | 3 | | | | 88 | |
Helios Technologies, Inc. | | | 7 | | | | 348 | |
Herc Holdings, Inc. | | | 27 | | | | 3,536 | |
Hillenbrand, Inc. | | | 6 | | | | 240 | |
Hillman Solutions Corp. (1) | | | 21 | | | | 187 | |
HNI Corp. | | | 2 | | | | 105 | |
Hub Group, Inc. – Class A | | | 4 | | | | 154 | |
Hubbell, Inc. – Class B | | | 17 | | | | 6,052 | |
Huntington Ingalls Industries, Inc. | | | 1 | | | | 334 | |
IDEX Corp. | | | 11 | | | | 2,202 | |
Ingersoll Rand, Inc. | | | 20 | | | | 1,773 | |
Insperity, Inc. | | | 3 | | | | 255 | |
ITT, Inc. | | | 67 | | | | 8,661 | |
Jacobs Solutions, Inc. | | | 58 | | | | 8,147 | |
JELD-WEN Holding, Inc. (1) | | | 34 | | | | 463 | |
JetBlue Airways Corp. (1) | | | 68 | | | | 412 | |
Joby Aviation, Inc. (1) | | | 33 | | | | 169 | |
John Bean Technologies Corp. | | | 34 | | | | 3,248 | |
KBR, Inc. | | | 1 | | | | 60 | |
Kelly Services, Inc. – Class A | | | 2 | | | | 42 | |
Kennametal, Inc. | | | 3 | | | | 72 | |
Kirby Corp. (1) | | | 75 | | | | 9,028 | |
Knight-Swift Transportation Holdings, Inc. – Class A | | | 70 | | | | 3,478 | |
Korn Ferry | | | 25 | | | | 1,699 | |
Kratos Defense & Security Solutions, Inc. (1) | | | 13 | | | | 267 | |
L3Harris Technologies, Inc. | | | 35 | | | | 7,800 | |
Landstar System, Inc. | | | 2 | | | | 424 | |
Lincoln Electric Holdings, Inc. | | | 33 | | | | 6,204 | |
Loar Holdings, Inc. (1) | | | 44 | | | | 2,349 | |
MasTec, Inc. (1) | | | 88 | | | | 9,430 | |
Masterbrand, Inc. (1) | | | 1 | | | | 19 | |
Matson, Inc. | | | 3 | | | | 331 | |
MAXIMUS, Inc. | | | 1 | | | | 56 | |
Middleby Corp. (1) | | | 34 | | | | 4,179 | |
Miller Industries, Inc. | | | 8 | | | | 446 | |
MillerKnoll, Inc. | | | 137 | | | | 3,625 | |
Moog, Inc. – Class A | | | 3 | | | | 545 | |
MSA Safety, Inc. | | | 5 | | | | 934 | |
Mueller Industries, Inc. | | | 18 | | | | 1,010 | |
MYR Group, Inc. (1) | | | 1 | | | | 153 | |
National Presto Industries, Inc. | | | 1 | | | | 110 | |
NEXTracker, Inc. – Class A (1) | | | 4 | | | | 172 | |
Nordson Corp. | | | 31 | | | | 7,269 | |
nVent Electric Plc | | | 43 | | | | 3,293 | |
Old Dominion Freight Line, Inc. | | | 5 | | | | 913 | |
OPENLANE, Inc. (1) | | | 14 | | | | 239 | |
Oshkosh Corp. | | | 23 | | | | 2,513 | |
Parker-Hannifin Corp. (2) | | | 0 | | | | 55 | |
Parsons Corp. (1) | | | 43 | | | | 3,523 | |
Paychex, Inc. | | | 3 | | | | 367 | |
Paycom Software, Inc. | | | 2 | | | | 230 | |
Paylocity Holding Corp. (1) | | | 1 | | | | 177 | |
Pentair Plc | | | 30 | | | | 2,277 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
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(000s) | | | Value
(000s) | |
| | | | | | | | |
Plug Power, Inc. (1) | | | 199 | | | $ | 464 | |
Quanex Building Products Corp. | | | 2 | | | | 67 | |
Quanta Services, Inc. | | | 15 | | | | 3,738 | |
RB Global, Inc. | | | 9 | | | | 675 | |
RBC Bearings, Inc. (1) | | | 37 | | | | 9,965 | |
Regal Rexnord Corp. | | | 20 | | | | 2,672 | |
Republic Services, Inc. – Class A | | | 46 | | | | 8,910 | |
Resideo Technologies, Inc. (1) | | | 13 | | | | 263 | |
Resources Connection, Inc. | | | 1 | | | | 9 | |
Robert Half, Inc. | | | 42 | | | | 2,691 | |
Rocket Lab USA, Inc. (1) | | | 40 | | | | 193 | |
Rockwell Automation, Inc. (2) | | | 0 | | | | 126 | |
Rollins, Inc. | | | 77 | | | | 3,751 | |
Rush Enterprises, Inc. – Class A | | | 12 | | | | 514 | |
RXO, Inc. (1) | | | 23 | | | | 608 | |
Saia, Inc. (1) | | | 3 | | | | 1,386 | |
Schneider National, Inc. – Class B | | | 2 | | | | 59 | |
Sensata Technologies Holding Plc | | | 64 | | | | 2,385 | |
Shoals Technologies Group, Inc. – Class A (1) | | | 63 | | | | 392 | |
Shyft Group, Inc. | | | 18 | | | | 214 | |
Simpson Manufacturing Co., Inc. | | | 26 | | | | 4,373 | |
SiteOne Landscape Supply, Inc. (1) | | | 8 | | | | 1,009 | |
SkyWest, Inc. (1) | | | 6 | | | | 521 | |
Spirit AeroSystems Holdings, Inc. – Class A (1) | | | 28 | | | | 932 | |
SPX Technologies, Inc. (1) | | | 13 | | | | 1,819 | |
Standex International Corp. (2) | | | 0 | | | | 67 | |
Stanley Black & Decker, Inc. | | | 1 | | | | 80 | |
Star Bulk Carriers Corp. | | | 51 | | | | 1,245 | |
Steelcase, Inc. – Class A | | | 8 | | | | 97 | |
Stericycle, Inc. (1) | | | 41 | | | | 2,377 | |
Sunrun, Inc. (1) | | | 14 | | | | 163 | |
Terex Corp. | | | 7 | | | | 370 | |
Tetra Tech, Inc. | | | 52 | | | | 10,630 | |
Timken Co. | | | 13 | | | | 1,035 | |
Titan International, Inc. (1) | | | 71 | | | | 529 | |
Toro Co. | | | 75 | | | | 7,007 | |
Trane Technologies Plc | | | 13 | | | | 4,340 | |
TransDigm Group, Inc. (2) | | | 0 | | | | 73 | |
Uber Technologies, Inc. (1) | | | 12 | | | | 878 | |
UFP Industries, Inc. | | | 4 | | | | 503 | |
U-Haul Holding Co. (1) | | | 4 | | | | 273 | |
U-Haul Holding Co. – Class B | | | 10 | | | | 584 | |
UniFirst Corp. | | | 2 | | | | 292 | |
United Airlines Holdings, Inc. (1) | | | 1 | | | | 65 | |
United Rentals, Inc. (2) | | | 0 | | | | 97 | |
Valmont Industries, Inc. | | | 21 | | | | 5,814 | |
Verisk Analytics, Inc. – Class A | | | 4 | | | | 991 | |
Verra Mobility Corp. – Class A (1) | | | 22 | | | | 594 | |
Vertiv Holdings Co. – Class A | | | 28 | | | | 2,456 | |
VSE Corp. | | | 3 | | | | 273 | |
Watsco, Inc. | | | 23 | | | | 10,592 | |
Watts Water Technologies, Inc. – Class A | | | 20 | | | | 3,607 | |
Werner Enterprises, Inc. | | | 5 | | | | 179 | |
Westinghouse Air Brake Technologies Corp. | | | 8 | | | | 1,194 | |
WillScot Mobile Mini Holdings Corp. – Class A (1) | | | 87 | | | | 3,258 | |
WNS Holdings Ltd. (1) | | | 51 | | | | 2,672 | |
WW Grainger, Inc. (2) | | | 0 | | | | 94 | |
XPO, Inc. (1) | | | 14 | | | | 1,433 | |
Xylem, Inc. | | | 8 | | | | 1,051 | |
Zurn Elkay Water Solutions Corp. | | | 8 | | | | 230 | |
| | | | | | | | |
Total Industrials | | | | 363,126 | |
| | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Information Technology – 16.00% | | | | | | | | |
ACI Worldwide, Inc. (1) | | | 101 | | | $ | 4,014 | |
Advanced Energy Industries, Inc. | | | 2 | | | | 266 | |
Akamai Technologies, Inc. (1) | | | 3 | | | | 229 | |
Allegro MicroSystems, Inc. (1) | | | 86 | | | | 2,424 | |
Altair Engineering, Inc. – Class A (1) | | | 5 | | | | 489 | |
Amdocs Ltd. | | | 29 | | | | 2,303 | |
Amkor Technology, Inc. | | | 115 | | | | 4,606 | |
Amphenol Corp. – Class A | | | 45 | | | | 3,029 | |
Amplitude, Inc. – Class A (1) | | | 30 | | | | 270 | |
ANSYS, Inc. (1) | | | 1 | | | | 306 | |
AppLovin Corp. – Class A (1) | | | 16 | | | | 1,316 | |
Arista Networks, Inc. (1) | | | 6 | | | | 2,053 | |
Arrow Electronics, Inc. (1)(2) | | | 0 | | | | 47 | |
ASGN, Inc. (1) | | | 2 | | | | 207 | |
Aspen Technology, Inc. (1) | | | 17 | | | | 3,431 | |
Astera Labs, Inc. (1) | | | 9 | | | | 572 | |
AvePoint, Inc. (1) | | | 6 | | | | 63 | |
Avnet, Inc. | | | 59 | | | | 3,062 | |
Axcelis Technologies, Inc. (1) | | | 6 | | | | 820 | |
Badger Meter, Inc. | | | 16 | | | | 2,895 | |
Belden, Inc. | | | 40 | | | | 3,763 | |
Benchmark Electronics, Inc. | | | 3 | | | | 133 | |
Bentley Systems, Inc. – Class B | | | 69 | | | | 3,393 | |
Blackbaud, Inc. (1) | | | 3 | | | | 236 | |
Box, Inc. – Class A (1) | | | 5 | | | | 139 | |
C3.ai, Inc. – Class A (1) | | | 12 | | | | 354 | |
Cadence Design Systems, Inc. (1) | | | 3 | | | | 817 | |
Calix, Inc. (1) | | | 96 | | | | 3,406 | |
CDW Corp.(2) | | | 0 | | | | 45 | |
Ciena Corp. (1) | | | 5 | | | | 262 | |
Cleanspark, Inc. (1) | | | 15 | | | | 243 | |
Cloudflare, Inc. – Class A (1) | | | 12 | | | | 990 | |
Cognex Corp. | | | 4 | | | | 186 | |
Coherent Corp. (1) | | | 4 | | | | 318 | |
Cohu, Inc. (1) | | | 22 | | | | 713 | |
CommVault Systems, Inc. (1) | | | 37 | | | | 4,532 | |
Confluent, Inc. – Class A (1) | | | 68 | | | | 1,997 | |
Crane NXT Co. | | | 18 | | | | 1,125 | |
Credo Technology Group Holding Ltd. (1) | | | 28 | | | | 889 | |
Crowdstrike Holdings, Inc. – Class A (1) | | | 17 | | | | 6,448 | |
CyberArk Software Ltd. (1) | | | 15 | | | | 4,036 | |
Daily Journal Corp. (1) | | | 1 | | | | 229 | |
Datadog, Inc. – Class A (1) | | | 20 | | | | 2,535 | |
DigitalOcean Holdings, Inc. (1) | | | 15 | | | | 515 | |
Diodes, Inc. (1) | | | 6 | | | | 432 | |
DocuSign, Inc. – Class A (1) | | | 5 | | | | 287 | |
DXC Technology Co. (1) | | | 1 | | | | 26 | |
Dynatrace, Inc. (1) | | | 74 | | | | 3,294 | |
Elastic NV (1) | | | 42 | | | | 4,777 | |
Entegris, Inc. | | | 53 | | | | 7,208 | |
Envestnet, Inc. (1)(2) | | | 0 | | | | 25 | |
EPAM Systems, Inc. (1) | | | 3 | | | | 499 | |
ePlus, Inc. (1) | | | 2 | | | | 149 | |
EverCommerce, Inc. (1) | | | 29 | | | | 315 | |
Evolv Technologies Holdings, Inc. (1) | | | 32 | | | | 81 | |
Extreme Networks, Inc. (1) | | | 6 | | | | 76 | |
F5, Inc. (1) | | | 3 | | | | 476 | |
Fabrinet (1) | | | 1 | | | | 127 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Fair Isaac Corp. (1) | | | 6 | | | $ | 9,432 | |
Fastly, Inc. – Class A (1) | | | 5 | | | | 40 | |
FormFactor, Inc. (1) | | | 83 | | | | 5,028 | |
Gartner, Inc. (1) | | | 7 | | | | 2,923 | |
Gen Digital, Inc. | | | 154 | | | | 3,851 | |
Globant SA (1) | | | 3 | | | | 535 | |
Guidewire Software, Inc. (1) | | | 17 | | | | 2,294 | |
HP, Inc. | | | 9 | | | | 311 | |
HubSpot, Inc. (1) | | | 5 | | | | 3,148 | |
Ichor Holdings Ltd. (1) | | | 6 | | | | 242 | |
indie Semiconductor, Inc. – Class A (1) | | | 85 | | | | 523 | |
Informatica, Inc. – Class A (1) | | | 59 | | | | 1,818 | |
Insight Enterprises, Inc. (1) | | | 1 | | | | 209 | |
Itron, Inc. (1) | | | 3 | | | | 261 | |
Jabil, Inc. | | | 7 | | | | 757 | |
Juniper Networks, Inc. | | | 8 | | | | 303 | |
Keysight Technologies, Inc. (1) | | | 5 | | | | 678 | |
Klaviyo, Inc. – Class A (1) | | | 68 | | | | 1,692 | |
Kulicke & Soffa Industries, Inc. | | | 18 | | | | 892 | |
Lam Research Corp. | | | 1 | | | | 1,238 | |
Lattice Semiconductor Corp. (1) | | | 133 | | | | 7,733 | |
Littelfuse, Inc. | | | 19 | | | | 4,757 | |
Lumentum Holdings, Inc. (1) | | | 63 | | | | 3,225 | |
MACOM Technology Solutions Holdings, Inc. (1) | | | 45 | | | | 5,016 | |
Manhattan Associates, Inc. (1) | | | 30 | | | | 7,417 | |
Marathon Digital Holdings, Inc. (1) | | | 10 | | | | 207 | |
Marvell Technology, Inc. | | | 25 | | | | 1,720 | |
MaxLinear, Inc. – Class A (1) | | | 14 | | | | 274 | |
Methode Electronics, Inc. | | | 65 | | | | 670 | |
Microchip Technology, Inc. | | | 5 | | | | 465 | |
MicroStrategy, Inc. – Class A (1) | | | 1 | | | | 781 | |
Mirion Technologies, Inc. – Class A (1) | | | 44 | | | | 471 | |
MKS Instruments, Inc. | | | 50 | | | | 6,519 | |
Monday.com Ltd. (1) | | | 13 | | | | 3,053 | |
MongoDB, Inc. – Class A (1) | | | 5 | | | | 1,243 | |
Monolithic Power Systems, Inc. | | | 3 | | | | 2,754 | |
nCino, Inc. (1) | | | 4 | | | | 130 | |
NetApp, Inc. | | | 4 | | | | 480 | |
Novanta, Inc. (1) | | | 27 | | | | 4,428 | |
Nutanix, Inc. – Class A (1) | | | 41 | | | | 2,323 | |
Okta, Inc. – Class A (1) | | | 6 | | | | 550 | |
ON Semiconductor Corp. (1) | | | 59 | | | | 4,066 | |
Onto Innovation, Inc. (1) | | | 15 | | | | 3,359 | |
OSI Systems, Inc. (1)(2) | | | 0 | | | | 65 | |
Palantir Technologies, Inc. – Class A (1) | | | 56 | | | | 1,424 | |
Palo Alto Networks, Inc. (1) | | | 7 | | | | 2,324 | |
Pegasystems, Inc. | | | 1 | | | | 51 | |
Photronics, Inc. (1) | | | 2 | | | | 53 | |
Power Integrations, Inc. | | | 72 | | | | 5,068 | |
Procore Technologies, Inc. (1) | | | 53 | | | | 3,510 | |
PTC, Inc. (1) | | | 6 | | | | 1,150 | |
Pure Storage, Inc. – Class A (1) | | | 80 | | | | 5,113 | |
Q2 Holdings, Inc. (1) | | | 6 | | | | 378 | |
Qualys, Inc. (1) | | | 38 | | | | 5,428 | |
Rambus, Inc. (1) | | | 33 | | | | 1,936 | |
Rapid7, Inc. (1) | | | 9 | | | | 395 | |
Rogers Corp. (1) | | | 2 | | | | 268 | |
Rubrik, Inc. – Class A (1) | | | 14 | | | | 421 | |
Samsara, Inc. – Class A (1) | | | 96 | | | | 3,251 | |
Sanmina Corp. (1) | | | 4 | | | | 277 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
ScanSource, Inc. (1) | | | 4 | | | $ | 156 | |
SentinelOne, Inc. – Class A (1) | | | 28 | | | | 580 | |
Silicon Laboratories, Inc. (1) | | | 5 | | | | 593 | |
Smartsheet, Inc. – Class A (1) | | | 31 | | | | 1,354 | |
Snowflake, Inc. – Class A (1) | | | 5 | | | | 643 | |
Sprinklr, Inc. – Class A (1) | | | 52 | | | | 503 | |
Sprout Social, Inc. – Class A (1) | | | 3 | | | | 123 | |
SPS Commerce, Inc. (1) | | | 38 | | | | 7,184 | |
Super Micro Computer, Inc. (1) | | | 2 | | | | 1,999 | |
Synaptics, Inc. (1) | | | 46 | | | | 4,087 | |
Synopsys, Inc. (1) | | | 5 | | | | 2,699 | |
TD SYNNEX Corp. | | | 29 | | | | 3,394 | |
Teledyne Technologies, Inc. (1) | | | 3 | | | | 1,105 | |
Tenable Holdings, Inc. (1) | | | 5 | | | | 240 | |
Teradyne, Inc. | | | 57 | | | | 8,505 | |
Trimble, Inc. (1) | | | 6 | | | | 311 | |
Twilio, Inc. – Class A (1) | | | 3 | | | | 194 | |
Tyler Technologies, Inc. (1) | | | 10 | | | | 5,267 | |
Ubiquiti, Inc. | | | 1 | | | | 211 | |
UiPath, Inc. – Class A (1) | | | 31 | | | | 394 | |
Ultra Clean Holdings, Inc. (1) | | | 12 | | | | 574 | |
Unity Software, Inc. (1) | | | 5 | | | | 85 | |
Varonis Systems, Inc. – Class B (1) | | | 7 | | | | 312 | |
Veeco Instruments, Inc. (1) | | | 11 | | | | 501 | |
Verint Systems, Inc. (1) | | | 11 | | | | 368 | |
Viavi Solutions, Inc. (1) | | | 72 | | | | 495 | |
Vishay Intertechnology, Inc. | | | 23 | | | | 504 | |
Vishay Precision Group, Inc. (1) | | | 2 | | | | 61 | |
Western Digital Corp. (1) | | | 3 | | | | 249 | |
Wolfspeed, Inc. (1) | | | 7 | | | | 163 | |
Workday, Inc. – Class A (1) | | | 2 | | | | 484 | |
Workiva, Inc. – Class A (1) | | | 2 | | | | 166 | |
Xerox Holdings Corp. | | | 12 | | | | 135 | |
Zebra Technologies Corp. – Class A (1) | | | 6 | | | | 1,740 | |
Zoom Video Communications, Inc. – Class A (1) | | | 13 | | | | 748 | |
Zscaler, Inc. (1) | | | 2 | | | | 292 | |
| | | | | | | | |
Total Information Technology | | | | 262,825 | |
| | | | | |
| Materials – 4.96% | | | | | | | | |
AdvanSix, Inc. | | | 1 | | | | 34 | |
Albemarle Corp. | | | 2 | | | | 147 | |
Alcoa Corp. | | | 6 | | | | 255 | |
Alpha Metallurgical Resources, Inc. (2) | | | 0 | | | | 46 | |
AptarGroup, Inc. | | | 60 | | | | 8,455 | |
Arcadium Lithium Plc (1) | | | 213 | | | | 716 | |
Arch Resources, Inc. | | | 3 | | | | 411 | |
Ardagh Metal Packaging SA | | | 55 | | | | 187 | |
Ashland, Inc. | | | 70 | | | | 6,649 | |
ATI, Inc. (1) | | | 41 | | | | 2,275 | |
Avery Dennison Corp. | | | 10 | | | | 2,199 | |
Avient Corp. | | | 90 | | | | 3,943 | |
Axalta Coating Systems Ltd. (1) | | | 6 | | | | 205 | |
Balchem Corp. | | | 4 | | | | 542 | |
Ball Corp. | | | 42 | | | | 2,505 | |
Berry Global Group, Inc. | | | 50 | | | | 2,926 | |
Cabot Corp. | | | 7 | | | | 611 | |
Carpenter Technology Corp. | | | 4 | | | | 418 | |
CF Industries Holdings, Inc. | | | 2 | | | | 175 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Coeur Mining, Inc. (1) | | | 7 | | | $ | 38 | |
Constellium SE – Class A (1) | | | 9 | | | | 170 | |
Corteva, Inc. | | | 1 | | | | 67 | |
Crown Holdings, Inc. | | | 3 | | | | 206 | |
Eagle Materials, Inc. | | | 38 | | | | 8,219 | |
Ecovyst, Inc. (1) | | | 17 | | | | 149 | |
Element Solutions, Inc. | | | 176 | | | | 4,774 | |
FMC Corp. | | | 4 | | | | 219 | |
Freeport-McMoRan, Inc. | | | 113 | | | | 5,478 | |
Graphic Packaging Holding Co. | | | 255 | | | | 6,690 | |
Greif, Inc. – Class B | | | 5 | | | | 342 | |
HB Fuller Co. | | | 1 | | | | 59 | |
Hecla Mining Co. | | | 11 | | | | 52 | |
Huntsman Corp. | | | 129 | | | | 2,940 | |
Ingevity Corp. (1) | | | 4 | | | | 192 | |
Innospec, Inc. | | | 8 | | | | 931 | |
International Flavors & Fragrances, Inc. | | | 5 | | | | 469 | |
International Paper Co. | | | 2 | | | | 90 | |
Louisiana-Pacific Corp. | | | 3 | | | | 282 | |
LyondellBasell Industries NV – Class A | | | 1 | | | | 59 | |
Martin Marietta Materials, Inc. | | | 1 | | | | 555 | |
Minerals Technologies, Inc. | | | 1 | | | | 109 | |
MP Materials Corp. (1) | | | 23 | | | | 287 | |
Novagold Resources, Inc. (1) | | | 129 | | | | 448 | |
Nucor Corp. (2) | | | 0 | | | | 60 | |
Packaging Corp. of America (2) | | | 0 | | | | 25 | |
PPG Industries, Inc. | | | 1 | | | | 160 | |
Radius Recycling, Inc. – Class A | | | 2 | | | | 26 | |
Reliance, Inc. | | | 3 | | | | 827 | |
Royal Gold, Inc. (2) | | | 0 | | | | 44 | |
RPM International, Inc. | | | 48 | | | | 5,117 | |
Scotts Miracle-Gro Co. | | | 3 | | | | 204 | |
Sealed Air Corp. | | | 9 | | | | 322 | |
Silgan Holdings, Inc. | | | 1 | | | | 44 | |
Sonoco Products Co. (2) | | | 0 | | | | 13 | |
Steel Dynamics, Inc. | | | 2 | | | | 278 | |
Summit Materials, Inc. – Class A (1) | | | 6 | | | | 224 | |
TriMas Corp. | | | 8 | | | | 215 | |
United States Lime & Minerals, Inc. | | | 1 | | | | 314 | |
Vulcan Materials Co. | | | 32 | | | | 8,074 | |
Westlake Corp. (2) | | | 0 | | | | 43 | |
Worthington Steel, Inc. (2) | | | 0 | | | | 15 | |
| | | | | | | | |
Total Materials | | | | 81,529 | |
| | | | | |
| Real Estate – 4.17% | | | | | | | | |
Acadia Realty Trust | | | 5 | | | | 91 | |
Alexander & Baldwin, Inc. | | | 39 | | | | 655 | |
American Assets Trust, Inc. | | | 8 | | | | 185 | |
American Homes 4 Rent – Class A | | | 12 | | | | 455 | |
Apartment Investment & Management Co. – Class A (1) | | | 6 | | | | 51 | |
Apple Hospitality REIT, Inc. | | | 12 | | | | 170 | |
Boston Properties, Inc. | | | 89 | | | | 5,459 | |
Brixmor Property Group, Inc. | | | 9 | | | | 207 | |
Broadstone Net Lease, Inc. – Class A | | | 130 | | | | 2,067 | |
Camden Property Trust | | | 2 | | | | 229 | |
CareTrust REIT, Inc. | | | 15 | | | | 364 | |
CBL & Associates Properties, Inc. | | | 14 | | | | 329 | |
CBRE Group, Inc. – Class A (1) | | | 109 | | | | 9,697 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
COPT Defense Properties | | | 5 | | | $ | 123 | |
CoStar Group, Inc. (1) | | | 1 | | | | 92 | |
Cousins Properties, Inc. | | | 19 | | | | 446 | |
CubeSmart | | | 129 | | | | 5,821 | |
DiamondRock Hospitality Co. | | | 14 | | | | 119 | |
DigitalBridge Group, Inc. | | | 36 | | | | 498 | |
EastGroup Properties, Inc. (2) | | | 0 | | | | 47 | |
Empire State Realty Trust, Inc. – Class A | | | 12 | | | | 113 | |
Equity Commonwealth (1) | | | 7 | | | | 145 | |
Essential Properties Realty Trust, Inc. | | | 25 | | | | 695 | |
Essex Property Trust, Inc. | | | 1 | | | | 189 | |
eXp World Holdings, Inc. | | | 12 | | | | 137 | |
Extra Space Storage, Inc. | | | 5 | | | | 797 | |
First Industrial Realty Trust, Inc. | | | 57 | | | | 2,694 | |
FirstService Corp. | | | 28 | | | | 4,318 | |
Four Corners Property Trust, Inc. | | | 6 | | | | 152 | |
FRP Holdings, Inc. (1) | | | 1 | | | | 29 | |
Gaming & Leisure Properties, Inc. | | | 104 | | | | 4,696 | |
Getty Realty Corp. | | | 1 | | | | 38 | |
Global Medical REIT, Inc. | | | 11 | | | | 103 | |
Global Net Lease, Inc. | | | 21 | | | | 152 | |
Healthcare Realty Trust, Inc. – Class A | | | 12 | | | | 191 | |
Howard Hughes Holdings, Inc. (1)(2) | | | 0 | | | | 23 | |
Independence Realty Trust, Inc. | | | 224 | | | | 4,202 | |
Innovative Industrial Properties, Inc. – Class A | | | 2 | | | | 241 | |
InvenTrust Properties Corp. | | | 10 | | | | 239 | |
Jones Lang LaSalle, Inc. (1) | | | 25 | | | | 5,087 | |
Kennedy-Wilson Holdings, Inc. | | | 50 | | | | 490 | |
Kilroy Realty Corp. | | | 5 | | | | 153 | |
Kimco Realty Corp. | | | 12 | | | | 239 | |
Kite Realty Group Trust | | | 15 | | | | 337 | |
Lamar Advertising Co. – Class A | | | 4 | | | | 505 | |
Macerich Co. | | | 9 | | | | 135 | |
Marcus & Millichap, Inc. | | | 1 | | | | 19 | |
National Health Investors, Inc. | | | 3 | | | | 224 | |
NexPoint Diversified Real Estate Trust | | | 44 | | | | 241 | |
NexPoint Residential Trust, Inc. | | | 5 | | | | 208 | |
Orion Office REIT, Inc. | | | 27 | | | | 98 | |
Outfront Media, Inc. | | | 16 | | | | 235 | |
Phillips Edison & Co., Inc. (1) | | | 9 | | | | 302 | |
Plymouth Industrial REIT, Inc. | | | 4 | | | | 80 | |
PotlatchDeltic Corp. | | | 13 | | | | 520 | |
Rayonier, Inc. | | | 6 | | | | 180 | |
Redfin Corp. (1) | | | 28 | | | | 167 | |
RLJ Lodging Trust | | | 7 | | | | 72 | |
Ryman Hospitality Properties, Inc. | | | 35 | | | | 3,458 | |
Sabra Health Care REIT, Inc. | | | 8 | | | | 116 | |
Service Properties Trust | | | 15 | | | | 75 | |
Simon Property Group, Inc. (2) | | | 0 | | | | 54 | |
SITE Centers Corp. | | | 5 | | | | 70 | |
SL Green Realty Corp. | | | 7 | | | | 425 | |
STAG Industrial, Inc. | | | 102 | | | | 3,682 | |
Star Holdings (1) | | | 22 | | | | 263 | |
Sunstone Hotel Investors, Inc. | | | 19 | | | | 198 | |
Tanger, Inc. | | | 13 | | | | 354 | |
Terreno Realty Corp. | | | 11 | | | | 630 | |
Veris Residential, Inc. | | | 8 | | | | 113 | |
Vornado Realty Trust | | | 9 | | | | 236 | |
Welltower, Inc. | | | 2 | | | | 207 | |
Weyerhaeuser Co. | | | 107 | | | | 3,040 | |
| | | | | | | | |
Total Real Estate | | | | 68,472 | |
| | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Utilities – 2.24% | | | | | | | | |
AES Corp. | | | 24 | | | $ | 429 | |
ALLETE, Inc. | | | 11 | | | | 681 | |
American Electric Power Co., Inc. | | | 67 | | | | 5,838 | |
American States Water Co. | | | 1 | | | | 102 | |
American Water Works Co., Inc. | | | 37 | | | | 4,837 | |
Avista Corp. | | | 11 | | | | 380 | |
Black Hills Corp. | | | 22 | | | | 1,212 | |
Brookfield Infrastructure Corp. – Class A | | | 7 | | | | 251 | |
California Water Service Group | | | 3 | | | | 126 | |
CenterPoint Energy, Inc. | | | 84 | | | | 2,609 | |
Chesapeake Utilities Corp. | | | 2 | | | | 207 | |
Consolidated Edison, Inc. | | | 2 | | | | 157 | |
Constellation Energy Corp. | | | 1 | | | | 178 | |
DTE Energy Co. | | | 2 | | | | 229 | |
Edison International | | | 2 | | | | 123 | |
Essential Utilities, Inc. | | | 8 | | | | 298 | |
FirstEnergy Corp. | | | 159 | | | | 6,088 | |
Hawaiian Electric Industries, Inc. | | | 15 | | | | 134 | |
IDACORP, Inc. – Class Rights | | | 30 | | | | 2,792 | |
MGE Energy, Inc. | | | 5 | | | | 380 | |
Middlesex Water Co. | | | 8 | | | | 408 | |
New Jersey Resources Corp. | | | 6 | | | | 273 | |
Northwest Natural Holding Co. | | | 23 | | | | 838 | |
NRG Energy, Inc. | | | 5 | | | | 403 | |
OGE Energy Corp. | | | 12 | | | | 416 | |
Ormat Technologies, Inc. | | | 6 | | | | 409 | |
Otter Tail Corp. | | | 2 | | | | 192 | |
PNM Resources, Inc. | | | 13 | | | | 463 | |
Portland General Electric Co. | | | 85 | | | | 3,689 | |
Pure Cycle Corp. (1) | | | 6 | | | | 60 | |
SJW Group (2) | | | 0 | | | | 11 | |
Southwest Gas Holdings, Inc. | | | 11 | | | | 765 | |
Vistra Corp. | | | 6 | | | | 535 | |
WEC Energy Group, Inc. (2) | | | 0 | | | | 13 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Xcel Energy, Inc. | | | 11 | | | $ | 562 | |
York Water Co. | | | 20 | | | | 730 | |
| | | | | | | | |
Total Utilities | | | | 36,818 | |
| | | | | |
Total Common Stocks
(Cost: $1,380,412) | | | | 1,603,284 | |
| | | | | |
SHORT-TERM INVESTMENTS – 1.92% | |
| Money Market Funds – 1.86% | | | | | | | | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (4) | | | 30,528 | | | | 30,528 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $30,528) | | | | 30,528 | |
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Time Deposits – 0.06% | | | | | | | | |
ANZ, London, 4.83% due 07/01/2024 | | $ | 983 | | | | 983 | |
| | | | | | | | |
Total Time Deposits
(Cost: $983) | | | | 983 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $31,511) | | | | 31,511 | |
| | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.51%
(Cost: $1,411,923) | | | | 1,634,795 | |
| | | | | | | | |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.49% | | | | 8,006 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 1,642,801 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $0, which represents 0.00% of total net assets. |
| (4) | Represents annualized seven-day yield as of the close of the reporting period. |
| (5) | Security that is restricted at June 30, 2024. The value of these securities totals $0, which represents 0.00% of total net assets. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
COMMON STOCKS – 98.00% | | | | | | | | |
| Australia – 1.86% | | | | | | | | |
ALS Ltd. | | | 957 | | | $ | 8,912 | |
Ampol Ltd. | | | 13 | | | | 272 | |
ANZ Group Holdings Ltd. | | | 166 | | | | 3,125 | |
APA Group | | | 67 | | | | 358 | |
Aristocrat Leisure Ltd. | | | 443 | | | | 14,654 | |
ASX Ltd. | | | 10 | | | | 412 | |
Atlassian Corp. – Class A (1) | | | 443 | | | | 78,330 | |
Aurizon Holdings Ltd. | | | 99 | | | | 242 | |
BHP Group Ltd. | | | 3,021 | | | | 86,348 | |
BlueScope Steel Ltd. | | | 24 | | | | 325 | |
Brambles Ltd. | | | 73 | | | | 705 | |
CAR Group Ltd. | | | 19 | | | | 440 | |
Cochlear Ltd. | | | 3 | | | | 758 | |
Coles Group Ltd. | | | 71 | | | | 809 | |
Commonwealth Bank of Australia | | | 88 | | | | 7,459 | |
Computershare Ltd. | | | 28 | | | | 498 | |
CSL Ltd. | | | 154 | | | | 30,134 | |
Dexus | | | 57 | | | | 244 | |
Domino’s Pizza Enterprises Ltd. | | | 158 | | | | 3,782 | |
Endeavour Group Ltd. | | | 80 | | | | 270 | |
Evolution Mining Ltd. | | | 1,693 | | | | 3,958 | |
Fortescue Ltd. | | | 93 | | | | 1,324 | |
Goodman Group | | | 91 | | | | 2,090 | |
GPT Group | | | 109 | | | | 289 | |
Insurance Australia Group Ltd. | | | 131 | | | | 622 | |
IPH Ltd. | | | 659 | | | | 2,747 | |
Lottery Corp. Ltd. | | | 114 | | | | 385 | |
Macquarie Group Ltd. | | | 19 | | | | 2,620 | |
Medibank Pvt Ltd. | | | 151 | | | | 375 | |
Mineral Resources Ltd. | | | 9 | | | | 330 | |
Mirvac Group | | | 209 | | | | 261 | |
National Australia Bank Ltd. | | | 171 | | | | 4,133 | |
Northern Star Resources Ltd. | | | 60 | | | | 523 | |
Orica Ltd. | | | 26 | | | | 306 | |
Origin Energy Ltd. | | | 93 | | | | 674 | |
Pilbara Minerals Ltd. | | | 2,249 | | | | 4,576 | |
Pro Medicus Ltd. | | | 3 | | | | 286 | |
Qantas Airways Ltd. (1) | | | 4,130 | | | | 16,073 | |
QBE Insurance Group Ltd. | | | 1,867 | | | | 21,557 | |
Ramsay Health Care Ltd. | | | 9 | | | | 299 | |
REA Group Ltd. | | | 3 | | | | 378 | |
Reece Ltd. | | | 11 | | | | 189 | |
Rio Tinto Ltd. | | | 21 | | | | 1,636 | |
Santos Ltd. | | | 3,768 | | | | 19,118 | |
Scentre Group | | | 288 | | | | 596 | |
Seek Ltd. | | | 18 | | | | 261 | |
Seven Group Holdings Ltd. | | | 10 | | | | 261 | |
Sonic Healthcare Ltd. | | | 24 | | | | 418 | |
South32 Ltd. | | | 243 | | | | 590 | |
Stockland | | | 132 | | | | 366 | |
Suncorp Group Ltd. | | | 72 | | | | 827 | |
Telstra Group Ltd. | | | 222 | | | | 536 | |
Transurban Group | | | 167 | | | | 1,378 | |
Treasury Wine Estates Ltd. | | | 43 | | | | 352 | |
Vicinity Ltd. | | | 223 | | | | 274 | |
Washington H Soul Pattinson & Co. Ltd. | | | 13 | | | | 281 | |
Wesfarmers Ltd. | | | 60 | | | | 2,577 | |
Westpac Banking Corp. | | | 192 | | | | 3,477 | |
WiseTech Global Ltd. | | | 9 | | | | 581 | |
Woodside Energy Group Ltd. | | | 105 | | | | 1,986 | |
Woolworths Group Ltd. | | | 66 | | | | 1,472 | |
| | | | | | | | |
Total Australia | | | | 339,059 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
| Austria – 0.24% | | | | | | | | |
Andritz AG | | | 240 | | | $ | 14,846 | |
Erste Group Bank AG | | | 18 | | | | 875 | |
OMV AG | | | 8 | | | | 353 | |
Verbund AG | | | 3 | | | | 275 | |
Voestalpine AG | | | 6 | | | | 152 | |
Wienerberger AG | | | 804 | | | | 26,650 | |
| | | | | | | | |
Total Austria | | | | 43,151 | |
| | | | | | | | |
| Belgium – 0.29% | | | | | | | | |
Ageas SA | | | 9 | | | | 392 | |
Anheuser-Busch InBev SA | | | 851 | | | | 49,420 | |
D’ieteren Group | | | 1 | | | | 245 | |
Elia Group SA | | | 2 | | | | 153 | |
Groupe Bruxelles Lambert NV | | | 5 | | | | 358 | |
KBC Group NV | | | 14 | | | | 969 | |
Lotus Bakeries NV (2) | | | 0 | | | | 217 | |
Sofina SA | | | 1 | | | | 185 | |
Syensqo SA | | | 4 | | | | 379 | |
UCB SA | | | 7 | | | | 984 | |
Umicore SA | | | 12 | | | | 179 | |
Warehouses de Pauw CVA | | | 10 | | | | 268 | |
| | | | | | | | |
Total Belgium | | | | 53,749 | |
| | | | | | | | |
| Bermuda – 0.54% | | | | | | | | |
Arch Capital Group Ltd. (1) | | | 817 | | | | 82,417 | |
Hiscox Ltd. | | | 1,169 | | | | 16,962 | |
| | | | | | | | |
Total Bermuda | | | | 99,379 | |
| | | | | | | | |
| Brazil – 1.05% | | | | | | | | |
Ambev SA | | | 15,860 | | | | 32,371 | |
B3 SA – Brasil Bolsa Balcao | | | 16,406 | | | | 30,053 | |
Banco do Brasil SA | | | 2,442 | | | | 11,667 | |
Localiza Rent a Car SA | | | 439 | | | | 3,299 | |
NU Holdings Ltd. – Class A (1) | | | 5,445 | | | | 70,191 | |
PRIO SA | | | 322 | | | | 2,524 | |
Raia Drogasil SA | | | 8,997 | | | | 41,332 | |
| | | | | | | | |
Total Brazil | | | | 191,437 | |
| | | | | | | | |
| Canada – 2.15% | | | | | | | | |
Canadian Natural Resources Ltd. | | | 1,440 | | | | 51,281 | |
Canadian Pacific Kansas City Ltd. | | | 1,912 | | | | 150,563 | |
First Quantum Minerals Ltd. | | | 160 | | | | 2,100 | |
Magna International, Inc. | | | 1,217 | | | | 51,018 | |
Shopify, Inc. – Class A (1) | | | 865 | | | | 57,102 | |
Thomson Reuters Corp. | | | 97 | | | | 16,269 | |
Waste Connections, Inc. | | | 368 | | | | 64,617 | |
| | | | | | | | |
Total Canada | | | | 392,950 | |
| | | | | | | | |
| Chile – 0.17% | | | | | | | | |
Antofagasta Plc | | | 21 | | | | 563 | |
Banco de Chile – ADR | | | 1,169 | | | | 26,449 | |
Embotelladora Andina SA – Class B | | | 1,093 | | | | 3,095 | |
| | | | | | | | |
Total Chile | | | | 30,107 | |
| | | | | | | | |
| China – 1.49% | | | | | | | | |
Alibaba Group Holding Ltd. | | | 9,735 | | | | 87,744 | |
Centre Testing International Group Co. Ltd. – Class A | | | 10,022 | | | | 13,782 | |
China Merchants Bank Co. Ltd. – Class H | | | 2,936 | | | | 13,342 | |
Contemporary Amperex Technology Co. Ltd. – Class A | | | 753 | | | | 18,567 | |
Haier Smart Home Co. Ltd. – Class A | | | 9,333 | | | | 31,106 | |
Kweichow Moutai Co. Ltd. – Class A | | | 73 | | | | 14,659 | |
The accompanying notes are an integral part of these financial statements.
‘
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Li Ning Co. Ltd. | | | 7,500 | | | $ | 16,161 | |
Midea Group Co. Ltd. – Class A | | | 2,017 | | | | 17,796 | |
Ping An Insurance Group Co. of China Ltd. – Class H | | | 4,538 | | | | 20,558 | |
Shenzhou International Group Holdings Ltd. | | | 413 | | | | 4,034 | |
Silergy Corp. | | | 1,755 | | | | 24,893 | |
Vipshop Holdings Ltd. – ADR | | | 291 | | | | 3,788 | |
Weichai Power Co. Ltd. – Class H | | | 2,042 | | | | 3,888 | |
Zhongsheng Group Holdings Ltd. | | | 1,470 | | | | 2,147 | |
| | | | | | | | |
Total China | | | | 272,465 | |
| | | | | | | | |
| Denmark – 3.15% | | | | | | | | |
AP Moller – Maersk – Class A (2) | | | 0 | | | | 282 | |
AP Moller – Maersk – Class B (2) | | | 0 | | | | 432 | |
Carlsberg AS – Class B | | | 273 | | | | 32,773 | |
Coloplast – Class B | | | 257 | | | | 30,911 | |
Danske Bank | | | 1,361 | | | | 40,604 | |
Demant (1) | | | 596 | | | | 25,807 | |
DSV | | | 186 | | | | 28,599 | |
Genmab (1) | | | 3 | | | | 869 | |
GN Store Nord AS (1) | | | 242 | | | | 6,734 | |
Novo Nordisk – Class B | | | 2,592 | | | | 370,861 | |
Novonesis (Novozymes) B – Class B | | | 20 | | | | 1,195 | |
Orsted AS (1)(3) | | | 11 | | | | 567 | |
Pandora | | | 4 | | | | 645 | |
ROCKWOOL – Class B (2) | | | 0 | | | | 195 | |
Tryg | | | 20 | | | | 430 | |
Vestas Wind Systems (1) | | | 1,446 | | | | 33,531 | |
| | | | | | | | |
Total Denmark | | | | 574,435 | |
| | | | | | | | |
| Finland – 0.64% | | | | | | | | |
Elisa OYJ | | | 8 | | | | 358 | |
Fortum OYJ | | | 24 | | | | 358 | |
Kesko OYJ – Class B | | | 15 | | | | 271 | |
Kone OYJ – Class B | | | 19 | | | | 925 | |
Metso OYJ | | | 33 | | | | 348 | |
Neste OYJ | | | 24 | | | | 426 | |
Nokia OYJ – ADR | | | 2,738 | | | | 10,351 | |
Nokia OYJ | | | 16,072 | | | | 61,173 | |
Nordea Bank Abp | | | 173 | | | | 2,065 | |
Orion OYJ – Class B | | | 6 | | | | 253 | |
Sampo OYJ – Class A | | | 594 | | | | 25,612 | |
Stora Enso OYJ – Class R | | | 33 | | | | 445 | |
UPM-Kymmene OYJ | | | 29 | | | | 1,013 | |
Wartsila OYJ Abp | | | 658 | | | | 12,758 | |
| | | | | | | | |
Total Finland | | | | 116,356 | |
| | | | | | | | |
| France – 8.43% | | | | | | | | |
Accor SA | | | 1,040 | | | | 42,564 | |
Aeroports de Paris SA | | | 2 | | | | 236 | |
Air Liquide SA | | | 336 | | | | 57,993 | |
Airbus SE | | | 31 | | | | 4,276 | |
Alstom SA | | | 19 | | | | 320 | |
Alten SA | | | 55 | | | | 6,044 | |
Amundi SA (3) | | | 1,083 | | | | 70,016 | |
Arkema SA | | | 3 | | | | 295 | |
AXA SA | | | 100 | | | | 3,291 | |
BioMerieux | | | 2 | | | | 213 | |
BNP Paribas SA | | | 57 | | | | 3,647 | |
Bollore SE | | | 40 | | | | 235 | |
Bouygues SA | | | 4,022 | | | | 129,295 | |
Bureau Veritas SA | | | 16 | | | | 455 | |
Capgemini SE | | | 8 | | | | 1,618 | |
Carrefour SA | | | 31 | | | | 441 | |
Cie de Saint-Gobain SA | | | 25 | | | | 1,967 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Cie Generale des Etablissements Michelin SCA | | | 2,188 | | | $ | 84,577 | |
Covivio | | | 3 | | | | 138 | |
Credit Agricole SA | | | 58 | | | | 794 | |
Danone SA | | | 36 | | | | 2,187 | |
Dassault Aviation SA | | | 1 | | | | 191 | |
Dassault Systemes SE | | | 324 | | | | 12,182 | |
Edenred SE | | | 883 | | | | 37,467 | |
Eiffage SA | | | 4 | | | | 381 | |
Elis SA | | | 537 | | | | 11,655 | |
Engie SA | | | 100 | | | | 1,436 | |
EssilorLuxottica SA | | | 108 | | | | 23,247 | |
Eurazeo SE | | | 2 | | | | 194 | |
Gecina SA | | | 3 | | | | 240 | |
Getlink SE | | | 18 | | | | 293 | |
Hermes International SCA | | | 2 | | | | 3,859 | |
Ipsen SA | | | 2 | | | | 250 | |
Kering SA | | | 339 | | | | 123,270 | |
Klepierre SA | | | 11 | | | | 306 | |
La Francaise des Jeux SAEM (3) | | | 6 | | | | 202 | |
Legrand SA | | | 157 | | | | 15,546 | |
L’Oreal SA | | | 140 | | | | 61,510 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 167 | | | | 128,549 | |
Orange SA | | | 102 | | | | 1,026 | |
Pernod Ricard SA | | | 11 | | | | 1,532 | |
Publicis Groupe SA | | | 13 | | | | 1,335 | |
Remy Cointreau SA | | | 331 | | | | 27,785 | |
Renault SA | | | 11 | | | | 556 | |
Rexel SA | | | 2,836 | | | | 73,372 | |
Safran SA | | | 499 | | | | 105,079 | |
Sanofi SA | | | 2,259 | | | | 217,851 | |
Sartorius Stedim Biotech | | | 191 | | | | 31,643 | |
Schneider Electric SE | | | 487 | | | | 116,737 | |
SEB SA | | | 1 | | | | 131 | |
Societe Generale SA | | | 40 | | | | 931 | |
Sodexo SA | | | 5 | | | | 438 | |
SOITEC (1) | | | 207 | | | | 22,966 | |
Technip Energies NV | | | 570 | | | | 12,800 | |
Teleperformance SE | | | 740 | | | | 78,194 | |
Thales SA | | | 5 | | | | 793 | |
TotalEnergies SE | | | 119 | | | | 7,943 | |
Unibail-Rodamco-Westfield | | | 7 | | | | 524 | |
Veolia Environnement SA | | | 38 | | | | 1,133 | |
Vinci SA | | | 28 | | | | 2,922 | |
Vivendi SE | | | 42 | | | | 439 | |
| | | | | | | | |
Total France | | | | 1,537,510 | |
| | | | | | | | |
| Germany – 5.90% | | | | | | | | |
Adidas AG | | | 122 | | | | 29,147 | |
Allianz SE | | | 564 | | | | 156,678 | |
BASF SE | | | 1,444 | | | | 69,824 | |
Bayer AG | | | 1,989 | | | | 56,065 | |
Bayerische Motoren Werke AG | | | 244 | | | | 23,050 | |
Bechtle AG | | | 5 | | | | 213 | |
Beiersdorf AG | | | 5 | | | | 774 | |
Brenntag SE | | | 370 | | | | 24,969 | |
Carl Zeiss Meditec AG | | | 2 | | | | 154 | |
Commerzbank AG | | | 58 | | | | 878 | |
Continental AG | | | 1,328 | | | | 75,198 | |
Covestro AG (1)(3) | | | 721 | | | | 42,259 | |
CTS Eventim AG & Co. KGaA | | | 3 | | | | 277 | |
Daimler Truck Holding AG | | | 1,679 | | | | 66,975 | |
Delivery Hero SE – Class A (1)(3) | | | 10 | | | | 239 | |
Deutsche Bank AG | | | 105 | | | | 1,686 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Deutsche Boerse AG | | | 10 | | | $ | 2,060 | |
Deutsche Lufthansa AG | | | 35 | | | | 214 | |
Deutsche Post AG | | | 3,633 | | | | 147,534 | |
Deutsche Telekom AG | | | 179 | | | | 4,497 | |
E.ON SE | | | 123 | | | | 1,620 | |
Evonik Industries AG | | | 7,618 | | | | 155,437 | |
Fresenius Medical Care AG | | | 1,540 | | | | 58,851 | |
Fresenius SE & Co. KGaA (1) | | | 23 | | | | 690 | |
GEA Group AG | | | 307 | | | | 12,762 | |
Gerresheimer AG | | | 122 | | | | 13,067 | |
Hannover Rueck SE | | | 92 | | | | 23,231 | |
Heidelberg Materials AG | | | 8 | | | | 777 | |
Henkel AG & Co. KGaA | | | 6 | | | | 462 | |
Infineon Technologies AG | | | 69 | | | | 2,533 | |
Knorr-Bremse AG | | | 4 | | | | 298 | |
LEG Immobilien SE | | | 4 | | | | 338 | |
Mercedes-Benz Group AG – Class REGISTERED | | | 402 | | | | 27,827 | |
Merck KGaA | | | 7 | | | | 1,121 | |
MTU Aero Engines AG | | | 3 | | | | 737 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 8 | | | | 3,771 | |
Nemetschek SE | | | 400 | | | | 39,016 | |
Puma SE | | | 6 | | | | 257 | |
Rational AG (2) | | | 0 | | | | 228 | |
Rheinmetall AG | | | 2 | | | | 1,164 | |
RWE AG | | | 35 | | | | 1,191 | |
SAP SE | | | 55 | | | | 11,032 | |
Scout24 SE (3) | | | 4 | | | | 292 | |
Siemens AG | | | 41 | | | | 7,672 | |
Siemens Energy AG (1) | | | 32 | | | | 839 | |
Siemens Healthineers AG (3) | | | 15 | | | | 852 | |
Stabilus SE | | | 109 | | | | 5,015 | |
Symrise AG – Class A | | | 7 | | | | 856 | |
Talanx AG | | | 3 | | | | 278 | |
Volkswagen AG | | | 2 | | | | 199 | |
Vonovia SE | | | 40 | | | | 1,146 | |
Zalando SE (1)(3) | | | 12 | | | | 276 | |
| | | | | | | | |
Total Germany | | | | 1,076,526 | |
| | | | | | | | |
| Hong Kong – 2.65% | | | | | | | | |
AIA Group Ltd. | | | 11,193 | | | | 75,728 | |
ASMPT Ltd. | | | 412 | | | | 5,699 | |
BOC Hong Kong Holdings Ltd. | | | 209 | | | | 645 | |
China Overseas Land & Investment Ltd. | | | 11,284 | | | | 19,532 | |
CK Asset Holdings Ltd. | | | 105 | | | | 391 | |
CK Hutchison Holdings Ltd. | | | 20,269 | | | | 96,683 | |
CK Infrastructure Holdings Ltd. | | | 33 | | | | 186 | |
CLP Holdings Ltd. | | | 93 | | | | 748 | |
Futu Holdings Ltd. – ADR (1) | | | 3 | | | | 204 | |
Galaxy Entertainment Group Ltd. | | | 11,432 | | | | 53,204 | |
Hang Seng Bank Ltd. | | | 42 | | | | 541 | |
Henderson Land Development Co. Ltd. | | | 1,182 | | | | 3,168 | |
HKT Trust & HKT Ltd. – Class Miscella | | | 209 | | | | 234 | |
Hong Kong & China Gas Co. Ltd. | | | 587 | | | | 446 | |
Hong Kong Exchanges & Clearing Ltd. | | | 1,056 | | | | 33,782 | |
Hongkong Land Holdings Ltd. | | | 64 | | | | 206 | |
Jardine Matheson Holdings Ltd. | | | 205 | | | | 7,236 | |
Johnson Electric Holdings Ltd. | | | 1,598 | | | | 2,411 | |
Link Real Estate Investment Trust | | | 138 | | | | 537 | |
MTR Corp. Ltd. | | | 82 | | | | 257 | |
Power Assets Holdings Ltd. | | | 77 | | | | 416 | |
Prudential Plc | | | 50 | | | | 455 | |
Prudential Plc | | | 3,068 | | | | 27,821 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Sino Land Co. Ltd. | | | 212 | | | $ | 219 | |
SITC International Holdings Co. Ltd. | | | 70 | | | | 190 | |
Sun Hung Kai Properties Ltd. | | | 82 | | | | 706 | |
Swire Pacific Ltd. – Class A | | | 1,268 | | | | 11,190 | |
Swire Properties Ltd. | | | 60 | | | | 96 | |
Techtronic Industries Co. Ltd. | | | 5,664 | | | | 64,573 | |
WH Group Ltd. (3) | | | 113,294 | | | | 74,572 | |
Wharf Holdings Ltd. | | | 57 | | | | 159 | |
Wharf Real Estate Investment Co. Ltd. | | | 90 | | | | 239 | |
| | | | | | | | |
Total Hong Kong | | | | 482,474 | |
| | | | | | | | |
| Hungary – 0.08% | | | | | | | | |
OTP Bank Nyrt | | | 279 | | | | 13,827 | |
| | | | | | | | |
Total Hungary | | | | 13,827 | |
| | | | | | | | |
| India – 1.27% | | | | | | | | |
Havells India Ltd. | | | 173 | | | | 3,776 | |
HDFC Bank Ltd. | | | 2,095 | | | | 42,344 | |
ICICI Bank Ltd. – ADR | | | 2,605 | | | | 75,054 | |
MakeMyTrip Ltd. (1) | | | 566 | | | | 47,572 | |
Marico Ltd. | | | 566 | | | | 4,165 | |
Reliance Industries Ltd. | | | 1,354 | | | | 50,744 | |
Tata Consultancy Services Ltd. | | | 152 | | | | 7,083 | |
| | | | | | | | |
Total India | | | | 230,738 | |
| | | | | | | | |
| Indonesia – 0.13% | | | | | | | | |
Bank Central Asia Tbk PT | | | 15,686 | | | | 9,492 | |
Bank Rakyat Indonesia Persero Tbk PT | | | 50,992 | | | | 14,298 | |
| | | | | | | | |
Total Indonesia | | | | 23,790 | |
| | | | | | | | |
| Ireland – 2.78% | | | | | | | | |
AerCap Holdings NV | | | 11 | | | | 1,055 | |
AIB Group Plc | | | 93 | | | | 494 | |
Bank of Ireland Group Plc | | | 8,190 | | | | 85,558 | |
DCC Plc | | | 273 | | | | 19,040 | |
Experian Plc | | | 3,326 | | | | 154,516 | |
Flutter Entertainment Plc (1) | | | 239 | | | | 43,529 | |
ICON Plc (1) | | | 386 | | | | 120,968 | |
Irish Continental Group Plc | | | 1,027 | | | | 6,038 | |
James Hardie Industries Plc (1) | | | 23 | | | | 715 | |
Kerry Group Plc – Class A | | | 8 | | | | 675 | |
Kingspan Group Plc | | | 8 | | | | 698 | |
Medtronic Plc | | | 520 | | | | 40,946 | |
Ryanair Holdings Plc – ADR | | | 269 | | | | 31,334 | |
Smurfit Kappa Group Plc | | | 14 | | | | 645 | |
| | | | | | | | |
Total Ireland | | | | 506,211 | |
| | | | | | | | |
| Isle of Man – 0.03% | | | | | | | | |
Playtech Plc (1) | | | 1,055 | | | | 6,200 | |
| | | | | | | | |
Total Isle of Man | | | | 6,200 | |
| | | | | | | | |
| Israel – 0.35% | | | | | | | | |
Azrieli Group Ltd. | | | 2 | | | | 140 | |
Bank Hapoalim BM | | | 69 | | | | 610 | |
Bank Leumi Le-Israel BM | | | 83 | | | | 677 | |
Check Point Software Technologies Ltd. (1) | | | 5 | | | | 783 | |
CyberArk Software Ltd. (1) | | | 2 | | | | 607 | |
Elbit Systems Ltd. | | | 1 | | | | 257 | |
Global-e Online Ltd. (1) | | | 5 | | | | 195 | |
ICL Group Ltd. | | | 45 | | | | 192 | |
Israel Discount Bank Ltd. – Class A | | | 67 | | | | 336 | |
Mizrahi Tefahot Bank Ltd. | | | 9 | | | | 288 | |
Monday.com Ltd. (1) | | | 237 | | | | 57,120 | |
Nice Ltd. (1) | | | 3 | | | | 570 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Teva Pharmaceutical Industries Ltd. – ADR (1) | | | 62 | | | $ | 1,001 | |
Wix.com Ltd. (1) | | | 3 | | | | 441 | |
| | | | | | | | |
Total Israel | | | | 63,217 | |
| | | | | | | | |
| Italy – 3.21% | | | | | | | | |
Amplifon SpA | | | 350 | | | | 12,455 | |
Assicurazioni Generali SpA | | | 56 | | | | 1,394 | |
Banco BPM SpA | | | 71 | | | | 455 | |
Davide Campari-Milano NV | | | 2,082 | | | | 19,712 | |
DiaSorin SpA | | | 1 | | | | 123 | |
Enel SpA | | | 32,037 | | | | 222,300 | |
ENI SpA | | | 119 | | | | 1,823 | |
Ferrari NV | | | 286 | | | | 116,679 | |
FinecoBank Banca Fineco SpA | | | 34 | | | | 512 | |
Infrastrutture Wireless Italiane SpA (3) | | | 18 | | | | 190 | |
Intesa Sanpaolo SpA | | | 797 | | | | 2,960 | |
Leonardo SpA | | | 19 | | | | 452 | |
Mediobanca Banca di Credito Finanziario SpA | | | 28 | | | | 405 | |
Moncler SpA | | | 12 | | | | 707 | |
Nexi SpA (1)(3) | | | 32 | | | | 198 | |
Poste Italiane SpA (3) | | | 26 | | | | 332 | |
Prysmian SpA | | | 14 | | | | 850 | |
Recordati Industria Chimica e Farmaceutica SpA | | | 5 | | | | 277 | |
Snam SpA | | | 33,600 | | | | 148,378 | |
Telecom Italia SpA (1) | | | 601 | | | | 144 | |
Terna – Rete Elettrica Nazionale | | | 79 | | | | 610 | |
UniCredit SpA | | | 1,472 | | | | 54,462 | |
| | | | | | | | |
Total Italy | | | | 585,418 | |
| | | | | | | | |
| Japan – 17.56% | | | | | | | | |
ABC-Mart, Inc. | | | 552 | | | | 9,691 | |
Advantest Corp. | | | 40 | | | | 1,629 | |
Aeon Co. Ltd. | | | 34 | | | | 734 | |
AGC, Inc. | | | 11 | | | | 355 | |
Air Water, Inc. | | | 678 | | | | 9,209 | |
Aisin Corp. | | | 8 | | | | 265 | |
Ajinomoto Co., Inc. | | | 25 | | | | 865 | |
ANA Holdings, Inc. | | | 9 | | | | 163 | |
Asahi Group Holdings Ltd. | | | 585 | | | | 20,682 | |
Asahi Kasei Corp. | | | 71 | | | | 455 | |
Asics Corp. | | | 34 | | | | 524 | |
Astellas Pharma, Inc. | | | 99 | | | | 981 | |
Bandai Namco Holdings, Inc. | | | 32 | | | | 631 | |
Bridgestone Corp. | | | 877 | | | | 34,618 | |
Brother Industries Ltd. | | | 13 | | | | 231 | |
Canon, Inc. | | | 55 | | | | 1,489 | |
Capcom Co. Ltd. | | | 18 | | | | 344 | |
Central Japan Railway Co. | | | 43 | | | | 939 | |
Chiba Bank Ltd. | | | 31 | | | | 273 | |
Chubu Electric Power Co., Inc. | | | 37 | | | | 432 | |
Chugai Pharmaceutical Co. Ltd. | | | 35 | | | | 1,253 | |
Concordia Financial Group Ltd. | | | 58 | | | | 344 | |
Cosmos Pharmaceutical Corp. | | | 374 | | | | 30,172 | |
Dai Nippon Printing Co. Ltd. | | | 12 | | | | 398 | |
Daiei Kankyo Co. Ltd. | | | 248 | | | | 4,214 | |
Daifuku Co. Ltd. | | | 16 | | | | 302 | |
Dai-ichi Life Holdings, Inc. | | | 366 | | | | 9,796 | |
Daiichi Sankyo Co. Ltd. | | | 98 | | | | 3,395 | |
Daikin Industries Ltd. | | | 14 | | | | 1,949 | |
Daito Trust Construction Co. Ltd. | | | 3 | | | | 342 | |
Daiwa House Industry Co. Ltd. | | | 813 | | | | 20,686 | |
Daiwa Securities Group, Inc. | | | 73 | | | | 564 | |
Denso Corp. | | | 99 | | | | 1,548 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Dentsu Group, Inc. | | | 11 | | | $ | 273 | |
Disco Corp. | | | 5 | | | | 1,866 | |
Dowa Holdings Co. Ltd. | | | 150 | | | | 5,356 | |
East Japan Railway Co. | | | 50 | | | | 829 | |
Eisai Co. Ltd. | | | 14 | | | | 568 | |
ENEOS Holdings, Inc. | | | 158 | | | | 814 | |
FANUC Corp. | | | 51 | | | | 1,406 | |
Fast Retailing Co. Ltd. | | | 9 | | | | 2,327 | |
Fuji Electric Co. Ltd. | | | 7 | | | | 383 | |
Fuji Media Holdings, Inc. | | | 575 | | | | 6,590 | |
FUJIFILM Holdings Corp. | | | 6,985 | | | | 163,844 | |
Fujitsu Ltd. | | | 9,217 | | | | 144,554 | |
Fukuoka Financial Group, Inc. | | | 778 | | | | 20,951 | |
Hakuhodo DY Holdings, Inc. | | | 885 | | | | 6,479 | |
Hamamatsu Photonics KK | | | 7 | | | | 191 | |
Hankyu Hanshin Holdings, Inc. | | | 13 | | | | 336 | |
Hikari Tsushin, Inc. | | | 1 | | | | 206 | |
Hitachi Construction Machinery Co. Ltd. | | | 6 | | | | 166 | |
Hitachi Ltd. | | | 7,479 | | | | 168,389 | |
Honda Motor Co. Ltd. | | | 10,360 | | | | 111,374 | |
Hoshizaki Corp. | | | 6 | | | | 181 | |
Hoya Corp. | | | 18 | | | | 2,152 | |
Hulic Co. Ltd. | | | 21 | | | | 189 | |
Ibiden Co. Ltd. | | | 6 | | | | 229 | |
Idemitsu Kosan Co. Ltd. | | | 1,830 | | | | 11,897 | |
IHI Corp. | | | 152 | | | | 4,549 | |
Iida Group Holdings Co. Ltd. | | | 958 | | | | 12,651 | |
INFRONEER Holdings, Inc. | | | 596 | | | | 4,853 | |
Inpex Corp. | | | 1,192 | | | | 17,508 | |
Isuzu Motors Ltd. | | | 1,028 | | | | 13,667 | |
ITOCHU Corp. | | | 66 | | | | 3,235 | |
Japan Airlines Co. Ltd. | | | 8 | | | | 128 | |
Japan Exchange Group, Inc. | | | 26 | | | | 619 | |
Japan Post Bank Co. Ltd. | | | 79 | | | | 753 | |
Japan Post Holdings Co. Ltd. | | | 1,529 | | | | 15,200 | |
Japan Post Insurance Co. Ltd. | | | 10 | | | | 202 | |
Japan Real Estate Investment Corp. (2) | | | 0 | | | | 224 | |
Japan Tobacco, Inc. | | | 67 | | | | 1,809 | |
JFE Holdings, Inc. | | | 33 | | | | 469 | |
Kajima Corp. | | | 23 | | | | 397 | |
Kansai Electric Power Co., Inc. | | | 39 | | | | 650 | |
Kao Corp. | | | 1,992 | | | | 80,666 | |
Kawasaki Kisen Kaisha Ltd. | | | 22 | | | | 315 | |
KDDI Corp. | | | 82 | | | | 2,178 | |
Keisei Electric Railway Co. Ltd. | | | 7 | | | | 226 | |
Keyence Corp. | | | 113 | | | | 49,429 | |
Kikkoman Corp. | | | 36 | | | | 415 | |
Kinden Corp. | | | 267 | | | | 5,339 | |
Kintetsu Group Holdings Co. Ltd. | | | 9 | | | | 198 | |
Kirin Holdings Co. Ltd. | | | 1,816 | | | | 23,461 | |
Kobe Bussan Co. Ltd. | | | 8 | | | | 169 | |
Koito Manufacturing Co. Ltd. | | | 11 | | | | 150 | |
Komatsu Ltd. | | | 1,914 | | | | 55,898 | |
Konami Group Corp. | | | 5 | | | | 383 | |
Kubota Corp. | | | 663 | | | | 9,316 | |
Kyocera Corp. | | | 72 | | | | 833 | |
Kyowa Kirin Co. Ltd. | | | 14 | | | | 237 | |
Lasertec Corp. | | | 4 | | | | 943 | |
LY Corp. | | | 8,170 | | | | 19,727 | |
M3, Inc. | | | 22 | | | | 211 | |
Makita Corp. | | | 12 | | | | 326 | |
Marubeni Corp. | | | 77 | | | | 1,430 | |
Marui Group Co. Ltd. | | | 202 | | | | 2,844 | |
MatsukiyoCocokara & Co. | | | 18 | | | | 264 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Mazda Motor Corp. | | | 31 | | | $ | 294 | |
McDonald’s Holdings Co. Japan Ltd. | | | 5 | | | | 180 | |
Medipal Holdings Corp. | | | 258 | | | | 3,938 | |
Megmilk Snow Brand Co. Ltd. | | | 234 | | | | 3,779 | |
MEIJI Holdings Co. Ltd. | | | 13 | | | | 270 | |
Minebea Mitsumi, Inc. | | | 1,951 | | | | 40,184 | |
Mitsubishi Chemical Group Corp. | | | 75 | | | | 416 | |
Mitsubishi Corp. | | | 766 | | | | 15,060 | |
Mitsubishi Electric Corp. | | | 8,649 | | | | 138,602 | |
Mitsubishi Estate Co. Ltd. | | | 61 | | | | 959 | |
Mitsubishi HC Capital, Inc. | | | 43 | | | | 287 | |
Mitsubishi Heavy Industries Ltd. | | | 2,947 | | | | 31,727 | |
Mitsubishi Logistics Corp. | | | 209 | | | | 6,878 | |
Mitsubishi UFJ Financial Group, Inc. | | | 2,242 | | | | 24,200 | |
Mitsui & Co. Ltd. | | | 137 | | | | 3,129 | |
Mitsui Chemicals, Inc. | | | 10 | | | | 263 | |
Mitsui Fudosan Co. Ltd. | | | 149 | | | | 1,370 | |
Mitsui OSK Lines Ltd. | | | 19 | | | | 568 | |
Mizuho Financial Group, Inc. | | | 134 | | | | 2,814 | |
Monotaro Co. Ltd. | | | 13 | | | | 153 | |
MS&AD Insurance Group Holdings, Inc. | | | 919 | | | | 20,509 | |
Murata Manufacturing Co. Ltd. | | | 2,838 | | | | 58,777 | |
NEC Corp. | | | 154 | | | | 12,707 | |
NET One Systems Co. Ltd. | | | 200 | | | | 3,672 | |
Nexon Co. Ltd. | | | 18 | | | | 329 | |
NH Foods Ltd. | | | 262 | | | | 7,868 | |
Nidec Corp. | | | 22 | | | | 985 | |
Nintendo Co. Ltd. | | | 55 | | | | 2,958 | |
Nippon Building Fund, Inc. (2) | | | 0 | | | | 305 | |
Nippon Express Holdings, Inc. | | | 4 | | | | 180 | |
Nippon Paint Holdings Co. Ltd. | | | 4,630 | | | | 30,269 | |
Nippon Prologis Real Estate Investment Trust, Inc. (2) | | | 0 | | | | 200 | |
Nippon Sanso Holdings Corp. | | | 9 | | | | 279 | |
Nippon Steel Corp. | | | 47 | | | | 996 | |
Nippon Telegraph & Telephone Corp. | | | 42,410 | | | | 40,103 | |
Nippon Television Holdings, Inc. | | | 612 | | | | 8,887 | |
Nippon Yusen KK | | | 25 | | | | 735 | |
Nissan Chemical Corp. | | | 7 | | | | 219 | |
Nissan Motor Co. Ltd. | | | 129 | | | | 437 | |
Nisshinbo Holdings, Inc. | | | 714 | | | | 4,779 | |
Nissin Foods Holdings Co. Ltd. | | | 10 | | | | 252 | |
Nitori Holdings Co. Ltd. | | | 85 | | | | 8,967 | |
Nitto Denko Corp. | | | 8 | | | | 595 | |
Nomura Holdings, Inc. | | | 3,100 | | | | 17,904 | |
Nomura Real Estate Holdings, Inc. | | | 6 | | | | 149 | |
Nomura Real Estate Master Fund, Inc. (2) | | | 0 | | | | 195 | |
Nomura Research Institute Ltd. | | | 20 | | | | 552 | |
NS Solutions Corp. | | | 314 | | | | 5,330 | |
NTT Data Group Corp. | | | 33 | | | | 480 | |
Obayashi Corp. | | | 1,395 | | | | 16,667 | |
Obic Co. Ltd. | | | 4 | | | | 452 | |
Oji Holdings Corp. | | | 622 | | | | 2,455 | |
Olympus Corp. | | | 7,733 | | | | 124,836 | |
Omron Corp. | | | 10 | | | | 332 | |
Ono Pharmaceutical Co. Ltd. | | | 21 | | | | 280 | |
Oracle Corp. | | | 138 | | | | 9,495 | |
Oriental Land Co. Ltd. | | | 58 | | | | 1,626 | |
ORIX Corp. | | | 63 | | | | 1,405 | |
Osaka Gas Co. Ltd. | | | 20 | | | | 449 | |
Otsuka Corp. | | | 12 | | | | 237 | |
Otsuka Holdings Co. Ltd. | | | 22 | | | | 925 | |
Pan Pacific International Holdings Corp. | | | 20 | | | | 473 | |
Panasonic Holdings Corp. | | | 128 | | | | 1,052 | |
Penta-Ocean Construction Co. Ltd. | | | 226 | | | | 930 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Rakuten Group, Inc. | | | 80 | | | $ | 414 | |
Recruit Holdings Co. Ltd. | | | 1,294 | | | | 69,636 | |
Renesas Electronics Corp. | | | 835 | | | | 15,832 | |
Resona Holdings, Inc. | | | 11,191 | | | | 74,441 | |
Ricoh Co. Ltd. | | | 31 | | | | 262 | |
Rohm Co. Ltd. | | | 19 | | | | 249 | |
SBI Holdings, Inc. | | | 16 | | | | 397 | |
SCREEN Holdings Co. Ltd. | | | 4 | | | | 399 | |
SCSK Corp. | | | 192 | | | | 3,837 | |
Secom Co. Ltd. | | | 1,539 | | | | 91,146 | |
Sega Sammy Holdings, Inc. | | | 590 | | | | 8,760 | |
Seiko Epson Corp. | | | 16 | | | | 247 | |
Sekisui Chemical Co. Ltd. | | | 22 | | | | 301 | |
Sekisui House Ltd. | | | 33 | | | | 742 | |
Senko Group Holdings Co. Ltd. | | | 568 | | | | 3,988 | |
Seria Co. Ltd. | | | 89 | | | | 1,616 | |
Seven & i Holdings Co. Ltd. | | | 1,599 | | | | 19,536 | |
SG Holdings Co. Ltd. | | | 16 | | | | 150 | |
Shimadzu Corp. | | | 12 | | | | 311 | |
Shimano, Inc. | | | 245 | | | | 37,801 | |
Shin-Etsu Chemical Co. Ltd. | | | 94 | | | | 3,673 | |
Shionogi & Co. Ltd. | | | 14 | | | | 537 | |
Ship Healthcare Holdings, Inc. | | | 456 | | | | 6,759 | |
Shiseido Co. Ltd. | | | 1,639 | | | | 46,707 | |
Shizuoka Financial Group, Inc. | | | 23 | | | | 224 | |
SMC Corp. | | | 121 | | | | 57,686 | |
SoftBank Corp. | | | 159 | | | | 1,940 | |
SoftBank Group Corp. | | | 55 | | | | 3,557 | |
Sompo Holdings, Inc. | | | 50 | | | | 1,063 | |
Sony Group Corp. | | | 2,178 | | | | 185,570 | |
Subaru Corp. | | | 34 | | | | 720 | |
Sumco Corp. | | | 20 | | | | 282 | |
Sumitomo Bakelite Co. Ltd. | | | 208 | | | | 6,108 | |
Sumitomo Corp. | | | 57 | | | | 1,434 | |
Sumitomo Electric Industries Ltd. | | | 40 | | | | 632 | |
Sumitomo Metal Mining Co. Ltd. | | | 520 | | | | 15,805 | |
Sumitomo Mitsui Financial Group, Inc. | | | 292 | | | | 19,627 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 1,445 | | | | 33,196 | |
Sumitomo Realty & Development Co. Ltd. | | | 16 | | | | 475 | |
Suntory Beverage & Food Ltd. | | | 1,055 | | | | 37,473 | |
Suzuki Motor Corp. | | | 86 | | | | 994 | |
Sysmex Corp. | | | 2,401 | | | | 38,762 | |
T&D Holdings, Inc. | | | 855 | | | | 14,938 | |
Taiheiyo Cement Corp. | | | 627 | | | | 15,779 | |
Taisei Corp. | | | 249 | | | | 9,279 | |
Takeda Pharmaceutical Co. Ltd. | | | 4,045 | | | | 104,920 | |
TBS Holdings, Inc. | | | 321 | | | | 8,127 | |
TDK Corp. | | | 897 | | | | 55,152 | |
Terumo Corp. | | | 70 | | | | 1,168 | |
TIS, Inc. | | | 11 | | | | 221 | |
Toho Co. Ltd. | | | 7 | | | | 208 | |
Tokio Marine Holdings, Inc. | | | 1,184 | | | | 44,490 | |
Tokyo Electric Power Co. Holdings, Inc. (1) | | | 85 | | | | 458 | |
Tokyo Electron Ltd. | | | 289 | | | | 63,306 | |
Tokyo Gas Co. Ltd. | | | 19 | | | | 413 | |
Tokyu Corp. | | | 27 | | | | 303 | |
Topcon Corp. | | | 111 | | | | 1,244 | |
TOPPAN Holdings, Inc. | | | 13 | | | | 358 | |
Toray Industries, Inc. | | | 6,786 | | | | 32,184 | |
TOTO Ltd. | | | 8 | | | | 179 | |
Toyo Seikan Group Holdings Ltd. | | | 532 | | | | 8,358 | |
Toyo Suisan Kaisha Ltd. | | | 207 | | | | 12,341 | |
Toyota Industries Corp. | | | 1,476 | | | | 125,574 | |
Toyota Motor Corp. | | | 567 | | | | 11,643 | |
Toyota Tsusho Corp. | | | 36 | | | | 700 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Trend Micro, Inc. | | | 7 | | | $ | 285 | |
Tsumura & Co. | | | 326 | | | | 8,356 | |
Unicharm Corp. | | | 1,102 | | | | 35,403 | |
USS Co. Ltd. | | | 1,381 | | | | 11,627 | |
West Japan Railway Co. | | | 24 | | | | 452 | |
Yakult Honsha Co. Ltd. | | | 14 | | | | 253 | |
Yamaha Motor Co. Ltd. | | | 48 | | | | 449 | |
Yamato Holdings Co. Ltd. | | | 13 | | | | 147 | |
Yaskawa Electric Corp. | | | 13 | | | | 454 | |
Yokogawa Electric Corp. | | | 12 | | | | 301 | |
Zensho Holdings Co. Ltd. | | | 5 | | | | 202 | |
ZOZO, Inc. | | | 1,225 | | | | 30,619 | |
| | | | | | | | |
Total Japan | | | | 3,202,378 | |
| | | | | | | | |
| Jordan – 0.00% (4) | | | | | | | | |
Hikma Pharmaceuticals Plc | | | 9 | | | | 219 | |
| | | | | | | | |
Total Jordan | | | | 219 | |
| | | | | | | | |
| Luxembourg – 0.45% | | | | | | | | |
ArcelorMittal SA | | | 2,594 | | | | 59,420 | |
Befesa SA (3) | | | 165 | | | | 5,455 | |
Eurofins Scientific SE | | | 279 | | | | 13,967 | |
L’Occitane International SA | | | 524 | | | | 2,225 | |
Tenaris SA | | | 26 | | | | 393 | |
| | | | | | | | |
Total Luxembourg | | | | 81,460 | |
| | | | | | | | |
| Macau – 0.00% (4) | | | | | | | | |
Sands China Ltd. (1) | | | 127 | | | | 264 | |
| | | | | | | | |
Total Macau | | | | 264 | |
| | | | | | | | |
| Mexico – 0.42% | | | | | | | | |
Arca Continental SAB de CV | | | 549 | | | | 5,399 | |
Cemex SAB de CV – ADR | | | 528 | | | | 3,376 | |
Fomento Economico Mexicano SAB de CV – ADR | | | 309 | | | | 33,218 | |
Gruma SAB de CV – Class B | | | 138 | | | | 2,524 | |
Grupo Financiero Banorte SAB de CV – Class O | | | 684 | | | | 5,320 | |
Wal-Mart de Mexico SAB de CV | | | 7,885 | | | | 26,933 | |
| | | | | | | | |
Total Mexico | | | | 76,770 | |
| | | | | | | | |
| Netherlands – 6.39% | | | | | | | | |
ABN AMRO Bank NV (3) | | | 24 | | | | 390 | |
Adyen NV (1)(3) | | | 90 | | | | 107,445 | |
Aegon Ltd. | | | 75 | | | | 462 | |
Akzo Nobel NV | | | 9 | | | | 552 | |
Argenx SE (1) | | | 3 | | | | 1,352 | |
ASM International NV | | | 148 | | | | 113,174 | |
ASML Holding NV | | | 224 | | | | 228,002 | |
ASML Holding NV – Class REG | | | 94 | | | | 95,635 | |
ASR Nederland NV | | | 9 | | | | 411 | |
BE Semiconductor Industries NV | | | 4 | | | | 684 | |
Euronext NV (3) | | | 4 | | | | 409 | |
EXOR NV | | | 512 | | | | 53,467 | |
Ferrovial SE | | | 27 | | | | 1,056 | |
Heineken Holding NV | | | 7 | | | | 576 | |
Heineken NV | | | 15 | | | | 1,483 | |
IMCD NV | | | 310 | | | | 42,695 | |
ING Groep NV | | | 3,465 | | | | 59,544 | |
JDE Peet’s NV | | | 7 | | | | 134 | |
Koninklijke Ahold Delhaize NV | | | 2,700 | | | | 79,451 | |
Koninklijke KPN NV | | | 6,702 | | | | 25,687 | |
Koninklijke Philips NV | | | 7,550 | | | | 189,863 | |
NN Group NV | | | 15 | | | | 687 | |
OCI NV | | | 6 | | | | 135 | |
Prosus NV (1) | | | 1,695 | | | | 60,256 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
QIAGEN NV (1) | | | 12 | | | $ | 488 | |
Randstad NV | | | 1,500 | | | | 68,112 | |
Stellantis NV | | | 122 | | | | 2,405 | |
Topicus.com, Inc. | | | 319 | | | | 27,302 | |
Universal Music Group NV | | | 43 | | | | 1,284 | |
Wolters Kluwer NV | | | 13 | | | | 2,175 | |
| | | | | | | | |
Total Netherlands | | | | 1,165,316 | |
| | | | | | | | |
| New Zealand – 0.01% | | | | | | | | |
Auckland International Airport Ltd. | | | 75 | | | | 347 | |
Fisher & Paykel Healthcare Corp. Ltd. | | | 31 | | | | 561 | |
Mercury NZ Ltd. | | | 38 | | | | 153 | |
Meridian Energy Ltd. | | | 65 | | | | 247 | |
Spark New Zealand Ltd. | | | 100 | | | | 252 | |
Xero Ltd. (1) | | | 8 | | | | 687 | |
| | | | | | | | |
Total New Zealand | | | | 2,247 | |
| | | | | | | | |
| Norway – 0.53% | | | | | | | | |
Aker BP ASA | | | 18 | | | | 455 | |
DNB Bank ASA | | | 1,590 | | | | 31,188 | |
Equinor ASA | | | 2,178 | | | | 62,391 | |
Gjensidige Forsikring ASA | | | 11 | | | | 201 | |
Kongsberg Gruppen ASA | | | 5 | | | | 379 | |
Mowi ASA | | | 26 | | | | 436 | |
Norsk Hydro ASA | | | 72 | | | | 451 | |
Orkla ASA | | | 38 | | | | 305 | |
Salmar ASA | | | 4 | | | | 194 | |
Telenor ASA | | | 36 | | | | 407 | |
Yara International ASA | | | 9 | | | | 250 | |
| | | | | | | | |
Total Norway | | | | 96,657 | |
| | | | | | | | |
| Poland – 0.00% (4) | | | | | | | | |
InPost SA (1) | | | 10 | | | | 185 | |
| | | | | | | | |
Total Poland | | | | 185 | |
| | | | | | | | |
| Portugal – 0.25% | | | | | | | | |
EDP – Energias de Portugal SA | | | 177 | | | | 662 | |
Galp Energia SGPS SA | | | 24 | | | | 515 | |
Jeronimo Martins SGPS SA | | | 2,230 | | | | 43,579 | |
| | | | | | | | |
Total Portugal | | | | 44,756 | |
| | | | | | | | |
| Russia – 0.00% (4) | | | | | | | | |
Severstal PAO – GDR (1)(2)(5)(7) | | | 147 | | | | — | |
X5 Retail Group NV – GDR (1)(2)(5)(7) | | | 65 | | | | — | |
| | | | | | | | |
Total Russia | | | | — | |
| | | | | | | | |
| Singapore – 2.50% | | | | | | | | |
BOC Aviation Ltd. (3) | | | 398 | | | | 2,842 | |
CapitaLand Ascendas REIT | | | 205 | | | | 386 | |
CapitaLand Integrated Commercial Trust | | | 300 | | | | 437 | |
Capitaland Investment Ltd. | | | 147 | | | | 287 | |
DBS Group Holdings Ltd. | | | 1,094 | | | | 28,814 | |
Genting Singapore Ltd. | | | 317 | | | | 202 | |
Grab Holdings Ltd. – Class A (1) | | | 110 | | | | 391 | |
Keppel Ltd. | | | 76 | | | | 363 | |
Oversea-Chinese Banking Corp. Ltd. | | | 188 | | | | 1,998 | |
Sea Ltd. – ADR (1) | | | 1,016 | | | | 72,575 | |
Sembcorp Industries Ltd. | | | 46 | | | | 164 | |
Singapore Airlines Ltd. | | | 80 | | | | 407 | |
Singapore Exchange Ltd. | | | 44 | | | | 304 | |
Singapore Technologies Engineering Ltd. | | | 87 | | | | 275 | |
Singapore Telecommunications Ltd. | | | 47,345 | | | | 95,807 | |
United Overseas Bank Ltd. | | | 10,849 | | | | 250,241 | |
Wilmar International Ltd. | | | 104 | | | | 237 | |
| | | | | | | | |
Total Singapore | | | | 455,730 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| - | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
| South Africa – 0.11% | | | | | | | | |
African Rainbow Minerals Ltd. | | | 260 | | | $ | 3,232 | |
Bid Corp. Ltd. | | | 213 | | | | 4,978 | |
Capitec Bank Holdings Ltd. | | | 44 | | | | 6,365 | |
Naspers Ltd. – Class N | | | 24 | | | | 4,644 | |
| | | | | | | | |
Total South Africa | | | | 19,219 | |
| | | | | | | | |
| South Korea – 0.16% | | | | | | | | |
Samsung Electronics Co. Ltd. | | | 178 | | | | 10,461 | |
Shinhan Financial Group Co. Ltd. | | | 562 | | | | 19,597 | |
| | | | | | | | |
Total South Korea | | | | 30,058 | |
| | | | | | | | |
| Spain – 1.65% | | | | | | | | |
Acciona SA | | | 1 | | | | 165 | |
Acerinox SA | | | 360 | | | | 3,752 | |
ACS Actividades de Construccion y Servicios SA | | | 11 | | | | 483 | |
Aena SME SA (3) | | | 4 | | | | 796 | |
Amadeus IT Group SA | | | 24 | | | | 1,593 | |
Banco Bilbao Vizcaya Argentaria SA | | | 323 | | | | 3,241 | |
Banco de Sabadell SA | | | 298 | | | | 576 | |
Banco Santander SA | | | 33,715 | | | | 156,870 | |
CaixaBank SA | | | 18,226 | | | | 96,792 | |
Cellnex Telecom SA (3) | | | 26 | | | | 843 | |
EDP Renovaveis SA | | | 17 | | | | 239 | |
Endesa SA | | | 17 | | | | 328 | |
Fluidra SA | | | 870 | | | | 18,138 | |
Grifols SA (1) | | | 15 | | | | 125 | |
Iberdrola SA | | | 319 | | | | 4,141 | |
Industria de Diseno Textil SA | | | 57 | | | | 2,839 | |
Redeia Corp. SA | | | 18 | | | | 312 | |
Repsol SA | | | 68 | | | | 1,082 | |
Telefonica SA | | | 253 | | | | 1,070 | |
Viscofan SA | | | 111 | | | | 7,292 | |
| | | | | | | | |
Total Spain | | | | 300,677 | |
| | | | | | | | |
| Sweden – 2.57% | | | | | | | | |
Alfa Laval AB | | | 219 | | | | 9,590 | |
Assa Abloy AB – Class B | | | 2,852 | | | | 80,763 | |
Atlas Copco AB – Class A | | | 5,662 | | | | 106,312 | |
Atlas Copco AB – Class B | | | 82 | | | | 1,322 | |
Beijer Ref AB – Class B | | | 20 | | | | 311 | |
Boliden AB | | | 15 | | | | 497 | |
Epiroc AB – Class A | | | 2,374 | | | | 47,572 | |
Epiroc AB – Class B | | | 21 | | | | 384 | |
EQT AB | | | 20 | | | | 581 | |
Essity AB – Class B | | | 32 | | | | 817 | |
Evolution AB (3) | | | 10 | | | | 1,004 | |
Fastighets AB Balder – Class B (1) | | | 37 | | | | 252 | |
Getinge AB – Class B | | | 12 | | | | 210 | |
H & M Hennes & Mauritz AB – Class B | | | 33 | | | | 516 | |
Hexagon AB – Class B | | | 109 | | | | 1,234 | |
Holmen AB – Class B | | | 4 | | | | 168 | |
Husqvarna AB – Class B | | | 19 | | | | 151 | |
Industrivarden AB – Class A | | | 7 | | | | 233 | |
Industrivarden AB – Class C | | | 8 | | | | 276 | |
Indutrade AB | | | 14 | | | | 368 | |
Investment AB Latour – Class B | | | 7 | | | | 201 | |
Investor AB – Class B | | | 3,266 | | | | 89,495 | |
L E Lundbergforetagen AB – Class B | | | 4 | | | | 219 | |
Lifco AB – Class B | | | 12 | | | | 324 | |
Nibe Industrier AB – Class B | | | 80 | | | | 336 | |
Saab AB – Class B | | | 17 | | | | 408 | |
Sagax AB – Class B | | | 12 | | | | 295 | |
Sandvik AB | | | 786 | | | | 15,797 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Securitas AB – Class B | | | 26 | | | $ | 258 | |
Skandinaviska Enskilda Banken AB – Class A | | | 87 | | | | 1,288 | |
Skanska AB – Class B | | | 19 | | | | 346 | |
SKF AB – Class B | | | 18 | | | | 367 | |
Spotify Technology SA (1) | | | 269 | | | | 84,298 | |
Svenska Cellulosa AB SCA – Class B | | | 34 | | | | 503 | |
Svenska Handelsbanken AB – Class A | | | 1,744 | | | | 16,667 | |
Swedbank AB | | | 47 | | | | 972 | |
Swedish Orphan Biovitrum AB (1) | | | 10 | | | | 275 | |
Tele2 AB – Class B | | | 30 | | | | 303 | |
Telefonaktiebolaget LM Ericsson – Class B | | | 152 | | | | 946 | |
Telia Co. AB | | | 125 | | | | 336 | |
Trelleborg AB – Class B | | | 11 | | | | 439 | |
Volvo AB – Class A | | | 11 | | | | 292 | |
Volvo AB – Class B | | | 87 | | | | 2,241 | |
Volvo Car AB – Class B (1) | | | 43 | | | | 132 | |
| | | | | | | | |
Total Sweden | | | | 469,299 | |
| | | | | | | | |
| Switzerland – 4.26% | | | | | | | | |
ABB Ltd. | | | 84 | | | | 4,652 | |
Adecco Group AG | | | 9 | | | | 299 | |
Alcon, Inc. | | | 26 | | | | 2,329 | |
Avolta AG (1) | | | 5 | | | | 187 | |
Bachem Holding AG – Class B | | | 2 | | | | 164 | |
Baloise Holding AG | | | 3 | | | | 444 | |
Banque Cantonale Vaudoise | | | 2 | | | | 184 | |
Barry Callebaut AG (2) | | | 0 | | | | 297 | |
BKW AG | | | 1 | | | | 168 | |
Chocoladefabriken Lindt & Spruengli AG (2) | | | 0 | | | | 607 | |
Chocoladefabriken Lindt & Spruengli
AG – REG (2) | | | 0 | | | | 692 | |
Cie Financiere Richemont SA | | | 772 | | | | 120,677 | |
Clariant AG (1) | | | 12 | | | | 183 | |
Coca-Cola HBC AG (1) | | | 12 | | | | 397 | |
DSM-Firmenich AG | | | 10 | | | | 1,150 | |
EMS-Chemie Holding AG (2) | | | 0 | | | | 340 | |
Geberit AG | | | 55 | | | | 32,685 | |
Givaudan SA (2) | | | 0 | | | | 2,293 | |
Glencore Plc | | | 8,260 | | | | 47,002 | |
Helvetia Holding AG | | | 2 | | | | 287 | |
Holcim AG (1) | | | 258 | | | | 22,841 | |
Julius Baer Group Ltd. | | | 960 | | | | 53,674 | |
Kuehne & Nagel International AG | | | 3 | | | | 763 | |
Logitech International SA | | | 8 | | | | 794 | |
Lonza Group AG | | | 118 | | | | 64,461 | |
Nestle SA | | | 143 | | | | 14,582 | |
Novartis AG | | | 1,144 | | | | 121,843 | |
Partners Group Holding AG | | | 1 | | | | 1,524 | |
Roche Holding AG | | | 2 | | | | 526 | |
Roche Holding AG | | | 552 | | | | 152,988 | |
Sandoz Group AG | | | 23 | | | | 837 | |
Schindler Holding AG | | | 1 | | | | 314 | |
Schindler Holding AG | | | 2 | | | | 548 | |
SGS SA | | | 8 | | | | 722 | |
SIG Group AG (1) | | | 16 | | | | 300 | |
Sika AG | | | 8 | | | | 2,282 | |
Sonova Holding AG | | | 3 | | | | 819 | |
STMicroelectronics NV | | | 36 | | | | 1,412 | |
Straumann Holding AG | | | 6 | | | | 725 | |
Swatch Group AG – BR | | | 2 | | | | 338 | |
Swatch Group AG – REG | | | 3 | | | | 127 | |
Swiss Life Holding AG | | | 2 | | | | 1,206 | |
Swiss Prime Site AG | | | 4 | | | | 396 | |
Swiss Re AG | | | 17 | | | | 2,053 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Swisscom AG | | | 1 | | | $ | 799 | |
Temenos AG | | | 3 | | | | 235 | |
UBS Group AG | | | 3,739 | | | | 109,830 | |
VAT Group AG (3) | | | 1 | | | | 800 | |
Zurich Insurance Group AG | | | 8 | | | | 4,304 | |
| | | | | | | | |
Total Switzerland | | | | 777,080 | |
| | | | | | | | |
| Taiwan – 2.78% | | | | | | | | |
Advantech Co. Ltd. | | | 534 | | | | 6,076 | |
Chailease Holding Co. Ltd. | | | 405 | | | | 1,914 | |
Delta Electronics, Inc. | | | 428 | | | | 5,105 | |
Hon Hai Precision Industry Co. Ltd. | | | 4,305 | | | | 28,346 | |
MediaTek, Inc. | | | 124 | | | | 5,340 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 4,095 | | | | 121,321 | |
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | | | 1,954 | | | | 339,659 | |
| | | | | | | | |
Total Taiwan | | | | 507,761 | |
| | | | | | | | |
| United Kingdom – 19.25% | | | | | | | | |
3i Group Plc | | | 3,725 | | | | 143,568 | |
Admiral Group Plc | | | 289 | | | | 9,550 | |
Anglo American Plc | | | 70 | | | | 2,228 | |
Ashtead Group Plc | | | 676 | | | | 45,041 | |
Associated British Foods Plc | | | 19 | | | | 584 | |
AstraZeneca Plc | | | 750 | | | | 116,755 | |
Auto Trader Group Plc (3) | | | 9,875 | | | | 99,392 | |
Aviva Plc | | | 148 | | | | 890 | |
BAE Systems Plc | | | 7,876 | | | | 131,186 | |
Barclays Plc | | | 27,432 | | | | 72,486 | |
Barratt Developments Plc | | | 1,382 | | | | 8,208 | |
Berkeley Group Holdings Plc | | | 6 | | | | 327 | |
BP Plc | | | 35,228 | | | | 212,102 | |
British American Tobacco Plc | | | 111 | | | | 3,410 | |
BT Group Plc – Class A | | | 364 | | | | 645 | |
Bunzl Plc | | | 2,103 | | | | 79,895 | |
Burberry Group Plc | | | 1,213 | | | | 13,473 | |
Capita Plc (1) | | | 7,718 | | | | 1,317 | |
Centrica Plc | | | 298 | | | | 509 | |
Close Brothers Group Plc | | | 609 | | | | 3,254 | |
CNH Industrial NV | | | 2,307 | | | | 23,372 | |
Coca-Cola Europacific Partners Plc | | | 177 | | | | 12,909 | |
Compass Group Plc | | | 3,206 | | | | 87,346 | |
ConvaTec Group Plc (3) | | | 5,486 | | | | 16,253 | |
Croda International Plc | | | 7 | | | | 362 | |
Diageo Plc | | | 1,353 | | | | 42,484 | |
DS Smith Plc | | | 2,179 | | | | 11,551 | |
easyJet Plc | | | 2,401 | | | | 13,850 | |
Endeavour Mining Plc | | | 10 | | | | 205 | |
Entain Plc | | | 2,728 | | | | 21,633 | |
Ferguson Plc | | | 390 | | | | 74,835 | |
Future Plc | | | 567 | | | | 7,508 | |
Games Workshop Group Plc | | | 428 | | | | 57,699 | |
Greggs Plc | | | 1,022 | | | | 35,718 | |
GSK Plc | | | 7,491 | | | | 144,091 | |
Haleon Plc | | | 368 | | | | 1,496 | |
Halma Plc | | | 20 | | | | 691 | |
Hargreaves Lansdown Plc | | | 2,586 | | | | 36,859 | |
HSBC Holdings Plc | | | 8,060 | | | | 69,571 | |
IG Group Holdings Plc | | | 348 | | | | 3,605 | |
Imperial Brands Plc | | | 6,874 | | | | 175,891 | |
Inchcape Plc | | | 864 | | | | 8,116 | |
Informa Plc | | | 75 | | | | 806 | |
InterContinental Hotels Group Plc | | | 200 | | | | 20,965 | |
International Personal Finance Plc | | | 1,618 | | | | 2,606 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Intertek Group Plc | | | 1,008 | | | $ | 60,910 | |
ITV Plc | | | 8,163 | | | | 8,301 | |
J Sainsbury Plc | | | 14,661 | | | | 47,236 | |
JD Sports Fashion Plc | | | 140 | | | | 210 | |
John Wood Group Plc (1) | | | 2,670 | | | | 6,933 | |
Jupiter Fund Management Plc | | | 2,273 | | | | 2,203 | |
Kingfisher Plc | | | 102 | | | | 318 | |
Land Securities Group Plc | | | 38 | | | | 297 | |
Legal & General Group Plc | | | 328 | | | | 940 | |
Lloyds Banking Group Plc | | | 267,399 | | | | 184,428 | |
London Stock Exchange Group Plc | | | 24 | | | | 2,853 | |
M&G Plc | | | 129 | | | | 332 | |
Melrose Industries Plc | | | 69 | | | | 479 | |
Mondi Plc | | | 24 | | | | 451 | |
National Grid Plc | | | 266 | | | | 2,968 | |
NatWest Group Plc | | | 12,557 | | | | 49,402 | |
Next Plc | | | 6 | | | | 730 | |
Pagegroup Plc | | | 3,145 | | | | 16,945 | |
Pearson Plc | | | 34 | | | | 419 | |
Persimmon Plc | | | 18 | | | | 308 | |
Pets at Home Group Plc | | | 2,832 | | | | 10,575 | |
Phoenix Group Holdings Plc | | | 38 | | | | 253 | |
Rathbones Group Plc | | | 297 | | | | 6,291 | |
Reckitt Benckiser Group Plc | | | 1,763 | | | | 95,356 | |
RELX Plc | | | 1,211 | | | | 55,497 | |
Rentokil Initial Plc | | | 132 | | | | 769 | |
Rightmove Plc | | | 9,999 | | | | 67,493 | |
Rio Tinto Plc | | | 62 | | | | 4,084 | |
Rolls-Royce Holdings Plc (1) | | | 9,543 | | | | 54,808 | |
Rotork Plc | | | 2,561 | | | | 10,893 | |
Sage Group Plc | | | 53 | | | | 722 | |
Schroders Plc | | | 46 | | | | 210 | |
Segro Plc | | | 70 | | | | 793 | |
Serco Group Plc | | | 6,547 | | | | 14,829 | |
Severn Trent Plc | | | 14 | | | | 429 | |
Shell Plc | | | 1,651 | | | | 59,493 | |
Shell Plc | | | 4,357 | | | | 156,268 | |
Smith & Nephew Plc | | | 47 | | | | 587 | |
Smiths Group Plc | | | 19 | | | | 401 | |
Softcat Plc | | | 1,116 | | | | 25,624 | |
Spirax Group Plc | | | 4 | | | | 425 | |
SSE Plc | | | 7,457 | | | | 168,407 | |
SSP Group Plc | | | 6,893 | | | | 12,842 | |
Standard Chartered Plc | | | 7,664 | | | | 69,199 | |
Taylor Wimpey Plc | | | 199 | | | | 357 | |
Tesco Plc | | | 39,055 | | | | 150,860 | |
Trainline Plc (1)(3) | | | 6,954 | | | | 27,416 | |
Travis Perkins Plc | | | 3,039 | | | | 29,539 | |
Unilever Plc | | | 1,061 | | | | 58,232 | |
United Utilities Group Plc | | | 38 | | | | 478 | |
Vanquis Banking Group Plc | | | 879 | | | | 557 | |
Vodafone Group Plc | | | 9,694 | | | | 8,577 | |
Weir Group Plc | | | 1,857 | | | | 46,448 | |
WH Smith Plc | | | 467 | | | | 6,680 | |
Whitbread Plc | | | 195 | | | | 7,330 | |
Wise Plc – Class A (1) | | | 3,599 | | | | 30,869 | |
WPP Plc | | | 13,436 | | | | 123,030 | |
| | | | | | | | |
Total United Kingdom | | | | 3,508,526 | |
| | | | | | | | |
| United States – 1.87% | | | | | | | | |
Aon Plc – Class A | | | 208 | | | | 60,962 | |
Coupang, Inc. – Class A (1) | | | 2,969 | | | | 62,197 | |
EPAM Systems, Inc. (1) | | | 134 | | | | 25,246 | |
Laureate Education, Inc. – Class A | | | 139 | | | | 2,076 | |
Linde Plc | | | 125 | | | | 54,856 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | |
Mettler-Toledo International, Inc. (1) | | | 39 | | | $ | 54,991 | |
Newmont Corp. | | | 142 | | | | 6,001 | |
Samsonite International SA (3) | | | 2,942 | | | | 8,769 | |
Southern Copper Corp. | | | 58 | | | | 6,294 | |
STERIS Plc | | | 273 | | | | 59,994 | |
| | | | | | | | |
Total United States | | | | 341,386 | |
| | | | | | | | |
| Uruguay – 0.83% | | | | | | | | |
MercadoLibre, Inc. (1) | | | 92 | | | | 150,715 | |
| | | | | | | | |
Total Uruguay | | | | 150,715 | |
| | | | | | | | |
Total Common Stocks
(Cost: $15,084,863) | | | | 17,869,702 | |
| | | | | | | | |
PREFERRED STOCKS – 0.02% | | | | | | | | |
| Germany – 0.02% | | | | | | | | |
Bayerische Motoren Werke AG | | | 3 | | | | 286 | |
Dr Ing hc F Porsche AG (3) | | | 6 | | | | 427 | |
Henkel AG & Co. KGaA | | | 9 | | | | 836 | |
Porsche Automobil Holding SE | | | 8 | | | | 377 | |
Sartorius AG | | | 1 | | | | 310 | |
Volkswagen AG | | | 11 | | | | 1,276 | |
| | | | | | | | |
Total Germany | | | | 3,512 | |
| | | | | | | | |
Total Preferred Stocks
(Cost: $3,958) | | | | 3,512 | |
| | | | | | | | |
RIGHTS – 0.00% (4) | | | | | | | | |
| Brazil – 0.00% (4) | | | | | | | | |
Localiza Rent a Car SA, expires 12/31/2049 (1) | | | 4 | | | | 7 | |
| | | | | | | | |
Total Brazil | | | | 7 | |
| | | | | | | | |
| Italy – 0.00% (4) | | | | | | | | |
Amplifon SpA, expires 08/10/2024 (1)(2) | | | 347 | | | | — | |
| | | | | | | | |
Total Italy | | | | — | |
| | | | | | | | |
Total Rights
(Cost: $10) | | | | | | | 7 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS – 1.93% | | | | | |
| Money Market Funds – 1.67% | | | | | | | | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (6) | | | 305,843 | | | | 305,843 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $305,843) | | | | 305,843 | |
| | | | | | | | |
| | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| Time Deposits – 0.26% | | | | | | | | |
ANZ, Hong Kong, 4.09% due 07/01/2024 | | NZD | 76 | | | | 46 | |
ANZ, London, 4.83% due 07/01/2024 | | $ | 808 | | | | 808 | |
BNP Paribas, Paris, 3.36% due 07/01/2024 | | AUD | 237 | | | | 158 | |
Brown Brothers Harriman, 2.50% due 07/01/2024 | | DKK | 463 | | | | 66 | |
Brown Brothers Harriman, 3.38% due 07/01/2024 | | NOK | 133 | | | | 12 | |
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
Brown Brothers Harriman, 6.33% due 07/01/2024 (2) | | ZAR | 6 | | | | 0 | |
Citibank, London, 2.84% due 07/01/2024 | | EUR | 8,158 | | | | 8,737 | |
HSBC, Hong Kong, 3.93% due 07/02/2024 | | HKD | 1,061 | | | | 136 | |
HSBC, Singapore, 2.60% due 07/01/2024 | | SGD | 27 | | | | 20 | |
JP Morgan, New York, 4.83% due 07/01/2024 | | $ | 3,097 | | | | 3,097 | |
Royal Bank of Canada, London, 4.40% due 07/01/2024 | | GBP | 13,964 | | | | 17,652 | |
Royal Bank of Canada, Toronto, 3.77% due 07/02/2024 (2) | | CAD | 0 | | | | 0 | |
Skandinaviska Enskilda Banken AB, Stockholm, 0.32% due 07/01/2024 | | CHF | 726 | | | | 808 | |
Skandinaviska Enskilda Banken AB, Stockholm, 2.76% due 07/01/2024 | | SEK | 505 | | | | 48 | |
Sumitomo Trust Bank, London, 4.83% due 07/01/2024 | | $ | 326 | | | | 326 | |
Sumitomo, Tokyo, -0.14% due 07/01/2024 | | JPY | 2,381,946 | | | | 14,805 | |
| | | | | | | | |
Total Time Deposits
(Cost: $46,719) | | | | 46,719 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $352,562) | | | | 352,562 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.95%
(Cost: $15,441,393) | | | | 18,225,783 | |
| | | | | | | | |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.05% | | | | 9,059 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 18,234,842 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
JPY Japanese Yen
The accompanying notes are an integral part of these financial statements.
Bridge Builder International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
ZAR South African Rand
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $462,236, which represents 2.53% of total net assets. |
| (4) | Amount calculated is less than 0.005%. |
| (5) | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $0, which represents 0.00% of total net assets. |
| (6) | Represents annualized seven-day yield as of the close of the reporting period. |
| (7) | Security that is restricted at June 30, 2024. The value of these securities totals $0, which represents 0.00% of total net assets. |
Open Futures Contracts
| | | | | | | | | | | | | | | | | | |
Number of Contracts
Purchased | | Reference Entity | | Expiration
Date | | | Notional
Amount | | | Value | | | Unrealized
Appreciation/
(Depreciation) | |
| 45 | | Euro Stoxx 50 Future | | | Sep. 2024 | | | EUR | 2,207 | | | $ | 2,374 | | | $ | 10 | |
| 18 | | FTSE 100 INDEX Future | | | Sep. 2024 | | | GBP | 1,477 | | | | 1,869 | | | | 1 | |
| 8 | | TOPIX INDEX Future | | | Sep. 2024 | | | JPY | 222,523 | | | | 1,397 | | | | 15 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 26 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
COMMON STOCKS | | Percentages of
Net Assets | |
Communication Services | | | 3.91 | % |
Consumer Discretionary | | | 12.54 | |
Consumer Staples | | | 8.27 | |
Energy | | | 3.72 | |
Financials | | | 18.11 | |
Healthcare | | | 12.53 | |
Industrials | | | 19.71 | |
Information Technology | | | 11.18 | |
Materials | | | 4.55 | |
Real Estate | | | 0.39 | |
Utilities | | | 3.09 | |
| | | | |
Total Common Stocks | | | 98.00 | |
| | | | |
| | | | |
PREFERRED STOCKS | | Percentages of
Net Assets | |
Consumer Discretionary | | | 0.02 | |
Consumer Staples | | | 0.00 | (1) |
Healthcare | | | 0.00 | (1) |
| | | | |
Total Preferred Stocks | | | 0.02 | |
| | | | |
RIGHTS | | | | |
Healthcare | | | — | (1) |
Industrials | | | 0.00 | (1) |
| | | | |
Total Rights | | | 0.00 | (1) |
| | | | |
SHORT-TERM INVESTMENTS | | | 1.93 | |
| | | | |
TOTAL INVESTMENTS | | | 99.95 | |
OTHER ASSETS IN EXCESS OF LIABILITIES | | | 0.05 | |
| | | | |
TOTAL NET ASSETS | | | 100.00 | % |
| | | | |
| (1) | Amount calculated is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed International Equity Fund
Schedule of Investments
June 30, 2024
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
COMMON STOCKS – 97.03% | | | | | | | | |
| Australia – 2.92% | | | | | | | | |
Ampol Ltd. | | | 9 | | | $ | 193 | |
ANZ Group Holdings Ltd. | | | 180 | | | | 3,376 | |
APA Group | | | 167 | | | | 890 | |
BHP Group Ltd. | | | 75 | | | | 2,142 | |
BHP Group Ltd. | | | 104 | | | | 2,970 | |
Brambles Ltd. | | | 30 | | | | 290 | |
Challenger Ltd. | | | 254 | | | | 1,182 | |
Cochlear Ltd. | | | 35 | | | | 7,679 | |
Coles Group Ltd. | | | 76 | | | | 861 | |
Commonwealth Bank of Australia | | | 25 | | | | 2,146 | |
Computershare Ltd. | | | 5 | | | | 86 | |
CSL Ltd. | | | 60 | | | | 11,761 | |
Dexus Property Group | | | 31 | | | | 133 | |
Goodman Group | | | 19 | | | | 428 | |
Macquarie Group Ltd. | | | 16 | | | | 2,227 | |
Medibank Pvt Ltd. | | | 57 | | | | 141 | |
Mineral Resources Ltd. | | | 4 | | | | 128 | |
National Australia Bank Ltd. | | | 30 | | | | 723 | |
Northern Star Resources Ltd. | | | 11 | | | | 92 | |
Qantas Airways Ltd. (1) | | | 75 | | | | 293 | |
REA Group Ltd. (2) | | | 0 | | | | 44 | |
Rio Tinto Ltd. | | | 10 | | | | 817 | |
Scentre Group | | | 682 | | | | 1,413 | |
Seek Ltd. | | | 50 | | | | 717 | |
South32 Ltd. | | | 946 | | | | 2,295 | |
Telstra Group Ltd. | | | 369 | | | | 890 | |
Washington H Soul Pattinson & Co. Ltd. | | | 4 | | | | 77 | |
Wesfarmers Ltd. | | | 15 | | | | 662 | |
Westpac Banking Corp. | | | 83 | | | | 1,499 | |
Worley Ltd. | | | 205 | | | | 2,044 | |
| | | | | | | | |
Total Australia | | | | 48,199 | |
| | | | | |
| Austria – 0.10% | | | | | | | | |
Erste Group Bank AG | | | 26 | | | | 1,218 | |
OMV AG | | | 1 | | | | 43 | |
Verbund AG | | | 4 | | | | 327 | |
| | | | | | | | |
Total Austria | | | | 1,588 | |
| | | | | |
| Belgium – 0.15% | | | | | | | | |
Anheuser-Busch InBev SA | | | 21 | | | | 1,204 | |
D’ieteren Group | | | 4 | | | | 881 | |
Groupe Bruxelles Lambert NV | | | 4 | | | | 297 | |
KBC Group NV | | | 1 | | | | 87 | |
| | | | | | | | |
Total Belgium | | | | 2,469 | |
| | | | | |
| Brazil – 0.46% | | | | | | | | |
Ambev SA – ADR | | | 2,735 | | | | 5,606 | |
Banco do Brasil SA | | | 412 | | | | 1,968 | |
| | | | | | | | |
Total Brazil | | | | 7,574 | |
| | | | | |
| Canada – 3.04% | | | | | | | | |
Alimentation Couche-Tard, Inc. | | | 245 | | | | 13,762 | |
Brookfield Corp. | | | 62 | | | | 2,568 | |
Canadian National Railway Co. | | | 89 | | | | 10,526 | |
Definity Financial Corp. | | | 40 | | | | 1,329 | |
Element Fleet Management Corp. | | | 215 | | | | 3,916 | |
Magna International, Inc. | | | 237 | | | | 9,917 | |
National Bank of Canada | | | 63 | | | | 4,973 | |
Sun Life Financial, Inc. | | | 64 | | | | 3,162 | |
| | | | | | | | |
Total Canada | | | | 50,153 | |
| | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Chile – 0.19% | | | | | | | | |
Antofagasta Plc | | | 118 | | | $ | 3,128 | |
| | | | | | | | |
Total Chile | | | | 3,128 | |
| | | | | |
| China – 1.15% | | | | | | | | |
Alibaba Group Holding Ltd. – ADR | | | 11 | | | | 795 | |
Alibaba Group Holding Ltd. | | | 1,013 | | | | 9,125 | |
China Merchants Bank Co. Ltd. – Class H | | | 477 | | | | 2,168 | |
Haier Smart Home Co. Ltd. – Class A | | | 1,315 | | | | 4,382 | |
Tencent Holdings Ltd. | | | 11 | | | | 503 | |
Weichai Power Co. Ltd. – Class H | | | 1,037 | | | | 1,974 | |
| | | | | | | | |
Total China | | | | 18,947 | |
| | | | | |
| Denmark – 3.51% | | | | | | | | |
AP Moller – Maersk – Class B (2) | | | 0 | | | | 215 | |
Carlsberg AS – Class B (2) | | | 0 | | | | 49 | |
Coloplast – Class B | | | 67 | | | | 8,083 | |
Danske Bank | | | 194 | | | | 5,797 | |
DSV | | | 2 | | | | 258 | |
Genmab (1) | | | 1 | | | | 314 | |
Novo Nordisk – Class B | | | 274 | | | | 39,182 | |
Novonesis (Novozymes) B – Class B | | | 48 | | | | 2,909 | |
Tryg | | | 36 | | | | 786 | |
Vestas Wind Systems (1) | | | 14 | | | | 314 | |
| | | | | | | | |
Total Denmark | | | | 57,907 | |
| | | | | |
| Finland – 1.65% | | | | | | | | |
Elisa OYJ | | | 11 | | | | 513 | |
Fortum OYJ | | | 3 | | | | 47 | |
Kone OYJ – Class B | | | 183 | | | | 9,049 | |
Mandatum OYJ | | | 54 | | | | 242 | |
Nokia OYJ | | | 2,615 | | | | 9,953 | |
Nordea Bank Abp | | | 54 | | | | 639 | |
Nordea Bank Abp – Class A | | | 63 | | | | 751 | |
Sampo OYJ – Class A | | | 96 | | | | 4,156 | |
Stora Enso OYJ – Class R | | | 90 | | | | 1,229 | |
UPM-Kymmene OYJ | | | 19 | | | | 655 | |
| | | | | | | | |
Total Finland | | | | 27,234 | |
| | | | | |
| France – 11.95% | | | | | | | | |
Accor SA | | | 187 | | | | 7,657 | |
Air Liquide SA | | | 102 | | | | 17,552 | |
Airbus SE | | | 6 | | | | 805 | |
Alstom SA | | | 28 | | | | 477 | |
Amundi SA (3) | | | 152 | | | | 9,801 | |
AXA SA | | | 184 | | | | 6,016 | |
BNP Paribas SA | | | 46 | | | | 2,913 | |
Bouygues SA | | | 88 | | | | 2,829 | |
Bureau Veritas SA | | | 72 | | | | 1,995 | |
Capgemini SE | | | 1 | | | | 171 | |
Cie de Saint-Gobain SA | | | 3 | | | | 196 | |
Cie Generale des Etablissements Michelin SCA | | | 324 | | | | 12,537 | |
Covivio | | | 6 | | | | 301 | |
Credit Agricole SA | | | 25 | | | | 338 | |
Danone SA | | | 14 | | | | 832 | |
Dassault Systemes SE | | | 193 | | | | 7,261 | |
Edenred SE | | | 14 | | | | 600 | |
Eiffage SA (2) | | | 0 | | | | 21 | |
Engie SA | | | 277 | | | | 3,968 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
EssilorLuxottica SA | | | 23 | | | $ | 4,941 | |
Eurazeo SE | | | 4 | | | | 287 | |
Gecina SA | | | 1 | | | | 83 | |
Hermes International SCA | | | 4 | | | | 8,116 | |
Ipsen SA | | | 4 | | | | 526 | |
Kering SA | | | 2 | | | | 614 | |
La Francaise des Jeux SAEM (3) | | | 8 | | | | 262 | |
Legrand SA | | | 26 | | | | 2,628 | |
L’Oreal SA | | | 37 | | | | 16,379 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 21 | | | | 15,783 | |
Orange SA | | | 18 | | | | 177 | |
Publicis Groupe SA | | | 29 | | | | 3,034 | |
Remy Cointreau SA | | | 7 | | | | 603 | |
Renault SA | | | 2 | | | | 123 | |
Rexel SA | | | 389 | | | | 10,071 | |
Safran SA | | | 23 | | | | 4,821 | |
Sanofi SA | | | 191 | | | | 18,378 | |
Schneider Electric SE | | | 4 | | | | 977 | |
SCOR SE | | | 13 | | | | 333 | |
Societe Generale SA | | | 13 | | | | 313 | |
Teleperformance SE | | | 127 | | | | 13,373 | |
TotalEnergies SE | | | 262 | | | | 17,567 | |
Veolia Environnement SA | | | 4 | | | | 127 | |
Vinci SA | | | 7 | | | | 756 | |
Vivendi SE | | | 47 | | | | 488 | |
| | | | | | | | |
Total France | | | | 197,030 | |
| | | | | |
| Germany – 9.03% | | | | | | | | |
Adidas AG | | | 52 | | | | 12,384 | |
Allianz SE | | | 3 | | | | 933 | |
BASF SE | | | 259 | | | | 12,499 | |
Bayer AG | | | 380 | | | | 10,715 | |
Bayerische Motoren Werke AG | | | 5 | | | | 450 | |
Beiersdorf AG | | | 1 | | | | 197 | |
Continental AG | | | 58 | | | | 3,272 | |
Covestro AG (1)(3) | | | 191 | | | | 11,177 | |
Daimler Truck Holding AG | | | 291 | | | | 11,621 | |
Deutsche Bank AG | | | 22 | | | | 356 | |
Deutsche Boerse AG | | | 2 | | | | 390 | |
Deutsche Post AG | | | 15 | | | | 593 | |
Deutsche Telekom AG | | | 29 | | | | 730 | |
E.ON SE | | | 23 | | | | 298 | |
Evonik Industries AG | | | 201 | | | | 4,095 | |
Evotec SE (1) | | | 70 | | | | 669 | |
Fresenius Medical Care AG | | | 159 | | | | 6,089 | |
Fresenius SE & Co. KGaA (1) | | | 56 | | | | 1,665 | |
Hannover Rueck SE | | | 1 | | | | 157 | |
Infineon Technologies AG | | | 123 | | | | 4,498 | |
KION Group AG | | | 33 | | | | 1,374 | |
Mercedes-Benz Group AG – ADR | | | 39 | | | | 673 | |
Mercedes-Benz Group AG – Class REGISTERED | | | 33 | | | | 2,292 | |
Merck KGaA | | | 62 | | | | 10,251 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 16 | | | | 7,954 | |
SAP SE | | | 112 | | | | 22,562 | |
Siemens AG | | | 79 | | | | 14,653 | |
Siemens Healthineers AG (3) | | | 75 | | | | 4,346 | |
Symrise AG – Class A | | | 6 | | | | 708 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Volkswagen AG | | | 5 | | | $ | 570 | |
Vonovia SE | | | 13 | | | | 357 | |
Zalando SE (1)(3) | | | 17 | | | | 402 | |
| | | | | | | | |
Total Germany | | | | 148,930 | |
| | | | | |
| Hong Kong – 2.57% | | | | | | | | |
AIA Group Ltd. | | | 1,535 | | | | 10,384 | |
Beijing Enterprises Holdings Ltd. | | | 113 | | | | 379 | |
China Overseas Land & Investment Ltd. | | | 1,725 | | | | 2,986 | |
CK Asset Holdings Ltd. | | | 253 | | | | 946 | |
CK Hutchison Holdings Ltd. | | | 212 | | | | 1,011 | |
CLP Holdings Ltd. | | | 904 | | | | 7,312 | |
Galaxy Entertainment Group Ltd. | | | 1,286 | | | | 5,985 | |
Hang Seng Bank Ltd. | | | 87 | | | | 1,117 | |
Hong Kong Exchanges & Clearing Ltd. | | | 9 | | | | 282 | |
Jardine Matheson Holdings Ltd. | | | 77 | | | | 2,700 | |
Power Assets Holdings Ltd. | | | 50 | | | | 270 | |
Prudential Plc | | | 862 | | | | 7,815 | |
Xinyi Glass Holdings Ltd. | | | 1,109 | | | | 1,214 | |
| | | | | | | | |
Total Hong Kong | | | | 42,401 | |
| | | | | |
| Hungary – 0.12% | | | | | | | | |
OTP Bank Nyrt | | | 41 | | | | 2,043 | |
| | | | | | | | |
Total Hungary | | | | 2,043 | |
| | | | | |
| Indonesia – 0.15% | | | | | | | | |
Bank Rakyat Indonesia Persero Tbk PT | | | 9,106 | | | | 2,553 | |
| | | | | | | | |
Total Indonesia | | | | 2,553 | |
| | | | | |
| Ireland – 1.81% | | | | | | | | |
AerCap Holdings NV | | | 1 | | | | 106 | |
Bank of Ireland Group Plc | | | 824 | | | | 8,606 | |
DCC Plc | | | 36 | | | | 2,479 | |
Experian Plc | | | 256 | | | | 11,896 | |
Flutter Entertainment Plc (1) | | | 6 | | | | 1,054 | |
James Hardie Industries Plc (1) | | | 5 | | | | 170 | |
Medtronic Plc | | | 71 | | | | 5,566 | |
| | | | | | | | |
Total Ireland | | | | 29,877 | |
| | | | | |
| Israel – 0.14% | | | | | | | | |
Bank Leumi Le-Israel BM | | | 110 | | | | 898 | |
Check Point Software Technologies Ltd. (1) | | | 8 | | | | 1,379 | |
Wix.com Ltd. (1) | | | 1 | | | | 83 | |
| | | | | | | | |
Total Israel | | | | 2,360 | |
| | | | | |
| Italy – 1.93% | | | | | | | | |
Assicurazioni Generali SpA | | | 25 | | | | 623 | |
Davide Campari-Milano NV | | | 120 | | | | 1,140 | |
DiaSorin SpA | | | 5 | | | | 545 | |
Enel SpA | | | 1,489 | | | | 10,330 | |
ENI SpA | | | 23 | | | | 360 | |
Ferrari NV | | | 16 | | | | 6,705 | |
FinecoBank Banca Fineco SpA | | | 26 | | | | 380 | |
Intesa Sanpaolo SpA | | | 811 | | | | 3,014 | |
Moncler SpA | | | 49 | | | | 3,021 | |
Poste Italiane SpA (3) | | | 3 | | | | 42 | |
Prysmian SpA | | | 70 | | | | 4,332 | |
Recordati SpA | | | 5 | | | | 253 | |
Snam SpA | | | 18 | | | | 81 | |
Terna – Rete Elettrica Nazionale | | | 38 | | | | 290 | |
UniCredit SpA | | | 18 | | | | 669 | |
| | | | | | | | |
Total Italy | | | | 31,785 | |
| | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Japan – 17.92% | | | | | | | | |
Advantest Corp. | | | 5 | | | $ | 195 | |
Aeon Co. Ltd. | | | 10 | | | | 212 | |
Aisin Corp. | | | 7 | | | | 212 | |
Ajinomoto Co., Inc. | | | 5 | | | | 169 | |
Asahi Kasei Corp. | | | 279 | | | | 1,793 | |
Astellas Pharma, Inc. | | | 361 | | | | 3,563 | |
Bandai Namco Holdings, Inc. | | | 14 | | | | 270 | |
Bridgestone Corp. | | | 38 | | | | 1,496 | |
Brother Industries Ltd. | | | 15 | | | | 263 | |
Canon, Inc. | | | 14 | | | | 374 | |
Central Japan Railway Co. | | | 37 | | | | 791 | |
Chugai Pharmaceutical Co. Ltd. | | | 53 | | | | 1,894 | |
CyberAgent, Inc. | | | 170 | | | | 1,062 | |
Daifuku Co. Ltd. | | | 13 | | | | 242 | |
Dai-ichi Life Holdings, Inc. | | | 18 | | | | 485 | |
Daiichi Sankyo Co. Ltd. | | | 17 | | | | 601 | |
Daikin Industries Ltd. | | | 61 | | | | 8,423 | |
Denso Corp. | | | 139 | | | | 2,168 | |
Disco Corp. | | | 3 | | | | 1,143 | |
East Japan Railway Co. | | | 12 | | | | 195 | |
Eisai Co. Ltd. | | | 15 | | | | 622 | |
Electric Power Development Co. Ltd. | | | 70 | | | | 1,091 | |
ENEOS Holdings, Inc. | | | 54 | | | | 279 | |
FANUC Corp. | | | 214 | | | | 5,875 | |
Fast Retailing Co. Ltd. | | | 2 | | | | 379 | |
FUJIFILM Holdings Corp. | | | 12 | | | | 281 | |
Fujitsu Ltd. | | | 39 | | | | 612 | |
Fukuoka Financial Group, Inc. | | | 127 | | | | 3,407 | |
Hamamatsu Photonics KK | | | 37 | | | | 983 | |
Hankyu Hanshin Holdings, Inc. | | | 26 | | | | 699 | |
Hikari Tsushin, Inc. | | | 1 | | | | 112 | |
Hitachi Ltd. | | | 57 | | | | 1,272 | |
Honda Motor Co. Ltd. | | | 314 | | | | 3,370 | |
Hoya Corp. | | | 95 | | | | 11,051 | |
Ibiden Co. Ltd. | | | 2 | | | | 74 | |
Iida Group Holdings Co. Ltd. | | | 76 | | | | 1,000 | |
Inpex Corp. | | | 8 | | | | 112 | |
Isuzu Motors Ltd. | | | 310 | | | | 4,124 | |
ITOCHU Corp. | | | 12 | | | | 565 | |
Japan Post Bank Co. Ltd. | | | 5 | | | | 44 | |
Japan Post Holdings Co. Ltd. | | | 15 | | | | 149 | |
Japan Tobacco, Inc. | | | 27 | | | | 742 | |
JFE Holdings, Inc. | | | 30 | | | | 426 | |
Kao Corp. | | | 14 | | | | 571 | |
KDDI Corp. | | | 31 | | | | 829 | |
Keyence Corp. | | | 29 | | | | 12,518 | |
Kintetsu Group Holdings Co. Ltd. | | | 31 | | | | 665 | |
Komatsu Ltd. | | | 317 | | | | 9,268 | |
Kubota Corp. | | | 24 | | | | 333 | |
Kyowa Kirin Co. Ltd. | | | 39 | | | | 665 | |
Lasertec Corp. | | | 2 | | | | 471 | |
LY Corp. | | | 586 | | | | 1,415 | |
M3, Inc. | | | 69 | | | | 658 | |
Makita Corp. | | | 12 | | | | 337 | |
Marubeni Corp. | | | 7 | | | | 124 | |
McDonald’s Holdings Co. Japan Ltd. | | | 1 | | | | 39 | |
Minebea Co. Ltd. | | | 315 | | | | 6,493 | |
MISUMI Group, Inc. | | | 403 | | | | 6,919 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Mitsubishi Corp. | | | 178 | | | $ | 3,503 | |
Mitsubishi Electric Corp. | | | 258 | | | | 4,139 | |
Mitsubishi HC Capital, Inc. | | | 193 | | | | 1,278 | |
Mitsubishi UFJ Financial Group, Inc. | | | 542 | | | | 5,851 | |
Mitsui & Co. Ltd. | | | 136 | | | | 3,111 | |
Mitsui Fudosan Co. Ltd. | | | 440 | | | | 4,051 | |
Mizuho Financial Group, Inc. | | | 9 | | | | 181 | |
MS&AD Insurance Group Holdings, Inc. | | | 155 | | | | 3,449 | |
Murata Manufacturing Co. Ltd. | | | 528 | | | | 10,940 | |
Nintendo Co. Ltd. | | | 17 | | | | 897 | |
Nippon Steel Corp. | | | 34 | | | | 714 | |
Nippon Telegraph & Telephone Corp. | | | 4,078 | | | | 3,856 | |
Nissan Motor Co. Ltd. | | | 55 | | | | 187 | |
Nomura Research Institute Ltd. | | | 9 | | | | 260 | |
NTT Data Group Corp. | | | 220 | | | | 3,249 | |
Olympus Corp. | | | 356 | | | | 5,747 | |
Ono Pharmaceutical Co. Ltd. | | | 49 | | | | 675 | |
Oriental Land Co. Ltd. | | | 13 | | | | 363 | |
ORIX Corp. | | | 25 | | | | 545 | |
Otsuka Holdings Co. Ltd. | | | 47 | | | | 2,002 | |
Panasonic Holdings Corp. | | | 196 | | | | 1,615 | |
Rakuten Group, Inc. | | | 97 | | | | 505 | |
Recruit Holdings Co. Ltd. | | | 91 | | | | 4,891 | |
Renesas Electronics Corp. | | | 134 | | | | 2,547 | |
Resona Holdings, Inc. | | | 1,218 | | | | 8,104 | |
Rohm Co. Ltd. | | | 48 | | | | 647 | |
Secom Co. Ltd. | | | 9 | | | | 539 | |
Seiko Epson Corp. | | | 2 | | | | 33 | |
Seven & i Holdings Co. Ltd. | | | 298 | | | | 3,640 | |
Sharp Corp. (1) | | | 159 | | | | 918 | |
Shin-Etsu Chemical Co. Ltd. | | | 361 | | | | 14,027 | |
Shiseido Co. Ltd. | | | 20 | | | | 576 | |
SMC Corp. – ADR | | | 66 | | | | 1,582 | |
SMC Corp. | | | 22 | | | | 10,387 | |
Softbank Corp. | | | 74 | | | | 910 | |
SoftBank Group Corp. | | | 11 | | | | 682 | |
Sony Group Corp. | | | 64 | | | | 5,429 | |
Stanley Electric Co. Ltd. | | | 37 | | | | 658 | |
Subaru Corp. | | | 156 | | | | 3,313 | |
Sumitomo Corp. | | | 140 | | | | 3,510 | |
Sumitomo Metal Mining Co. Ltd. | | | 30 | | | | 915 | |
Sumitomo Mitsui Financial Group, Inc. | | | 68 | | | | 4,558 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 60 | | | | 1,379 | |
Suntory Beverage & Food Ltd. | | | 192 | | | | 6,808 | |
Suzuki Motor Corp. | | | 117 | | | | 1,348 | |
Sysmex Corp. | | | 484 | | | | 7,805 | |
T&D Holdings, Inc. | | | 113 | | | | 1,967 | |
Takeda Pharmaceutical Co. Ltd. | | | 171 | | | | 4,433 | |
TDK Corp. | | | 115 | | | | 7,084 | |
TechnoPro Holdings, Inc. | | | 105 | | | | 1,715 | |
Terumo Corp. | | | 441 | | | | 7,314 | |
THK Co. Ltd. | | | 36 | | | | 648 | |
Tokio Marine Holdings, Inc. | | | 163 | | | | 6,129 | |
Tokyo Electron Ltd. | | | 22 | | | | 4,838 | |
Toray Industries, Inc. | | | 827 | | | | 3,921 | |
Toyota Motor Corp. | | | 420 | | | | 8,610 | |
Unicharm Corp. | | | 26 | | | | 826 | |
Welcia Holdings Co. Ltd. | | | 47 | | | | 591 | |
Yamato Holdings Co. Ltd. | | | 64 | | | | 703 | |
Yokogawa Electric Corp. | | | 4 | | | | 100 | |
| | | | | | | | |
Total Japan | | | | 295,328 | |
| | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Luxembourg – 0.30% | | | | | | | | |
ArcelorMittal | | | 214 | | | $ | 4,897 | |
| | | | | | | | |
Total Luxembourg | | | | 4,897 | |
| | | | | |
| Netherlands – 7.10% | | | | | | | | |
Adyen NV (1)(3) | | | 1 | | | | 1,377 | |
Aegon Ltd. | | | 14 | | | | 88 | |
Akzo Nobel NV | | | 8 | | | | 477 | |
Argenx SE (1) | | | 1 | | | | 330 | |
Argenx SE – ADR (1) | | | 5 | | | | 2,328 | |
ASM International NV | | | 21 | | | | 16,348 | |
ASML Holding NV | | | 32 | | | | 32,524 | |
ASR Nederland NV | | | 6 | | | | 280 | |
EXOR NV | | | 3 | | | | 361 | |
Ferrovial SE | | | 6 | | | | 220 | |
Heineken NV | | | 47 | | | | 4,595 | |
IMCD NV | | | 5 | | | | 623 | |
ING Groep NV | | | 921 | | | | 15,826 | |
Koninklijke Ahold Delhaize NV | | | 14 | | | | 414 | |
Koninklijke KPN NV | | | 184 | | | | 706 | |
Koninklijke Philips NV | | | 472 | | | | 11,869 | |
NN Group NV | | | 14 | | | | 643 | |
NXP Semiconductors NV | | | 18 | | | | 4,827 | |
Prosus NV (1) | | | 27 | | | | 967 | |
QIAGEN NV (1) | | | 8 | | | | 322 | |
Randstad NV | | | 163 | | | | 7,419 | |
Stellantis NV | | | 19 | | | | 382 | |
Universal Music Group NV | | | 155 | | | | 4,601 | |
Wolters Kluwer NV | | | 57 | | | | 9,454 | |
| | | | | | | | |
Total Netherlands | | | | 116,981 | |
| | | | | |
| New Zealand – 0.04% | | | | | | | | |
Meridian Energy Ltd. | | | 66 | | | | 252 | |
Xero Ltd. (1) | | | 4 | | | | 335 | |
| | | | | | | | |
Total New Zealand | | | | 587 | |
| | | | | |
| Norway – 1.32% | | | | | | | | |
Aker BP ASA | | | 9 | | | | 230 | |
DNB Bank ASA | | | 223 | | | | 4,377 | |
Equinor ASA | | | 424 | | | | 12,139 | |
Norsk Hydro ASA | | | 164 | | | | 1,019 | |
Storebrand ASA | | | 226 | | | | 2,306 | |
Telenor ASA | | | 85 | | | | 973 | |
Yara International ASA | | | 25 | | | | 713 | |
| | | | | | | | |
Total Norway | | | | 21,757 | |
| | | | | |
| Portugal – 0.05% | | | | | | | | |
EDP – Energias de Portugal SA | | | 205 | | | | 768 | |
| | | | | | | | |
Total Portugal | | | | 768 | |
| | | | | |
| Singapore – 0.74% | | | | | | | | |
CapitaLand Ascendas REIT | | | 35 | | | | 67 | |
DBS Group Holdings Ltd. | | | 138 | | | | 3,642 | |
Oversea-Chinese Banking Corp. Ltd. | | | 78 | | | | 826 | |
Sea Ltd. – ADR (1) | | | 7 | | | | 479 | |
Singapore Airlines Ltd. | | | 54 | | | | 273 | |
Singapore Exchange Ltd. | | | 44 | | | | 304 | |
Singapore Telecommunications Ltd. | | | 41 | | | | 83 | |
United Overseas Bank Ltd. | | | 199 | | | | 4,583 | |
Wilmar International Ltd. | | | 855 | | | | 1,948 | |
| | | | | | | | |
Total Singapore | | | | 12,205 | |
| | | | | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
| South Korea – 0.61% | | | | | | | | |
NAVER Corp. | | | 3 | | | $ | 336 | |
POSCO Holdings, Inc. | | | 1 | | | | 294 | |
Samsung Electronics Co. Ltd. | | | 120 | | | | 7,090 | |
Shinhan Financial Group Co. Ltd. | | | 65 | | | | 2,259 | |
| | | | | | | | |
Total South Korea | | | | 9,979 | |
| | | | | |
| Spain – 2.65% | | | | | | | | |
Acciona SA | | | 11 | | | | 1,258 | |
ACS Actividades Co. | | | 3 | | | | 127 | |
Aena SME SA (3) | | | 1 | | | | 304 | |
Amadeus IT Group SA | | | 176 | | | | 11,741 | |
Banco Bilbao Vizcaya Argentaria SA | | | 44 | | | | 441 | |
Banco Santander SA | | | 131 | | | | 611 | |
CaixaBank SA | | | 1,514 | | | | 8,041 | |
EDP Renovaveis SA | | | 73 | | | | 1,016 | |
Iberdrola SA | | | 70 | | | | 912 | |
Industria de Diseno Textil SA | | | 347 | | | | 17,196 | |
Puig Brands SA – Class B (1) | | | 53 | | | | 1,477 | |
Repsol SA | | | 21 | | | | 333 | |
Telefonica SA | | | 50 | | | | 211 | |
| | | | | | | | |
Total Spain | | | | 43,668 | |
| | | | | |
| Sweden – 1.63% | | | | | | | | |
Alleima AB | | | 1 | | | | 5 | |
Assa Abloy AB – Class B | | | 15 | | | | 427 | |
Atlas Copco AB – Class A | | | 44 | | | | 829 | |
Atlas Copco AB – Class B | | | 490 | | | | 7,909 | |
Autoliv, Inc. | | | 17 | | | | 1,849 | |
Boliden AB | | | 4 | | | | 139 | |
Elekta AB – Class B | | | 134 | | | | 834 | |
Epiroc AB – Class A | | | 30 | | | | 611 | |
EQT AB | | | 12 | | | | 358 | |
Essity AB – Class B | | | 10 | | | | 252 | |
Evolution AB (3) | | | 1 | | | | 150 | |
Fastighets AB Balder – Class B (1) | | | 54 | | | | 371 | |
H & M Hennes & Mauritz AB – Class B | | | 16 | | | | 248 | |
Hexagon AB – Class B | | | 87 | | | | 987 | |
Industrivarden AB – Class C | | | 4 | | | | 128 | |
Indutrade AB | | | 31 | | | | 802 | |
Investment AB Latour – Class B | | | 13 | | | | 347 | |
Investor AB – Class B | | | 20 | | | | 535 | |
Nibe Industrier AB – Class B | | | 140 | | | | 589 | |
Sagax AB – Class B | | | 13 | | | | 340 | |
Sandvik AB | | | 104 | | | | 2,087 | |
Securitas AB – Class B | | | 6 | | | | 55 | |
Skandinaviska Enskilda Banken AB – Class A | | | 45 | | | | 663 | |
Svenska Handelsbanken AB – Class A | | | 261 | | | | 2,495 | |
Telefonaktiebolaget LM Ericsson – Class B | | | 526 | | | | 3,263 | |
Volvo AB – Class B | | | 13 | | | | 342 | |
Volvo Car AB – Class B (1) | | | 79 | | | | 244 | |
| | | | | | | | |
Total Sweden | | | | 26,859 | |
| | | | | |
| Switzerland – 8.79% | | | | | | | | |
ABB Ltd. | | | 106 | | | | 5,893 | |
Accelleron Industries AG | | | 1 | | | | 39 | |
Adecco Group AG | | | 6 | | | | 206 | |
Alcon, Inc. | | | 30 | | | | 2,642 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Banque Cantonale Vaudoise | | | 10 | | | $ | 1,025 | |
Barry Callebaut AG | | | 1 | | | | 2,357 | |
Cie Financiere Richemont SA | | | 4 | | | | 680 | |
Clariant AG (1) | | | 19 | | | | 296 | |
DSM-Firmenich AG | | | 5 | | | | 554 | |
EMS-Chemie Holding AG (2) | | | 0 | | | | 115 | |
Geberit AG | | | 2 | | | | 1,204 | |
Givaudan SA (2) | | | 0 | | | | 1,137 | |
Glencore Plc | | | 148 | | | | 840 | |
Holcim AG (1) | | | 3 | | | | 229 | |
Julius Baer Group Ltd. | | | 194 | | | | 10,856 | |
Kuehne & Nagel International AG | | | 27 | | | | 7,717 | |
Lonza Group AG | | | 15 | | | | 8,189 | |
Nestle SA | | | 215 | | | | 21,974 | |
Novartis AG | | | 174 | | | | 18,490 | |
Partners Group Holding AG | | | 1 | | | | 1,200 | |
Roche Holding AG | | | 5 | | | | 1,439 | |
Roche Holding AG | | | 111 | | | | 30,855 | |
Sandoz Group AG | | | 28 | | | | 1,029 | |
SGS SA | | | 101 | | | | 9,027 | |
Sika AG | | | 2 | | | | 618 | |
Sonova Holding AG | | | 1 | | | | 367 | |
STMicroelectronics NV | | | 8 | | | | 320 | |
Straumann Holding AG | | | 2 | | | | 223 | |
Swatch Group AG – BR | | | 4 | | | | 903 | |
Swisscom AG (2) | | | 0 | | | | 91 | |
UBS Group AG | | | 324 | | | | 9,512 | |
VAT Group AG (2)(3) | | | 0 | | | | 134 | |
Zurich Insurance Group AG | | | 9 | | | | 4,813 | |
| | | | | | | | |
Total Switzerland | | | | 144,974 | |
| | | | | |
| Taiwan – 2.96% | | | | | | | | |
Hon Hai Precision Industry Co. Ltd. | | | 1,218 | | | | 8,019 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 571 | | | | 16,917 | |
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | | | 138 | | | | 23,927 | |
| | | | | | | | |
Total Taiwan | | | | 48,863 | |
| | | | | |
| United Kingdom – 11.36% | | | | | | | | |
3i Group Plc | | | 4 | | | | 159 | |
Amcor Plc | | | 83 | | | | 823 | |
Ashtead Group Plc | | | 42 | | | | 2,798 | |
AstraZeneca Plc | | | 16 | | | | 2,423 | |
AstraZeneca Plc – ADR | | | 100 | | | | 7,782 | |
Aviva Plc | | | 541 | | | | 3,260 | |
BAE Systems Plc | | | 29 | | | | 487 | |
Barclays Plc | | | 1,826 | | | | 4,825 | |
Barratt Developments Plc | | | 63 | | | | 374 | |
Berkeley Group Holdings Plc | | | 11 | | | | 636 | |
BP Plc | | | 186 | | | | 1,117 | |
Bridgepoint Group Plc (3) | | | 250 | | | | 690 | |
British American Tobacco Plc | | | 36 | | | | 1,098 | |
BT Group Plc – Class A | | | 1,643 | | | | 2,913 | |
Bunzl Plc | | | 68 | | | | 2,590 | |
Compass Group Plc | | | 617 | | | | 16,817 | |
Diageo Plc | | | 425 | | | | 13,340 | |
Entain Plc | | | 129 | | | | 1,022 | |
Great Portland Estates Plc | | | 200 | | | | 848 | |
GSK Plc | | | 39 | | | | 755 | |
GSK Plc – ADR | | | 52 | | | | 2,001 | |
Haleon Plc | | | 320 | | | | 1,303 | |
HSBC Holdings Plc | | | 1,232 | | | | 10,631 | |
Intertek Group Plc | | | 11 | | | | 692 | |
J Sainsbury Plc | | | 2,336 | | | | 7,527 | |
| | | | | | | | |
| | | Shares
(000s) | | | Value
(000s) | |
| | | | | | | | |
Johnson Matthey Plc | | | 47 | | | $ | 934 | |
Kingfisher Plc | | | 790 | | | | 2,478 | |
Land Securities Group Plc | | | 16 | | | | 125 | |
Legal & General Group Plc | | | 102 | | | | 291 | |
Lloyds Banking Group Plc | | | 4,671 | | | | 3,221 | |
London Stock Exchange Group Plc | | | 3 | | | | 409 | |
Melrose Industries Plc | | | 331 | | | | 2,305 | |
Mondi Plc | | | 32 | | | | 620 | |
National Grid Plc | | | 195 | | | | 2,181 | |
NatWest Group Plc | | | 1,943 | | | | 7,643 | |
Next Plc | | | 28 | | | | 3,149 | |
Persimmon Plc | | | 85 | | | | 1,437 | |
Phoenix Group Holdings Plc | | | 355 | | | | 2,335 | |
Polestar Automotive Holding UK Plc (1)(4) | | | 17 | | | | 13 | |
Reckitt Benckiser Group Plc | | | 189 | | | | 10,208 | |
RELX Plc | | | 68 | | | | 3,099 | |
Rio Tinto Plc | | | 14 | | | | 891 | |
Sage Group Plc | | | 257 | | | | 3,528 | |
Segro Plc | | | 64 | | | | 727 | |
Severn Trent Plc | | | 4 | | | | 122 | |
Shell Plc | | | 64 | | | | 2,292 | |
Shell Plc – ADR | | | 58 | | | | 4,196 | |
Shell Plc | | | 350 | | | | 12,602 | |
Smith & Nephew Plc | | | 31 | | | | 379 | |
Smiths Group Plc | | | 3 | | | | 69 | |
Spirax Group Plc | | | 5 | | | | 507 | |
SSE Plc | | | 15 | | | | 336 | |
St James’s Place Plc | | | 115 | | | | 793 | |
Standard Chartered Plc | | | 866 | | | | 7,822 | |
Taylor Wimpey Plc | | | 245 | | | | 439 | |
TechnipFMC Plc | | | 49 | | | | 1,291 | |
Tesco Plc | | | 2,459 | | | | 9,500 | |
Travis Perkins Plc | | | 159 | | | | 1,542 | |
Unilever Plc | | | 163 | | | | 8,958 | |
United Utilities Group Plc | | | 11 | | | | 135 | |
Vodafone Group Plc | | | 2,129 | | | | 1,884 | |
Whitbread Plc | | | 6 | | | | 238 | |
WPP Plc | | | 179 | | | | 1,641 | |
| | | | | | | | |
Total United Kingdom | | | | 187,251 | |
| | | | | |
| United States – 0.69% | | | | |
Broadcom, Inc. | | | 6 | | | | 9,341 | |
CRH Plc | | | 12 | | | | 854 | |
Samsonite International SA (3) | | | 421 | | | | 1,254 | |
| | | | | | | | |
Total United States | | | | 11,449 | |
| | | | | |
Total Common Stocks
(Cost: $1,335,677) | | | | 1,599,744 | |
| | | | | |
PREFERRED STOCKS – 0.26% | | | | | | | | |
| Germany – 0.26% | | | | |
Dr Ing hc F Porsche AG (3) | | | 32 | | | | 2,403 | |
Henkel AG & Co. KGaA | | | 3 | | | | 306 | |
Porsche Automobil Holding SE | | | 6 | | | | 265 | |
Volkswagen AG | | | 12 | | | | 1,372 | |
| | | | | | | | |
Total Germany | | | | 4,346 | |
| | | | | |
Total Preferred Stocks
(Cost: $4,571) | | | | 4,346 | |
| | | | | |
SHORT-TERM INVESTMENTS – 2.27% | |
| Money Market Funds – 2.11% | | | | | | | | |
Goldman Sachs Financial Square Government Fund – Class I, 5.21% (5) | | | 34,859 | | | | 34,859 | |
| | | | | | | | |
Total Money Market Funds
(Cost: $34,859) | | | | 34,859 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Tax Managed International Equity Fund
Schedule of Investments
June 30, 2024 (Continued)
(Amounts in thousands, except number of contracts)
| | | | | | | | |
| | | Principal
Amount
(000s) | | | Value
(000s) | |
| | | | | | | | |
| Time Deposits – 0.16% | | | | | | | | |
ANZ, Hong Kong, 4.09% due 07/01/2024 (2) | | NZD | 0 | | | $ | 0 | |
BNP Paribas, Paris, 3.36% due 07/01/2024 | | AUD | 76 | | | | 50 | |
Brown Brothers Harriman, 2.50% due 07/01/2024 (2) | | DKK | 1 | | | | 0 | |
Brown Brothers Harriman, 3.38% due 07/01/2024 (2) | | NOK | 0 | | | | 0 | |
Citibank, London, 2.84% due 07/01/2024 | | EUR | 313 | | | | 335 | |
HSBC, Hong Kong, 3.93% due 07/02/2024 | | HKD | 2,769 | | | | 355 | |
HSBC, Singapore, 2.60% due 07/01/2024 (2) | | SGD | 0 | | | | 0 | |
Royal Bank of Canada, London, 4.40% due 07/01/2024 | | GBP | 353 | | | | 446 | |
Royal Bank of Canada, Toronto, 3.77% due 07/02/2024 | | CAD | 137 | | | | 100 | |
Skandinaviska Enskilda Banken AB, Stockholm, 0.32% due 07/01/2024 | | CHF | 1 | | | | 1 | |
Skandinaviska Enskilda Banken AB, Stockholm, 2.76% due 07/01/2024 (2) | | SEK | 2 | | | | 0 | |
Sumitomo, Tokyo, -0.14% due 07/01/2024 | | JPY | 206,107 | | | | 1,282 | |
| | | | | | | | |
Total Time Deposits
(Cost: $2,569) | | | | 2,569 | |
| | | | | | | | |
Total Short-Term Investments
(Cost: $37,428) | | | | 37,428 | |
| | | | | |
TOTAL INVESTMENTS IN SECURITIES – 99.56%
(Cost: $1,377,676) | | | | 1,641,518 | |
| | | | | | | | |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.44% | | | | 7,249 | |
| | | | | | | | |
| TOTAL NET ASSETS – 100.00% | | | $ | 1,648,767 | |
| | | | | | | | |
Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
| (1) | Non-income producing security. |
| (2) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (3) | Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $32,342, which represents 1.96% of total net assets. |
| (4) | Security that is categorized as Level 3 per the Trust’s fair value hierarchy. The value of these securities totals $13, which represents 0.00% of total net assets. |
| (5) | Represents annualized seven-day yield as of the close of the reporting period. |
| | | | |
COMMON STOCKS | | Percentage of
Net Assets | |
Communication Services | | | 1.86 | % |
Consumer Discretionary | | | 12.49 | |
Consumer Staples | | | 8.47 | |
Energy | | | 3.20 | |
Financials | | | 16.22 | |
Healthcare | | | 16.39 | |
Industrials | | | 16.23 | |
Information Technology | | | 13.34 | |
Materials | | | 6.06 | |
Real Estate | | | 0.80 | |
Utilities | | | 1.97 | |
| | | | |
Total Common Stocks | | | 97.03 | |
| | | | |
| | | | |
PREFERRED STOCKS | | Percentage of
Net Assets | |
Consumer Discretionary | | | 0.24 | |
Consumer Staples | | | 0.02 | |
| | | | |
Total Preferred Stocks | | | 0.26 | |
| | | | |
SHORT-TERM INVESTMENTS | | | 2.27 | |
| | | | |
TOTAL INVESTMENTS | | | 99.56 | |
OTHER ASSETS IN EXCESS OF LIABILITIES | | | 0.44 | |
| | | | |
TOTAL NET ASSETS | | | 100.00 | % |
| | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Assets and Liabilities
June 30, 2024
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder Core Bond Fund | | | Bridge Builder Core Plus Bond Fund | | | Bridge Builder
Municipal Bond Fund | | | Bridge Builder
Municipal High-Income
Bond Fund | |
Assets | | | | | | | | | | | | | | | | |
Investments, at value (1) | | $ | 17,255,663 | | | $ | 42,083,308 | | | $ | 14,727,980 | | | $ | 3,136,284 | |
Cash * | | | 0 | | | | 4,390 | | | | 0 | | | | 2 | |
Over-the-counter credit default swap contracts, at value | | | — | | | | 750 | | | | — | | | | — | |
Over-the-counter interest rate swap contracts, at value | | | — | | | | 96 | | | | — | | | | — | |
Receivable for foreign currency transactions | | | — | | | | 320 | | | | — | | | | — | |
Receivable for investments sold | | | 87,216 | | | | 4,180,330 | | | | 8,090 | | | | — | |
Receivable for fund shares sold | | | 20,488 | | | | 50,735 | | | | 34,756 | | | | 7,008 | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | 27,960 | | | | — | | | | — | |
Unrealized appreciation on unfunded loan commitments | | | — | | | | 2 | | | | — | | | | — | |
Dividend and interest receivable | | | 127,598 | | | | 242,933 | | | | 166,441 | | | | 41,428 | |
Tax reclaim receivable | | | — | | | | 47 | | | | — | | | | — | |
Deposits at broker for futures contracts | | | 1,693 | | | | 18,981 | | | | — | | | | — | |
Variation margin on futures contracts | | | — | | | | 8,224 | | | | — | | | | 193 | |
Deposits at broker for centrally cleared swap contracts | | | — | | | | 19,666 | | | | — | | | | — | |
Variation margin on centrally cleared swap contracts | | | — | | | | 38,540 | | | | — | | | | — | |
Deposits at broker for TBA commitments | | | — | | | | 1,717 | | | | — | | | | — | |
Prepaid expenses and other assets * | | | 7 | | | | 10 | | | | 4 | | | | 0 | |
Total Assets | | | 17,492,665 | | | | 46,678,009 | | | | 14,937,271 | | | | 3,184,915 | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
TBA sale commitments, at value (2) | | | — | | | | 308,647 | | | | — | | | | — | |
Over-the-counter credit default swap contracts, at value | | | — | | | | 896 | | | | — | | | | — | |
Over-the-counter interest rate swap contracts, at value | | | — | | | | 189 | | | | — | | | | — | |
Variation margin on futures contracts | | | 3,472 | | | | — | | | | — | | | | — | |
Due to broker for swap contracts | | | — | | | | 1,217 | | | | — | | | | — | |
Due to broker for forward foreign currency exchange contracts | | | — | | | | 13,647 | | | | — | | | | — | |
Due to broker for futures contracts | | | 47 | | | | — | | | | — | | | | — | |
Due to broker for TBA commitments | | | 637 | | | | 25,290 | | | | — | | | | — | |
Payable for investments purchased | | | 406,232 | | | | 11,925,735 | | | | 345,435 | | | | 16,451 | |
Payable for fund shares redeemed | | | 7,803 | | | | 14,435 | | | | 8,935 | | | | 1,687 | |
Payable for swap contracts | | | — | | | | 312 | | | | — | | | | — | |
Interest payable | | | — | | | | 612 | | | | — | | | | — | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | 19,866 | | | | — | | | | — | |
Payable to Sub-advisers for Investment Advisory Fee | | | 1,486 | | | | 3,576 | | | | 1,319 | | | | 373 | |
Payable to Trustees | | | — | | | | — | | | | — | | | | 34 | |
Accrued expenses and other liabilities | | | 731 | | | | 2,337 | | | | 633 | | | | 323 | |
Total Liabilities | | | 420,408 | | | | 12,316,759 | | | | 356,322 | | | | 18,868 | |
Net Assets | | $ | 17,072,257 | | | $ | 34,361,250 | | | $ | 14,580,949 | | | $ | 3,166,047 | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid in capital ($0.00 par value common stock unlimited authorized shares) | | $ | 19,631,622 | | | $ | 39,710,963 | | | $ | 14,982,299 | | | $ | 3,114,475 | |
Total distributable earnings/(loss) | | | (2,559,365 | ) | | | (5,349,713 | ) | | | (401,350 | ) | | | 51,572 | |
Net Assets | | $ | 17,072,257 | | | $ | 34,361,250 | | | $ | 14,580,949 | | | $ | 3,166,047 | |
Net Assets | | $ | 17,072,257 | | | $ | 34,361,250 | | | $ | 14,580,949 | | | $ | 3,166,047 | |
Shares Outstanding | | | 1,930,531 | | | | 3,951,458 | | | | 1,475,863 | | | | 312,398 | |
Net Asset Value | | $ | 8.84 | | | $ | 8.70 | | | $ | 9.88 | | | $ | 10.13 | |
| | | | | | | | | | | | | | | | |
(1) Cost of investments | | | 18,531,323 | | | | 43,701,816 | | | | 14,831,692 | | | | 3,084,028 | |
(2) Proceeds from TBA sale commitments | | | — | | | | (309,991 | ) | | | — | | | | — | |
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Assets and Liabilities
June 30, 2024 (Continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder Large Cap Growth Fund | | | Bridge Builder
Large Cap Value Fund | | | Bridge Builder
Tax Managed Large Cap Fund | | | Bridge Builder
Small/Mid Cap
Growth Fund | |
Assets | | | | | | | | | | | | | | | | |
Investments, at value (1) | | $ | 24,950,261 | | | $ | 21,115,596 | | | $ | 4,451,777 | | | $ | 8,328,525 | |
Cash * | | | 0 | | | | 312 | | | | 2 | | | | — | |
Receivable for foreign currency transactions | | | 1 | | | | 1 | | | | — | | | | — | |
Receivable for investments sold | | | 310,603 | | | | 191,679 | | | | — | | | | 262,028 | |
Receivable for fund shares sold | | | 24,022 | | | | 24,596 | | | | 10,588 | | | | 11,806 | |
Dividend and interest receivable | | | 7,947 | | | | 33,541 | | | | 3,924 | | | | 1,912 | |
Tax reclaim receivable | | | 932 | | | | 3,096 | | | | 149 | | | | 19 | |
Variation margin on futures contracts | | | 232 | | | | 481 | | | | — | | | | 233 | |
Prepaid expenses and other assets * | | | 4 | | | | 10 | | | | 25 | | | | 0 | |
Total Assets | | | 25,294,002 | | | | 21,369,312 | | | | 4,466,465 | | | | 8,604,523 | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | 283,695 | | | | 233,406 | | | | — | | | | 262,697 | |
Payable for fund shares redeemed | | | 15,019 | | | | 7,188 | | | | 2,722 | | | | 2,664 | |
Payable to Sub-advisers for Investment Advisory Fee | | | 3,416 | | | | 3,657 | | | | 737 | | | | 2,238 | |
Payable to Trustees | | | — | | | | — | | | | 1 | | | | 1 | |
Accrued expenses and other liabilities | | | 416 | | | | 943 | | | | 215 | | | | 278 | |
Total Liabilities | | | 302,546 | | | | 245,194 | | | | 3,675 | | | | 267,878 | |
Net Assets | | $ | 24,991,456 | | | $ | 21,124,118 | | | $ | 4,462,790 | | | $ | 8,336,645 | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid in capital ($0.00 par value common stock unlimited authorized shares) | | $ | 13,606,296 | | | $ | 14,590,477 | | | $ | 3,436,016 | | | $ | 6,767,014 | |
Total distributable earnings/(loss) | | | 11,385,160 | | | | 6,533,641 | | | | 1,026,774 | | | | 1,569,631 | |
Net Assets | | $ | 24,991,456 | | | $ | 21,124,118 | | | $ | 4,462,790 | | | $ | 8,336,645 | |
Net Assets | | $ | 24,991,456 | | | $ | 21,124,118 | | | $ | 4,462,790 | | | $ | 8,336,645 | |
Shares Outstanding | | | 980,374 | | | | 1,223,012 | | | | 326,155 | | | | 552,274 | |
Net Asset Value | | $ | 25.49 | | | $ | 17.27 | | | $ | 13.68 | | | $ | 15.10 | |
| | | | | | | | | | | | | | | | |
(1) Cost of investments | | | 14,657,882 | | | | 15,258,993 | | | | 3,343,205 | | | | 6,454,929 | |
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Assets and Liabilities
June 30, 2024 (Continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder Small/Mid Cap
Value Fund | | | Bridge Builder Tax Managed
Small/Mid Cap Fund | | | Bridge Builder International Equity Fund | | | Bridge Builder
Tax Managed International
Equity Fund | |
Assets | | | | | | | | | | | | | | | | |
Investments, at value (1) | | $ | 7,866,489 | | | $ | 1,634,795 | | | $ | 18,225,783 | | | $ | 1,641,518 | |
Cash* | | | 0 | | | | 1 | | | | 519 | | | | 57 | |
Receivable for foreign currency transactions | | | — | | | | — | | | | — | | | | 5 | |
Receivable for investments sold | | | 165,029 | | | | 49,882 | | | | 25,557 | | | | 39,390 | |
Receivable for fund shares sold | | | 10,056 | | | | 6,069 | | | | 24,003 | | | | 4,283 | |
Dividend and interest receivable | | | 9,606 | | | | 1,527 | | | | 30,517 | | | | 2,406 | |
Tax reclaim receivable | | | 27 | | | | 6 | | | | 39,833 | | | | 3,700 | |
Variation margin on futures contracts | | | 478 | | | | — | | | | 321 | | | | — | |
Prepaid expenses and other assets* | | | 0 | | | | 22 | | | | 39 | | | | 29 | |
Total Assets | | | 8,051,685 | | | | 1,692,302 | | | | 18,346,572 | | | | 1,691,388 | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
Payable for investments purchased | | | 165,085 | | | | 48,342 | | | | 91,208 | | | | 41,430 | |
Payable for fund shares redeemed | | | 2,334 | | | | 581 | | | | 5,036 | | | | 625 | |
Payable for foreign currency transactions | | | — | | | | — | | | | 77 | | | | — | |
Foreign withholding tax payable | | | — | | | | — | | | | 9,486 | | | | — | |
Payable to Sub-advisers for Investment Advisory Fee | | | 2,343 | | | | 444 | | | | 4,854 | | | | 391 | |
Payable to Trustees | | | 1 | | | | 3 | | | | — | | | | 2 | |
Accrued expenses and other liabilities | | | 349 | | | | 131 | | | | 1,069 | | | | 173 | |
Total Liabilities | | | 170,112 | | | | 49,501 | | | | 111,730 | | | | 42,621 | |
Net Assets | | $ | 7,881,573 | | | $ | 1,642,801 | | | $ | 18,234,842 | | | $ | 1,648,767 | |
| | | | |
Net Assets Consist of | | | | | | | | | | | | | | | | |
Paid in capital ($0.00 par value common stock unlimited authorized shares) | | $ | 5,825,545 | | | $ | 1,489,180 | | | $ | 15,509,649 | | | $ | 1,402,888 | |
Total distributable earnings/(loss) | | | 2,056,028 | | | | 153,621 | | | | 2,725,193 | | | | 245,879 | |
Net Assets | | $ | 7,881,573 | | | $ | 1,642,801 | | | $ | 18,234,842 | | | $ | 1,648,767 | |
Net Assets | | $ | 7,881,573 | | | $ | 1,642,801 | | | $ | 18,234,842 | | | $ | 1,648,767 | |
Shares Outstanding | | | 554,843 | | | | 138,368 | | | | 1,408,134 | | | | 141,950 | |
Net Asset Value | | $ | 14.21 | | | $ | 11.87 | | | $ | 12.95 | | | $ | 11.62 | |
| | | | | | | | | | | | | | | | |
(1) Cost of investments | | | 6,145,570 | | | | 1,411,923 | | | | 15,441,393 | | | | 1,377,676 | |
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Operations
Year Ended June 30, 2024
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder Core Bond Fund | | | Bridge Builder Core Plus Bond Fund | | | Bridge Builder Municipal
Bond Fund | | | Bridge Builder Municipal
High-Income
Bond Fund | |
Investment Income | | | | | | | | | | | | | | | | |
Dividend income | | $ | 23,282 | | | $ | 63,033 | | | $ | 16,040 | | | $ | 1,099 | |
Less: Foreign taxes withheld and issuance fees* | | | — | | | | (0 | ) | | | — | | | | — | |
Interest | | | 685,366 | | | | 1,536,551 | | | | 413,424 | | | | 127,433 | |
Less: Foreign taxes withheld | | | — | | | | (24 | ) | | | — | | | | — | |
Other Income | | | — | | | | 10 | | | | 50 | | | | — | |
Total investment income | | | 708,648 | | | | 1,599,570 | | | | 429,514 | | | | 128,532 | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fee | | | 53,544 | | | | 115,404 | | | | 46,154 | | | | 9,529 | |
Professional fees | | | 269 | | | | 452 | | | | 195 | | | | 136 | |
Administration fee | | | 10 | | | | 10 | | | | 10 | | | | 11 | |
Fund accounting fees | | | 1,077 | | | | 1,759 | | | | 859 | | | | 349 | |
Transfer agent fees and expenses | | | 47 | | | | 63 | | | | 43 | | | | 38 | |
Trustees fees and expenses | | | 260 | | | | 500 | | | | 202 | | | | 76 | |
Printing and mailing expense | | | 52 | | | | 113 | | | | — | | | | 16 | |
Custody fees | | | 376 | | | | 962 | | | | 134 | | | | 58 | |
Insurance expense | | | 57 | | | | 101 | | | | 43 | | | | 7 | |
Interest expense | | | — | | | | 18,971 | | | | — | | | | — | |
Registration fees | | | 379 | | | | 875 | | | | 727 | | | | 767 | |
Other expenses | | | 389 | | | | 1,378 | | | | 128 | | | | 274 | |
Total expenses before fee waivers | | | 56,460 | | | | 140,588 | | | | 48,495 | | | | 11,261 | |
Fee waivers and/or expense reimbursements by Adviser | | | (36,058 | ) | | | (74,059 | ) | | | (31,668 | ) | | | (6,017 | ) |
Net expenses | | | 20,402 | | | | 66,529 | | | | 16,827 | | | | 5,244 | |
Net Investment Income | | | 688,246 | | | | 1,533,041 | | | | 412,687 | | | | 123,288 | |
| | | | |
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) | | | | | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | | | | | |
Investments | | | (344,913 | ) | | | (956,899 | ) | | | (103,556 | ) | | | (791 | ) |
TBA sale commitments | | | 152 | | | | 11,043 | | | | — | | | | — | |
Forward foreign currency exchange contracts | | | — | | | | 26,623 | | | | — | | | | — | |
Foreign currency transactions | | | — | | | | (1,946 | ) | | | — | | | | — | |
Futures contracts | | | (56,052 | ) | | | (266,659 | ) | | | 10,147 | | | | (855 | ) |
Swap contracts | | | — | | | | (30,345 | ) | | | — | | | | — | |
Net realized gain/(loss) | | | (400,813 | ) | | | (1,218,183 | ) | | | (93,409 | ) | | | (1,646 | ) |
Net change in net unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 317,508 | | | | 801,125 | | | | 194,922 | | | | 68,079 | |
TBA sale commitments | | | — | | | | 442 | | | | — | | | | — | |
Forward foreign currency exchange contracts | | | — | | | | (724 | ) | | | — | | | | — | |
Foreign currency transactions | | | — | | | | (78 | ) | | | — | | | | — | |
Futures contracts | | | 12,658 | | | | 87,524 | | | | (2,121 | ) | | | 71 | |
Swap contracts | | | — | | | | 64,315 | | | | — | | | | — | |
Unfunded loan commitments | | | — | | | | 4 | | | | — | | | | — | |
Net change in unrealized appreciation/(depreciation) | | | 330,166 | | | | 952,608 | | | | 192,801 | | | | 68,150 | |
Net realized gain/(loss) and net change in unrealized appreciation/(depreciation) | | | (70,647 | ) | | | (265,575 | ) | | | 99,392 | | | | 66,504 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | $ | 617,599 | | | $ | 1,267,466 | | | $ | 512,079 | | | $ | 189,792 | |
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Operations
Year Ended June 30, 2024 (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Large Cap
Growth Fund | | | Bridge Builder
Large Cap
Value Fund | | | Bridge Builder
Tax Managed
Large Cap Fund | | | Bridge Builder
Small/Mid Cap
Growth Fund | |
Investment Income | | | | | | | | | | | | | | | | |
Dividend income | | $ | 240,722 | | | $ | 441,699 | | | $ | 47,585 | | | $ | 47,005 | |
Less: Foreign taxes withheld and issuance fees | | | (1,103 | ) | | | (4,497 | ) | | | (267 | ) | | | (289 | ) |
Interest | | | 233 | | | | 371 | | | | 115 | | | | 184 | |
Less: Foreign taxes withheld | | | — | | | | — | | | | — | | | | — | |
Other Income | | | — | | | | 2 | | | | — | | | | — | |
Total investment income | | | 239,852 | | | | 437,575 | | | | 47,433 | | | | 46,900 | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fee | | | 105,984 | | | | 83,682 | | | | 13,959 | | | | 48,556 | |
Professional fees | | | 256 | | | | 208 | | | | 78 | | | | 150 | |
Administration fee | | | 11 | | | | 10 | | | | 11 | | | | 10 | |
Fund accounting fees | | | 830 | | | | 655 | | | | 119 | | | | 283 | |
Transfer agent fees and expenses | | | 55 | | | | 49 | | | | 33 | | | | 38 | |
Trustee fees and expenses | | | 373 | | | | 298 | | | | 52 | | | | 120 | |
Printing and mailing expense | | | 96 | | | | 87 | | | | 30 | | | | 56 | |
Custody fees | | | 225 | | | | 278 | | | | 37 | | | | 168 | |
Insurance expense | | | 85 | | | | 66 | | | | 10 | | | | 26 | |
Registration fees | | | 501 | | | | 539 | | | | 382 | | | | 325 | |
Other expenses | | | 370 | | | | 150 | | | | 23 | | | | 79 | |
Total expenses before fee waivers | | | 108,786 | | | | 86,022 | | | | 14,734 | | | | 49,811 | |
Fee waivers by Adviser | | | (65,053 | ) | | | (43,190 | ) | | | (6,794 | ) | | | (22,849 | ) |
Net expenses | | | 43,733 | | | | 42,832 | | | | 7,940 | | | | 26,962 | |
Net Investment Income | | | 196,119 | | | | 394,743 | | | | 39,493 | | | | 19,938 | |
| | | | |
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) | | | | | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 1,755,648 | | | | 1,006,231 | | | | (52,960 | ) | | | 477,887 | |
Foreign currency transactions | | | (202 | ) | | | (154 | ) | | | — | | | | — | |
Futures contracts | | | 2,496 | | | | 1,152 | | | | — | | | | 580 | |
Net realized gain/(loss) | | | 1,757,942 | | | | 1,007,229 | | | | (52,960 | ) | | | 478,467 | |
Net change in net unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 3,539,026 | | | | 1,416,246 | | | | 743,726 | | | | 449,975 | |
Foreign currency transactions | | | 3 | | | | (103 | ) | | | — | | | | — | |
Futures contracts | | | (104 | ) | | | (104 | ) | | | — | | | | (51 | ) |
Net change in unrealized appreciation/(depreciation) | | | 3,538,925 | | | | 1,416,039 | | | | 743,726 | | | | 449,924 | |
Net realized gain/(loss) and net change in unrealized appreciation/(depreciation) | | | 5,296,867 | | | | 2,423,268 | | | | 690,766 | | | | 928,391 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | $ | 5,492,986 | | | $ | 2,818,011 | | | $ | 730,259 | | | $ | 948,329 | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Operations
Year Ended June 30, 2024 (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Small/Mid
Cap Value Fund | | | Bridge Builder
Tax Managed
Small/Mid Cap Fund | | | Bridge Builder
International
Equity Fund | | | Bridge Builder
Tax Managed
International
Equity Fund | |
Investment Income | | | | | | | | | | | | | | | | |
Dividend income | | $ | 139,868 | | | $ | 14,531 | | | $ | 514,521 | | | $ | 44,982 | |
Less: Foreign taxes withheld and issuance fees | | | (329 | ) | | | (29 | ) | | | (43,364 | ) | | | (4,614 | ) |
Interest | | | 229 | | | | 72 | | | | 904 | | | | 108 | |
Less: Foreign taxes withheld | | | — | | | | — | | | | — | | | | — | |
Other Income | | | 98 | | | | — | | | | 12 | | | | 1 | |
Total investment income | | | 139,866 | | | | 14,574 | | | | 472,073 | | | | 40,477 | |
Expenses | | | | | | | | | | | | | | | | |
Investment advisory fee | | | 46,553 | | | | 6,900 | | | | 103,955 | | | | 8,043 | |
Professional fees | | | 139 | | | | 56 | | | | 273 | | | | 79 | |
Administration fee | | | 11 | | | | 10 | | | | 10 | | | | 10 | |
Fund accounting fees | | | 278 | | | | 52 | | | | 689 | | | | 86 | |
Transfer agent fees and expenses | | | 37 | | | | 31 | | | | 48 | | | | 31 | |
Trustee fees and expenses | | | 115 | | | | 19 | | | | 268 | | | | 24 | |
Printing and mailing expense | | | — | | | | 21 | | | | 289 | | | | 22 | |
Custody fees | | | 175 | | | | 33 | | | | 2,501 | | | | 230 | |
Insurance expense | | | 25 | | | | 4 | | | | 60 | | | | 5 | |
Registration fees | | | 277 | | | | 214 | | | | 460 | | | | 237 | |
Other expenses | | | 90 | | | | 9 | | | | 540 | | | | 10 | |
Total expenses before fee waivers | | | 47,700 | | | | 7,349 | | | | 109,093 | | | | 8,777 | |
Fee waivers by Adviser | | | (19,571 | ) | | | (2,794 | ) | | | (47,758 | ) | | | (3,541 | ) |
Net expenses | | | 28,129 | | | | 4,555 | | | | 61,335 | | | | 5,236 | |
Net Investment Income | | | 111,737 | | | | 10,019 | | | | 410,738 | | | | 35,241 | |
| | | | |
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) | | | | | | | | | | | | | | | | |
Net realized gain/(loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 501,416 | | | | (37,929 | ) | | | 140,373 | | | | (30,111 | ) |
Foreign currency transactions | | | (17 | ) | | | — | | | | (4,203 | ) | | | (17 | ) |
Futures contracts | | | 604 | | | | — | | | | 776 | | | | — | |
Net realized gain/(loss) | | | 502,003 | | | | (37,929 | ) | | | 136,946 | | | | (30,128 | ) |
Net change in net unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 299,343 | | | | 122,726 | | | | 1,180,697 | | | | 120,233 | |
Foreign currency transactions* | | | 0 | | | | — | | | | (1,148 | ) | | | (95 | ) |
Futures contracts | | | (89 | ) | | | — | | | | (34 | ) | | | — | |
Net change in unrealized appreciation/(depreciation) | | | 299,254 | | | | 122,726 | | | | 1,179,515 | | | | 120,138 | |
Net realized gain/(loss) and net change in unrealized appreciation/(depreciation) | | | 801,257 | | | | 84,797 | | | | 1,316,461 | | | | 90,010 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | $ | 912,994 | | | $ | 94,816 | | | $ | 1,727,199 | | | $ | 125,251 | |
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Changes in Net Assets
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Core Bond Fund | | | Bridge Builder Core
Plus Bond Fund | |
| | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | $ | 688,246 | | | $ | 554,490 | | | $ | 1,533,041 | | | $ | 1,101,994 | |
Net realized gain/(loss) | | | (400,813 | ) | | | (484,644 | ) | | | (1,218,183 | ) | | | (1,402,861 | ) |
Net change in unrealized appreciation/(depreciation) | | | 330,166 | | | | (150,113 | ) | | | 952,608 | | | | 340,060 | |
Net increase/(decrease) in net assets resulting from operations | | | 617,599 | | | | (80,267 | ) | | | 1,267,466 | | | | 39,193 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From distributable earnings | | | (694,935 | ) | | | (560,827 | ) | | | (1,506,112 | ) | | | (1,203,781 | ) |
Total distributions | | | (694,935 | ) | | | (560,827 | ) | | | (1,506,112 | ) | | | (1,203,781 | ) |
Capital Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 2,795,821 | | | | 2,266,879 | | | | 6,823,606 | | | | 5,043,568 | |
Reinvestment of dividends | | | 694,935 | | | | 560,827 | | | | 1,506,112 | | | | 1,203,781 | |
Cost of shares redeemed | | | (2,772,403 | ) | | | (2,859,892 | ) | | | (3,954,439 | ) | | | (6,192,113 | ) |
Net increase/(decrease) from capital transactions | | | 718,353 | | | | (32,186 | ) | | | 4,375,279 | | | | 55,236 | |
Net increase/(decrease) in net assets | | | 641,017 | | | | (673,280 | ) | | | 4,136,633 | | | | (1,109,352 | ) |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 16,431,240 | | | | 17,104,520 | | | | 30,224,617 | | | | 31,333,969 | |
End of period | | $ | 17,072,257 | | | $ | 16,431,240 | | | $ | 34,361,250 | | | $ | 30,224,617 | |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
Change in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1,847,932 | | | | 1,853,648 | | | | 3,440,557 | | | | 3,442,151 | |
Shares sold | | | 319,100 | | | | 252,548 | | | | 794,349 | | | | 568,295 | |
Shares issued to holders in reinvestments of dividends | | | 79,148 | | | | 62,680 | | | | 174,106 | | | | 136,397 | |
Shares redeemed | | | (315,649 | ) | | | (320,944 | ) | | | (457,554 | ) | | | (706,286 | ) |
Shares outstanding, end of period | | | 1,930,531 | | | | 1,847,932 | | | | 3,951,458 | | | | 3,440,557 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Changes in Net Assets (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Municipal Bond Fund | | | Bridge Builder
Municipal High-Income Bond Fund | |
| | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2024 | | | Period Ended*
June 30, 2023 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | $ | 412,687 | | | $ | 325,447 | | | $ | 123,288 | | | $ | 20,543 | |
Net realized gain/(loss) | | | (93,409 | ) | | | (267,165 | ) | | | (1,646 | ) | | | (93 | ) |
Net change in unrealized appreciation/(depreciation) | | | 192,801 | | | | 343,748 | | | | 68,150 | | | | (15,823 | ) |
Net increase/(decrease) in net assets resulting from operations | | | 512,079 | | | | 402,030 | | | | 189,792 | | | | 4,627 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From distributable earnings | | | (412,371 | ) | | | (324,381 | ) | | | (122,373 | ) | | | (20,474 | ) |
Total distributions | | | (412,371 | ) | | | (324,381 | ) | | | (122,373 | ) | | | (20,474 | ) |
Capital Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 4,226,924 | | | | 5,041,104 | | | | 954,122 | | | | 2,466,633 | |
Reinvestment of dividends | | | 412,371 | | | | 324,381 | | | | 122,373 | | | | 20,474 | |
Cost of shares redeemed | | | (1,865,644 | ) | | | (4,548,667 | ) | | | (375,395 | ) | | | (73,732 | ) |
Net increase/(decrease) from capital transactions | | | 2,773,651 | | | | 816,818 | | | | 701,100 | | | | 2,413,375 | |
Net increase/(decrease) in net assets | | | 2,873,359 | | | | 894,467 | | | | 768,519 | | | | 2,397,528 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 11,707,590 | | | | 10,813,123 | | | | 2,397,528 | | | | — | |
End of period | | $ | 14,580,949 | | | $ | 11,707,590 | | | $ | 3,166,047 | | | $ | 2,397,528 | |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
| | | | |
Change in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1,194,640 | | | | 1,106,061 | | | | 241,940 | | | | — | |
Shares sold | | | 429,849 | | | | 519,606 | | | | 96,194 | | | | 247,312 | |
Shares issued to holders in reinvestments of dividends | | | 42,075 | | | | 33,310 | | | | 12,398 | | | | 2,071 | |
Shares redeemed | | | (190,701 | ) | | | (464,337 | ) | | | (38,134 | ) | | | (7,443 | ) |
Shares outstanding, end of period | | | 1,475,863 | | | | 1,194,640 | | | | 312,398 | | | | 241,940 | |
| | | | | | | | | | | | | | | | | |
| * | Fund inception date was April 13, 2023. |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Changes in Net Assets (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Large Cap Growth Fund | | | Bridge Builder
Large Cap Value Fund | |
| | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | $ | 196,119 | | | $ | 164,808 | | | $ | 394,743 | | | $ | 338,204 | |
Net realized gain/(loss) | | | 1,757,942 | | | | (407,572 | ) | | | 1,007,229 | | | | 580,439 | |
Net change in unrealized appreciation/(depreciation) | | | 3,538,925 | | | | 4,112,654 | | | | 1,416,039 | | | | 1,212,968 | |
Net increase/(decrease) in net assets resulting from operations | | | 5,492,986 | | | | 3,869,890 | | | | 2,818,011 | | | | 2,131,611 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From distributable earnings | | | (190,323 | ) | | | (130,160 | ) | | | (982,206 | ) | | | (1,341,399 | ) |
Total distributions | | | (190,323 | ) | | | (130,160 | ) | | | (982,206 | ) | | | (1,341,399 | ) |
Capital Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 3,300,472 | | | | 5,917,474 | | | | 3,723,473 | | | | 2,468,061 | |
Reinvestment of dividends | | | 190,323 | | | | 130,160 | | | | 982,206 | | | | 1,341,399 | |
Cost of shares redeemed | | | (6,662,121 | ) | | | (2,308,196 | ) | | | (2,470,116 | ) | | | (4,580,179 | ) |
Net increase/(decrease) from capital transactions | | | (3,171,326 | ) | | | 3,739,438 | | | | 2,235,563 | | | | (770,719 | ) |
Net increase/(decrease) in net assets | | | 2,131,337 | | | | 7,479,168 | | | | 4,071,368 | | | | 19,493 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 22,860,119 | | | | 15,380,951 | | | | 17,052,750 | | | | 17,033,257 | |
End of period | | $ | 24,991,456 | | | $ | 22,860,119 | | | $ | 21,124,118 | | | $ | 17,052,750 | |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
Change in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1,112,706 | | | | 897,748 | | | | 1,080,442 | | | | 1,120,567 | |
Shares sold | | | 147,526 | | | | 332,845 | | | | 232,116 | | | | 160,837 | |
Shares issued to holders in reinvestments of dividends | | | 8,470 | | | | 7,666 | | | | 59,965 | | | | 89,529 | |
Shares redeemed | | | (288,328 | ) | | | (125,553 | ) | | | (149,511 | ) | | | (290,491 | ) |
Shares outstanding, end of period | | | 980,374 | | | | 1,112,706 | | | | 1,223,012 | | | | 1,080,442 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Changes in Net Assets (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Tax Managed Large Cap Fund | | | Bridge Builder
Small/Mid Cap Growth Fund | |
| | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | $ | 39,493 | | | $ | 21,004 | | | $ | 19,938 | | | $ | 14,971 | |
Net realized gain/(loss) | | | (52,960 | ) | | | (50,688 | ) | | | 478,467 | | | | (338,935 | ) |
Net change in unrealized appreciation/(depreciation) | | | 743,726 | | | | 374,398 | | | | 449,924 | | | | 1,238,334 | |
Net increase/(decrease) in net assets resulting from operations | | | 730,259 | | | | 344,714 | | | | 948,329 | | | | 914,370 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From distributable earnings | | | (32,394 | ) | | | (6,368 | ) | | | (24,210 | ) | | | (10,849 | ) |
Total distributions | | | (32,394 | ) | | | (6,368 | ) | | | (24,210 | ) | | | (10,849 | ) |
Capital Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 1,698,836 | | | | 2,254,109 | | | | 1,240,224 | | | | 1,562,429 | |
Reinvestment of dividends | | | 32,394 | | | | 6,368 | | | | 24,210 | | | | 10,849 | |
Cost of shares redeemed | | | (492,529 | ) | | | (224,465 | ) | | | (968,254 | ) | | | (692,290 | ) |
Net increase/(decrease) from capital transactions | | | 1,238,701 | | | | 2,036,012 | | | | 296,180 | | | | 880,988 | |
Net increase/(decrease) in net assets | | | 1,936,566 | | | | 2,374,358 | | | | 1,220,299 | | | | 1,784,509 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 2,526,224 | | | | 151,866 | | | | 7,116,346 | | | | 5,331,837 | |
End of period | | $ | 4,462,790 | | | $ | 2,526,224 | | | $ | 8,336,645 | | | $ | 7,116,346 | |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
Change in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 228,526 | | | | 16,307 | | | | 531,498 | | | | 459,804 | |
Shares sold | | | 135,399 | | | | 234,031 | | | | 87,220 | | | | 126,877 | |
Shares issued to holders in reinvestments of dividends | | | 2,725 | | | | 663 | | | | 1,693 | | | | 932 | |
Shares redeemed | | | (40,495 | ) | | | (22,475 | ) | | | (68,137 | ) | | | (56,115 | ) |
Shares outstanding, end of period | | | 326,155 | | | | 228,526 | | | | 552,274 | | | | 531,498 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Changes in Net Assets (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
Small/Mid Cap Value Fund | | | Bridge Builder
Tax Managed Small/Mid Cap Fund | |
| | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | $ | 111,737 | | | $ | 95,436 | | | $ | 10,019 | | | $ | 5,097 | |
Net realized gain/(loss) | | | 502,003 | | | | 94,609 | | | | (37,929 | ) | | | (36,783 | ) |
Net change in unrealized appreciation/(depreciation) | | | 299,254 | | | | 527,312 | | | | 122,726 | | | | 107,173 | |
Net increase/(decrease) in net assets resulting from operations | | | 912,994 | | | | 717,357 | | | | 94,816 | | | | 75,487 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From distributable earnings | | | (283,211 | ) | | | (423,411 | ) | | | (7,908 | ) | | | (1,763 | ) |
Total distributions | | | (283,211 | ) | | | (423,411 | ) | | | (7,908 | ) | | | (1,763 | ) |
Capital Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 1,035,679 | | | | 1,202,094 | | | | 844,193 | | | | 741,760 | |
Reinvestment of dividends | | | 283,211 | | | | 423,411 | | | | 7,908 | | | | 1,763 | |
Cost of shares redeemed | | | (839,589 | ) | | | (1,192,253 | ) | | | (129,639 | ) | | | (73,263 | ) |
Net increase/(decrease) from capital transactions | | | 479,301 | | | | 433,252 | | | | 722,462 | | | | 670,260 | |
Net increase/(decrease) in net assets | | | 1,109,084 | | | | 727,198 | | | | 809,370 | | | | 743,984 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 6,772,489 | | | | 6,045,291 | | | | 833,431 | | | | 89,447 | |
End of period | | $ | 7,881,573 | | | $ | 6,772,489 | | | $ | 1,642,801 | | | $ | 833,431 | |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
Change in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 519,776 | | | | 481,427 | | | | 77,205 | | | | 9,633 | |
Shares sold | | | 76,248 | | | | 95,392 | | | | 72,030 | | | | 74,638 | |
Shares issued to holders in reinvestments of dividends | | | 20,428 | | | | 34,133 | | | | 692 | | | | 180 | |
Shares redeemed | | | (61,609 | ) | | | (91,176 | ) | | | (11,559 | ) | | | (7,246 | ) |
Shares outstanding, end of period | | | 554,843 | | | | 519,776 | | | | 138,368 | | | | 77,205 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Statements of Changes in Net Assets (Continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Bridge Builder
International Equity Fund | | | Bridge Builder
Tax Managed International
Equity Fund | |
| | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | | | Year Ended
June 30, 2024 | | | Year Ended
June 30, 2023 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | $ | 410,738 | | | $ | 362,699 | | | $ | 35,241 | | | $ | 20,571 | |
Net realized gain/(loss) | | | 136,946 | | | | (239,338 | ) | | | (30,128 | ) | | | (15,690 | ) |
Net change in unrealized appreciation/(depreciation) | | | 1,179,515 | | | | 2,332,395 | | | | 120,138 | | | | 153,115 | |
Net increase/(decrease) in net assets resulting from operations | | | 1,727,199 | | | | 2,455,756 | | | | 125,251 | | | | 157,996 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From distributable earnings | | | (432,043 | ) | | | (336,315 | ) | | | (25,281 | ) | | | (2,948 | ) |
Total distributions | | | (432,043 | ) | | | (336,315 | ) | | | (25,281 | ) | | | (2,948 | ) |
Capital Transactions | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 3,309,207 | | | | 3,195,931 | | | | 721,292 | | | | 990,140 | |
Reinvestment of dividends | | | 432,043 | | | | 336,315 | | | | 25,281 | | | | 2,948 | |
Cost of shares redeemed | | | (3,205,748 | ) | | | (2,856,833 | ) | | | (334,142 | ) | | | (115,398 | ) |
Net increase/(decrease) from capital transactions | | | 535,502 | | | | 675,413 | | | | 412,431 | | | | 877,690 | |
Net increase/(decrease) in net assets | | | 1,830,658 | | | | 2,794,854 | | | | 512,401 | | | | 1,032,738 | |
Net Assets | | | | | | | | | | | | | | | | |
Beginning of period | | | 16,404,184 | | | | 13,609,330 | | | | 1,136,366 | | | | 103,628 | |
End of period | | $ | 18,234,842 | | | $ | 16,404,184 | | | $ | 1,648,767 | | | $ | 1,136,366 | |
| | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | | |
Change in Shares Outstanding | | | | | | | | | | | | | | | | |
Shares outstanding, beginning of period | | | 1,356,688 | | | | 1,289,825 | | | | 104,627 | | | | 11,357 | |
Shares sold | | | 274,026 | | | | 295,690 | | | | 64,824 | | | | 104,514 | |
Shares issued to holders in reinvestments of dividends | | | 35,125 | | | | 31,223 | | | | 2,284 | | | | 308 | |
Shares redeemed | | | (257,705 | ) | | | (260,050 | ) | | | (29,785 | ) | | | (11,552 | ) |
Shares outstanding, end of period | | | 1,408,134 | | | | 1,356,688 | | | | 141,950 | | | | 104,627 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Per Share Operating Performance | |
| | | Change in Net Assets Resulting from
Operations | | | Less Distributions | |
| | | Net asset
value,
beginning of
period | | | Net
investment
income(2) | | | Net realized
and
unrealized
gain/(loss) | | | Net
increase/
(decrease)
in net asset
value from
operations | | | Distributions
from net
investment
income | | | Distributions
from net
realized
gains | | | Total
Distributions | |
Bridge Builder Core Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 8.89 | | | | 0.36 | | | | (0.05 | ) | | | 0.31 | | | | (0.36 | ) | | | — | | | | (0.36 | ) |
For the year ended June 30, 2023 | | $ | 9.23 | | | | 0.31 | | | | (0.34 | ) | | | (0.03 | ) | | | (0.31 | ) | | | — | | | | (0.31 | ) |
For the year ended June 30, 2022 | | $ | 10.55 | | | | 0.21 | | | | (1.28 | ) | | | (1.07 | ) | | | (0.23 | ) | | | (0.02 | ) | | | (0.25 | ) |
For the year ended June 30, 2021 | | $ | 10.91 | | | | 0.23 | | | | (0.10 | ) | | | 0.13 | | | | (0.26 | ) | | | (0.23 | ) | | | (0.49 | ) |
For the year ended June 30, 2020 | | $ | 10.34 | | | | 0.31 | | | | 0.61 | | | | 0.92 | | | | (0.32 | ) | | | (0.03 | ) | | | (0.35 | ) |
Bridge Builder Core Plus Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 8.78 | | | | 0.41 | | | | (0.08 | ) | | | 0.33 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
For the year ended June 30, 2023 | | $ | 9.10 | | | | 0.33 | | | | (0.28 | ) | | | 0.05 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
For the year ended June 30, 2022 | | $ | 10.43 | | | | 0.20 | | | | (1.28 | ) | | | (1.08 | ) | | | (0.22 | ) | | | (0.03 | ) | | | (0.25 | ) |
For the year ended June 30, 2021 | | $ | 10.56 | | | | 0.22 | | | | 0.12 | | | | 0.34 | | | | (0.25 | ) | | | (0.22 | ) | | | (0.47 | ) |
For the year ended June 30, 2020 | | $ | 10.27 | | | | 0.32 | | | | 0.47 | | | | 0.79 | | | | (0.36 | ) | | | (0.14 | ) | | | (0.50 | ) |
Bridge Builder Municipal Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 9.80 | | | | 0.32 | | | | 0.07 | | | | 0.39 | | | | (0.31 | ) | | | — | | | | (0.31 | ) |
For the year ended June 30, 2023 | | $ | 9.78 | | | | 0.27 | | | | 0.02 | | | | 0.29 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
For the year ended June 30, 2022 | | $ | 10.81 | | | | 0.20 | | | | (1.03 | ) | | | (0.83 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
For the year ended June 30, 2021 | | $ | 10.49 | | | | 0.22 | | | | 0.32 | | | | 0.54 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
For the year ended June 30, 2020 | | $ | 10.46 | | | | 0.26 | | | | 0.03 | | | | 0.29 | | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Bridge Builder Municipal High-Income Bond Fund | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 9.91 | | | | 0.46 | | | | 0.22 | | | | 0.68 | | | | (0.46 | ) | | | — | | | | (0.46 | ) |
For the period 4/13/23(6) -6/30/23 | | $ | 10.00 | | | | 0.09 | | | | (0.09 | ) | | | — | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Bridge Builder Large Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 20.54 | | | | 0.18 | | | | 4.94 | | | | 5.12 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
For the year ended June 30, 2023 | | $ | 17.13 | | | | 0.16 | | | | 3.37 | | | | 3.53 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
For the year ended June 30, 2022 | | $ | 23.32 | | | | 0.13 | | | | (4.51 | ) | | | (4.38 | ) | | | (0.12 | ) | | | (1.69 | ) | | | (1.81 | ) |
For the year ended June 30, 2021 | | $ | 17.11 | | | | 0.13 | | | | 6.83 | | | | 6.96 | | | | (0.11 | ) | | | (0.64 | ) | | | (0.75 | ) |
For the year ended June 30, 2020 | | $ | 14.64 | | | | 0.14 | | | | 2.65 | | | | 2.79 | | | | (0.14 | ) | | | (0.18 | ) | | | (0.32 | ) |
Bridge Builder Large Cap Value Fund | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 15.78 | | | | 0.34 | | | | 2.00 | | | | 2.34 | | | | (0.34 | ) | | | (0.51 | ) | | | (0.85 | ) |
For the year ended June 30, 2023 | | $ | 15.20 | | | | 0.32 | | | | 1.63 | | | | 1.95 | | | | (0.32 | ) | | | (1.05 | ) | | | (1.37 | ) |
For the year ended June 30, 2022 | | $ | 17.24 | | | | 0.30 | | | | (1.10 | ) | | | (0.80 | ) | | | (0.30 | ) | | | (0.94 | ) | | | (1.24 | ) |
For the year ended June 30, 2021 | | $ | 11.77 | | | | 0.26 | | | | 5.48 | | | | 5.74 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
For the year ended June 30, 2020 | | $ | 12.71 | | | | 0.24 | | | | (0.94 | ) | | | (0.70 | ) | | | (0.23 | ) | | | (0.01 | ) | | | (0.24 | ) |
Bridge Builder Tax Managed Large Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 11.05 | | | | 0.15 | | | | 2.61 | | | | 2.76 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
For the year ended June 30, 2023 | | $ | 9.31 | | | | 0.14 | | | | 1.63 | | | | 1.77 | | | | (0.03 | ) | | | — | | | | (0.03 | ) |
For the period 6/01/22(6) -6/30/22 | | $ | 10.00 | | | | 0.01 | | | | (0.70 | ) | | | (0.69 | ) | | | — | | | | — | | | | — | |
Bridge Builder Small/Mid Cap Growth Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 13.39 | | | | 0.04 | | | | 1.71 | | | | 1.75 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
For the year ended June 30, 2023 | | $ | 11.60 | | | | 0.03 | | | | 1.78 | | | | 1.81 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
For the year ended June 30, 2022 | | $ | 19.02 | | | | 0.02 | | | | (4.42 | ) | | | (4.40 | ) | | | (0.01 | ) | | | (3.01 | ) | | | (3.02 | ) |
For the year ended June 30, 2021 | | $ | 14.73 | | | | 0.02 | | | | 6.42 | | | | 6.44 | | | | (0.04 | ) | | | (2.11 | ) | | | (2.15 | ) |
For the year ended June 30, 2020 | | $ | 14.25 | | | | 0.05 | | | | 1.01 | | | | 1.06 | | | | (0.05 | ) | | | (0.53 | ) | | | (0.58 | ) |
Bridge Builder Small/Mid Cap Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 13.03 | | | | 0.21 | | | | 1.50 | | | | 1.71 | | | | (0.19 | ) | | | (0.34 | ) | | | (0.53 | ) |
For the year ended June 30, 2023 | | $ | 12.56 | | | | 0.20 | | | | 1.21 | | | | 1.41 | | | | (0.15 | ) | | | (0.79 | ) | | | (0.94 | ) |
For the year ended June 30, 2022 | | $ | 15.55 | | | | 0.19 | | | | (1.57 | ) | | | (1.38 | ) | | | (0.16 | ) | | | (1.45 | ) | | | (1.61 | ) |
For the year ended June 30, 2021 | | $ | 9.92 | | | | 0.14 | | | | 5.64 | | | | 5.78 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
For the year ended June 30, 2020 | | $ | 11.55 | | | | 0.16 | | | | (1.63 | ) | | | (1.47 | ) | | | (0.16 | ) | | | — | | | | (0.16 | ) |
Bridge Builder Tax Managed Small/Mid Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 10.80 | | | | 0.10 | | | | 1.06 | | | | 1.16 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
For the year ended June 30, 2023 | | $ | 9.29 | | | | 0.10 | | | | 1.44 | | | | 1.54 | | | | (0.03 | ) | | | — | | | | (0.03 | ) |
For the period 6/01/22(6) -6/30/22 | | $ | 10.00 | | | | 0.01 | | | | (0.72 | ) | | | (0.71 | ) | | | — | | | | — | | | | — | |
Bridge Builder International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 12.09 | | | | 0.29 | | | | 0.87 | | | | 1.16 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
For the year ended June 30, 2023 | | $ | 10.55 | | | | 0.27 | | | | 1.52 | | | | 1.79 | | | | (0.20 | ) | | | (0.05 | ) | | | (0.25 | ) |
For the year ended June 30, 2022 | | $ | 14.73 | | | | 0.29 | | | | (3.11 | ) | | | (2.82 | ) | | | (0.32 | ) | | | (1.04 | ) | | | (1.36 | ) |
For the year ended June 30, 2021 | | $ | 10.97 | | | | 0.29 | | | | 3.72 | | | | 4.01 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
For the year ended June 30, 2020 | | $ | 11.38 | | | | 0.23 | | | | (0.36 | ) | | | (0.13 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Bridge Builder Tax Managed International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
For the year ended June 30, 2024 | | $ | 10.86 | | | | 0.29 | | | | 0.68 | | | | 0.97 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
For the year ended June 30, 2023 | | $ | 9.12 | | | | 0.30 | | | | 1.47 | | | | 1.77 | | | | (0.03 | ) | | | — | | | | (0.03 | ) |
For the period 6/01/22(6) -6/30/22 | | $ | 10.00 | | | | 0.01 | | | | (0.89 | ) | | | (0.88 | ) | | | — | | | | — | | | | — | |
| (1) | Annualized for periods less than one year. |
| (2) | Per share amounts based on average number of shares outstanding during the year/period. |
| (3) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized. |
| (4) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. |
| (5) | Ratios do not include the impact of the expenses of the underlying funds in which the fund invests. |
| (7) | Since inception return. |
| (8) | Portfolio turnover rate does not include securities received as part of an in-kind capital contribution. |
The accompanying notes are an integral part of these financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average Net Assets of:(1) | | | | |
Net asset value, end of period | | | Total
return(3)(4) | | | Net assets, end of period
(millions) | | | Expenses, before waivers(5) | | | Expenses,
net of
waivers(5) | | | Net investment
income/ (loss) | | | Portfolio
turnover
rate | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 8.84 | | | | 3.65 | % | | $ | 17,072 | | | | 0.34 | % | | | 0.12 | % | | | 4.11 | % | | | 127 | % |
| $ | 8.89 | | | | (0.30 | )% | | $ | 16,431 | | | | 0.34 | % | | | 0.13 | % | | | 3.40 | % | | | 151 | % |
| $ | 9.23 | | | | (10.36 | )% | | $ | 17,105 | | | | 0.34 | % | | | 0.13 | % | | | 2.12 | % | | | 157 | % |
| $ | 10.55 | | | | 1.18 | % | | $ | 17,891 | | | | 0.34 | % | | | 0.13 | % | | | 2.19 | % | | | 153 | % |
| $ | 10.91 | | | | 9.01 | % | | $ | 14,140 | | | | 0.34 | % | | | 0.13 | % | | | 2.91 | % | | | 137 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 8.70 | | | | 3.86 | % | | $ | 34,361 | | | | 0.44 | % | | | 0.21 | % | | | 4.78 | % | | | 331 | % |
| $ | 8.78 | | | | 0.55 | % | | $ | 30,225 | | | | 0.39 | % | | | 0.17 | % | | | 3.72 | % | | | 228 | % |
| $ | 9.10 | | | | (10.59 | )% | | $ | 31,334 | | | | 0.38 | % | | | 0.15 | % | | | 2.00 | % | | | 283 | % |
| $ | 10.43 | | | | 3.18 | % | | $ | 32,690 | | | | 0.38 | % | | | 0.15 | % | | | 2.06 | % | | | 281 | % |
| $ | 10.56 | | | | 7.94 | % | | $ | 19,434 | | | | 0.39 | % | | | 0.16 | % | | | 3.08 | % | | | 164 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.88 | | | | 4.11 | % | | $ | 14,581 | | | | 0.38 | % | | | 0.13 | % | | | 3.22 | % | | | 31 | % |
| $ | 9.80 | | | | 3.03 | % | | $ | 11,708 | | | | 0.38 | % | | | 0.15 | % | | | 2.79 | % | | | 26 | % |
| $ | 9.78 | | | | (7.73 | )% | | $ | 10,813 | | | | 0.38 | % | | | 0.15 | % | | | 1.96 | % | | | 22 | % |
| $ | 10.81 | | | | 5.19 | % | | $ | 9,889 | | | | 0.38 | % | | | 0.16 | % | | | 2.03 | % | | | 18 | % |
| $ | 10.49 | | | | 2.80 | % | | $ | 6,520 | | | | 0.38 | % | | | 0.16 | % | | | 2.47 | % | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.13 | | | | 7.06 | % | | $ | 3,166 | | | | 0.43 | % | | | 0.20 | % | | | 4.66 | % | | | 19 | % |
| $ | 9.91 | | | | 0.01 | %(7) | | $ | 2,398 | | | | 0.41 | % | | | 0.18 | % | | | 4.38 | % | | | 6 | %(8) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 25.49 | | | | 25.06 | % | | $ | 24,991 | | | | 0.45 | % | | | 0.18 | % | | | 0.81 | % | | | 24 | % |
| $ | 20.54 | | | | 20.76 | % | | $ | 22,860 | | | | 0.46 | % | | | 0.19 | % | | | 0.88 | % | | | 21 | % |
| $ | 17.13 | | | | (20.83 | )% | | $ | 15,381 | | | | 0.46 | % | | | 0.19 | % | | | 0.60 | % | | | 23 | % |
| $ | 23.32 | | | | 41.44 | % | | $ | 17,606 | | | | 0.45 | % | | | 0.19 | % | | | 0.65 | % | | | 31 | % |
| $ | 17.11 | | | | 19.28 | % | | $ | 13,464 | | | | 0.46 | % | | | 0.22 | % | | | 0.90 | % | | | 42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 17.27 | | | | 15.15 | % | | $ | 21,124 | | | | 0.45 | % | | | 0.23 | % | | | 2.08 | % | | | 20 | % |
| $ | 15.78 | | | | 13.52 | % | | $ | 17,053 | | | | 0.45 | % | | | 0.23 | % | | | 2.06 | % | | | 21 | % |
| $ | 15.20 | | | | (5.27 | )% | | $ | 17,033 | | | | 0.46 | % | | | 0.23 | % | | | 1.76 | % | | | 24 | % |
| $ | 17.24 | | | | 49.10 | % | | $ | 17,397 | | | | 0.45 | % | | | 0.24 | % | | | 1.80 | % | | | 26 | % |
| $ | 11.77 | | | | (5.55 | )% | | $ | 12,499 | | | | 0.46 | % | | | 0.24 | % | | | 1.94 | % | | | 36 | %(8) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 13.68 | | | | 25.17 | % | | $ | 4,463 | | | | 0.46 | % | | | 0.25 | % | | | 1.24 | % | | | 22 | % |
| $ | 11.05 | | | | 19.07 | % | | $ | 2,526 | | | | 0.50 | % | | | 0.30 | % | | | 1.38 | % | | | 19 | % |
| $ | 9.31 | | | | (6.90 | )%(7) | | $ | 152 | | | | 0.66 | % | | | 0.51 | % | | | 1.36 | % | | | 0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 15.10 | | | | 13.12 | % | | $ | 8,337 | | | | 0.66 | % | | | 0.36 | % | | | 0.26 | % | | | 66 | % |
| $ | 13.39 | | | | 15.65 | % | | $ | 7,116 | | | | 0.66 | % | | | 0.38 | % | | | 0.25 | % | | | 63 | % |
| $ | 11.60 | | | | (27.88 | )% | | $ | 5,332 | | | | 0.67 | % | | | 0.38 | % | | | 0.12 | % | | | 84 | % |
| $ | 19.02 | | | | 46.08 | % | | $ | 5,976 | | | | 0.66 | % | | | 0.37 | % | | | 0.13 | % | | | 37 | % |
| $ | 14.73 | | | | 7.63 | % | | $ | 4,794 | | | | 0.66 | % | | | 0.38 | % | | | 0.34 | % | | | 65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.21 | | | | 13.28 | % | | $ | 7,882 | | | | 0.66 | % | | | 0.39 | % | | | 1.54 | % | | | 46 | % |
| $ | 13.03 | | | | 11.65 | % | | $ | 6,772 | | | | 0.66 | % | | | 0.40 | % | | | 1.54 | % | | | 41 | % |
| $ | 12.56 | | | | (10.21 | )% | | $ | 6,045 | | | | 0.66 | % | | | 0.40 | % | | | 1.26 | % | | | 33 | % |
| $ | 15.55 | | | | 58.63 | % | | $ | 7,008 | | | | 0.65 | % | | | 0.40 | % | | | 1.12 | % | | | 34 | % |
| $ | 9.92 | | | | (12.98 | )% | | $ | 5,101 | | | | 0.66 | % | | | 0.42 | % | | | 1.44 | % | | | 50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.87 | | | | 10.90 | % | | $ | 1,643 | | | | 0.68 | % | | | 0.42 | % | | | 0.93 | % | | | 29 | % |
| $ | 10.80 | | | | 16.46 | % | | $ | 833 | | | | 0.76 | % | | | 0.52 | % | | | 0.99 | % | | | 36 | % |
| $ | 9.29 | | | | (7.10 | )%(7) | | $ | 89 | | | | 1.13 | % | | | 0.73 | % | | | 0.84 | % | | | 0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12.95 | | | | 9.75 | % | | $ | 18,235 | | | | 0.63 | % | | | 0.35 | % | | | 2.37 | % | | | 32 | % |
| $ | 12.09 | | | | 17.27 | % | | $ | 16,404 | | | | 0.63 | % | | | 0.36 | % | | | 2.45 | % | | | 19 | % |
| $ | 10.55 | | | | (21.02 | )% | | $ | 13,609 | | | | 0.64 | % | | | 0.37 | % | | | 2.18 | % | | | 23 | % |
| $ | 14.73 | | | | 36.84 | % | | $ | 15,213 | | | | 0.63 | % | | | 0.32 | % | | | 2.21 | % | | | 52 | % |
| $ | 10.97 | | | | (1.40 | )% | | $ | 11,345 | | | | 0.63 | % | | | 0.33 | % | | | 2.10 | % | | | 36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.62 | | | | 9.06 | % | | $ | 1,649 | | | | 0.65 | % | | | 0.39 | % | | | 2.63 | % | | | 18 | % |
| $ | 10.86 | | | | 19.47 | % | | $ | 1,136 | | | | 0.73 | % | | | 0.47 | % | | | 2.99 | % | | | 12 | % |
| $ | 9.12 | | | | (8.80 | )%(7) | | $ | 104 | | | | 1.20 | % | | | 0.67 | % | | | 1.10 | % | | | 0 | % |
The accompanying notes are an integral part of these financial statements.
Bridge Builder Mutual Funds
Notes to Financial Statements
1. ORGANIZATION
The Bridge Builder Trust (the “Trust”) is a Delaware statutory trust organized under the laws of the State of Delaware on December 19, 2012, and is registered with the Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2024 the Trust consisted of fifteen series, of which twelve are active series, identified below and presented in this report (each a “Fund,” and collectively, the “Funds”). The three remaining series are inactive and currently not available for purchase.
Olive Street Investment Advisers, LLC (the “Adviser”) acts as investment adviser to the Funds.
| | |
| Fund | | Investment Objective |
Bridge Builder Core Bond Fund
(“Core Bond Fund”) | | To provide total return (capital appreciation plus income) |
Bridge Builder Core Plus Bond Fund
(“Core Plus Bond Fund”) | | To provide total return (capital appreciation plus income) |
Bridge Builder Municipal Bond Fund
(“Municipal Bond Fund”) | | To provide current income exempt from federal tax, with a secondary goal of preservation of investment principal |
Bridge Builder Municipal High-Income Bond Fund
(“Municipal High-Income Bond Fund”) | | To provide current income exempt from federal tax |
Bridge Builder Large Cap Growth Fund
(“Large Cap Growth Fund”) | | To provide capital appreciation |
Bridge Builder Large Cap Value Fund
(“Large Cap Value Fund”) | | To provide capital appreciation |
Bridge Builder Tax Managed Large Cap Fund
(“Tax Managed Large Cap Fund”) | | To seek to provide a tax-efficient investment return consisting of capital appreciation |
Bridge Builder Small/Mid Cap Growth Fund
(“Small/Mid Cap Growth Fund”) | | To provide capital appreciation |
Bridge Builder Small/Mid Cap Value Fund
(“Small/Mid Cap Value Fund”) | | To provide capital appreciation |
Bridge Builder Tax Managed Small/Mid Cap Fund
(“Tax Managed Small/Mid Cap Fund”) | | To seek to provide a tax-efficient investment return consisting of capital appreciation |
Bridge Builder International Equity Fund
(“International Equity Fund”) | | To provide capital appreciation |
| Bridge Builder Tax Managed International Equity Fund (“Tax Managed International Equity Fund”) | | To seek to provide a tax-efficient investment return consisting of capital appreciation |
The Funds are diversified and each currently offers a single class of shares. The Funds are available for investment exclusively to eligible clients participating in certain investment advisory programs sponsored by Edward Jones (the “Advisory Programs”), as described in greater detail in the Funds’ prospectuses, and to current and former Trustees of the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.
The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – Investment Companies, which is part of GAAP.
a) Use of Estimates – The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
b) Investment Valuation – All securities and other investments are recorded at their estimated fair value, as described in Note 4.
c) Federal Income Taxes – Each Fund is treated as a separate taxable entity for federal income tax purposes. The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of their net investment income and capital gains to shareholders. Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction. As a result, no provision for federal income tax is recorded in the financial statements.
The Adviser has reviewed the Funds’ tax positions for all open tax years (the prior three years of tax filings or since inception, if shorter, are considered open for examination) and has concluded that there is no tax liability/benefit resulting from uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.
As of June 30, 2024, the Funds had no tax examinations or audits in progress.
d) Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income for the Core Bond, Core Plus Bond, Municipal Bond and Municipal High-Income Bond Funds are generally declared daily and paid monthly. The Large Cap Value Fund will generally declare and pay distributions of net investment income quarterly. The Large Cap Growth, Tax Managed Large Cap, Small/Mid Cap Growth, Small/Mid Cap Value, Tax Managed Small/Mid Cap, International Equity and Tax Managed International Equity Funds will generally declare and pay distributions of net investment income annually, as necessary. Realized capital gains, if any, are distributed by each Fund at least annually, as necessary. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature, these amounts are reclassified within the capital accounts in the financial statements to reflect their tax character.
e) Indemnifications – In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Trust that have not yet occurred.
f) Investment Transactions, Income and Expense Allocation – Investment transactions are recorded on trade date. Securities gains and losses, net of foreign taxes withheld, if any, are calculated on the basis of identified cost. Dividend income (expense), net of foreign taxes withheld, if any, is recognized on ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as the information becomes available, which may be after the published ex-dividend date. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Issuance fees, if any, are custodial fees on American Depositary Receipts (“ADRs”) charged by ADR agents on ADR dividends and are recorded when paid. Interest income is recognized on an accrual basis, while discounts and premiums on securities purchased are accreted or amortized, respectively, using the constant yield method over the life of the security. Expenses common to multiple Funds are allocated among the respective Funds based upon their relative net asset values or other reasonable allocation methods.
g) Foreign Currency Translation and Transactions – The books and records of the Funds are maintained in U.S. dollars. The Funds’ assets and liabilities in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the valuation date. Transactions denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Funds’ income earned and expense incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments and derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the period. Accordingly, such foreign currency gains/(losses) are included in the reported net realized gains/(losses) on investments in securities and derivatives and net change in unrealized appreciation/(depreciation) on investment securities and derivatives on the Statements of Operations.
h) Regulatory Updates – In November 2022, the SEC adopted amendments to the requirements for annual and semiannual shareholder reports provided by mutual funds and exchange-traded funds (ETFs) to highlight key information for investors. The amendments also require that funds tag their reports to shareholders using the Inline eXtensible Business Reporting Language (“Inline XBRL”) structured data language to provide machine-readable data that retail investors and other market participants may use to more efficiently access and evaluate investments. The SEC also adopted amendments to the advertising rules for registered investment companies and business development companies to promote more transparent and balanced statements about investment costs. The effective date for the amendments was January 24, 2023. The SEC adopted an eighteen-month transition period beginning from the effective date for the new shareholder report amendments. The Funds have adopted these amendments through the creation of a tailored shareholder report and updated financial statements, as per the SEC requirements.
The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments was May 28, 2024. The rule has been implemented and there were no material impacts to the financial statements.
3. SECURITIES AND OTHER INVESTMENTS
a) Delayed Delivery Securities – In the case of delayed delivery mortgage purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a contract, with the actual principal amount being within a specified range of the estimate. Forward commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. This risk is in addition to the risk of decline in the value of the Fund’s other assets. Where such purchases are made through dealers, the Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in a loss to the Fund of an advantageous yield or price. Although the Fund will generally enter into forward commitments with the intention of acquiring securities for its portfolio, the Fund may dispose of a commitment prior to settlement if it deems it appropriate to do so.
A Fund may enter into delayed delivery sale commitments to hedge its portfolio positions or to sell securities it owns under delayed delivery arrangements. Proceeds of the sale commitments are not received until the contractual settlement date. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or (loss) on the commitment without regard to any unrealized appreciation/(depreciation) on the underlying security. If the Fund delivers securities under the commitment, the Fund realizes a gain or (loss) from the sale of the securities based upon the unit price established at the date the commitment was entered into.
Rule 18f-4 under the 1940 Act permits a Fund to enter into when-issued or forward-settling securities and nonstandard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. The requirements of Rule 18f-4 may limit a Fund’s ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a Fund’s investments and cost of doing business, which could adversely affect the value of the Fund’s investments and/or the performance of the Fund. The rule also may not be effective to limit a Fund’s risk of loss.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
b) Derivatives – Certain Funds invest in derivatives as permitted by their investment strategies and policies. Derivatives are financial instruments whose value is based on the value of another underlying asset, interest rate, index or financial instrument. Derivatives may be riskier than other types of investments because derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed a Fund’s original investment. Derivatives are subject to the risk that changes in the value of a derivative may not correlate with the underlying asset, rate, or index. The use of derivatives may not be successful, resulting in losses to a Fund, and the cost of such strategies may reduce a Fund’s returns. Certain derivatives also expose a Fund to the risk that a counterparty will not fulfill its obligations under the derivatives contract. Certain of a Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in a Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely affect a Fund’s after-tax returns. Investing in derivatives may result in a form of leverage, which may cause a Fund to be more volatile than if the Fund had not been leveraged because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. Regulation relating to a Fund’s use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.
Futures Contracts – Certain Funds may enter into futures contracts, which are agreements between two parties to buy or sell a specified underlying instrument for a fixed price on a specified future date. The Funds buy and sell futures contracts to gain or hedge exposure to certain risk factors. Upon entering into a futures contract, the Funds are required to deposit with the broker cash or securities, which are referred to as initial margin. Securities deposited as initial margin are designated on the Schedule of Investments, and cash deposited is recorded as Deposits at broker for futures contracts on the Statements of Assets and Liabilities.
Exchange traded futures are marked to market daily based on the price movement of the contract. This change in value creates either a payable or receivable for the Fund as either more or less margin is required by the clearing agent. This change in value, known as variation margin, is moved daily between the Fund and its counterparty.
A change in the market value of an open futures contract is recorded as unrealized appreciation/(depreciation) until the contract is closed. When a contract is closed, the Fund will record a realized gain or (loss) equal to the difference between the proceeds of the closing transaction and the Fund’s basis in the contract. Futures contracts outstanding at period end, if any, are listed within each Fund’s Schedule of Investments. During the period, all Funds, except the Municipal Bond, Tax Managed Large Cap, Tax Managed Small/Mid Cap and the Tax Managed International Equity Funds, participated in futures contracts transactions.
Forward Foreign Currency Exchange Contracts – Core Plus Bond Fund and International Equity Fund may invest in forward foreign currency exchange contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as unrealized appreciation/ (depreciation). When the contract is closed in its foreign currency, the Funds record a realized gain or (loss) equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The Funds could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Funds are unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed within each Fund’s Schedule of Investments. During the period, the Core Plus Bond Fund participated in transactions of forward foreign currency exchange contracts.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Repurchase Agreements – In a repurchase agreement, a Fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a Fund to counterparty risk, meaning that the Fund could lose money if the other party fails to perform under the terms of the agreement. A Fund mitigates this risk by ensuring that the Fund’s repurchase agreements are collateralized by cash and/or U.S. government securities. All collateral is held by a Fund’s custodian (or, with multiparty agreements, the agent’s bank) and is monitored daily to ensure that its market value is at least equal to the repurchase price under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty. Certain Funds may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian under a Master Repurchase Agreement for investment companies and other clients advised by the Sub-adviser (as defined below) and its affiliates. A Fund may participate with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities. Repurchase agreements are subject to master netting agreements, which are agreements between a Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination. Repurchase agreement amounts, if any, presented on the Schedule of Investments are gross settlement amounts.
Swap Contracts – Certain Funds may invest in swap contracts. Swap contracts are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. Swap contracts may be privately negotiated in the over-the-counter market (“OTC Swaps”) or may be cleared through a third-party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”).
A Fund may enter into credit default, interest rate and/or total return swap contracts to manage the Fund’s exposure to credit, interest rate and equity risk. Securities or cash may be used as collateral or margin in accordance with the terms of the swap contract in order to provide assets in the event of a default or bankruptcy.
Centrally Cleared Swaps are marked to market daily and the change, if any, is recorded as variation margin on centrally cleared swap contracts on the Statements of Assets and Liabilities. OTC Swaps are marked to market daily and the change, if any, is included in the over-the-counter swap contracts, at value line item on the Statements of Assets and Liabilities. Both OTC and Centrally Cleared Swaps show this component as change in unrealized appreciation/(depreciation) on the Statements of Operations. Swap variation margin is accounted for as unrealized appreciation/(depreciation) until the contract is closed, at which time the gains or (losses) are realized. Upfront premiums received/(paid) represent cash payments made upon the opening of the swap contract to compensate for differences between the stated terms of the contract and the current market value contract. These upfront payments are recorded as assets/(liabilities) and are included within the market value of the swap contract. Upon liquidation or termination of the swap contract, these payments are recorded as realized gain/(loss) on the Statements of Operations. Net periodic payments received/(paid) by the Fund are also included in the realized gain/ (loss) on swap contracts on the Statements of Operations. Swap contracts outstanding, including their respective notional amounts at period end, if any, are listed within each Fund’s Schedule of Investments.
Interest Rate Swaps – Core Bond Fund and Core Plus Bond Fund may enter into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates or on an inflation index. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. During the period, the Core Plus Bond Fund entered into interest rate swap contracts.
Credit Default Swap Contracts – Core Plus Bond Fund may enter into credit default swap contracts to provide a measure of protection against risk of loss following a default, or other credit event in respect of issuers within an
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
underlying index or a single issuer, or to gain credit exposure to an underlying index or issuer. In a credit default swap contract, the protection buyer typically makes an upfront payment and a periodic stream of payments to the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or other equally ranked obligations of the reference entity. As a seller of protection on a credit default swap contract, the Fund will generally receive from the protection buyer a fixed rate of income throughout the term of the swap provided there is no credit event. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or (loss).
Implied credit spreads are used to determine the value of credit default swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.
A Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the specific Fund and the counterparty. Where a Fund is a seller of protection, the maximum potential amount of future payments the Fund may be required to make is equal to the notional amount of the relevant credit default contract. The Fund’s risk of loss associated with these instruments may exceed their value, as recorded in the Schedule of Investments. During the period, the Core Plus Bond Fund entered into credit default swap contracts.
Total Return Swap Contracts – Core Plus Bond Fund may enter into total return swaps to obtain exposure to the underlying referenced instruments, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, security index or index component during the period of the swap. Total return swap contracts are marked to market daily and the change, if any, is recorded as net change in unrealized appreciation/(depreciation) on swap contracts in the Statements of Operations. Total return swaps normally do not involve the delivery of securities or other underlying assets. If the counterparty to a total return swap contract defaults, a Fund’s risk of loss consists of the net amount of payments the Fund is contractually entitled to receive, if any. The use of long total return swap contracts subject the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities. The use of short total return swaps subject the Funds to unlimited loss. Periodic payments received (paid) by the Funds are recorded as net realized gain/(loss) on swap contracts in the Statements of Operations. Total return swap contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.
Master Agreements – Certain Funds are parties to master netting arrangements with counterparties (“Master Agreements”). Master Agreements govern the terms of certain like transactions and reduce the counterparty risk associated with relevant transactions by specifying payment netting mechanisms across multiple transactions and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded by different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple Master Agreements with a counterparty and its affiliates. As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to (i) close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty, (ii) exit transactions through means other than sale, such as through a negotiated agreement with the Funds’ counterparty, a transfer to another party, or close out of the position through execution of an offsetting transaction.
Collateral and margin requirements differ according to the terms of each type of Master Agreement. Collateral is routinely transferred if the total net exposure, net of existing collateral already in place governed under the relevant
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Master Agreement, with a counterparty in a given account exceeds a specified threshold. Collateral can be in the form of cash, debt securities issued by the U.S. government, money market funds, and other securities as agreed to by the Fund and the applicable counterparty, or as permitted by the clearing house or exchange.
Collateral posted for the benefit of a Fund pursuant to a Master Agreement is held by a custodian of the Fund. Amounts which can be invested or repledged are presented in the Fund’s Schedule of Investments. Segregation of a Fund’s collateral in the custodian account helps mitigate counterparty risk. Collateral received is reflected as a liability within due to brokers on the Statements of Assets and Liabilities. As governed by the relevant Master Agreements, interest expense may be incurred if a counterparty charges the Fund interest on collateral posted directly to a Fund’s custodian account.
For financial reporting purposes, the Funds do not offset derivative assets and liabilities subject to Master Agreements on the Statements of Assets and Liabilities.
c) Loan Participation, Assignments and Unfunded Commitments – Certain Funds may enter into loan participations and assignments. When one of the Funds purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or a third party selling such participations (“Selling Participant”), but not the borrower. In this case, the Fund assumes the credit risk of the borrower and the Selling Participant and any other persons interpositioned between the Fund and the borrower (“Intermediate Participants”). In contrast, when one of the Funds purchases an assignment, the contractual relationship is with the borrower and the credit risk assumed by the Fund is only with the borrower. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor.
The Funds may also enter into unfunded loan commitments, which are contractual obligations for future funding. These unfunded commitments represent a future obligation in full, even though a percentage of the loan may not be utilized by the borrower. These types of investments may include standby financing commitments, such as revolving credit facilities, which obligate the Funds to supply additional cash to the borrower on demand. The value of the unfunded portion of the investment is determined using pro-rata allocation, based on its par value relative to the par value of the entire investment. The unfunded loan commitments are marked daily and any unrealized appreciation/ (depreciation) from unfunded commitments is reported in the Statements of Assets and Liabilities as well as the Statements of Operations.
When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt of payments by the lender from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of the loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments, and certain loan participations and assignments which were liquid, when purchased, may become illiquid. The following table summarizes Core Plus Bond Fund’s unfunded loan positions as of June 30, 2024.
| | | | | | | | | | | | | | |
Fund | | Borrower | | Unfunded Bank Loan
Commitment
(000s) | | | Value of
Underlying Bank
Loan Commitment
(000s) | | | Unrealized
Appreciation/
(Depreciation)
(000s) | |
Core Plus Bond Fund | | Finastra USA, Inc. | | $ | 232 | | | $ | 234 | | | $ | 2 | |
d) Restricted Securities – The Funds may own investment securities that are unregistered or have other legal or contractual limitations, and thus are restricted as to resale. These securities are valued after giving due consideration to pertinent factors, including recent private sales, market conditions and the issuer’s financial
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
performance. Where future disposition of these securities requires registration under the Securities Act of 1933, a Fund may have the right to include these securities in such registration, generally without cost to the Fund. A Fund generally has no right to require registration of the unregistered securities it holds. The Funds held the following restricted securities at June 30, 2024.
Core Bond Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
Deutsche Bank AG | | | 11/17/2020 | | | $ | 6,700 | | | $ | 5,719 | | | | 0.03 | % |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 6,700 | | | $ | 5,719 | | | | 0.03 | % |
| | | | | | | | | | | | | | | | |
Core Plus Bond Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
3R Lux SARL | | | 5/17/2024 | | | $ | 236 | | | $ | 235 | | | | 0.00 | %* |
AI Mansart | | | 6/22/2023 | | | | 209 | | | | 209 | | | | 0.00 | * |
Alinma Tier 1 Sukuk Ltd. | | | 2/28/2024 | | | | 350 | | | | 353 | | | | 0.00 | * |
Alpha Star Holding VIII Ltd. | | | 10/5/2023 | | | | 296 | | | | 302 | | | | 0.00 | * |
AmSurg Corp. | | | 11/2/2023 - 11/6/2023 | | | | 3,101 | | | | 3,882 | | | | 0.01 | |
Atlas Funding 2024-1 Plc | | | 5/23/2024 | | | | 381 | | | | 378 | | | | 0.00 | * |
Auto ABS Italian Stella Loans 2024-1 SRL | | | 6/13/2024 | | | | 532 | | | | 528 | | | | 0.00 | * |
Benin Government International Bond | | | 6/20/2023 | | | | 77 | | | | 84 | | | | 0.00 | * |
Braskem Netherlands Finance BV | | | 12/4/2023 | | | | 206 | | | | 230 | | | | 0.00 | * |
Brignole Co. | | | 6/18/2024 | | | | 317 | | | | 317 | | | | 0.00 | * |
Cold Storage Trust 2020-ICE5 | | | 10/22/2020 - 5/1/2024 | | | | 4,466 | | | | 4,451 | | | | 0.02 | |
Corp. Financiera de Desarrollo SA | | | 11/8/2023 | | | | 195 | | | | 197 | | | | 0.00 | * |
Costa Rica Government International Bond | | | 11/8/2023 - 6/28/2024 | | | | 2,656 | | | | 2,674 | | | | 0.01 | |
Deutsche Bank AG | | | 6/21/2021 - 1/11/2023 | | | | 4,147 | | | | 3,625 | | | | 0.01 | |
Dominican Republic International Bond | | | 6/20/2023 - 6/22/2023 | | | | 221 | | | | 229 | | | | 0.00 | * |
DP World Salaam | | | 11/17/2023 | | | | 196 | | | | 199 | | | | 0.00 | * |
Egypt Government International Bond | | | 11/22/2022 - 6/26/2024 | | | | 2,349 | | | | 2,221 | | | | 0.01 | |
Empresa Nacional del Petroleo | | | 9/14/2022 | | | | 346 | | | | 358 | | | | 0.00 | * |
Energean Israel Finance Ltd. | | | 6/27/2023 | | | | 108 | | | | 53 | | | | 0.00 | * |
European Union | | | 11/8/2023 - 6/18/2024 | | | | 38,157 | | | | 38,441 | | | | 0.12 | |
Exmoor Funding 2024-1 Plc | | | 5/30/2024 | | | | 387 | | | | 385 | | | | 0.00 | * |
Freeport Indonesia PT | | | 6/22/2023 | | | | 195 | | | | 196 | | | | 0.00 | * |
French Republic Government Bond OAT | | | 2/15/2024 - 4/22/2024 | | | | 19,469 | | | | 13,798 | | | | 0.05 | |
FWD Group Holdings Ltd. | | | 3/21/2024 | | | | 3,251 | | | | 2,708 | | | | 0.01 | |
Gabon Government International Bond | | | 5/2/2024 | | | | 230 | | | | 220 | | | | 0.00 | * |
Gruma SAB de CV | | | 10/3/2022 | | | | 253 | | | | 254 | | | | 0.00 | * |
Grupo Posadas SAB de CV | | | 9/6/2022 - 6/11/2024 | | | | 275 | | | | 321 | | | | 0.00 | * |
Guatemala Government Bond | | | 11/17/2023 - 12/15/2023 | | | | 1,440 | | | | 1,466 | | | | 0.00 | * |
Hermitage 2024 Plc | | | 6/28/2024 | | | | 988 | | | | 988 | | | | 0.00 | * |
Hilton Garden Inn Waikiki | | | 6/17/2024 | | | | 5,082 | | | | 5,082 | | | | 0.02 | |
Hungary Government International Bond | | | 1/18/2024 - 1/25/2024 | | | | 2,225 | | | | 2,196 | | | | 0.01 | |
Indonesia Government International Bond | | | 11/8/2023 | | | | 219 | | | | 229 | | | | 0.00 | * |
Intelsat SA | | | 6/19/2017 - 7/3/2023 | | | | 24,897 | | | | 16,427 | | | | 0.05 | |
Ivory Coast Government International Bond | | | 6/19/2023 - 2/7/2024 | | | | 753 | | | | 757 | | | | 0.00 | * |
Kenbourne Invest SA | | | 11/14/2023 - 12/1/2023 | | | | 257 | | | | 179 | | | | 0.00 | * |
Kingdom of Belgium Government Bond | | | 2/15/2024 - 4/22/2024 | | | | 30,262 | | | | 29,105 | | | | 0.09 | |
Leviathan Bond Ltd. | | | 6/27/2023 | | | | 31 | | | | 7 | | | | 0.00 | * |
Magellan Capital Holdings Ltd. | | | 6/27/2024 | | | | 304 | | | | 304 | | | | 0.00 | * |
MHP Lux SA | | | 11/9/2023 - 11/14/2023 | | | | 351 | | | | 384 | | | | 0.00 | * |
Mila 2024-1 BV | | | 5/23/2024 | | | | 216 | | | | 214 | | | | 0.00 | * |
Miltonia Mortgage Finance Srl | | | 5/24/2024 | | | | 662 | | | | 649 | | | | 0.00 | * |
Montenegro Government International Bond | | | 3/15/2024 | | | | 105 | | | | 104 | | | | 0.00 | * |
Morgan Stanley | | | 2/11/2020 | | | | 12,558 | | | | 9,380 | | | | 0.03 | |
NAK Naftogaz Ukraine via Kondor Finance Plc | | | 2/27/2024 | | | | 523 | | | | 735 | | | | 0.00 | * |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
Neiman Marcus Group, Inc. | | | 9/25/2020 | | | $ | 2,007 | | | $ | 8,421 | | | | 0.03 | % |
Newday Funding Master Issuer Plc - Series 2024-2 | | | 6/20/2024 | | | | 1,416 | | | | 1,407 | | | | 0.00 | * |
Nigeria Government International Bond | | | 1/12/2024 - 6/18/2024 | | | | 739 | | | | 723 | | | | 0.00 | * |
North Macedonia Government International Bond | | | 11/9/2023 | | | | 110 | | | | 111 | | | | 0.00 | * |
OCP SA | | | 9/23/2022 | | | | 252 | | | | 254 | | | | 0.00 | * |
Oleoducto Central SA | | | 7/13/2022 - 7/18/2022 | | | | 478 | | | | 316 | | | | 0.00 | * |
Oman Government International Bond | | | 11/9/2023 | | | | 187 | | | | 204 | | | | 0.00 | * |
Paraguay Government International Bond | | | 11/22/2023 | | | | 166 | | | | 179 | | | | 0.00 | * |
PCL Funding IX Plc | | | 5/16/2024 | | | | 429 | | | | 428 | | | | 0.00 | * |
Pertamina Persero PT | | | 11/8/2023 | | | | 181 | | | | 186 | | | | 0.00 | * |
Peruvian Government International Bond | | | 6/7/2019 - 3/22/2024 | | | | 4,815 | | | | 2,617 | | | | 0.01 | |
Pony SA Compartment German Auto Loans 2024-1 | | | 6/27/2024 | | | | 214 | | | | 214 | | | | 0.00 | * |
Quarzo Srl | | | 6/14/2024 | | | | 292 | | | | 292 | | | | 0.00 | * |
Romanian Government International Bond | | | 12/14/2022 - 11/9/2023 | | | | 442 | | | | 475 | | | | 0.00 | * |
Samarco Mineracao SA | | | 2/13/2024 - 6/11/2024 | | | | 939 | | | | 955 | | | | 0.00 | * |
Saudi Government International Bond | | | 11/16/2022 | | | | 863 | | | | 175 | | | | 0.00 | * |
SCF Rahoituspalvelut XIII DAC | | | 5/23/2024 | | | | 108 | | | | 107 | | | | 0.00 | * |
Stratton Mortgage Funding 2024-3 Plc | | | 5/30/2024 | | | | 216 | | | | 215 | | | | 0.00 | * |
Tupy Overseas SA | | | 8/18/2023 | | | | 200 | | | | 212 | | | | 0.00 | * |
UK Logistics 2024-1 DAC | | | 5/10/2024 | | | | 510 | | | | 515 | | | | 0.00 | * |
Ukraine Government International Bond | | | 5/23/2023 - 4/19/2024 | | | | 1,129 | | | | 1,249 | | | | 0.00 | * |
United Kingdom Gilt | | | 5/10/2024 | | | | 20,689 | | | | 10,307 | | | | 0.03 | |
Vantage Data Centers Jersey Borrower Spv Ltd. | | | 5/17/2024 | | | | 1,130 | | | | 1,135 | | | | 0.00 | * |
Vedanta Resources Finance II Plc | | | 11/8/2023 | | | | 145 | | | | 162 | | | | 0.00 | * |
VF Ukraine PAT via VFU Funding Plc | | | 11/16/2023 - 11/17/2023 | | | | 429 | | | | 487 | | | | 0.00 | * |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 201,565 | | | $ | 176,400 | | | | 0.51 | % |
| | | | | | | | | | | | | | | | |
Municipal High-Income Bond Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
County of Anne Arundel MD | | | 04/21/2023 | | | $ | 590 | | | $ | 590 | | | | 0.02 | % |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 590 | | | $ | 590 | | | | 0.02 | % |
| | | | | | | | | | | | | | | | |
Small/Mid Cap Growth Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
OmniAb, Inc. - Class CR3** | | | 8/10/2015 - 8/22/2022 | | | $ | — | | | $ | — | | | | 0.00 | %* |
OmniAb, Inc. - Class CR4** | | | 8/10/2015 - 8/22/2022 | | | | — | | | | — | | | | 0.00 | * |
| | | | | | | | | | | | | | | | |
| | | | | | $ | — | | | $ | — | | | | 0.00 | %* |
| | | | | | | | | | | | | | | | |
Small/Mid Cap Value Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
OmniAb, Inc. - Class CR3** | | | 6/25/2021 - 9/7/2022 | | | $ | — | | | $ | — | | | | 0.00 | %* |
OmniAb, Inc. - Class CR4** | | | 6/25/2021 - 9/7/2022 | | | | — | | | | — | | | | 0.00 | * |
| | | | | | | | | | | | | | | | |
| | | | | | $ | — | | | $ | — | | | | 0.00 | %* |
| | | | | | | | | | | | | | | | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Tax Managed Small/Mid Cap Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
OmniAb, Inc. - Class CR3** | | | 8/25/2022 | | | $ | — | | | $ | — | | | | 0.00 | %* |
OmniAb, Inc. - Class CR4** | | | 8/25/2022 | | | | — | | | | — | | | | 0.00 | * |
| | | | | | | | | | | | | | | | |
| | | | | | $ | — | | | $ | — | | | | 0.00 | %* |
| | | | | | | | | | | | | | | | |
International Equity Fund
| | | | | | | | | | | | | | | | |
Issuer Description | | Acquisition Date | | | Acquisition Cost
(000s) | | | Market Value at
June 30, 2024
(000s) | | | % of Net Assets at
June 30, 2024 | |
Severstal PAO** | | | 7/15/2021 - 11/29/2021 | | | $ | 3,360 | | | $ | — | | | | 0.00 | %* |
X5 Retail Group NV** | | | 7/15/2021 - 1/27/2022 | | | | 2,010 | | | | — | | | | 0.00 | * |
| | | | | | | | | | | | | | | | |
| | | | | | $ | 5,370 | | | $ | — | | | | 0.00 | %* |
| | | | | | | | | | | | | | | | |
| * | Amount less than 0.005%. |
| ** | A zero balance may reflect actual amounts rounding to less than one thousand. |
e) Defaulted Securities – Certain Funds may hold defaulted securities or other securities which were placed in non-accrual status as the collection of a portion or all of the interest has been deemed to be uncollectible. Debt obligations may be placed on non-accrual status and the related interest income, amortization or accretion may be reduced or stopped entirely. Additionally, current income accruals and interest receivables may be written off when the collection of the interest income has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.
f) Sale-buyback and Buy-saleback Transactions – A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date.
During the year ended June 30, 2024, the Core Plus Bond Fund participated in sale-buyback transactions which were as follows:
| | | | | | | | | | | | | | | | |
Fund | | Outstanding
Sale-Buyback Transactions
(000s) | | | Average Amount
Borrowed
(000s) | | | Incurred Interest
Expense
(000s) | | | % of Weighted Average
Interest Rate | |
Core Plus Bond Fund | | $ | — | | | $ | 361,536 | | | $ | 18,971 | | | | 5.50 | % |
A buy-saleback lending transaction consists of a purchase of a security by a Fund from a counterparty, with a simultaneous agreement to sell the same or substantially the same security at an agreed-upon price and date. The party who sold the security is not entitled to receive principal and interest payments, if any, made on the security during the term of the agreement.
During the year ended June 30, 2024, the Core Plus Bond Fund did not participate in buy-saleback transactions.
Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Schedule of Investments.
4. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
a) Investment Valuation Policies – The Net Asset Value (“NAV”) of the Funds’ shares are generally valued as of the close of the regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
day the NYSE is open. The NAV per share of each Fund is computed by dividing the total net assets of the Fund by the total number of shares outstanding. In calculating NAV, each Fund generally values its investment portfolio at market price. If market quotations are not readily available or they are unreliable, securities are valued at fair value. The Board has ultimate responsibility for determining the fair value of investments. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee of the Funds. The Adviser performs the fair value determination relating to the Funds’ investments that do not have readily available market quotations, or that have market quotations that are unreliable, subject to Board oversight and certain reporting and other requirements. The Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized including but not limited to: periodic vendor due diligence meetings and reviewing the results of back testing on a monthly basis. The Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.
The Adviser has established a Valuation Committee with members from relevant departments within the Adviser to assist the Adviser in carrying out its responsibilities under Rule 2a-5 and in accordance with the Adviser’s valuation policy and procedures. The function of the Valuation Committee is to assess and manage any material risks associated with the determination of the fair value of the Funds’ investments, review the appropriateness and accuracy of fair value methodologies and monitor for circumstances that may necessitate the use of fair value pricing or a change in fair value methodologies, and to determine fair value for the Funds’ investments.
Additionally, the Adviser has adopted, and the Board has approved, valuation policies and procedures that allow for the use of fair value pricing in appropriate circumstances. For example, such circumstances may arise when trading in a security has been halted or suspended, when a security has been delisted from a national exchange, when a security has not been traded for an extended period of time, or when a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time a Fund calculates its own share price. If a readily-available market quotation for a security is unavailable or unreliable, the Adviser may utilize evaluated prices provided by independent pricing services or brokers to assist in its determination of fair value, and may rely on its Valuation Committee to determine fair value in accordance with its valuation policies and procedures adopted by the Adviser. In such circumstances where fair value pricing is necessary, securities are valued in accordance with the Adviser’s valuation policies and procedures and implemented through the Adviser’s Valuation Committee described above. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing services and/or independent broker dealers.
Thinly traded securities and certain foreign securities may be impacted more by the use of fair valuations than other securities. In using fair value pricing, the Adviser attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations.
When using fair value to price securities, the Adviser may value those securities higher or lower than a fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its net asset value.
b) Fair Value Hierarchy – The Adviser has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the following three broad categories:
| | • | | Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities. |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | • | | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include, but are not limited to, quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets. |
| | • | | Level 3 – Significant unobservable inputs (including the Adviser’s own assumptions). |
c) Valuation Techniques – Fixed-income securities, including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds (other than short-term securities) are valued using that day’s evaluated price provided by an independent pricing service. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yields and other relevant data relating to investments or securities with similar characteristics. The independent pricing service’s internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, trade information, market color, credit risks/spreads, default rates and quoted prices for similar assets and the securities’ terms and conditions. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 of the fair value hierarchy.
Mortgage- and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by independent pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data and packaged collateral performance, as available. Mortgage- and asset-backed securities that use such valuation techniques and inputs are typically categorized as Level 2.
Short-term securities without a vendor price and with 60 days or less remaining to maturity are generally valued on an amortized cost basis, which approximates fair value. These securities are typically categorized as Level 2 in the fair value hierarchy.
Equity securities traded on a national securities exchange are valued at the last reported sale price at the close of regular trading on each day the exchange is open for trading. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. These valuations are typically categorized as Level 1 in the fair value hierarchy. Securities and financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective securities in accordance with procedures adopted by the Board and are classified as Level 2 or Level 3 depending on the observability of inputs.
Foreign securities, currencies and other assets denominated in currencies other than U.S. dollars are translated to U.S. dollars using exchange rates obtained from independent pricing services. All assets denominated in foreign currencies are converted to U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern time.
Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the NYSE. These securities are generally valued using independent pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.
Open-ended mutual funds (including money market funds) are valued at the end of the day’s net asset value and are categorized as Level 1 of the fair value hierarchy.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Exchange traded financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales or settlement price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. If there was no sale activity, the financial derivative is valued at the mean between the bid and ask price on the relevant exchange closest to the close of the NYSE, or at the bid, if no ask is available and are categorized as Level 2 of the fair value hierarchy.
OTC derivatives, including forward foreign currency exchange contracts and swap contracts, are valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. These securities are typically categorized as Level 2 of the fair value hierarchy.
The U.S. dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.
Centrally cleared credit default and interest rate swap contracts are valued daily based on quotations as provided by an independent pricing service. The independent pricing services aggregate valuation information from various market participants to create a single reference value for each credit default swap contract and interest rate swap contract. These securities are typically categorized as Level 2 of the fair value hierarchy.
The Adviser, on behalf of the Funds, values the repurchase agreements the Funds have entered into based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral). These securities are typically categorized as Level 2 of the fair value hierarchy.
Quantitative Information
The following tables represent each Fund’s valuation inputs as presented in the Schedule of Investments as of June 30, 2024.
Core Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Asset-Backed Obligations | | $ | — | | | $ | 1,999,451 | | | $ | 323 | | | $ | 1,999,774 | |
Corporate Bonds | | | | | | | | | | | | | | | | |
Basic Materials | | | — | | | | 159,210 | | | | — | | | | 159,210 | |
Communications | | | — | | | | 376,507 | | | | — | | | | 376,507 | |
Consumer, Cyclical | | | — | | | | 297,894 | | | | — | | | | 297,894 | |
Consumer, Non-cyclical | | | — | | | | 563,895 | | | | — | | | | 563,895 | |
Energy | | | — | | | | 532,303 | | | | — | | | | 532,303 | |
Financials | | | — | | | | 1,983,212 | | | | — | | | | 1,983,212 | |
Government | | | — | | | | 5,145 | | | | — | | | | 5,145 | |
Industrials | | | — | | | | 289,942 | | | | — | | | | 289,942 | |
Technology | | | — | | | | 164,325 | | | | — | | | | 164,325 | |
Utilities | | | — | | | | 588,110 | | | | — | | | | 588,110 | |
Government Related | | | | | | | | | | | | | | | | |
Other Government Related | | | — | | | | 208,338 | | | | — | | | | 208,338 | |
U.S. Treasury Obligations | | | — | | | | 3,832,739 | | | | — | | | | 3,832,739 | |
Mortgage-Backed Obligations | | | — | | | | 5,859,241 | | | | — | | | | 5,859,241 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Financials | | | 2,284 | | | | — | | | | — | | | | 2,284 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 392,419 | | | | — | | | | — | | | | 392,419 | |
Time Deposits | | | — | | | | 325 | | | | — | | | | 325 | |
Futures Contracts (1) | | | 4,310 | | | | — | | | | — | | | | 4,310 | |
Total Assets | | $ | 399,013 | | | $ | 16,860,637 | | | $ | 323 | | | $ | 17,259,973 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Core Plus Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Asset-Backed Obligations | | $ | — | | | $ | 3,876,892 | | | $ | — | | | $ | 3,876,892 | |
Corporate Bonds | | | | | | | | | | | | | | | | |
Basic Materials | | | — | | | | 347,806 | | | | — | | | | 347,806 | |
Communications | | | — | | | | 774,853 | | | | — | | | | 774,853 | |
Consumer, Cyclical | | | — | | | | 585,800 | | | | — | | | | 585,800 | |
Consumer, Non-cyclical | | | — | | | | 985,158 | | | | — | | | | 985,158 | |
Energy | | | — | | | | 931,517 | | | | — | | | | 931,517 | |
Financials | | | — | | | | 3,587,796 | | | | — | | | | 3,587,796 | |
Industrials | | | — | | | | 611,476 | | | | — | | | | 611,476 | |
Technology | | | — | | | | 514,165 | | | | — | | | | 514,165 | |
Utilities | | | — | | | | 652,873 | | | | — | | | | 652,873 | |
Convertible Securities | | | | | | | | | | | | | | | | |
Communications | | | — | | | | 29,677 | | | | — | | | | 29,677 | |
Consumer, Cyclical | | | — | | | | 13,116 | | | | — | | | | 13,116 | |
Consumer, Non-cyclical | | | — | | | | 22,005 | | | | — | | | | 22,005 | |
Financials | | | — | | | | 5 | | | | — | | | | 5 | |
Utilities | | | — | | | | 13,874 | | | | — | | | | 13,874 | |
Government Related | | | | | | | | | | | | | | | | |
Other Government Related | | | — | | | | 1,308,364 | | | | — | | | | 1,308,364 | |
U.S. Treasury Obligations | | | — | | | | 7,855,058 | | | | — | | | | 7,855,058 | |
Mortgage-Backed Obligations | | | — | | | | 15,309,102 | | | | — | | | | 15,309,102 | |
U.K. Treasury Bonds | | | — | | | | 58,472 | | | | — | | | | 58,472 | |
Bank Loans | | | — | | | | 233,370 | | | | 19,183 | | | | 252,553 | |
Common Stocks | | | | | | | | | | | | | | | | |
Communications | | | 3,456 | | | | 16,427 | | | | 439 | | | | 20,322 | |
Consumer Discretionary | | | — | | | | — | | | | 8,421 | | | | 8,421 | |
Financials* | | | — | | | | — | | | | — | (2) | | | — | |
Healthcare | | | — | | | | — | | | | 3,882 | | | | 3,882 | |
Convertible Preferred Stocks | | | | | | | | | | | | | | | | |
Financials | | | 6,332 | | | | — | | | | — | | | | 6,332 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Financials* | | | — | | | | — | | | | — | (2) | | | — | |
Warrants | | | | | | | | | | | | | | | | |
Communications* | | | — | | | | — | | | | — | (2) | | | — | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 2,299,925 | | | | — | | | | — | | | | 2,299,925 | |
Government Related | | | — | | | | 343,691 | | | | — | | | | 343,691 | |
Corporate Bonds | | | — | | | | 328 | | | | — | | | | 328 | |
Commercial Paper | | | — | | | | 14,756 | | | | — | | | | 14,756 | |
Repurchase Agreements | | | — | | | | 1,529,600 | | | | — | | | | 1,529,600 | |
U.S. Treasury Bills | | | — | | | | 88,422 | | | | — | | | | 88,422 | |
Time Deposits | | | — | | | | 37,067 | | | | — | | | | 37,067 | |
Futures Contracts (1) | | | 33,683 | | | | — | | | | — | | | | 33,683 | |
Forward Foreign Currency Exchange Contracts (1) | | | — | | | | 27,960 | | | | — | | | | 27,960 | |
Swap Contracts (1) | | | — | | | | 146,415 | | | | — | | | | 146,415 | |
Total Assets | | $ | 2,343,396 | | | $ | 39,916,045 | | | $ | 31,925 | | | $ | 42,291,366 | |
Liabilities | | | | | | | | | | | | | | | | |
TBA Sale Commitments | | $ | — | | | $ | (308,647 | ) | | $ | — | | | $ | (308,647 | ) |
Futures Contracts (1) | | | (5,081 | ) | | | — | | | | — | | | | (5,081 | ) |
Forward Foreign Currency Exchange Contracts (1) | | | — | | | | (19,866 | ) | | | — | | | | (19,866 | ) |
Swap Contracts (1) | | | — | | | | (16,082 | ) | | | — | | | | (16,082 | ) |
Total Liabilities | | $ | (5,081 | ) | | $ | (344,595 | ) | | $ | — | | | $ | (349,676 | ) |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Municipal Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | | | | | | | | | | | | | |
Education | | $ | — | | | $ | 892,796 | | | $ | — | | | $ | 892,796 | |
General Obligation | | | — | | | | 3,186,304 | | | | — | | | | 3,186,304 | |
General Revenue | | | — | | | | 4,141,899 | | | | — | | | | 4,141,899 | |
Healthcare | | | — | | | | 1,662,792 | | | | — | | | | 1,662,792 | |
Housing | | | — | | | | 954,985 | | | | — | | | | 954,985 | |
Transportation | | | — | | | | 2,305,361 | | | | — | | | | 2,305,361 | |
Utilities | | | — | | | | 1,470,287 | | | | — | | | | 1,470,287 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 113,151 | | | | — | | | | — | | | | 113,151 | |
Time Deposits | | | — | | | | 405 | | | | — | | | | 405 | |
Total Assets | | $ | 113,151 | | | $ | 14,614,829 | | | $ | — | | | $ | 14,727,980 | |
Municipal High-Income Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | | | | | | | | | | | | | |
Education | | $ | — | | | $ | 270,842 | | | $ | — | | | $ | 270,842 | |
General Obligation | | | — | | | | 234,918 | | | | — | | | | 234,918 | |
General Revenue | | | — | | | | 1,277,167 | | | | — | | | | 1,277,167 | |
Healthcare | | | — | | | | 520,029 | | | | — | | | | 520,029 | |
Housing | | | — | | | | 237,277 | | | | — | | | | 237,277 | |
Transportation | | | — | | | | 397,404 | | | | — | | | | 397,404 | |
Utilities | | | — | | | | 186,501 | | | | — | | | | 186,501 | |
Common Stocks | | | | | | | | | | | | | | | | |
Basic Materials | | | 3 | | | | — | | | | — | | | | 3 | |
Consumer, Cyclical | | | 1 | | | | — | | | | — | | | | 1 | |
Industrials | | | 21 | | | | — | | | | — | | | | 21 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 7,041 | | | | — | | | | — | | | | 7,041 | |
U.S. Treasury Bills | | | — | | | | 4,987 | | | | — | | | | 4,987 | |
Time Deposits | | | — | | | | 93 | | | | — | | | | 93 | |
Futures Contracts (1) | | | 71 | | | | — | | | | — | | | | 71 | |
Total Assets | | $ | 7,137 | | | $ | 3,129,218 | | | $ | — | | | $ | 3,136,355 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Large Cap Growth Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 2,535,489 | | | $ | — | | | $ | — | | | $ | 2,535,489 | |
Consumer Discretionary | | | 3,193,674 | | | | — | | | | — | | | | 3,193,674 | |
Consumer Staples | | | 681,695 | | | | 39,766 | | | | — | | | | 721,461 | |
Energy | | | 418,040 | | | | — | | | | — | | | | 418,040 | |
Financials | | | 3,804,651 | | | | — | | | | — | | | | 3,804,651 | |
Healthcare | | | 3,083,624 | | | | — | | | | — | | | | 3,083,624 | |
Industrials | | | 1,475,107 | | | | — | | | | — | | | | 1,475,107 | |
Information Technology | | | 8,511,890 | | | | — | | | | — | | | | 8,511,890 | |
Materials | | | 365,663 | | | | — | | | | — | | | | 365,663 | |
Real Estate | | | 188,905 | | | | — | | | | — | | | | 188,905 | |
Utilities | | | 4,650 | | | | — | | | | — | | | | 4,650 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 647,107 | | | | — | | | | — | | | | 647,107 | |
Futures Contracts (1) | | | 3 | | | | — | | | | — | | | | 3 | |
Total Assets | | $ | 24,910,498 | | | $ | 39,766 | | | $ | — | | | $ | 24,950,264 | |
Liabilities | | | | | | | | | | | | | | | | |
Futures Contracts (1) | | $ | (5 | ) | | $ | — | | | $ | — | | | $ | (5 | ) |
Total Liabilities | | $ | (5 | ) | | $ | — | | | $ | — | | | $ | (5 | ) |
Large Cap Value Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services* | | $ | 1,291,803 | | | $ | — | | | $ | — | (2) | | $ | 1,291,803 | |
Consumer Discretionary | | | 1,584,141 | | | | 90,146 | | | | — | | | | 1,674,287 | |
Consumer Staples | | | 1,596,556 | | | | 344,409 | | | | — | | | | 1,940,965 | |
Energy | | | 1,159,538 | | | | 71,505 | | | | — | | | | 1,231,043 | |
Financials | | | 4,168,717 | | | | — | | | | — | | | | 4,168,717 | |
Healthcare | | | 2,822,908 | | | | 100,037 | | | | — | | | | 2,922,945 | |
Industrials | | | 2,743,625 | | | | 229,684 | | | | — | | | | 2,973,309 | |
Information Technology | | | 2,101,825 | | | | 101,998 | | | | — | | | | 2,203,823 | |
Materials | | | 910,545 | | | | — | | | | 6 | | | | 910,551 | |
Real Estate | | | 715,291 | | | | — | | | | — | | | | 715,291 | |
Utilities | | | 544,709 | | | | — | | | | — | | | | 544,709 | |
Convertible Preferred Stocks | | | | | | | | | | | | | | | | |
Utilities | | | 6,914 | | | | — | | | | — | | | | 6,914 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | | — | | | | 34,789 | | | | — | | | | 34,789 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 490,075 | | | | — | | | | — | | | | 490,075 | |
Time Deposits | | | — | | | | 6,375 | | | | — | | | | 6,375 | |
Futures Contracts (1) | | | 4 | | | | — | | | | — | | | | 4 | |
Total Assets | | $ | 20,136,651 | | | $ | 978,943 | | | $ | 6 | | | $ | 21,115,600 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Tax Managed Large Cap Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 416,550 | | | $ | — | | | $ | — | | | $ | 416,550 | |
Consumer Discretionary | | | 434,955 | | | | — | | | | — | | | | 434,955 | |
Consumer Staples | | | 169,890 | | | | — | | | | — | | | | 169,890 | |
Energy | | | 199,697 | | | | — | | | | — | | | | 199,697 | |
Financials | | | 608,459 | | | | — | | | | — | | | | 608,459 | |
Healthcare | | | 514,854 | | | | — | | | | — | | | | 514,854 | |
Industrials | | | 439,526 | | | | — | | | | — | | | | 439,526 | |
Information Technology | | | 1,181,116 | | | | — | | | | — | | | | 1,181,116 | |
Materials | | | 210,844 | | | | — | | | | — | | | | 210,844 | |
Real Estate | | | 112,572 | | | | — | | | | — | | | | 112,572 | |
Utilities | | | 84,705 | | | | — | | | | — | | | | 84,705 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 78,609 | | | | — | | | | — | | | | 78,609 | |
Total Assets | | $ | 4,451,777 | | | $ | — | | | $ | — | | | $ | 4,451,777 | |
Small/Mid Cap Growth Fund | | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 236,604 | | | $ | — | | | $ | — | | | $ | 236,604 | |
Consumer Discretionary* | | | 812,984 | | | | — | | | | — | (2) | | | 812,984 | |
Consumer Staples | | | 447,654 | | | | — | | | | — | | | | 447,654 | |
Energy | | | 237,670 | | | | — | | | | — | | | | 237,670 | |
Financials | | | 794,895 | | | | — | | | | — | | | | 794,895 | |
Healthcare | | | 1,645,586 | | | | — | | | | 14 | | | | 1,645,600 | |
Industrials | | | 1,665,726 | | | | — | | | | — | | | | 1,665,726 | |
Information Technology | | | 2,070,351 | | | | — | | | | — | | | | 2,070,351 | |
Materials | | | 140,679 | | | | — | | | | — | | | | 140,679 | |
Real Estate | | | 73,660 | | | | — | | | | — | | | | 73,660 | |
Utilities | | | 7,965 | | | | — | | | | — | | | | 7,965 | |
Rights | | | | | | | | | | | | | | | | |
Healthcare | | | — | | | | 1 | | | | — | | | | 1 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 189,661 | | | | — | | | | — | | | | 189,661 | |
Time Deposits | | | — | | | | 5,075 | | | | — | | | | 5,075 | |
Futures Contracts (1) | | | 24 | | | | — | | | | — | | | | 24 | |
Total Assets | | $ | 8,323,459 | | | $ | 5,076 | | | $ | 14 | | | $ | 8,328,549 | |
Liabilities | | | | | | | | | | | | | | | | |
Futures Contracts*(1) | | $ | (0 | ) | | $ | — | | | $ | — | | | $ | (0 | ) |
Total Liabilities* | | $ | (0 | ) | | $ | — | | | $ | — | | | $ | (0 | ) |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Small/Mid Cap Value Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services* | | $ | 77,710 | | | $ | — | | | $ | — | (2) | | $ | 77,710 | |
Consumer Discretionary* | | | 896,268 | | | | — | | | | — | (2) | | | 896,268 | |
Consumer Staples | | | 281,710 | | | | — | | | | — | | | | 281,710 | |
Energy | | | 516,171 | | | | — | | | | — | | | | 516,171 | |
Financials | | | 1,515,178 | | | | — | | | | — | | | | 1,515,178 | |
Healthcare | | | 563,350 | | | | — | | | | 14 | | | | 563,364 | |
Industrials | | | 1,668,266 | | | | 2,436 | | | | 99 | | | | 1,670,801 | |
Information Technology | | | 747,825 | | | | — | | | | — | | | | 747,825 | |
Materials | | | 604,598 | | | | — | | | | 3 | | | | 604,601 | |
Real Estate | | | 572,782 | | | | — | | | | — | | | | 572,782 | |
Utilities | | | 250,785 | | | | — | | | | — | | | | 250,785 | |
Rights | | | | | | | | | | | | | | | | |
Healthcare | | | — | | | | 7 | | | | — | | | | 7 | |
Warrants | | | | | | | | | | | | | | | | |
Materials* | | | — | | | | — | | | | — | | | | — | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 165,934 | | | | — | | | | — | | | | 165,934 | |
Time Deposits | | | — | | | | 3,353 | | | | — | | | | 3,353 | |
Futures Contracts (1) | | | 34 | | | | — | | | | — | | | | 34 | |
Total Assets | | $ | 7,860,611 | | | $ | 5,796 | | | $ | 116 | | | $ | 7,866,523 | |
Tax Managed Small/Mid Cap Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 29,652 | | | $ | — | | | $ | — | | | $ | 29,652 | |
Consumer Discretionary | | | 186,968 | | | | — | | | | — | | | | 186,968 | |
Consumer Staples | | | 63,110 | | | | — | | | | — | | | | 63,110 | |
Energy | | | 79,975 | | | | — | | | | — | | | | 79,975 | |
Financials | | | 233,930 | | | | — | | | | — | | | | 233,930 | |
Healthcare* | | | 196,879 | | | | — | | | | 0 | (2) | | | 196,879 | |
Industrials | | | 363,126 | | | | — | | | | — | | | | 363,126 | |
Information Technology | | | 262,825 | | | | — | | | | — | | | | 262,825 | |
Materials | | | 81,529 | | | | — | | | | — | | | | 81,529 | |
Real Estate | | | 68,472 | | | | — | | | | — | | | | 68,472 | |
Utilities | | | 36,818 | | | | — | | | | — | | | | 36,818 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 30,528 | | | | — | | | | — | | | | 30,528 | |
Time Deposits | | | — | | | | 983 | | | | — | | | | 983 | |
Total Assets* | | $ | 1,633,812 | | | $ | 983 | | | $ | 0 | | | $ | 1,634,795 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
International Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 157,532 | | | $ | 554,606 | | | $ | — | | | $ | 712,138 | |
Consumer Discretionary | | | 334,336 | | | | 1,951,492 | | | | — | | | | 2,285,828 | |
Consumer Staples* | | | 162,976 | | | | 1,345,813 | | | | — | (2) | | | 1,508,789 | |
Energy | | | 53,805 | | | | 625,316 | | | | — | | | | 679,121 | |
Financials | | | 362,874 | | | | 2,940,339 | | | | — | | | | 3,303,213 | |
Healthcare | | | 278,175 | | | | 2,006,880 | | | | — | | | | 2,285,055 | |
Industrials | | | 292,564 | | | | 3,301,008 | | | | — | | | | 3,593,572 | |
Information Technology | | | 692,576 | | | | 1,345,657 | | | | — | | | | 2,038,233 | |
Materials* | | | 66,626 | | | | 762,606 | | | | — | (2) | | | 829,232 | |
Real Estate | | | — | | | | 71,900 | | | | — | | | | 71,900 | |
Utilities | | | 400 | | | | 562,221 | | | | — | | | | 562,621 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | | — | | | | 2,366 | | | | — | | | | 2,366 | |
Consumer Staples | | | — | | | | 836 | | | | — | | | | 836 | |
Healthcare | | | — | | | | 310 | | | | — | | | | 310 | |
Rights | | | | | | | | | | | | | | | | |
Healthcare* | | | — | | | | — | | | | — | | | | — | |
Industrials | | | 7 | | | | — | | | | — | | | | 7 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 305,843 | | | | — | | | | — | | | | 305,843 | |
Time Deposits | | | — | | | | 46,719 | | | | — | | | | 46,719 | |
Futures Contracts (1) | | | 26 | | | | — | | | | — | | | | 26 | |
Total Assets* | | $ | 2,707,740 | | | $ | 15,518,069 | | | $ | — | | | $ | 18,225,809 | |
Tax Managed International Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
(000s) | | | Level 2
(000s) | | | Level 3
(000s) | | | Total
(000s) | |
Assets | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 1,452 | | | $ | 29,213 | | | $ | — | | | $ | 30,665 | |
Consumer Discretionary | | | 11,385 | | | | 194,485 | | | | 13 | | | | 205,883 | |
Consumer Staples | | | 20,845 | | | | 118,874 | | | | — | | | | 139,719 | |
Energy | | | 5,487 | | | | 47,267 | | | | — | | | | 52,754 | |
Financials | | | 14,000 | | | | 253,484 | | | | — | | | | 267,484 | |
Healthcare | | | 17,677 | | | | 252,573 | | | | — | | | | 270,250 | |
Industrials | | | 16,130 | | | | 251,531 | | | | — | | | | 267,661 | |
Information Technology | | | 39,557 | | | | 180,388 | | | | — | | | | 219,945 | |
Materials | | | — | | | | 99,817 | | | | — | | | | 99,817 | |
Real Estate | | | — | | | | 13,176 | | | | — | | | | 13,176 | |
Utilities | | | 252 | | | | 32,138 | | | | — | | | | 32,390 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Discretionary | | | — | | | | 4,040 | | | | — | | | | 4,040 | |
Consumer Staples | | | — | | | | 306 | | | | — | | | | 306 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Money Market Funds | | | 34,859 | | | | — | | | | — | | | | 34,859 | |
Time Deposits | | | — | | | | 2,569 | | | | — | | | | 2,569 | |
Total Assets | | $ | 161,644 | | | $ | 1,479,861 | | | $ | 13 | | | $ | 1,641,518 | |
| * | A zero balance may reflect actual amounts rounding to less than one thousand. |
| (1) | Derivative instruments, including futures, total return swap contracts and forward foreign currency exchange contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument within the Funds’ Schedule of Investments. Credit default swaps, interest rate swaps and inflation linked swaps are reported at market value. Only current day’s variation margin is reported within the Statements of Assets and Liabilities for exchange-traded and centrally cleared derivatives. |
| (2) | Includes a security valued less than one thousand. |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
The Core Bond, Core Plus Bond, Large Cap Value, Small/Mid Cap Growth, Small/Mid Cap Value, Tax Managed Small/Mid Cap, International Equity and Tax Managed International Equity Funds all held Level 3 securities at the end of the period. In the aggregate, securities classified as Level 3 in the Core Bond, Core Plus Bond, Large Cap Value, Small/Mid Cap Growth, Small/Mid Cap Value, Tax Managed Small/Mid Cap, International Equity and Tax Managed International Equity Funds have been deemed immaterial with respect to each Fund.
The realized and unrealized gains/(losses) from Level 3 transactions are included with the net realized gain/(loss) on investments and net change in unrealized appreciation/(depreciation) on investments on the Statements of Operations, respectively.
5. DERIVATIVE INSTRUMENTS
Certain Funds use derivative instruments as part of their investment strategy to achieve their stated investment objective. The Funds’ derivative contracts held at period end are not accounted for as hedging instruments under GAAP. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities across derivative types that are subject to master netting arrangements in the Statements of Assets and Liabilities. There were no financial instruments subject to a netting agreement for which the Funds are not currently netting.
The following table lists the fair value of derivative instruments held by the Funds, by primary underlying risk and contract type, as included in the Statements of Assets and Liabilities at period end.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Assets | | | Liabilities | |
| | | Unrealized Appreciation on Futures Contracts*
(000s) | | | Swaps at Value*
(000s) | | | Unrealized Appreciation on Forward Foreign Currency Exchange Contracts
(000s) | | | Unrealized Depreciation on Futures Contracts*
(000s) | | | Swaps at Value*
(000s) | | | Unrealized Depreciation on Forward Foreign Currency Exchange Contracts
(000s) | |
Interest Rate Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Core Bond Fund | | $ | 4,310 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Core Plus Bond Fund | | | 33,683 | | | | 117,832 | | | | — | | | | (5,081 | ) | | | (14,352 | ) | | | — | |
Municipal High-Income Bond Fund | | | 71 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Equity Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Large Cap Growth Fund | | | 3 | | | | — | | | | — | | | | (5 | ) | | | — | | | | — | |
Large Cap Value Fund | | | 4 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Small/Mid Cap Growth Fund (1) | | | 24 | | | | — | | | | — | | | | (0 | ) | | | — | | | | — | |
Small/Mid Cap Value Fund | | | 34 | | | | — | | | | — | | | | — | | | | — | | | | — | |
International Equity Fund | | | 26 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign Exchange Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Core Plus Bond Fund | | | — | | | | — | | | | 27,960 | | | | — | | | | — | | | | (19,866 | ) |
Credit Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Core Plus Bond Fund | | | — | | | | 28,583 | | | | — | | | | — | | | | (1,730 | ) | | | — | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
| * | May include cumulative unrealized appreciation/(deprecation) as reported on the Schedule of Investments. Only current day’s variation margin is reported on the Statements of Assets and Liabilities for exchange traded derivatives and centrally-cleared derivatives. |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
The following table lists the effect of derivative instruments held by the Funds, by primary underlying risk and contract type, on the Statements of Operations for the year ended June 30, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Realized Gain/(Loss) on Derivatives
recognized as a result of Operations | | | Net Change in Unrealized
Appreciation/(Depreciation) on
Derivatives recognized as a result of
Operations | |
| | | Futures Contracts
(000s) | | | Forward Foreign
Currency Exchange
Contracts
(000s) | | | Swaps
(000s) | | | Futures Contracts
(000s) | | | Forward Foreign
Currency Exchange
Contracts
(000s) | | | Swaps
(000s) | |
Interest Rate Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Core Bond Fund | | $ | (56,052 | ) | | $ | — | | | $ | — | | | $ | 12,658 | | | $ | — | | | $ | — | |
Core Plus Bond Fund | | | (266,659 | ) | | | — | | | | (49,894 | ) | | | 87,524 | | | | — | | | | 65,009 | |
Municipal Bond Fund | | | 10,147 | | | | — | | | | — | | | | (2,121 | ) | | | — | | | | — | |
Municipal High-Income Bond Fund | | | (855 | ) | | | — | | | | — | | | | 71 | | | | — | | | | — | |
Equity Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Large Cap Growth Fund | | | 2,496 | | | | — | | | | — | | | | (104 | ) | | | — | | | | — | |
Large Cap Value Fund | | | 1,152 | | | | — | | | | — | | | | (104 | ) | | | — | | | | — | |
Small/Mid Cap Growth Fund | | | 580 | | | | — | | | | — | | | | (51 | ) | | | — | | | | — | |
Small/Mid Cap Value Fund | | | 605 | | | | — | | | | — | | | | (89 | ) | | | — | | | | — | |
International Equity Fund | | | 776 | | | | — | | | | — | | | | (34 | ) | | | — | | | | — | |
Foreign Exchange Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Core Plus Bond Fund | | | — | | | | 26,623 | | | | — | | | | — | | | | (724 | ) | | | — | |
Credit Risk: | | | | | | | | | | | | | | | | | | | | | | | | |
Core Plus Bond Fund | | | — | | | | — | | | | 19,549 | | | | — | | | | — | | | | (694 | ) |
The following tables present the Funds’ gross OTC derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Core Plus Bond Fund | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts of
Recognized Assets
Presented in the
Statements of
Assets & Liabilities
(000s) | | | | | | | | | Gross Amounts
not offset in the
Statements of
Assets & Liabilities
(000s) | | | | |
| Counterparty | | Investment
Type | | Gross Amounts
Available for Offset
(000s) | | | Net
Amounts
(000s) | | | Financial
Instruments | | | Collateral
Received | | | Net
Amount
(000s) | |
Bank of America | | Credit
Default
Swap
Contracts | | $ | 118 | | | $ | (118 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Bank of America | | Interest
Rate
Swap
Contracts | | | 7 | | | | (1 | ) | | | 6 | | | | — | | | | — | | | | 6 | |
Bank of America | | Forward
Foreign
Currency
Exchange
Contracts | | | 3,866 | | | | (302 | ) | | | 3,564 | | | | — | | | | (3,070 | ) | | | 494 | |
Barclays Bank | | Credit
Default
Swap
Contracts | | | 62 | | | | (18 | ) | | | 44 | | | | — | | | | — | | | | 44 | |
Barclays Bank | | Interest
Rate
Swap
Contracts | | | 60 | | | | — | | | | 60 | | | | — | | | | — | | | | 60 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Core Plus Bond Fund | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts of
Recognized Assets
Presented in the
Statements of
Assets & Liabilities
(000s) | | | | | | | | | Gross Amounts
not offset in the
Statements of
Assets & Liabilities
(000s) | | | | |
| Counterparty | | Investment
Type | | Gross Amounts
Available for Offset
(000s) | | | Net
Amounts
(000s) | | | Financial
Instruments | | | Collateral
Received | | | Net
Amount
(000s) | |
Barclays Bank | | Forward
Foreign
Currency
Exchange
Contracts | | $ | 1,756 | | | $ | (309 | ) | | $ | 1,447 | | | $ | — | | | $ | — | | | $ | 1,447 | |
BNP Paribas (1) | | Credit
Default
Swap
Contracts | | | 0 | | | | (0 | ) | | | — | | | | — | | | | — | | | | — | |
BNP Paribas | | Forward
Foreign
Currency
Exchange
Contracts | | | 5,816 | | | | (3,180 | ) | | | 2,636 | | | | — | | | | (2,040 | ) | | | 596 | |
Citibank | | Credit
Default
Swap
Contracts | | | 82 | | | | (76 | ) | | | 6 | | | | — | | | | — | | | | 6 | |
Citibank | | Interest
Rate
Swap
Contracts | | | 1 | | | | (1 | ) | | | — | | | | — | | | | — | | | | — | |
Citibank | | Forward
Foreign
Currency
Exchange
Contracts | | | 241 | | | | (175 | ) | | | 66 | | | | — | | | | — | | | | 66 | |
Deutsche Bank | | Forward
Foreign
Currency
Exchange
Contracts | | | 1,292 | | | | (1,292 | ) | | | — | | | | — | | | | — | | | | — | |
Goldman Sachs | | Credit
Default
Swap
Contracts | | | 352 | | | | (352 | ) | | | — | | | | — | | | | — | | | | — | |
Goldman Sachs | | Interest
Rate
Swap
Contracts | | | 11 | | | | (11 | ) | | | — | | | | — | | | | — | | | | — | |
Goldman Sachs | | Forward
Foreign
Currency
Exchange
Contracts | | | 12,886 | | | | (3,820 | ) | | | 9,066 | | | | — | | | | (8,000 | ) | | | 1,066 | |
J.P. Morgan | | Credit
Default
Swap
Contracts | | | 70 | | | | (65 | ) | | | 5 | | | | — | | | | — | | | | 5 | |
J.P. Morgan | | Interest
Rate
Swap
Contracts | | | 15 | | | | (2 | ) | | | 13 | | | | — | | | | — | | | | 13 | |
J.P. Morgan | | Forward
Foreign
Currency
Exchange
Contracts | | | 1,413 | | | | (642 | ) | | | 771 | | | | — | | | | (537 | ) | | | 234 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Core Plus Bond Fund | | | | | | | | | | | | | | | | |
| | | | | | Gross Amounts of
Recognized Assets
Presented in the
Statements of
Assets & Liabilities
(000s) | | | | | | | | | Gross Amounts
not offset in the
Statements of
Assets & Liabilities
(000s) | | | | |
| Counterparty | | Investment
Type | | | Gross Amounts
Available for Offset
(000s) | | | Net
Amounts
(000s) | | | Financial
Instruments | | | Collateral
Received | | | Net
Amount
(000s) | |
Morgan Stanley | |
| Credit
Default
Swap
Contracts |
| | $ | 66 | | | $ | (17 | ) | | $ | 49 | | | $ | — | | | $ | — | | | $ | 49 | |
Morgan Stanley | |
| Interest
Rate
Swap
Contracts |
| | | 2 | | | | — | | | | 2 | | | | — | | | | — | | | | 2 | |
Morgan Stanley | |
| Forward
Foreign
Currency
Exchange
Contracts |
| | | 289 | | | | (62 | ) | | | 227 | | | | — | | | | — | | | | 227 | |
UBS | |
| Forward
Foreign
Currency
Exchange
Contracts |
| | | 401 | | | | (8 | ) | | | 393 | | | | — | | | | — | | | | 393 | |
Total Financial Instruments Subject to a Master Netting Arrangement or Similar Arrangement | | | | | | | 28,806 | | | | (10,451 | ) | | | 18,355 | | | | — | | | | (13,647 | ) | | | 4,708 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts of
Recognized Liabilities
Presented in the
Statements of
Assets & Liabilities
(000s) | | | | | | | | | Gross Amounts
not offset in the
Statements of
Assets & Liabilities
(000s) | | | | |
| Counterparty | | Investment
Type | | Gross Amounts
Available for Offset
(000s) | | | Net
Amounts
(000s) | | | Financial
Instruments | | | Collateral
Pledged | | | Net
Amount
(000s) | |
Bank of America | | Credit
Default
Swap
Contracts | | $ | 173 | | | $ | (118 | ) | | $ | 55 | | | $ | — | | | $ | — | | | $ | 55 | |
Bank of America | | Interest
Rate
Swap
Contracts | | | 1 | | | | (1 | ) | | | — | | | | — | | | | — | | | | — | |
Bank of America | | Forward
Foreign
Currency
Exchange
Contracts | | | 302 | | | | (302 | ) | | | — | | | | — | | | | — | | | | — | |
Barclays Bank | | Credit
Default
Swap
Contracts | | | 18 | | | | (18 | ) | | | — | | | | — | | | | — | | | | — | |
Barclays Bank | | Forward
Foreign
Currency
Exchange
Contracts | | | 309 | | | | (309 | ) | | | — | | | | — | | | | — | | | | — | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts of
Recognized Liabilities
Presented in the
Statements of
Assets & Liabilities
(000s) | | | | | | | | | Gross Amounts
not offset in the
Statements of
Assets & Liabilities
(000s) | | | | |
| Counterparty | | Investment
Type | | Gross Amounts
Available for Offset
(000s) | | | Net
Amounts
(000s) | | | Financial
Instruments | | | Collateral
Pledged | | | Net
Amount
(000s) | |
BNP Paribas (1) | | Credit
Default
Swap
Contracts | | $ | 8 | | | $ | (0 | ) | | $ | 8 | | | $ | — | | | $ | — | | | $ | 8 | |
BNP Paribas | | Forward
Foreign
Currency
Exchange
Contracts | | | 3,180 | | | | (3,180 | ) | | | — | | | | — | | | | — | | | | — | |
Citibank | | Credit
Default
Swap
Contracts | | | 76 | | | | (76 | ) | | | — | | | | — | | | | — | | | | — | |
Citibank | | Interest
Rate
Swap
Contracts | | | 144 | | | | (1 | ) | | | 143 | | | | — | | | | — | | | | 143 | |
Citibank | | Forward
Foreign
Currency
Exchange
Contracts | | | 175 | | | | (175 | ) | | | — | | | | — | | | | — | | | | — | |
Deutsche Bank | | Forward
Foreign
Currency
Exchange
Contracts | | | 11,368 | | | | (1,292 | ) | | | 10,076 | | | | — | | | | — | | | | 10,076 | |
Goldman Sachs | | Credit
Default
Swap
Contracts | | | 539 | | | | (352 | ) | | | 187 | | | | — | | | | — | | | | 187 | |
Goldman Sachs | | Interest
Rate
Swap
Contracts | | | 42 | | | | (11 | ) | | | 31 | | | | — | | | | — | | | | 31 | |
Goldman Sachs | | Forward
Foreign
Currency
Exchange
Contracts | | | 3,820 | | | | (3,820 | ) | | | — | | | | — | | | | — | | | | — | |
J.P. Morgan | | Credit
Default
Swap
Contracts | | | 65 | | | | (65 | ) | | | — | | | | — | | | | — | | | | — | |
J.P. Morgan | | Interest
Rate
Swap
Contracts | | | 2 | | | | (2 | ) | | | — | | | | — | | | | — | | | | — | |
J.P. Morgan | | Forward
Foreign
Currency
Exchange
Contracts | | | 642 | | | | (642 | ) | | | — | | | | — | | | | — | | | | — | |
Morgan Stanley | | Credit
Default
Swap
Contracts | | | 17 | | | | (17 | ) | | | — | | | | — | | | | — | | | | — | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Gross Amounts of
Recognized Liabilities
Presented in the
Statements of
Assets & Liabilities
(000s) | | | | | | | | | Gross Amounts
not offset in the
Statements of
Assets & Liabilities
(000s) | | | | |
| Counterparty | | Investment
Type | | Gross Amounts
Available for Offset
(000s) | | | Net
Amounts
(000s) | | | Financial
Instruments | | | Collateral
Pledged | | | Net
Amount
(000s) | |
Morgan Stanley | | Forward
Foreign
Currency
Exchange
Contracts | | $ | 62 | | | $ | (62 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
UBS | | Forward
Foreign
Currency
Exchange
Contracts | | | 8 | | | | (8 | ) | | | — | | | | — | | | | — | | | | — | |
Total Financial Instruments Subject to a Master Netting Arrangement or Similar Arrangement | | | | | 20,951 | | | | (10,451 | ) | | | 10,500 | | | | — | | | | — | | | | 10,500 | |
| (1) | A zero balance may reflect actual amounts rounding to less than one thousand. |
The Funds’ average monthly notional amount of derivatives during the year ended June 30, 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond
Fund
(000s) | | | Core Plus
Bond Fund*
(000s) | | | Municipal
Bond Fund
(000s) | | | Municipal
High-Income
Bond Fund
(000s) | | | Large Cap
Growth Fund
(000s) | | | Large Cap
Value Fund
(000s) | | | Small/Mid
Cap Growth
Fund
(000s) | | | Small/Mid
Cap Value
Fund
(000s) | | | International
Equity Fund*
(000s) | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Notional Balance – Long | | $ | 811,196 | | | $ | 6,439,864 | | | $ | — | | | $ | 21,619 | | | $ | 8,294 | | | $ | 5,765 | | | $ | 3,404 | | | $ | 4,692 | | | $ | 5,799 | |
Average Notional Balance – Short | | | (23,513 | ) | | | (766,870 | ) | | | (80,406 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Forward Foreign Currency Exchange Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Amounts – Purchased | | | — | | | | 1,672,927 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Average Amounts – Sold | | | — | | | | (1,140,676 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Credit Default Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Amounts – Buy Protection | | | — | | | | 45,731 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Average Amounts – Sell Protection | | | — | | | | (446,478 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Interest Rate Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Amounts – Pays Fixed Rate | | | — | | | | 1,246,102 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Average Amounts – Receives Fixed Rate | | | — | | | | (1,978,859 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total Return Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Amounts – Long | | | — | | | | 3,462 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Average Amounts – Short | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Inflation Linked Swaps | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Amounts – Receives Floating Rate | | | — | | | | 48,792 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Average Amounts – Pays Floating Rate | | | — | | | | (18,434 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| * | Notional amounts shown have been converted to USD. |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
6. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Adviser acts as investment adviser to the Funds pursuant to an investment advisory agreement (the “Advisory Agreement”) with the Trust. The Adviser is a wholly owned subsidiary of The Jones Financial Companies, L.L.L.P. Under the Advisory Agreement, the Adviser furnishes, at its own expense, all services, facilities and personnel necessary in connection with managing the Funds’ investments.
The Adviser provides the Trust with such investment research, advice and investment supervision as the Trust may from time to time consider necessary for the proper management of the investments of the Funds and furnishes continuously an investment program for the Funds. In fulfilling this obligation, the Adviser, among other things, recommends the hiring and termination, and monitors the ongoing performance, of the investment advisers (the “Sub-advisers”) and allocates Fund assets among the Sub-advisers.
In consideration of the services provided by the Adviser pursuant to the Advisory Agreement, the Funds pay the Adviser an investment advisory fee at an annual rate based on a percentage of each Fund’s average daily net assets. For its advisory services, the investment advisory fee shall be accrued daily by the Fund and paid to the Adviser on the first business day of the succeeding month. In an effort to pass along lower fund expenses to shareholders, the Adviser does not retain any portion of the advisory fees. The Adviser has contractually agreed to waive its advisory fees for each Fund to the extent advisory fees to be paid to the Adviser exceed the aggregate advisory fees the Fund is required to pay its Sub-advisers. The annual advisory fee and amounts of advisory fees waived by the Adviser during the period ended June 30, 2024 are noted in the table below:
| | | | | | | | |
Fund | | Annual
Management Fee | | | Management Fees
Waived by Adviser
(000s) | |
Core Bond Fund | | | 0.32 | % | | $ | 36,058 | |
Core Plus Bond Fund | | | 0.36 | | | | 74,059 | |
Municipal Bond Fund | | | 0.36 | | | | 31,668 | |
Municipal High-Income Bond Fund | | | 0.36 | | | | 6,017 | |
Large Cap Growth Fund | | | 0.44 | | | | 65,053 | |
Large Cap Value Fund | | | 0.44 | | | | 43,190 | |
Tax Managed Large Cap Fund | | | 0.44 | | | | 6,794 | |
Small/Mid Cap Growth Fund | | | 0.64 | | | | 22,849 | |
Small/Mid Cap Value Fund | | | 0.64 | | | | 19,571 | |
Tax Managed Small/Mid Cap Fund | | | 0.64 | | | | 2,794 | |
International Equity Fund | | | 0.60 | | | | 47,758 | |
Tax Managed International Equity Fund | | | 0.60 | | | | 3,541 | |
None of the advisory fees waived by the Adviser pursuant to the agreement described above are subject to recoupment by the Adviser.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
The Adviser has selected and the Board has approved the following Sub-advisers to sub-advise discrete portions of each of the Fund’s assets:
| | |
| Fund | | Sub-advisers |
| Core Bond Fund | | Robert W. Baird & Co., Inc. J.P. Morgan Investment Management, Inc. Loomis, Sayles & Company L.P. PGIM, Inc. |
| Core Plus Bond Fund | | Pacific Investment Management Company LLC Loomis, Sayles & Company, L.P. Metropolitan West Asset Management, LLC * BlackRock Investment Management, LLC |
| Municipal Bond Fund | | FIAM, LLC BlackRock Investment Management, LLC MacKay Shields LLC |
| Municipal High-Income Bond Fund | | Capital International, Inc. T. Rowe Price Associates, Inc. |
| Large Cap Growth Fund | | Lazard Asset Management LLC Sustainable Growth Advisers, LP Jennison Associates LLC BlackRock Investment Management, LLC |
| Large Cap Value Fund | | Barrow, Hanley, Mewhinney & Strauss, LLC Wellington Management Company LLP Artisan Partners Limited Partnership BlackRock Investment Management, LLC T. Rowe Price Associates, Inc. LSV Asset Management |
| Tax Managed Large Cap Fund | | Barrow, Hanley, Mewhinney & Strauss, LLC ClearBridge Investments, LLC Parametric Portfolio Associates, LLC T. Rowe Price Associates, Inc. |
| Small/Mid Cap Growth Fund | | Champlain Investment Partners, LLC Eagle Asset Management, Inc. Stephens Investment Management Group, LLC BlackRock Investment Management, LLC Artisan Partners Limited Partnership Driehaus Capital Management LLC Victory Capital Management Inc. |
| Small/Mid Cap Value Fund | | Boston Partners Global Investors, Inc. Vaughan Nelson Investment Management, L.P. Silvercrest Asset Management Group LLC BlackRock Investment Management, LLC LSV Asset Management MFS Investment Management Diamond Hill Capital Management, Inc. American Century Investment Management, Inc. |
| Tax Managed Small/Mid Cap Fund | | AllianceBernstein L.P. Goldman Sachs Asset Management L.P. J.P. Morgan Investment Management, Inc. Neuberger Berman Investment Advisers, LLC Parametric Portfolio Associates, LLC Allspring Global Investments, LLC |
| International Equity Fund | | Baillie Gifford Overseas Limited Mondrian Investment Partners Limited WCM Investment Management, LLC BlackRock Investment Management, LLC Pzena Investment Management, LLC Marathon Asset Management Limited |
| Tax Managed International Equity Fund | | Parametric Portfolio Associates, LLC Pzena Investment Management, LLC T. Rowe Price Associates, Inc. Walter Scott & Partners Limited |
| * | Blackrock has entered into a sub-sub-advisory agreement with each of Blackrock International Limited (“BIL”), a U.K.-based affiliate of Blackrock, and Blackrock (Singapore) Limited (“BRS”), a Singapore-based affiliate of Blackrock, to facilitate the provision of advice and trading out of non-U.S. jurisdictions. BIL and BRS, each registered as an investment adviser with the SEC, organized in 1995 and 2000, respectively. |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Subject to the supervision of the Adviser, the Sub-advisers provide the Funds, among other services, a continuous investment program and determine from time to time which securities or other investments shall be purchased, sold or exchanged for the Funds, including providing or obtaining such services as may be necessary in managing, acquiring or disposing of securities, cash or other investments. For their services as Sub-advisers to the Funds, each Sub-adviser is entitled to receive fees directly from each Fund it serves, except that any fees payable to BIL or BRS for their services as sub-sub-advisers to the Core Plus Bond Fund would be paid by BlackRock (and not the Adviser or the Core Plus Bond Fund).
Pursuant to an operating expense limitation agreement between the Adviser and the Funds, effective until October 28, 2025 (the “Expense Limitation Agreement”), the Adviser has contractually agreed to waive its fees and/or reimburse Fund expenses (excluding acquired fund fees and expenses, portfolio transaction expenses, interest expense in connection with investment activities, taxes and non-routine expenses) to limit total annual fund operating expenses after fee waivers and/or expense reimbursements to each of the amounts listed below (each an “Expense Cap”).
| | |
| Fund | | Expense Cap |
| Core Bond Fund | | 0.48% |
| Core Plus Bond Fund | | 0.42 |
| Municipal Bond Fund | | 0.48 |
| Municipal High-Income Bond Fund | | 0.48 |
| Large Cap Growth Fund | | 0.51 |
| Large Cap Value Fund | | 0.51 |
| Tax Managed Large Cap Fund | | 0.51 |
| Small/Mid Cap Growth Fund | | 0.73 |
| Small/Mid Cap Value Fund | | 0.73 |
| Tax Managed Small/Mid Cap Fund | | 0.73 |
| International Equity Fund | | 0.67 |
| Tax Managed International Equity Fund | | 0.67 |
Any fee reductions or expense payments made by the Adviser pursuant to the Expense Limitation Agreement are subject to reimbursement by a Fund, if requested by the Adviser in the thirty-six (36) month period following such fee waiver and/or expense payment, if the aggregate amount actually paid by the Fund toward its aggregate operating expenses, as accrued each month (taking into account the reimbursement) does not exceed the applicable Expense Cap accrued for such month (a) at the time of the fee waiver and/or expense payment and (b) at the time of the reimbursement.
During the year ended June 30, 2024, the Funds did not exceed their respective Expense Caps, and there are no expense reimbursements currently available for recoupment in future periods.
Administrator – Brown Brothers Harriman & Co. (“BBH”) acts as Administrator to the Trust pursuant to an Administrative Agency Agreement. As Administrator, BBH provides certain services to the Trust, including, among other responsibilities, administrative, tax, legal, accounting services, portfolio compliance monitoring, and financial reporting for the maintenance and operations of the Funds. In addition, BBH makes available the personnel and facilities to provide such services. In its capacity as Administrator, BBH does not have any responsibility or authority for the portfolio management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares. Pursuant to the Administrative Agency Agreement, the Trust has agreed to pay such compensation as is mutually agreed upon from time to time and such out-of-pocket expenses as incurred by BBH in the performance of its duties. The amounts paid directly to the Administrator by the Funds for administrative services are included in the Administration fee in the Statements of Operations.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Custodian – BBH also acts as Custodian to the Trust. In this capacity, BBH holds all cash and, directly or through a book entry system or an agent, securities of each Fund, delivers and receives payment for securities sold by such Fund, collects income from investments of each Fund and performs other duties as set forth in the Custodian Agreement between the Trust, on behalf of the Funds, and BBH. Custodian fees are paid monthly and based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. The amounts paid directly to the Custodian by the Funds for custody services are included in Custody fees in the Statements of Operations.
Trustees – Trustee fees and expenses displayed in the Statements of Operations include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined by the 1940 Act (an “Independent Trustee”) of the Trust or a non-Edward Jones interested trustee. The Trustees who are affiliated with the Adviser or its parent company, are not compensated by the Trust.
Affiliated Transactions – The Funds may participate in purchase and sale transactions with other Funds or accounts that have a common investment adviser or Sub-adviser, commonly referred to as “cross trades.” These cross trades are executed in accordance with procedures adopted by the Trust’s Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security.
During the year ended June 30, 2024, the aggregate value of purchases and sales of cross trades with other Funds or accounts were as follows:
| | | | | | | | | | | | |
| | | Purchases
(000s) | | | Sales
(000s) | | | Realized
Gain/(Loss)
(000s) | |
Municipal Bond Fund | | $ | 30,000 | | | $ | 26,900 | | | $ | — | |
Large Cap Growth Fund | | | 170,314 | | | | 223,778 | | | | 46,806 | |
Large Cap Value Fund | | | 143,747 | | | | 72,923 | | | | 15,432 | |
Small/Mid Cap Growth Fund | | | 102,632 | | | | 95,661 | | | | (3,757 | ) |
Small/Mid Cap Value Fund | | | 63,311 | | | | 105,258 | | | | 27,384 | |
International Equity Fund | | | 85,883 | | | | 83,840 | | | | (2,658 | ) |
7. INTERFUND LENDING AGREEMENT
On June 1, 2016, the Funds received exemptive relief from the SEC to enter into a master interfund lending agreement with each other that permits each Fund to lend money directly to and borrow money directly from other Funds for temporary purposes. Each Fund may lend, in the aggregate, up to 15% of its current net assets at the time of the loan but no more than 5% of its lending Fund’s net assets may be loaned to a single fund. A loan under the agreement will not exceed duration of seven days and interest is charged on borrowings at a rate determined based on current short-term market interest rates and short-term lending rates available to the Funds. As of June 30, 2024, the Funds have yet to lend under this agreement.
8. INVESTMENT TRANSACTIONS
For the year ended June 30, 2024, purchases and sales of investment securities, other than short-term investments, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond Fund
(000s) | | | Core Plus
Bond Fund
(000s) | | | Municipal
Bond Fund
(000s) | | | Municipal High-
Income Bond
Fund
(000s) | | | Large Cap
Growth Fund
(000s) | | | Large Cap
Value Fund
(000s) | |
Purchases: | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government | | $ | 16,119,329 | | | $ | 106,712,044 | | | $ | — | | | $ | 468 | | | $ | — | | | $ | — | |
Other | | | 5,562,171 | | | | 10,596,827 | | | | 7,207,661 | | | | 1,183,712 | | | | 5,639,434 | | | | 5,353,393 | |
Sales: | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government | | | 15,169,781 | | | | 100,319,394 | | | | — | | | | 21 | | | | — | | | | — | |
Other | | | 5,886,102 | | | | 8,891,193 | | | | 3,901,203 | | | | 485,417 | | | | 9,065,795 | | | | 3,670,082 | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tax
Managed Large
Cap Fund
(000s) | | | Small/Mid Cap
Growth Fund
(000s) | | | Small/Mid Cap
Value Fund
(000s) | | | Tax Managed
Small/Mid Cap
Fund
(000s) | | | International
Equity Fund
(000s) | | | Tax Managed
International
Equity Fund
(000s) | |
Purchases: | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Other | | | 1,887,400 | | | | 5,187,413 | | | | 3,626,376 | | | | 1,017,198 | | | | 5,870,635 | | | | 650,376 | |
Sales: | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other | | | 674,408 | | | | 4,889,820 | | | | 3,311,524 | | | | 305,286 | | | | 5,444,919 | | | | 235,927 | |
9. FEDERAL INCOME TAX INFORMATION
GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended June 30, 2024, the Funds made permanent book-to-tax reclassifications primarily related to the treatment of foreign currency, passive foreign investment company sales adjustments, and utilization of earnings and profits distributed to shareholders on redemption of shares.
For the fiscal year ended June 30, 2024, the Funds made the following reclassifications between total distributable earnings and paid-in capital:
| | | | | | | | |
| | | Total Distributable
Earnings/(Loss)
(000s) | | | Paid-in Capital
(000s) | |
Core Bond Fund | | $ | — | | | $ | — | |
Core Plus Bond Fund | | | — | | | | — | |
Municipal Bond Fund | | | — | | | | — | |
Municipal High-Income Bond Fund | | | — | | | | — | |
Large Cap Growth Fund | | | (169,408 | ) | | | 169,408 | |
Large Cap Value Fund | | | (54,677 | ) | | | 54,677 | |
Tax Managed Large Cap Fund | | | — | | | | — | |
Small/Mid Cap Growth Fund | | | 3 | | | | (3 | ) |
Small/Mid Cap Value Fund | | | (20,226 | ) | | | 20,226 | |
Tax Managed Small/Mid Cap Fund | | | — | | | | — | |
International Equity Fund | | | 3 | | | | (3 | ) |
Tax Managed International Equity Fund | | | — | | | | — | |
At June 30, 2024, gross unrealized appreciation and (depreciation) of investments and derivative contracts based on cost for federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond Fund
(000s) | | | Core Plus
Bond Fund
(000s) | | | Municipal
Bond Fund
(000s) | | | Municipal
High-Income
Bond Fund
(000s) | | | Large Cap
Growth Fund
(000s) | | | Large Cap
Value Fund
(000s) | |
Tax Cost of Portfolio | | $ | 18,601,051 | | | $ | 43,868,980 | | | $ | 14,837,600 | | | $ | 3,087,152 | | | $ | 14,828,653 | | | $ | 15,452,555 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross Unrealized App | | $ | 68,198 | | | $ | 472,825 | | | $ | 147,926 | | | $ | 74,022 | | | $ | 10,465,122 | | | $ | 6,354,494 | |
Gross Unrealized Dep | | | (1,409,276 | ) | | | (2,091,468 | ) | | | (257,547 | ) | | | (24,890 | ) | | | (343,517 | ) | | | (691,453 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Unrealized App/(Dep) | | $ | (1,341,078 | ) | | $ | (1,618,643 | ) | | $ | (109,621 | ) | | $ | 49,132 | | | $ | 10,121,605 | | | $ | 5,663,041 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Tax
Managed Large
Cap Fund
(000s) | | | Small/Mid Cap
Growth Fund
(000s) | | | Small/Mid
Cap Value
Fund
(000s) | | | Tax Managed
Small/
Mid Cap
Fund
(000s) | | | International
Equity Fund
(000s) | | | Tax Managed
International
Equity Fund
(000s) | |
Tax Cost of Portfolio | | $ | 3,343,205 | | | $ | 6,600,216 | | | $ | 6,240,178 | | | $ | 1,412,400 | | | $ | 15,855,600 | | | $ | 1,383,392 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross Unrealized App | | $ | 1,123,079 | | | $ | 2,141,097 | | | $ | 2,022,399 | | | $ | 253,288 | | | $ | 4,445,936 | | | $ | 327,928 | |
Gross Unrealized Dep | | | (14,506 | ) | | | (412,763 | ) | | | (396,055 | ) | | | (30,893 | ) | | | (2,075,753 | ) | | | (69,802 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Unrealized App/(Dep) | | $ | 1,108,573 | | | $ | 1,728,334 | | | $ | 1,626,344 | | | $ | 222,395 | | | $ | 2,370,183 | | | $ | 258,126 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
The differences between book basis and tax basis appreciation/(depreciation) on investments is primarily attributable to wash sale loss deferrals, and differences in the tax treatment of mark to market on passive foreign investment companies, mark to market on derivatives, non-REIT return of capital, outstanding partnership basis, the amortization of premiums and defaulted bond accrual.
As of June 30, 2024, the components of distributable earnings/(losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond
Fund
(000s) | | | Core Plus
Bond Fund
(000s) | | | Municipal
Bond Fund
(000s) | | | Municipal
High-Income
Bond Fund
(000s) | | | Large Cap
Growth Fund
(000s) | | | Large Cap
Value Fund
(000s) | |
Accumulated Capital and Losses (1) | | $ | (1,219,648 | ) | | $ | (3,747,019 | ) | | $ | (297,474 | ) | | $ | (1,929 | ) | | $ | — | | | $ | — | |
Other (2) | | | (72 | ) | | | (4,490 | ) | | | (12 | ) | | | (267 | ) | | | (2 | ) | | | (1 | ) |
Undistributed Ordinary Income | | | 1,402 | | | | 19,180 | | | | — | | | | — | | | | 97,943 | | | | 53,310 | |
Undistributed Tax Exempt Income | | | — | | | | — | | | | 5,757 | | | | 4,564 | | | | — | | | | — | |
Undistributed Long Term Capital Gain | | | — | | | | — | | | | — | | | | — | | | | 1,165,610 | | | | 817,373 | |
Unrealized Appreciation/(Depreciation) | | | (1,341,047 | ) | | | (1,617,384 | ) | | | (109,621 | ) | | | 49,204 | | | | 10,121,609 | | | | 5,662,959 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributable Earnings/(Loss) | | $ | (2,559,365 | ) | | $ | (5,349,713 | ) | | $ | (401,350 | ) | | $ | 51,572 | | | $ | 11,385,160 | | | $ | 6,533,641 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Tax Managed
Large
Cap Fund
(000s) | | | Small/Mid
Cap
Growth Fund
(000s) | | | Small/Mid
Cap
Value Fund
(000s) | | | Tax Managed
Small/
Mid Cap
Fund
(000s) | | | International
Equity Fund
(000s) | | | Tax Managed
International
Equity Fund
(000s) | |
Accumulated Capital and Losses (1) | | $ | (103,648 | ) | | $ | (185,957 | ) | | $ | — | | | $ | (74,730 | ) | | $ | (18,221 | ) | | $ | (43,061 | ) |
Other (2) | | | — | | | | — | | | | — | | | | — | | | | (9 | ) | | | — | |
Undistributed Ordinary Income | | | 21,850 | | | | 27,254 | | | | 117,872 | | | | 5,957 | | | | 390,126 | | | | 30,863 | |
Undistributed Tax Exempt Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed Long Term Capital Gain | | | — | | | | — | | | | 311,811 | | | | — | | | | — | | | | — | |
Unrealized Appreciation/(Depreciation) | | | 1,108,572 | | | | 1,728,334 | | | | 1,626,345 | | | | 222,394 | | | | 2,353,297 | | | | 258,077 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributable Earnings/(Loss) | | $ | 1,026,774 | | | $ | 1,569,631 | | | $ | 2,056,028 | | | $ | 153,621 | | | $ | 2,725,193 | | | $ | 245,879 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | | Includes capital loss carryforwards and late year loss deferrals. |
| (2) | | Includes straddle loss deferrals and organizational costs. |
At June 30, 2024, the Funds had the following capital loss carryforwards. The capital loss carryforwards do not have an expiration date and will retain their character as either short-term or long-term capital losses. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond Fund
(000s) | | | Core Plus
Bond Fund
(000s) | | | Municipal
Bond Fund
(000s) | | | Municipal
High-Income
Bond Fund
(000s) | | | Large Cap
Growth Fund
(000s) | | | Large Cap
Value Fund
(000s) | |
Short-Term | | $ | 464,219 | | | $ | 1,721,765 | | | $ | 77,779 | | | $ | 1,878 | | | $ | — | | | $ | — | |
Long-Term | | | 755,429 | | | | 2,025,254 | | | | 219,695 | | | | 51 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,219,648 | | | $ | 3,747,019 | | | $ | 297,474 | | | $ | 1,929 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Tax Managed
Large Cap Fund
(000s) | | | Small/Mid Cap
Growth Fund
(000s) | | | Small/Mid Cap
Value Fund
(000s) | | | Tax Managed
Small/Mid Cap
Fund
(000s) | | | International
Equity Fund
(000s) | | | Tax Managed
International
Equity Fund
(000s) | |
Short-Term | | $ | 103,648 | | | $ | 185,957 | | | $ | — | | | $ | 72,633 | | | $ | — | | | $ | 36,467 | |
Long-Term | | | — | | | | — | | | | — | | | | 2,097 | | | | 18,221 | | | | 6,594 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 103,648 | | | $ | 185,957 | | | $ | — | | | $ | 74,730 | | | $ | 18,221 | | | $ | 43,061 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
The tax character of distributions paid by the Funds during the fiscal periods ended June 30, 2024 and June 30, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond Fund
(000s) | | | Core Plus
Bond Fund
(000s) | | | Municipal
Bond Fund
(000s) | | | Municipal High-
Income Bond Fund
(000s) | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Income (1) | | $ | 694,935 | | | $ | 560,827 | | | $ | 1,506,112 | | | $ | 1,203,781 | | | $ | 21,620 | | | $ | 14,934 | | | $ | 7,813 | | | $ | 995 | |
Tax Exempt Income | | | — | | | | — | | | | — | | | | — | | | | 390,751 | | | | 309,447 | | | | 114,560 | | | | 19,479 | |
Long-term Capital Gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions Paid | | $ | 694,935 | | | $ | 560,827 | | | $ | 1,506,112 | | | $ | 1,203,781 | | | $ | 412,371 | | | $ | 324,381 | | | $ | 122,373 | | | $ | 20,474 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Large Cap
Growth Fund
(000s) | | | Large Cap
Value Fund
(000s) | | | Tax Managed
Large Cap Fund
(000s) | | | Small/Mid Cap
Growth Fund
(000s) | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Income (1) | | $ | 190,323 | | | $ | 130,160 | | | $ | 403,978 | | | $ | 404,103 | | | $ | 32,394 | | | $ | 6,368 | | | $ | 24,210 | | | $ | 10,849 | |
Tax Exempt Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Long-term Capital Gains | | | — | | | | — | | | | 578,228 | | | | 937,296 | | | | — | | | | — | | | | — | | | | — | |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions Paid | | $ | 190,323 | | | $ | 130,160 | | | $ | 982,206 | | | $ | 1,341,399 | | | $ | 32,394 | | | $ | 6,368 | | | $ | 24,210 | | | $ | 10,849 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Small/Mid Cap
Value Fund
(000s) | | | Tax Managed
Small/Mid Cap Fund
(000s) | | | International
Equity Fund
(000s) | | | Tax Managed
International
Equity Fund
(000s) | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Income (1) | | $ | 104,862 | | | $ | 70,751 | | | $ | 7,908 | | | $ | 1,763 | | | $ | 432,043 | | | $ | 269,812 | | | $ | 25,281 | | | $ | 2,948 | |
Tax Exempt Income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Long-term Capital Gains | | | 178,349 | | | | 352,660 | | | | — | | | | — | | | | — | | | | 66,503 | | | | — | | | | — | |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Distributions Paid | | $ | 283,211 | | | $ | 423,411 | | | $ | 7,908 | | | $ | 1,763 | | | $ | 432,043 | | | $ | 336,315 | | | $ | 25,281 | | | $ | 2,948 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | | Ordinary Income includes net short-term capital gains, if any. |
10. RISKS
Investing in the Funds may involve certain risks including, but not limited to, those described below. Please refer to the Funds’ prospectuses and statements of additional information for more information on risks associated with investing in the Funds.
a) Interest Rate Risk – Certain Funds invest in fixed-income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Alternatively, if rates fall, the value of these investments generally increases. 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. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed-income markets and result in a decline in the value of the fixed-income investments held by the Funds. 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. Duration is a measure of the sensitivity of the price of a fixed-income security (or a portfolio of fixed-income securities) to changes in interest rates. 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. For example, a five-year duration means the fixed-income security is expected to decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%, holding other factors constant. Usually, the changes in the value of fixed-income securities will not affect cash income generated, but may affect the value of an investment in the Fund.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
Floating rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the benchmark rate chosen, frequency of reset and reset caps or floors, among other things). Zero coupon bonds have longer durations than coupon-bearing bonds with comparable maturities and generally experience greater volatility in response to changing interest rates. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed-income securities with similar durations. Interest rate changes can be sudden and unpredictable, and a wide variety of factors can cause interest rates to rise or fall, including government and/or central bank policy and action, inflationary or deflationary pressures, supply of and demand for debt securities, and changes in general market and economic conditions. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the money market securities 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.
b) Liquidity Risk – Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit or prevent a Fund from selling securities or closing derivative positions at desirable times or prices. During times of significant market or economic turmoil, usually liquid markets for certain of a Fund’s investments may experience extreme reductions in buy-side demand, which may result in values of a Fund’s portfolio securities declining significantly over short or extended periods of time. These reductions in value may occur regardless of whether there has been a change in interest rates or a change in the credit rating of the issuer of the security. Under certain adverse market or economic conditions, Fund investments previously determined to be liquid may be deemed to be illiquid, and, because of regulatory limitations on investments in illiquid securities, a Fund may not be able to make or gain the desired level of exposure to certain investments that it otherwise would.
c) Redemption Risk – A 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. Because the Funds currently are only available to participants in the Advisory Programs, a reduction in the allocation of an Advisory Program’s assets to the Funds could result in one or more large redemption requests. Moreover, as a result of the requirement that a Fund satisfy redemption requests even during times of significant market or economic turmoil, a Fund may be forced to sell portfolio securities during periods of reduced liquidity when prices are rapidly declining. This may require a Fund to realize investment losses at times that a Sub-adviser believes that it would have been advisable to hold a particular investment until a more orderly sale could occur or the market recovers. These transactions could also have tax consequences for shareholders if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. In addition, a large redemption could result in a Fund’s expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.
d) Credit Risk – There is a risk that issuers and counterparties will not make payments on securities, repurchase agreements or other investments held by a Fund. Such defaults could result in losses to a Fund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer’s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of a Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security.
A Fund may invest in securities that are rated in the lowest investment grade category. Such securities may exhibit speculative characteristics similar to high yield securities, and issuers of such securities may be more vulnerable to changes in economic conditions than issuers of higher grade securities.
e) Counterparty Risk – When a 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 will not fulfill its contractual obligations. For example, in a repurchase agreement, there exists the risk that a Fund buys a security from a seller (counterparty) that agrees to repurchase the security at an agreed upon price and time, but the counterparty later fails to repurchase the security.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
f) Market Risk – Various market risks can affect the price or liquidity of an issuer’s securities in which a Fund may invest. Returns from the securities in which a Fund invests may underperform returns from the various general securities markets or different asset classes. Different types of securities tend to go through cycles of outperformance and underperformance in comparison to the general securities markets. Adverse events occurring with respect to an issuer’s performance or financial position can depress the value of the issuer’s securities. The liquidity in a market for a particular security will affect its value and may be affected by factors relating to the issuer, as well as the depth of the market for that security. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets. As a result, a Fund’s value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market. The interconnection of international markets means that events in one country or region may affect the markets in other countries and regions, increasing the likelihood that regulatory events, inflation, interest rates, government defaults, government shutdowns, wars, regional conflicts, social unrest, natural disasters, acts of terrorism, infectious illness or other public health issues and recessions could affect the securities market. Other market risks that can affect value include a market’s current attitudes about types of securities, market reactions to political or economic events, including litigation, and tax and regulatory effects (including lack of adequate regulations for a market or particular type of instrument).
g) Equity Securities Risk – Since certain Funds purchase equity securities, those Funds are subject to equity risk. This is the risk that stock prices will fall over short or extended periods of time. Although the stock market has historically outperformed other asset classes over the long term, the stock market tends to move in cycles. Individual stock prices may fluctuate drastically from day-to-day and may underperform other asset classes over an extended period of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.
h) Multi-Manager and Multi-Style Management Risk – Fund performance is dependent upon the success of the Adviser and the Sub-advisers in implementing a Fund’s investment strategies in pursuit of its objective. To a significant extent, a Fund’s performance will depend on the success of the Adviser’s methodology in allocating the Fund’s assets to Sub-advisers and its selection and oversight of the Sub-advisers and on a Sub-adviser’s skill in executing the relevant strategy and selecting investments for the Fund. There can be no assurance that the Adviser or Sub-advisers will be successful in this regard. In addition, because portions of each Fund’s assets are managed by different Sub-advisers using different styles/strategies, a Fund could experience overlapping security transactions. Certain Sub-advisers may be purchasing securities at the same time that 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. The Adviser’s and the Sub-advisers’ judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that the Adviser’s or a Sub-adviser’s judgment will produce the desired results. In addition, a Fund may allocate its assets so as to under- or over-emphasize certain strategies or investments under market conditions that are not optimal, in which case a Fund’s value may be adversely affected.
i) Foreign Securities Risk – The securities of foreign issuers, including ADRs and GDRs and including securities of issuers in emerging market countries, may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the United States. Additionally, investments in securities of foreign issuers, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
governments and foreign economies, particularly in emerging markets, may be less stable than the U.S. Government and the U.S. economy. In addition, periodic U.S. Government prohibitions on investments in issuers from certain foreign countries may require a Fund to sell such investments at inopportune times, which could result in losses to the Fund.
j) Currency Risk – While the Funds’ net assets are valued in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are: (1) it may be expensive to convert foreign currencies into U.S. dollars and vice versa; (2) complex political and economic factors may significantly affect the values of various currencies, including U.S. dollars, and their exchange rates; (3) government intervention may increase risks involved in purchasing or selling foreign currency options, forward foreign currency exchange contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces; (4) there may be no systematic reporting of last sale information for foreign currencies or regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis; (5) available quotation information is generally representative of very large round-lot transactions in the inter-bank market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable; and (6) the inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate movements.
k) Geographic Focus Risk – To the extent that a significant portion of a Fund’s portfolio is invested in the securities of companies in a particular country or region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, a Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.
l) High Yield Securities Risk – High yield, or “junk”, securities involve greater risks of default or downgrade and are more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in the issuer’s credit worthiness.
m) Cybersecurity Risk – The Funds and their service providers may be susceptible to operational, information, security and related risks. While the Funds’ service providers have established business continuity plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders.
n) Taxation Risk – Certain Funds are managed to seek to minimize tax consequences to shareholders, but there is no guarantee that such Funds will be able to operate without incurring taxable income and gains to shareholders. Such Funds 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, a 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 a Fund’s portfolio, there is a risk that opportunities to realize losses may decrease over time.
Tax loss harvesting may also increase a Fund’s portfolio turnover rates. In addition, the “wash sales” rule will limit a 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 (i.e., 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.
Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)
11. RECENT ACCOUNTING PRONOUNCEMENTS
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the guidance is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), which was expected to occur (and which did occur) on June 30, 2023. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation than LIBOR. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.
The guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the amendments in the proposed ASU have deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities would no longer be permitted to apply the relief in Topic 848. At this time, management has determined there has been no impact of the ASU’s adoption to the Funds’ financial statements and various filings.
12. SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date of issuance of this report and has determined that there are no material events that would require accrual or disclosure.
Bridge Builder Mutual Funds
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Bridge Builder Trust and Shareholders of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Municipal High-Income Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Tax Managed Large Cap Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund, Bridge Builder Tax Managed Small/Mid Cap Fund, Bridge Builder International Equity Fund and Bridge Builder Tax Managed International Equity Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twelve of the funds constituting Bridge Builder Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of June 30, 2024, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
Bridge Builder Core Bond Fund (1)
Bridge Builder Core Plus Bond Fund (1)
Bridge Builder Municipal Bond Fund (1)
Bridge Builder Municipal High-Income Bond Fund (2)
Bridge Builder Large Cap Growth Fund (1)
Bridge Builder Large Cap Value Fund (1)
Bridge Builder Tax Managed Large Cap Fund (1)
Bridge Builder Small/Mid Cap Growth Fund (1)
Bridge Builder Small/Mid Cap Value Fund (1)
Bridge Builder Tax Managed Small/Mid Cap Fund (1)
Bridge Builder International Equity Fund (1)
Bridge Builder Tax Managed International Equity Fund (1)
(1) Statement of operations for the year ended June 30, 2024 and statement of changes in net assets for the years ended June 30, 2024 and 2023
(2) Statement of operations for the year ended June 30, 2024, and statement of changes in net assets for the year ended June 30, 2024 and the period April 13, 2023 (inception date) through June 30, 2023
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Bridge Builder Mutual Funds
Report of Independent Registered Public Accounting Firm (Continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
August 26, 2024
We have served as the auditor of one or more investment companies in the Bridge Builder Trust since 2013.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited)
Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board” or the “Trustees”) of the Bridge Builder Trust (the “Trust”), including a majority of the Trustees who are not parties to the agreements or “interested persons” of any party, as defined in the 1940 Act (the “Independent Trustees”), must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements.
At an in-person meeting of the Board held on May 29-30, 2024 (the “May Renewal Meeting”), the Trustees, including the Independent Trustees, considered and approved the continuance of an investment advisory agreement (the “Advisory Agreement”) with Olive Street Investment Advisers, LLC (“Olive Street” or the “Adviser”) for the Bridge Builder Core Bond Fund (the “Core Bond Fund”), the Bridge Builder Core Plus Bond Fund (the “Core Plus Bond Fund”), the Bridge Builder Municipal Bond Fund (the “Municipal Bond Fund”), the Bridge Builder Municipal High-Income Bond Fund (the “Municipal High-Income Bond Fund”), the Bridge Builder Large Cap Growth Fund (the “Large Cap Growth Fund”), the Bridge Builder Large Cap Value Fund (the “Large Cap Value Fund”), the Bridge Builder Small/Mid Cap Growth Fund (the “Small/Mid Cap Growth Fund”), the Bridge Builder Small/Mid Cap Value Fund (the “Small/Mid Cap Value Fund”), and the Bridge Builder International Equity Fund (the “International Equity Fund”) (collectively, the “Funds”). The Trustees, including the Independent Trustees, also considered and approved the continuance of an investment sub-advisory agreement or investment sub-sub-advisory agreement, as applicable (each, a “Sub-advisory Agreement” and collectively, the “Sub-advisory Agreements”), with each of the following Fund subadvisers or sub-subadvisers whose Sub-advisory Agreements were subject to renewal at the May Renewal Meeting (listed next to the Fund(s) for which it serves as subadviser or sub-subadviser) (each, a “Subadviser” and collectively, the “Subadvisers”):
| | |
| Bridge Builder Fund | | Subadvisers and Sub-Subadvisers |
| Core Bond Fund | | Robert W. Baird & Co. Inc. (“Baird”) J.P. Morgan Investment Management, Inc. (“J.P. Morgan”) Loomis, Sayles & Company, L.P. (“Loomis”) PGIM, Inc. (“PGIM”) |
| Core Plus Bond Fund | | Pacific Investment Management Company LLC (“PIMCO”) Loomis Metropolitan West Asset Management, LLC (“MetWest”) BlackRock Investment Management, LLC* (“BIM”) BlackRock International Limited (UK) (Sub-subadviser)* BlackRock (Singapore) Limited (Sub-subadviser)* |
| Municipal Bond Fund | | FIAM LLC (“FIAM”) MacKay Shields LLC (“MacKay Shields”) BIM |
| Municipal High-Income Bond Fund | | T. Rowe Price Associates, Inc. (“T. Rowe Price”) Capital International, Inc. (“Capital”) |
| Large Cap Growth Fund | | Lazard Asset Management LLC (“Lazard”) Sustainable Growth Advisers, LP (“SGA”) Jennison Associates LLC (“Jennison”) BIM |
| Large Cap Value Fund | | Artisan Partners Limited Partnership (“Artisan Partners”) Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) Wellington Management Company, LLP (“Wellington”) BIM T. Rowe Price LSV Asset Management (“LSV”) |
| Small/Mid Cap Growth Fund | | Eagle Asset Management, Inc. (“Eagle”) Champlain Investment Partners, LLC (“Champlain”) Artisan Partners BIM Stephens Investment Management Group, LLC (“Stephens”) Driehaus Capital Management LLC (“Driehaus”) Victory Capital Management, Inc. (“Victory”) |
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)
| | |
| Bridge Builder Fund | | Sub-advisers and Sub-Subadvisers |
| Small/Mid Cap Value Fund | | Vaughan Nelson Investment Management, LP (“Vaughan Nelson”) Boston Partners Global Investors, Inc. (“Boston Partners”) Silvercrest Asset Management Group LLC (“Silvercrest”) BIM LSV Diamond Hill Capital Management, Inc. (“Diamond Hill”) Massachusetts Financial Services Company (d/b/a MFS Investment Management) (“MFS”) American Century Investment Management, Inc. (“American Century”) |
| International Equity Fund | | Baillie Gifford Overseas Limited (“Baillie Gifford”) BIM Pzena Investment Management, LLC (“Pzena”) Mondrian Investment Partners Limited (“Mondrian”) WCM Investment Management (“WCM”) Marathon Asset Management Limited (“Marathon”) |
| * | BlackRock International Limited (UK) (“BIL”) and BlackRock (Singapore) Limited (“BSL”) each serve as investment sub-subadvisers of the Core Plus Bond Fund pursuant to Investment Sub-sub-advisory Agreements between BlackRock Investment Management LLC (“BIM” and, together with BIL and BSL, “BlackRock”) and BIL and BSL, respectively. |
In connection with the annual contract review process and in advance of the May Renewal Meeting, the Adviser and the Subadvisers provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board’s evaluation of the Advisory Agreement and Sub-advisory Agreements (collectively, the “Agreements”). The information furnished by the Adviser and the Subadvisers included materials describing, among other matters: (i) the nature, extent, and quality of the services provided by the Adviser and the Subadvisers to the Funds; (ii) each Fund’s historical investment performance and the historical investment performance of each Subadviser; (iii) the Adviser’s and the Subadvisers’ business, operations and personnel, including portfolio managers; (iv) the investment practices and techniques used by the Adviser and the Subadvisers in managing the Funds; (v) the management fees payable by the Funds to the Adviser and the Funds’ overall fees and operating expenses, including in comparison to those of a category and a peer group of mutual funds; (vi) the sub-advisory fees payable to each Subadviser; (vii) the Adviser’s and the Subadvisers’ compliance programs and related policies and procedures; (viii) the financial condition of the Adviser and the Subadvisers; and (ix) other “fall-out” benefits the Adviser and/or its affiliates and the Subadvisers may receive based on their relationships with the Funds. At a meeting of the Board held on May 2, 2024 and at the May Renewal Meeting (collectively, the “May Meetings”), representatives of the Adviser made presentations to and responded to questions from the Trustees regarding services, fees, and other aspects of the Agreements.
In addition to the May Meetings, the Board met periodically over the course of the year since the most recent annual renewal of the Agreements. At these meetings, representatives of the Adviser and the Subadvisers furnished reports and other information to the Board, and engaged in discussions with the Board, regarding, among other things, the performance of the Funds and the Subadvisers, the services provided to the Funds by the Adviser and the Subadvisers, the Funds’ distribution arrangements, and compliance, risk management and operational matters related to the Trust, the Funds, the Adviser, and the Subadvisers. In addition, the Board received information between regularly scheduled meetings on particular matters as the need arose.
Throughout the evaluation process, including at the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including detailed memoranda from independent legal counsel regarding the legal standards applicable to the consideration of the approval of the Agreements. In connection with their deliberations, the Independent Trustees met separately with their independent legal counsel on May 1, 2024 and in executive session and other informal meetings on several occasions, outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadvisers, to consider their responsibilities under relevant laws and to discuss the Agreements and materials
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)
presented and other matters deemed relevant to their consideration of the approval of the Agreements. The Independent Trustees used a team-based approach, with each team consisting of a sub-set of Independent Trustees, for purposes of facilitating the review of the materials provided by the Subadvisers.
In considering and approving the Agreements, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board’s decision to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the May Meetings, as well as the knowledge gained over time through previous interactions with the Adviser and the Subadvisers. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decision to approve the continuation of the Agreements rather than to be all-inclusive.
1. The Nature, Extent and Quality of the Services Provided by the Adviser and the Subadvisers. The Trustees considered the nature, extent and quality of the services provided to the Funds by the Adviser and each Subadviser, including their respective responsibilities for management of the Funds. In this regard, the Board considered the terms of the Agreements and the range of services provided by the Adviser and Subadvisers, including the Adviser’s oversight role and responsibilities with regard to the Subadvisers, and the Subadvisers’ roles in the day-to-day management of each Fund’s portfolio. The Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the Adviser that were not delegated to or assumed by the Subadvisers, including the Adviser’s assumption of business, entrepreneurial, overall managerial and other risks by sponsoring and advising the Funds. The Board also evaluated the Adviser’s ongoing oversight of the Subadvisers, which includes continuous analysis of, and regular discussions with each Subadviser about, among other things, the investment strategies, performance and trading operations of the portion of a Fund’s assets managed by a particular Subadviser, and periodic on-site or virtual and other meetings with the Subadvisers. The Board further considered the Adviser’s provision of advisory services in connection with setting and continuously evaluating the design of the Funds, selecting, monitoring, and terminating Subadvisers, and making asset allocation adjustments among the Subadvisers, as well as the impact of the Adviser’s services on each Fund’s investment performance. The Board noted that the Adviser has demonstrated a record of initiating changes to the Subadvisers and asset allocations among the Subadvisers when warranted. The Board also took into account the Adviser’s oversight of the Funds’ operations and the Funds’ other service providers.
The Board considered the Adviser’s and each Subadviser’s operations, including personnel and other resources devoted to supporting such operations. The Board noted key personnel additions to and departures from the Adviser and certain Subadvisers, as well as their succession planning practices to ensure continuity of services provided to the Funds. The Board considered the Adviser’s and each Subadviser’s ability to attract and retain qualified personnel to service the Funds and the experience and skills of key management and investment personnel of the Adviser and the Subadvisers. With respect to the Subadvisers, the Board considered each Subadviser’s investment philosophy and process, investment research capabilities and resources, trade execution capabilities, experience and reputation.
The Board also noted the compliance programs and compliance experience of the Adviser and the Subadvisers. The Board considered the Adviser’s day-to-day oversight of each Fund’s compliance with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of the Adviser’s oversight responsibilities in this regard. In addition, the Board considered the administrative and other services that are provided to the Funds by the Adviser, including analytical and other tools the Adviser employs to help manage the Funds’ risks and oversee the Subadvisers. The Board recognized that the Funds may benefit from the Adviser’s ability to use resources and capabilities of its affiliates in providing services to the Funds.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)
Based on these considerations, the Board concluded, within the context of its full deliberations, that the Adviser and the Subadvisers are capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Agreements.
2. Fees and Other Expenses. The Board received and reviewed reports prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, comparing each Fund’s contractual management fee, net management fee, and gross and net total expense ratios (net of fee and expense waivers and reimbursements) to those paid by an independently-selected Morningstar category and peer group of mutual funds. The Board noted that each of the Funds’ gross and net total expense ratios were below their respective peer group medians. The Board also noted that, except for the Core Plus Bond Fund and the Municipal Bond Fund, each Fund’s contractual management fee was equal to or below its respective peer group median. The Board noted that, while the contractual management fee before waivers for each of the Core Plus Bond Fund and the Municipal Bond Fund was higher than its respective peer group median, each Fund’s net management fee was lower than its peer group median. The Board received a description of the methodology used by Broadridge to select the mutual funds in each Fund’s peer group. While the Board recognized that comparisons between a Fund and its peer group may be imprecise, the comparative, independently-selected information provided by Broadridge assisted the Board in evaluating the reasonableness of the Funds’ management fees and total expenses.
The Board observed that the Adviser confirmed that it has no other clients with investment strategies similar to those of the Funds for purposes of comparison. The Board also reviewed comparative fee information provided by certain of the Subadvisers regarding fees that they charged to other clients with investment strategies similar to those of the portion of the Fund’s assets allocated to the particular Subadviser, including any institutional separate account clients and registered fund clients for which the Subadviser serves as either primary investment adviser or subadviser. To the extent provided, the Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such other clients and the portion of the Fund’s assets managed by the particular Subadviser.
The Board noted that the Adviser has contractually agreed to waive its management fees for each Fund to the extent fees payable to the Adviser exceed the aggregate subadvisory fees paid to each Subadviser of the Fund. The Board noted that the Adviser may terminate this waiver arrangement without Board approval effective upon the end of the then current one-year period, by providing the Board written notice of such termination by April 15. The Board further noted that the Adviser has irrevocably agreed not to exercise its right to terminate the waiver arrangement upon the end of the current one-year period, resulting in the arrangement continuing until at least October 28, 2025.
Based on these considerations, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees payable under the Agreements are reasonable in light of the nature, extent and quality of the services rendered by the Adviser and the Subadvisers.
3. Investment Performance. The Board reviewed the investment performance of each Fund and Subadviser over different time periods and evaluated the Adviser’s analysis of the Fund’s and Subadviser’s performance for these time periods. The Board considered the investment performance of each Fund on an absolute basis and in comparison to appropriate benchmarks and each Fund’s respective Morningstar category and peer group as independently selected by Broadridge. The Board also considered that it received detailed information on the performance of each Fund and Subadviser in connection with each of its regular quarterly meetings throughout the year. The Board considered that, at each quarterly Board meeting, the Trustees focused particular attention on information indicating less favorable performance of certain Funds and Subadvisers for specific time periods and the Adviser’s Portfolio Solutions Team reviewed with the Board factors contributing to such performance and the Portfolio Solutions Team’s evaluation of such performance in light of the Funds’ design objectives.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)
For purposes of the Fund-by-Fund discussion below, each performance time period for the performance of the Funds and Subadvisers is the applicable period ended December 31, 2023, and the performance of each Fund and its Subadvisers relative to the “benchmark index” refers to the Fund’s benchmark index as identified by Broadridge.
The Board reviewed the performance of the Core Bond Fund. The Board observed that the Core Bond Fund outperformed its peer group median and the benchmark index for the one-, three- and five-year periods. The Board also reviewed the investment performance of each Subadviser of the Core Bond Fund. In so doing, the Board observed that J.P. Morgan, Loomis, PGIM and Baird each outperformed the benchmark index for the one-, three- and five-year periods.
The Board reviewed the performance of the Core Plus Bond Fund. The Board observed that the Core Plus Bond Fund outperformed its peer group median for the three- and five-year periods and underperformed its peer group median for the one-year period. The Board further observed that the Core Plus Bond Fund outperformed the benchmark index for the one-, three- and five-year periods. The Board also reviewed the investment performance of each Subadviser of the Core Plus Bond Fund. In doing so, the Board observed that: (i) Loomis, PIMCO and Metwest each outperformed the benchmark index for the one-, three- and five-year periods; and (ii) BlackRock outperformed the benchmark index for the one-year period, while BlackRock’s performance information for the three- and five-year periods was unavailable as BlackRock began managing its sleeve of the Fund in October 2021.
The Board reviewed the performance of the Municipal Bond Fund. The Board observed that the Municipal Bond Fund outperformed its peer group median and the benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Municipal Bond Fund, the Board observed that: (i) BIM and FIAM each outperformed the benchmark index for the one- three-, and five-year periods; and (ii) MacKay Shields outperformed the benchmark index for the one-year period, while MacKay Shields’ performance information for the three- and five-year periods was unavailable as MacKay Shields began managing its sleeve of the Fund in January 2021.
With respect to the Municipal High-Income Bond Fund, the Board observed that performance information for the one-, three- and five-year periods ending December 31, 2023 was unavailable because the Fund launched on April 13, 2023. The Board received and considered information about the performance of the Fund and its Subadvisers since the Fund’s inception and noted the Adviser’s view that the limited track record of the Fund was not sufficient to draw meaningful conclusions surrounding the performance of the Fund. The Board further noted the Adviser’s representations that the performance of the Fund and each of its Subadvisers since the Fund’s inception has been in line with the Adviser’s expectations. The Board also noted the Adviser’s commitment to continue to report to the Board the performance of the Fund and its Subadvisers on a quarterly basis throughout the upcoming year to facilitate the Board’s ongoing review of the Fund’s investment performance.
The Board reviewed the investment performance of the Large Cap Growth Fund. The Board observed that the Fund outperformed its peer group median for the three- and five-year periods and underperformed its peer group median for the one-year period. The Board noted that the Large Cap Growth Fund underperformed the benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Large Cap Growth Fund, the Board noted that: (i) Jennison outperformed the benchmark index for the one-year period and underperformed the benchmark index for the three- and five-year periods; (ii) SGA underperformed the benchmark index for the one-, three- and five-year periods; (iii) BIM performed within 10 basis points of the benchmark index for the one-, three- and five-year periods; and (iv) Lazard outperformed the benchmark index for the three-year period and underperformed the benchmark index for the one- and five-year periods.
The Board considered the performance of the Large Cap Value Fund. The Board noted that the Large Cap Value Fund outperformed its peer group median and its benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Large Cap Value Fund, the Board noted that:
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)
(i) Wellington outperformed the benchmark index for the five-year period and underperformed the benchmark index for the one- and three-year periods; (ii) Artisan and Barrow Hanley each outperformed the benchmark index for the one-, three- and five-year periods; (iii) BIM performed within 6 basis points of the benchmark index for the one-, three- and five-year periods; (iv) LSV outperformed the benchmark index for the one- and three-year periods, while LSV’s performance information for the five-year period was unavailable as LSV began managing its sleeve of the Fund in May 2020; and (v) T. Rowe Price outperformed the benchmark index for the three-year period and underperformed the benchmark index for the one-year period, while T. Rowe Price’s performance information for the five-year period was unavailable as T. Rowe Price began managing its sleeve of the Fund in May 2020.
The Board reviewed the investment performance of the Small/Mid Cap Growth Fund. The Board observed that the Fund outperformed its peer group median for the one- and three-year periods and was equal to the performance of its peer group median for the five-year period. The Board noted that the Small/Mid Cap Growth Fund outperformed its benchmark index for the one- and three-year periods and underperformed its benchmark index by 6 basis points for the five-year period. In reviewing the investment performance of each Subadviser of the Small/Mid Cap Growth Fund, the Board observed that: (i) Stephens outperformed the benchmark index for the one-, three- and five-year periods; (ii) Eagle and Champlain each outperformed the benchmark index for the three- and five-year periods and underperformed the benchmark index for the one-year period; (iii) one BIM sleeve of the Fund underperformed the benchmark index for the one-, three- and five-year periods, while the other BIM sleeve of the Fund outperformed the benchmark index for the one-, three- and five-year periods; (iv) Victory and Driehaus each outperformed the benchmark for the one-year period, while the performance information for each of Victory and Driehaus for the three- and five-year periods was unavailable as each Subadviser began managing its respective sleeve of the Fund in September 2021; and (v) Artisan outperformed the benchmark index for the one-year period and underperformed the benchmark index for the three-year period, while the performance information for Artisan for the five-year period was unavailable as Artisan began managing its sleeve of the Fund in June 2020.
The Board reviewed the performance of the Small/Mid Cap Value Fund. The Board observed that the Fund outperformed its peer group median for the one-, three- and five-year periods. The Board further observed that the Small/Mid Cap Value Fund outperformed its benchmark index for the three- and five-year periods and underperformed its benchmark index for the one-year period. In reviewing the investment performance of each Subadviser of the Small/Mid Cap Value Fund, the Board noted that: (i) Boston Partners and Vaughan Nelson each outperformed the benchmark index for the one-, three- and five-year periods; (ii) Silvercrest outperformed the benchmark index for the five-year period and underperformed the benchmark index for the one- and three-year periods; (iii) LSV outperformed the benchmark index for the three- and five-year periods and underperformed the benchmark index for the one-year period; (iv) one BIM sleeve of the Fund underperformed the benchmark index for the one-, three- and five-year periods, while the other BIM sleeve of the Fund outperformed the benchmark index for five-year period and underperformed the benchmark index for the one- and three-year periods; (v) MFS outperformed the benchmark index for the three-year period and underperformed the benchmark index for the one-year period, while MFS’s performance information for the five-year period was unavailable as MFS began managing its sleeve of the Fund in January 2019; (vi) Diamond Hill underperformed the benchmark index for the one- and three-year periods, while Diamond Hill’s performance information for the five-year period was unavailable as Diamond Hill began managing its sleeve of the Fund in January 2019; and (vii) American Century outperformed the benchmark index for the one-year period, while American Century’s performance information for the three- and five-year periods was unavailable as American Century began managing its sleeve of the Fund in June 2021.
The Board considered the performance of the International Equity Fund. The Board observed that the International Equity Fund outperformed its peer group median and underperformed the benchmark index for the one-year period, underperformed its peer group median and the benchmark index for the three-year period, and outperformed the benchmark index and underperformed its peer group median for the five-year period. In reviewing the performance of each Subadviser of the International Equity Fund, the Board noted that: (i) Pzena outperformed the benchmark index for the one-, three- and five-year periods; (ii) WCM outperformed the benchmark index for the five-year period and
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)
underperformed the benchmark index for the one- and three-year periods; (iii) Mondrian outperformed the benchmark index for the one- and three-year periods and underperformed the benchmark for the five-year period; (iv) Baillie Gifford underperformed the benchmark index for the one-, three- and five-year periods; (v) one BIM sleeve of the Fund underperformed the benchmark index for the one- and three-year periods and outperformed the benchmark index for the five-year period, while the other BIM sleeve of the Fund outperformed the benchmark index for the one- and three-year periods and underperformed the benchmark index for the five-year period; and (vi) Marathon underperformed the benchmark index for the one-year period, while Marathon’s performance information for the three- and five-year periods was unavailable as Marathon began managing its sleeve of the Fund in June 2021.
Taking into account the performance information above and other performance information deemed relevant by the Board, including any steps that the Adviser and Subadvisers had taken, or had agreed to take, to address underperformance, the Board concluded that the investment performance generated for each Fund was generally satisfactory, or that any steps taken, or agreed to be taken, by the Adviser and Subadvisers to address any performance issues were satisfactory.
4. Profitability and Economies of Scale. The Board considered that the Adviser has contractually agreed to waive its management fees for each Fund to the extent fees payable to the Adviser exceed the aggregate subadvisory fees paid to each Subadviser of the Fund. The Board considered that the Adviser, therefore, does not profit from providing advisory services to the Funds or receive any differential compensation from allocating assets in any particular manner among the Subadvisers. In addition, the Board did not consider the profitability of the Subadvisers to be a material factor in their determination, given that the Subadvisers are not affiliated with the Adviser and the Board received a representation from the Adviser that the sub-advisory fees are the result of an arms’ length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also received and considered information about the extent to which economies of scale may be realized as the Funds’ assets grow and whether the Funds’ fee structure is designed to share the benefits of economies of scale with shareholders as the Funds’ assets grow. In this regard, the Board noted that most of the Subadvisers have agreed to contractual breakpoints in their sub-advisory fee schedules, which accrue to the benefit of Fund shareholders in light of the Adviser’s contractual management fee waiver.
5. Indirect Benefits. The Board considered other benefits to the Adviser and its affiliates and the Subadvisers from their relationships with the Funds. The Board noted that Fund shares are available exclusively to investors participating in investment advisory programs (asset-based fee programs) sponsored by Edward D. Jones & Co., L.P. (“Edward Jones”), an affiliate of the Adviser, as well as current and former Trustees. Accordingly, the Board received and considered information about asset-based fee rates charged by Edward Jones to participants in such investment advisory programs in connection with their investments in the Funds. In addition, the Board considered information regarding potential “float” interest benefits received by Edward Jones in connection with certain investor transactions in the Funds’ shares, including information regarding trends over time. Further, the Board considered that the Adviser, Edward Jones and each Subadviser may derive a benefit to their reputations and standing in the investment community from their relationship with the Funds. The Board also noted that certain Subadvisers use soft dollars generated from executing Fund portfolio trades to purchase research, which could be viewed as a fall-out benefit to such Subadvisers to the extent they use the research generated from such trading activities across their client base.
Conclusion
Based on the Board’s deliberations and its evaluation of the information described above and other information it believed relevant, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Agreements for an additional year.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited)
Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board” or the “Trustees”) of the Bridge Builder Trust (the “Trust”), including a majority of the Trustees who are not parties to the agreements or “interested persons” of any party, as defined in the 1940 Act (the “Independent Trustees”), must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements.
At an in-person meeting of the Board held on May 29-30, 2024 (the “May Renewal Meeting”), the Trustees, including the Independent Trustees, considered and approved the continuance of an investment advisory agreement (the “Advisory Agreement”) with Olive Street Investment Advisers, LLC (“Olive Street” or the “Adviser”) for the Bridge Builder Tax Managed Large Cap Fund (the “Tax Managed Large Cap Fund”), the Bridge Builder Tax Managed Small/Mid Cap Fund (the “Tax Managed Small/Mid Cap Fund”) and the Bridge Builder Tax Managed International Equity Fund (the “Tax Managed International Equity Fund”) (collectively, the “Funds”). The Trustees, including the Independent Trustees, also considered and approved the continuance of an investment sub-advisory agreement (each, a “Sub-advisory Agreement” and collectively, the “Sub-advisory Agreements”) with each of the following Fund subadvisers whose Sub-advisory Agreements were subject to renewal at the May Renewal Meeting (listed next to the Fund(s) for which it serves as subadviser) (each, a “Subadviser” and collectively, the “Subadvisers”):
| | |
| Bridge Builder Fund | | Subadvisers |
| Tax Managed Large Cap Fund | | Parametric Portfolio Associates LLC (“Parametric”) Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) ClearBridge Investments, LLC (“ClearBridge”) T. Rowe Price Associates, Inc. (“T. Rowe Price”) |
| Tax Managed Small/Mid Cap Fund | | Parametric AllianceBernstein L.P. (“AllianceBernstein”) Goldman Sachs Asset Management, L.P. (“GSAM”) J.P. Morgan Investment Management Inc. (“J.P. Morgan”) Neuberger Berman Investment Advisers LLC (“Neuberger Berman”) Allspring Global Investments, LLC (“Allspring”) |
| Tax Managed International Equity Fund | | Parametric Pzena Investment Management, LLC (“Pzena”) T. Rowe Price Walter Scott & Partners Limited (“Walter Scott”) |
Parametric serves as the tax overlay manager and as the direct indexing manager for each Fund. Each Subadviser other than Parametric is referred to herein as a “Model Provider.”
In connection with the annual contract review process and in advance of the May Renewal Meeting, the Adviser and the Subadvisers provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board’s evaluation of the Advisory Agreement and Sub-advisory Agreements (collectively, the “Agreements”). The information furnished by the Adviser and the Subadvisers included materials describing, among other matters: (i) the nature, extent, and quality of the services provided by the Adviser and the Subadvisers to the Funds; (ii) each Fund’s historical investment performance and the historical investment performance of each Subadviser; (iii) the Adviser’s and the Subadvisers’ business, operations and personnel, including portfolio managers; (iv) the investment practices and techniques used by the Adviser and the Subadvisers in managing the Funds; (v) the management fees payable by the Funds to the Adviser and the Funds’ overall fees and operating expenses, including in comparison to those of a category and a peer group of mutual funds; (vi) the sub-advisory fees payable to each Subadviser; (vii) the Adviser’s and the Subadvisers’ compliance programs and related policies and procedures; (viii) the financial condition of the Adviser and the Subadvisers; and (ix) other “fall-out” benefits the Adviser and/or its affiliates and the Subadvisers may receive based on their relationships with the Funds. At a meeting held on May 2, 2024 and at the May Renewal Meeting (collectively, the “May Meetings”), representatives of the Adviser made presentations to and responded to questions from the Trustees regarding services, fees, and other aspects of the Agreements.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)
In addition to the May Meetings, the Board met periodically over the course of the year since the most recent approval of the Agreements. At these meetings, representatives of the Adviser and the Subadvisers furnished reports and other information to the Board, and engaged in discussions with the Board, regarding, among other things, the performance of the Funds and the Subadvisers, the services provided to the Funds by the Adviser and the Subadvisers, the Funds’ distribution arrangements, and compliance, risk management and operational matters related to the Trust, the Funds, the Adviser, and the Subadvisers. In addition, the Board received information between regularly scheduled meetings on particular matters as the need arose.
Throughout the evaluation process, including at the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including detailed memoranda from independent legal counsel regarding the legal standards applicable to the consideration of the approval of Agreements. In connection with their deliberations, the Independent Trustees met separately with their independent legal counsel on May 1, 2024 and in executive session and other informal meetings on several occasions, outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadvisers, to consider their responsibilities under relevant laws and to discuss the Agreements and materials presented and other matters deemed relevant to their consideration of the approval of the Agreements. The Independent Trustees used a team-based approach, with each team consisting of a sub-set of Independent Trustees, for purposes of facilitating the review of the materials provided by the Subadvisers.
In considering and approving the Agreements, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board’s decision to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the May Meetings, as well as the knowledge gained over time through previous interactions with the Adviser and the Subadvisers. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decision to approve the continuation of the Agreements rather than to be all-inclusive.
1. The Nature, Extent and Quality of the Services Provided by the Adviser and the Subadvisers. The Trustees considered the nature, extent and quality of the services provided to the Funds by the Adviser and each Subadviser, including their respective responsibilities for management of the Funds. In this regard, the Board considered the terms of the Advisory Agreement and Sub-advisory Agreements and the range of services provided by the Adviser, Parametric and the Model Providers, including the Adviser’s oversight role and responsibilities with regard to the Subadvisers, and the Subadvisers’ roles in the day-to-day management of each Fund’s portfolio. The Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the Adviser that were not delegated to or assumed by the Subadvisers, including the Adviser’s assumption of business, entrepreneurial, overall managerial and other risks by sponsoring and advising the Funds. The Board also evaluated the Adviser’s ongoing oversight of the Subadvisers, which includes continuous analysis of, and regular discussions with each Subadviser about, among other things, the Subadviser’s investment results and the performance of the Subadviser’s services under its Sub-advisory Agreement, and periodic on-site or virtual and other meetings with the Subadvisers. The Board further considered the Adviser’s provision of advisory services in connection with setting and continuously evaluating the design of the Funds, selecting, monitoring, and terminating Subadvisers, and making asset allocation adjustments among each Model Provider and Parametric in its capacity as direct indexing manager, as well as the impact of the Adviser’s services on each Fund’s investment performance. The Board noted that, with respect to the other mutual funds managed by the Adviser, the Adviser has demonstrated a record of initiating changes to subadvisers and asset allocations among subadvisers when warranted. The Board also took into account the Adviser’s oversight of the Funds’ operations and the Funds’ other service providers and the other services provided to the Funds by the Adviser, such as monitoring Parametric’s process for selecting broker-dealers to execute portfolio transactions and other trading operations.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)
The Board considered the Adviser’s and each Subadviser’s operations, including personnel and other resources devoted to supporting such operations. The Board noted key personnel additions to and departures from the Adviser and certain Subadvisers, as well as their succession planning practices to ensure continuity of services provided to the Funds. The Board considered the Adviser’s and each Subadviser’s ability to attract and retain qualified personnel to service the Funds and the experience and skills of key management and investment personnel of the Adviser and the Subadvisers.
The Board also noted the compliance programs and compliance experience of the Adviser and the Subadvisers. The Board considered the Adviser’s day-to-day oversight of the Funds’ compliance with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of the Adviser’s oversight responsibilities in this regard. In addition, the Board considered the administrative and other services that are provided to the Funds by the Adviser, including analytical and other tools the Adviser employs to help manage the Funds’ risks. The Board recognized that the Funds may benefit from the Adviser’s ability to use resources and capabilities of its affiliates in providing services to the Funds.
With respect to the Model Providers, the Board considered that the services provided by each Model Provider include providing a model portfolio to Parametric that represents the Model Provider’s recommendation as to the securities to be purchased, sold, or retained by a Fund and monitoring and updating such model portfolio on an on-going basis. The Board considered the experience and reputation of the Model Provider and the investment research capabilities and investment philosophy and processes used by the Model Provider in constructing, maintaining and updating their model portfolios.
With respect to Parametric, the Board considered Parametric’s role as tax overlay manager with respect to each Fund’s portfolio. The Board considered that, in this capacity, Parametric is responsible for constructing a portfolio that represents the aggregation of the model portfolios of the Subadvisers, including with respect to the direct indexing portion of a Fund, and implementing the investment recommendations of the Subadvisers for the Fund’s portfolio based on the aggregated model portfolio. The Board considered Parametric’s limited authority to vary from the model portfolios of the Subadvisers, primarily for the purpose of efficient tax management of a Fund’s securities transactions. The Board considered Parametric’s experience with respect to portfolio implementation and the practices, techniques and systems and tools used by Parametric in delivering these services. The Board also considered Parametric’s role as direct indexing manager for each Fund, pursuant to which Parametric manages an allocated portion of the Fund in a manner designed to provide exposure to a designated index.
The Board considered the special attributes of each Fund’s centralized portfolio management structure that uses Parametric as a tax overlay manager and the benefits that are expected to be realized from such a structure. The Board also considered the resources committed by the Adviser and its affiliates to support the on-going operations of the Funds’ portfolio management structure, including the model portfolio delivery process.
Based on these considerations, the Board concluded, within the context of its full deliberations, that the Adviser and the Subadvisers are capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Agreements.
2. Fees and Other Expenses. The Board received and reviewed reports prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, comparing each Fund’s contractual management fee, net management fee and gross and net total expense ratios (net of fee and expense waivers and reimbursements) to those paid by an independently-selected Morningstar category and peer group of mutual funds. The Board noted that each of the Funds’ gross and net total expense ratios were below their respective peer group medians. The Board also noted that each Fund’s management fee was below its respective peer group median. The Board received a description of the methodology used by Broadridge to select the mutual funds in each Fund’s peer
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)
group. While the Board recognized that comparisons between a Fund and its peer group may be imprecise, the comparative, independently-selected information provided by Broadridge assisted the Board in evaluating the reasonableness of the Funds’ management fees and total expenses.
The Board observed that the Adviser confirmed that it has no other clients with investments strategies similar to those of the Funds for purposes of comparison. The Board also reviewed comparative fee information provided by the Subadvisers, including information (i) from each Model Provider regarding the fees charged to other accounts and funds, if any, managed by the Model Provider that have investment objectives and investment strategies similar those that the Model Provider utilizes for a portion of a Fund and (ii) from Parametric regarding fees charged to other accounts and funds, for which Parametric serves as direct indexing manager and tax overlay manager. The Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such other accounts and funds managed by each Subadviser and the portion of each Fund’s assets managed by the Subadviser.
The Board noted that the Adviser has contractually agreed to waive its management fees for each Fund to the extent fees payable to the Adviser exceed the aggregate sub-advisory fees paid to each Subadviser of the Fund. The Board noted that the Adviser may terminate this waiver arrangement without Board approval effective upon the end of the then current one-year period, by providing the Board written notice of such termination by April 15. The Board further noted that the Adviser has irrevocably agreed not to exercise its right to terminate the waiver arrangement upon the end of the current one-year period, resulting in the arrangement continuing until at least October 28, 2025.
Based on these considerations, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees payable under the Agreements are reasonable in light of the nature, extent and quality of the services rendered by the Adviser and the Subadvisers.
3. Investment Performance. The Board reviewed the investment performance of each Fund and Subadviser over the one-year period ended December 31, 2023 and evaluated the Adviser’s analysis of the Fund’s and Subadviser’s performance for this time period. The Board observed that performance information for the three- and five-year periods ended December 31, 2023 was unavailable because the Funds launched on June 1, 2022. The Board considered the investment performance of each Fund on an absolute basis and in comparison to appropriate benchmarks and each Fund’s respective Morningstar category and peer group as independently selected by Broadridge.
The Board also considered that it received detailed information on the performance of each Fund and Subadviser in connection with each of its regular quarterly meetings throughout the year. The Board considered that, at each quarterly Board meeting, the Trustees focused particular attention on information indicating less favorable performance of certain Funds and Subadvisers for specific time periods and the Adviser’s Portfolio Solutions Team reviewed with the Board factors contributing to such performance and the Portfolio Solutions Team’s evaluation of such performance in light of the Funds’ design objectives. In reviewing the performance reports, the Board considered the Adviser’s assessment of Parametric’s ability to mitigate the impacts of taxes in connection with the Funds’ securities transactions as measured by tax alpha and explanations of the factors contributing to the generation of tax alpha. The Board noted the Adviser’s representations that the performance of each of the Funds and each of the Subadvisers since the Funds’ inception has been in line with the Adviser’s expectations, including the performance of Parametric in providing tax overlay services to the Funds. The Board also noted the Adviser’s commitment to continue to report to the Board the performance of the Funds and the Subadvisers on a quarterly basis throughout the upcoming year to facilitate the Board’s ongoing review of the Funds’ investment performance.
For purposes of the Fund-by-Fund discussion below, the performance time period for the performance of the Funds and the Subadvisers is the period ended December 31, 2023, and the performance of each Fund and its Subadvisers relative to the “benchmark index” refers to the Fund’s benchmark index as identified by Broadridge.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)
The Board reviewed the performance of the Tax Managed Large Cap Fund. The Board observed that the Tax Managed Large Cap Fund underperformed its peer group median and the benchmark index for the one-year period. The Board also reviewed the investment performance of each Subadviser of the Tax Managed Large Cap Fund. In so doing, the Board observed that T. Rowe Price outperformed the benchmark index for the one-year period, while Barrow Hanley and Clearbridge each underperformed the benchmark index for the one-year period.
The Board reviewed the performance of the Tax Managed Small/Mid Cap Fund. The Board observed that the Tax Managed Small/Mid Cap Fund outperformed its peer group median and underperformed the benchmark index for the one-year period. The Board also reviewed the investment performance of each Subadviser of the Tax Managed Small/Mid Cap Fund. In so doing, the Board observed that AllianceBernstein and J.P. Morgan each outperformed the benchmark index for the one-year period, while Allspring, Neuberger Berman and GSAM each underperformed the benchmark index for the one-year period.
The Board reviewed the performance of the Tax Managed International Equity Fund. The Board observed that the Tax Managed International Equity Fund outperformed its peer group median and underperformed the benchmark index for the one-year period. The Board also reviewed the investment performance of each Subadviser of the Tax Managed International Equity Fund. In so doing, the Board observed that Pzena and Walter Scott each outperformed the benchmark index for the one-year period, while T. Rowe Price underperformed the benchmark index for the one-year period.
Taking into account the performance information above and other performance information deemed relevant by the Board, including any steps that the Adviser and Subadvisers had taken, or had agreed to take, to address underperformance, the Board concluded that the investment performance generated for each Fund was generally satisfactory, or that any steps taken, or agreed to be taken, by the Adviser and Subadvisers to address any performance issues were satisfactory.
4. Profitability and Economies of Scale. The Board considered that the Adviser has contractually agreed to waive its management fees to the extent management fees to be paid to the Adviser exceed the aggregate sub-advisory fees to be paid to the Subadvisers. The Board considered that the Adviser, therefore, does not profit from providing advisory services to the Funds or receive any differential compensation from allocating assets in any particular manner among each Model Provider and Parametric in its capacity as direct indexing manager. In addition, the Board did not consider the profitability of the Subadvisers to be a material factor with respect to the Board’s consideration of the Sub-advisory Agreements, given that the Subadvisers are not affiliated with the Adviser and the Board received a representation from the Adviser that the sub-advisory fees are the result of an arms’ length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also received and considered information about the extent to which economies of scale may be realized as the Funds’ assets grow and whether the Funds’ fee structure is designed to share the benefits of economies of scale with shareholders as the Funds’ assets grow. In this regard, the Board noted that most of the Subadvisers have agreed to contractual breakpoints in their sub-advisory fee schedules, which accrue to the benefit of Fund shareholders in light of the Adviser’s contractual management fee waiver.
5. Indirect Benefits. The Board considered other benefits to the Adviser and its affiliates and the Subadvisers from their relationships with the Funds. The Board noted that Fund shares are available exclusively to investors participating in investment advisory programs (asset-based fee programs) sponsored by Edward D. Jones & Co., L.P. (“Edward Jones”), an affiliate of the Adviser, as well as current and former Trustees. Accordingly, the Board received and considered information about asset-based fee rates charged by Edward Jones to participants in such investment advisory programs in connection with their investments in the Funds. In addition, the Board considered information regarding potential “float” interest benefits received by Edward Jones in connection with certain investor transactions in the Funds’ shares, including information regarding trends over time. Further, the Board considered that the Adviser, Edward Jones and each Subadviser may derive a benefit to their reputations and standing in the investment community from their relationship with the Funds.
Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)
Conclusion
Based on the Board’s deliberations and its evaluation of the information described above and other information it believed relevant, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Agreements for an additional year.
Bridge Builder Mutual Funds
General Information (Unaudited)
Proxy Voting Procedures and Proxy Voting Record
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, free of charge, by calling 1-855-823-3611. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the 12-month period ending June 30 is available without charge, upon request, by calling 1-855-823-3611. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.
Form N-PORT Disclosure
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT filings are available on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding the Trust’s Form N-PORT filings is also available, without charge, by calling, 1-855-823-3611.
Tax Notice
The following table lists the percentages of dividend income distributed by the Funds for the period ended June 30, 2024, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively.
| | | | | | | | |
| | | % of Dividend Income Distributed | |
| Fund | | Qualified Dividend Income | | | Corporate Dividends Received Deduction | |
| Core Bond Fund | | | — | % | | | — | % |
| Core Plus Bond Fund | | | — | | | | — | |
| Municipal Bond Fund | | | — | | | | — | |
| Municipal High-Income Bond Fund | | | — | | | | — | |
| Large Cap Growth Fund | | | 85.47 | | | | 85.66 | |
| Large Cap Value Fund | | | 95.95 | | | | 82.00 | |
| Tax Managed Large Cap Fund | | | 99.18 | | | | 99.18 | |
| Small/Mid Cap Growth Fund | | | 89.28 | | | | 89.26 | |
| Small/Mid Cap Value Fund | | | 97.85 | | | | 98.10 | |
| Tax Managed Small/Mid Cap Fund | | | 98.92 | | | | 98.92 | |
| International Equity Fund | | | 89.71 | | | | 0.15 | |
| Tax Managed International Equity Fund | | | 93.00 | | | | 2.19 | |
Bridge Builder Mutual Funds
General Information (Unaudited) (Continued)
The following table lists the percentages of ordinary income distributions paid by the Funds, for the period ended June 30, 2024, that were designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(A) and qualify as interest related dividends under Internal Revenue Code Section 871(k)(1)(A), respectively.
| | | | |
| | | % of Ordinary Income Distribution | |
| Fund | | Short Term Capital Gain Distribution | |
| Core Bond Fund | | | — | % |
| Core Plus Bond Fund | | | — | |
| Municipal Bond Fund | | | — | |
| Municipal High-Income Bond Fund | | | — | |
| Large Cap Growth Fund | | | — | |
| Large Cap Value Fund | | | 2.32 | |
| Tax Managed Large Cap Fund | | | — | |
| Small/Mid Cap Growth Fund | | | — | |
| Small/Mid Cap Value Fund | | | — | |
| Tax Managed Small/Mid Cap Fund | | | — | |
| International Equity Fund | | | — | |
| Tax Managed International Equity Fund | | | — | |
For the fiscal year ended June 30, 2024, the International Equity Fund earned foreign source income of $501,648,199 which amounts to $0.36 per share, and paid foreign taxes of $43,308,819 which amounts to $0.03 per share, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.
For the fiscal year ended June 30, 2024, the Tax Managed International Equity Fund earned foreign source income of $43,224,464 which amounts to $0.30 per share, and paid foreign taxes of $4,603,656 which amounts to $0.03 per share, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.
As of June 30, 2024, the following Funds are designating amounts as long-term capital gain distributions under Section 852(b)(3) as follows:
| | | | |
| Fund | | Long-Term Capital Gain Distributions (000) | |
| Core Bond Fund | | $ | — | |
| Core Plus Bond Fund | | | — | |
| Municipal Bond Fund | | | — | |
| Municipal High-Income Bond Fund | | | — | |
| Large Cap Growth Fund (1) | | | 169,408 | |
| Large Cap Value Fund (2) | | | 632,910 | |
| Tax Managed Large Cap Fund | | | — | |
| Small/Mid Cap Growth Fund | | | — | |
| Small/Mid Cap Value Fund (3) | | | 198,577 | |
| Tax Managed Small/Mid Cap Fund | | | — | |
| International Equity Fund | | | — | |
| Tax Managed International Equity Fund | | | — | |
| (1) | Tax equalization of $169,408 is included in this amount. |
| (2) | Tax equalization of $54,682 is included in this amount. |
| (3) | Tax equalization of $20,229 is included in this amount. |
Investment Adviser
Olive Street Investment Advisers, LLC
12555 Manchester Road
St. Louis, MO 63131
Administrator & Fund Accountant
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
Transfer Agent
ALPS Fund Services, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Custodian
Brown Brothers Harriman & Co.
140 Broadway
New York, NY 10005
Legal Counsel
Morgan Lewis & Bockius, LLP
2222 Market Street
Philadelphia, PA 19103
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
One North Wacker Drive
Chicago, IL 60606
Bridge Builder Mutual Funds
Bridge Builder mutual funds provide investors diversified expertise from leading asset management firms. The management of Bridge Builder mutual funds is rooted in our investment philosophy of diversification, a long-term approach and high quality.
Visit www.bridgebuildermutualfunds.com for more information.
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This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus. Investors should carefully consider the investment objectives, risks and charges and expenses of the Funds prior to investing. The prospectus contains this and other important information and should be read carefully before investing.
DES-8308-A
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT COMPANIES.
The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
The Funds Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.
Not applicable to open-end investment companies.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
ITEM 16. CONTROLS AND PROCEDURES.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
ITEM 19. EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| Bridge Builder Trust |
| |
| By: | | /s/ Colleen R. Dean |
| Name: | | Colleen R. Dean |
| Title: | | Principal Executive Officer |
| | | |
| Date: | | August 26, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| Bridge Builder Trust |
| |
| By: | | /s/ Colleen R. Dean |
| Name: | | Colleen R. Dean |
| Title: | | Principal Executive Officer |
| | | |
| Date: | | August 26, 2024 |
| | |
| By: | | /s/ Aaron J. Masek |
| Name: | | Aaron J. Masek |
| Title: | | Principal Financial Officer |
| | | |
| Date: | | August 26, 2024 |
