# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001752724-23-070070
**Filing Date:** 2023-3
**Character Count:** 21909
**Document Hash:** b1a6bd9c93fc03d857a40d163b2359c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070070.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070070

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 23769215

**BUSINESS ADDRESS:**
- **STREET 1:** 50 POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-575-1265

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

## Series and Classes Contracts Data

### BBH Select Series - Mid Cap Fund (Series ID: S000071946)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000227563 | Class I Shares |  |

## Nport-Ex

**BBH SELECT SERIES - MID CAP FUND**

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Shares |  |  | Value |
|  | &nbsp;&nbsp;**COMMON STOCK (97.6%)** |  |  |
|  | &nbsp;&nbsp;**COMMUNICATIONS (4.2%)** |  |  |
| 4371 | &nbsp;&nbsp;Arista Networks, Inc.<sup>1</sup> |  | $550833 |
|  | &nbsp;&nbsp;**Total Communications** |  | **550833** |
|  | &nbsp;&nbsp;**CONSUMER CYCLICAL (14.7%)** |  |  |
| 130 | &nbsp;&nbsp;NVR, Inc.<sup>1</sup> |  | 685100 |
| 2776 | &nbsp;&nbsp;Watsco, Inc. |  | 797739 |
| 5776 | &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. |  | 447698 |
|  | &nbsp;&nbsp;**Total Consumer Cyclical** |  | **1930537** |
|  | &nbsp;&nbsp;**CONSUMER NON-CYCLICAL (20.4%)** |  |  |
| 6508 | &nbsp;&nbsp;AMN Healthcare Services, Inc.<sup>1</sup> |  | 623727 |
| 2970 | &nbsp;&nbsp;Bright Horizons Family Solutions, Inc.<sup>1</sup> |  | 228037 |
| 2550 | &nbsp;&nbsp;Bruker Corp. |  | 178806 |
| 3302 | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>1</sup> |  | 803212 |
| 15933 | &nbsp;&nbsp;First Advantage Corp.<sup>1</sup> |  | 221150 |
| 9581 | &nbsp;&nbsp;Shift4 Payments, Inc. (Class A)<sup>1</sup> |  | 613567 |
|  | &nbsp;&nbsp;**Total Consumer Non-cyclical** |  | **2668499** |
|  | &nbsp;&nbsp;**FINANCIALS (12.2%)** |  |  |
| 11084 | &nbsp;&nbsp;Brown & Brown, Inc. |  | 649079 |
| 2054 | &nbsp;&nbsp;LPL Financial Holdings, Inc. |  | 487044 |
| 1536 | &nbsp;&nbsp;SVB Financial Group<sup>1</sup> |  | 464548 |
|  | &nbsp;&nbsp;**Total Financials** |  | **1600671** |
|  | &nbsp;&nbsp;**INDUSTRIALS (26.7%)** |  |  |
| 5695 | &nbsp;&nbsp;Advanced Drainage Systems, Inc. |  | 574284 |
| 2909 | &nbsp;&nbsp;AptarGroup, Inc. |  | 336397 |
| 7815 | &nbsp;&nbsp;Crown Holdings, Inc. |  | 688970 |
| 3954 | &nbsp;&nbsp;Graco, Inc. |  | 270137 |
| 3656 | &nbsp;&nbsp;HEICO. Corp. (Class A) |  | 488734 |
| 7565 | &nbsp;&nbsp;Mercury Systems, Inc.<sup>1</sup> |  | 378137 |
| 1847 | &nbsp;&nbsp;Toro Co. |  | 205977 |
| 2896 | &nbsp;&nbsp;Vulcan Materials Co. |  | 530924 |
|  | &nbsp;&nbsp;**Total Industrials** |  | **3473560** |
|  | &nbsp;&nbsp;**TECHNOLOGY (19.4%)** |  |  |
| 1576 | &nbsp;&nbsp;Aspen Technology, Inc.<sup>1</sup> |  | 313230 |
| 9316 | &nbsp;&nbsp;Entegris, Inc. |  | 751894 |
| 7499 | &nbsp;&nbsp;Guidewire Software, Inc.<sup>1</sup> |  | 549227 |
| 4518 | &nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>1</sup> |  | 511573 |
| 1320 | &nbsp;&nbsp;Zebra Technologies Corp. (Class A)<sup>1</sup> |  | 417358 |
|  | &nbsp;&nbsp;**Total Technology** |  | **2543282** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock**<br> **(Cost $13,464,895)** |  | **12767382** |
| **TOTAL INVESTMENTS (Cost $13,464,895)<sup>2</sup>** | **TOTAL INVESTMENTS (Cost $13,464,895)<sup>2</sup>** | **97.6%** | $**12767382** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** | **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** | **2.4%** | **308119** |
| **NET ASSETS** | **NET ASSETS** | **100.00%** | $**13075501** |

---

<sup>1</sup> Non-income producing security.

<sup>2</sup> The aggregate cost for federal income tax purposes is $13,464,895, the aggregate gross unrealized appreciation is $797,578 and the aggregate gross unrealized depreciation is $1,495,091, resulting in net unrealized depreciation of $697,513.

**BBH SELECT SERIES - MID CAP FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

**FAIR VALUE MEASUREMENTS**

BBH Select Series – Mid Cap Fund (the "Fund") is required to disclose information regarding the fair value measurements of the Fund's assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

— Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

— Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of assets and liabilities).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser's perceived risk of that instrument.

Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non- U.S. sovereign obligations, listed equities and over-the-counter derivatives and foreign equity securities whose values could be impacted by events occurring before the Fund's pricing time, but after the close of the securities' primary markets and are, therefore, fair valued according to procedures adopted by the Board of Trustees. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted<br> Quoted Prices in <br> Active Markets<br> for Identical Investments<br> (Level 1) | Significant Other<br> Observable Inputs<br> (Level 2) | Significant<br> Unobservable Inputs<br> (Level 3) | Balance as of<br> January 31, 2023 |
| Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $550833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $550833 |
| &nbsp;&nbsp;&nbsp;Consumer Cyclical | 1930537 |  |  | 1930537 |
| &nbsp;&nbsp;&nbsp;Consumer Non-Cyclical | 2668499 |  |  | 2668499 |
| &nbsp;&nbsp;&nbsp;Financials | 1600671 |  |  | 1600671 |
| &nbsp;&nbsp;&nbsp;Industrials | 3473560 |  |  | 3473560 |
| &nbsp;&nbsp;&nbsp;Technology | 2543282 | – | – | 2543282 |
| &nbsp;&nbsp;&nbsp;**Investments, at value** | $**12767382** | $– | $**–** | $**12767382** |

---

**BBH SELECT SERIES - MID CAP FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

**For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund's prospectus, which you should read carefully before investing.**

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BBH Trust

- **b. Investment Company Act file number:** 811-21829

- **c. CIK number of Registrant:** 0001342947

- **d. LEI of Registrant:** 5493002QM4WBFYUZ3Y95

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 Post Office Square

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-575-1265

**Item A.2. Information about the Series.**

- **a. Name of Series:** BBH Select Series Mid Cap Fund

- **b. EDGAR series identifier (if any):** S000071946

- **c. LEI of Series:** 549300J7THVIX42ML773

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $13179845.60

**Total Liabilities:** $104345.06

**Net Assets:** $13075500.54

**Cash Not Reported:** $375015.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227563 | 1.69%                | -5.11%               | 10.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $75777.51                | $126488.22                                 |
| Month 2  | $45010.36                | $-672854.77                                |
| Month 3  | $-30841.55               | $1227711.12                                |

### Schedule of Portfolio Investments

| Name                         | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WATSCO INC                   | WATSCO INC 0.00000000                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      2776 | NS      | $797739.12    | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB FINANCIAL GROUP          | SVB FINANCIAL GROUP 0.00000000          | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      1536 | NS      | $464547.84    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN & BROWN INC            | BROWN & BROWN INC 0.00000000            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     11084 | NS      | $649079.04    | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS INC | WYNDHAM HOTELS & RESORTS INC 0.00000000 | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      5776 | NS      | $447697.76    | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN TECHNOLOGY INC         | ASPEN TECHNOLOGY INC 0.00000000         | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |      1576 | NS      | $313230.00    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS INC          | MERCURY SYSTEMS INC 0.00000000          | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      7565 | NS      | $378136.53    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORP                  | BRUKER CORP 0.00000000                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      2550 | NS      | $178806.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TORO CO                      | TORO CO 0.00000000                      | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      1847 | NS      | $205977.44    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS INC           | CROWN HOLDINGS INC 0.00000000           | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      7815 | NS      | $688970.40    | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO          | VULCAN MATERIALS CO 0.00000000          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      2896 | NS      | $530923.68    | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUT | BRIGHT HORIZONS FAMILY SOLUT 0.00000000 | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2970 | NS      | $228036.60    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES   | CHARLES RIVER LABORATORIES 0.00000000   | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      3302 | NS      | $803211.50    | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP-CL A | ZEBRA TECHNOLOGIES CORP-CL A 0.00000000 | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      1320 | NS      | $417357.60    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP INC               | APTARGROUP INC 0.00000000               | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2909 | NS      | $336396.76    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP-CLASS A           | HEICO CORP-CLASS A 0.00000000           | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      3656 | NS      | $488734.08    | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC   | LPL FINANCIAL HOLDINGS INC 0.00000000   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2054 | NS      | $487044.48    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWRE | TAKE-TWO INTERACTIVE SOFTWRE 0.00000000 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      4518 | NS      | $511573.14    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR INC                      | NVR INC 0.00000000                      | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       130 | NS      | $685100.00    | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS INC-CLASS A  | SHIFT4 PAYMENTS INC-CLASS A 0.00000000  | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9581 | NS      | $613567.24    | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ADVANTAGE CORP         | FIRST ADVANTAGE CORP 0.00000000         | CUSIP: 31846B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15933 | NS      | $221150.04    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN HEALTHCARE SERVICES INC  | AMN HEALTHCARE SERVICES INC 0.00000000  | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |      6508 | NS      | $623726.72    | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS IN | ADVANCED DRAINAGE SYSTEMS IN 0.00000000 | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |      5695 | NS      | $574283.80    | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GRACO INC                    | GRACO INC 0.00000000                    | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      3954 | NS      | $270137.28    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC          | ARISTA NETWORKS INC 0.00000000          | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4371 | NS      | $550833.42    | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC       | GUIDEWIRE SOFTWARE INC 0.00000000       | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      7499 | NS      | $549226.76    | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS INC                 | ENTEGRIS INC 0.00000000                 | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      9316 | NS      | $751894.36    | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** BBH Trust

**Signature:** Charles Schreiber

**Name of Signer:** Charles Schreiber

**Title:** Treasurer