Fund Evaluator:
Bridge Builder Municipal Bond (BBMUX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Bridge Builder Municipal Bond Overview
Bridge Builder Municipal Bond (BBMUX) is an actively managed Municipal Bond Muni National Interm fund. Bridge Builder launched the fund in 2015.
The investment seeks to provide current income exempt from federal tax, with a secondary goal of preservation of investment principal. The fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal securities of any maturity or duration whose interest is exempt from federal income tax. It invests in municipal securities rated below investment grade, also known as "junk bonds," or in unrated municipal securities that a sub-adviser believes are of comparable quality.
About Bridge Builder Municipal Bond (BBMUX)
There are 14 members of the management team with an average tenure of 4.73 years: Erik Schleicher (2024), Joseph Czechowicz (2024), Gabriel Diederich (2024), Cormac Cullen (2017), Elizah McLaughlin (2018), Kevin Maloney (2018), Michael Maka (2020), Michael Denlinger (2021), Matthew Hage (2024), Duane McAllister (2024), David Dowden (2021), Lyle Fitterer (2024), Robert DiMella (2021), Michael Kalinoski (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1-15 Yr TR USD index with a weighting of 100%. Bridge Builder Municipal Bond has 5790 securities in its portfolio. The top 10 holdings constitute 3.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Bridge Builder Municipal Bond is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Bridge Builder Municipal Bond has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.8% (96.3% domestic bond, 1.5% foreign bond and 0.0% convertible bond). Bridge Builder Municipal Bond has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $20 billion in total assets, which is above the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BBMUX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Bridge Builder Municipal Bond expense ratio is low compared to funds in the Muni National Interm category. Bridge Builder Municipal Bond has an expense ratio of 0.12%, which is 82% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Bridge Builder Municipal Bond has a portfolio turnover rate of 37%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Bridge Builder Municipal Bond returned -1.5%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Bridge Builder Municipal Bond has a trailing yield of 3.77%, which is above the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Bridge Builder Municipal Bond Grades
Year to date, the fund has returned 0.4%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 4.7% over the past year (grade of C), 3.6% over the past three years (grade of A) and 1.1% per year over the past five years (grade of A) and 2.1% per year over the past 10 years (grade of A).
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BBMUX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BBMUX Return (NAV) | -1.5% | -0.5% | 4.7% | 3.6% | 1.1% | 2.1% |
| BBMUX Grade | B | C | C | A | A | A |
| +/- Category | 0.1% | 0.0% | 0.1% | 0.4% | 0.5% | 0.4% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| BBMUX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
BBMUX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BBMUX Return (NAV) | 0.4% | 5.1% | 2.1% | 6.3% | -7.7% | 2.0% | 4.2% | 7.1% | 1.5% | 4.8% | 0.0% |
| BBMUX Grade | C | A | C | B | C | B | C | B | A | C | B |
| +/- Category | 0.0% | 0.9% | 0.1% | 0.6% | 0.5% | 0.3% | -0.1% | 0.4% | 0.7% | 0.0% | 0.2% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (33% Rank) |
| Beta: | 0.78 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $20465 Mil |
| Fund Total Assets: | $20,466 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 37% |
Management Team
| Number of Managers: 14 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 4.7 years | |||
| Managers (Year): Cullen Cormac (2017), McLaughlin Elizah (2018), Maloney Kevin (2018), Kalinoski Michael (2018), Maka Michael (2020), Denlinger Michael (2021), Dowden David (2021), DiMella Robert (2021), McAllister Duane (2024), Fitterer Lyle (2024), Schleicher Erik (2024), Czechowicz Joseph (2024), Diederich Gabriel (2024), Hage Matthew (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5790 |
| % in Top 10 Holdings: | 3.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.3% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | Bridge Builder |
| Phone Number: | 855-823-3611 |
| Website: |
| Status: | Open |
| Inception Date: | September 14, 2015 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.12% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Bridge Builder Municipal Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
