# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001213900-26-000328
**Filing Date:** 2026-1
**Character Count:** 820862
**Document Hash:** 31763fcc1fd42d380f4a7824a2ee22b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-000328.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001213900-26-000328

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 26501516

**BUSINESS ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 800-575-1265

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

## Series and Classes Contracts Data

### BBH Partner Fund - International Equity (Series ID: S000015105)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000041206 | Class I Shares | BBHLX           |

### BBH U.S. Government Money Market Fund (Series ID: S000015108)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000041211 | Institutional Shares | BBSXX           |

### BBH Limited Duration Fund (Series ID: S000015110)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000041213 | Class N Shares | BBBMX           |
| C000041214 | Class I Shares | BBBIX           |

### BBH Intermediate Municipal Bond Fund (Series ID: S000034202)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000105434 | Class N Shares | BBINX           |
| C000105435 | Class I Shares | BBIIX           |

### BBH INCOME FUND (Series ID: S000062218)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000201413 | CLASS I SHARES (TICKER BBNIX) | BBNIX           |

### BBH Select Series - Large Cap Fund (Series ID: S000066478)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000214426 | Class I Shares | BBLIX           |

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

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

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

----------------------------------------------------------------

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

----------------------------------------------------------------

**BBH TRUST On behalf of the following series:**

BBH Select Series — Mid Cap Fund

BBH Partner Fund — International Equity

BBH Limited Duration Fund

BBH Income Fund

BBH Select Series — Large Cap Fund

BBH Intermediate Municipal Bond Fund

BBH U.S. Government Money Market Fund

(Exact name of registrant as specified in charter)

----------------------------------------------------------------

**140 Broadway, New York, NY 10005 (Address of principal executive offices) (Zip Code)**

**Corporation Services Company 251 Little Falls Drive Wilmington, DE 19808 (Name and address of agent for service)**

----------------------------------------------------------------

Registrant's telephone number, including area code: **(800) 575**-1265

Date of fiscal year end: **October 31**

Date of reporting period: **October 31, 2025**

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.**

BBH Select Series - Mid Cap Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class I: BBMIX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Select Series - Mid Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Select Series - Mid Cap Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759. This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class I | $79 | 0.81% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
For the fiscal year ended October 31, 2025, the Fund decreased (5.19%), while the primary benchmark, the Russell Midcap Index, increased +10.79%.

Compared to the benchmark, relative underweights to real estate and the consumer discretionary and staples sectors, together with a healthy overweight to technology, provided a modest positive contribution. However, this was not enough to overcome the adverse impact to Fund performance from weak security selection, particularly within the technology and health care sectors, where portfolio companies were impacted by volatile tariff policy, cuts to academic and life science funding, and the threat of sectoral tariffs. The top individual detractors to Fund performance were Globant S.A., Bruker Corp, and AptarGroup Inc. The top individual contributors to Fund performance were Arista Networks Inc, Take-Two Interactive Software, and Guidewire Software Inc. For the year, benchmark performance was disproportionately driven by less profitable or unprofitable companies, which the Fund typically seeks to avoid given its investment criteria. The Fund will continue to focus on identifying high quality, profitable companies with current and growing free cash flows.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](id588af360ce18a5d9f773c35.jpg)

---

| | | |
|:---|:---|:---|
| | **BBH Select Series - Mid Cap Fund** | **Russell Midcap Index** |
| **05/2021** | $10000 | $10000 |
| **10/2021** | $10680 | $10751 |
| **10/2022** | $8850 | $8906 |
| **10/2023** | $8950 | $8816 |
| **10/2024** | $12243 | $11936 |
| **10/2025** | $11608 | $13224 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception May 24, 2021 to October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $517733011 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 23% |
| Net Advisory Fees Paid | $3830531 |

---

#### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Name | 1 Year | Since Inception (May 24, 2021) |
| Class I | (5.19)% | 3.42% |
| Russell Midcap Index | 10.79% | 6.50% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Guidewire Software, Inc. | 6.3% |
| Arista Networks, Inc. | 5.4% |
| CBRE Group, Inc. (Class A) | 5.4% |
| Take-Two Interactive Software, Inc. | 5.1% |
| GFL Environmental, Inc. (Canada) | 4.8% |
| GXO Logistics, Inc. | 4.7% |
| Watsco, Inc. | 4.5% |
| LPL Financial Holdings, Inc. | 4.2% |
| Advanced Drainage Systems, Inc. | 4.1% |
| West Pharmaceutical Services, Inc. | 4.1% |

---

#### Sector Diversification (% of Investments)

---

| | |
|:---|:---|
| Common Stock: |  |
| Communication Services | 5.2% |
| Consumer Discretionary | 4.7% |
| Consumer Staples | 5.4% |
| Financials | 13.9% |
| Health Care | 7.3% |
| Industrials | 30.4% |
| Information Technology | 21.0% |
| Materials | 6.6% |
| Real Estate | 5.5% |

---

#### Material Fund Changes
On November 17, 2025, the Fund was reorganized into an exchange-traded fund, BBH Series Mid Cap ETF (the "Acquiring ETF"), under a Plan of Reorganization previously approved by the Board of Trustees of BBH Trust. The reorganization was structured as a tax-free reorganization under the applicable sections of U.S. Internal Revenue Code. All outstanding shares of the Fund were exchanged for shares of equal value of the Acquiring ETF. The shares of the Acquiring ETF are listed under ticker BBHM. The Acquiring ETF has the same investment adviser, investment objective and principal investment strategies as the Fund. The reorganization did not require shareholder approval.

There were no other material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Partner Fund - International Equity

![Image](i73c4eef86afea4b53a099715.jpg)

Class I: BBHLX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Partner Fund - International Equity for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Partner Fund - International Equity at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class I | $70 | 0.63% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
For the fiscal year ended October 31, 2025, the Fund returned +23.66%, roughly keeping pace with its benchmark, the MSCI EAFE Index, which returned +23.03% for the period.

For the BBH International Equity Fund, an underweight to financials, combined with poor selection within the sector, was the largest drag on performance. However, an overweight to industrials and information technology, along with strong asset selection contributed positively to performance.

For the year, the benchmark delivered strong performance with every sector contributing positively. Financials were the largest driver of returns, supported by stable rates and resilient lending activity. Defense-related industrials also added positively to performance. Consumer staples and consumer discretionary, while lagging the top performing sectors, contributed to overall gains.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](i14994cb5f82967ca1bbbb364.jpg)

---

| | | |
|:---|:---|:---|
| | **BBH International Equity Fund** | **MSCI EAFE Index** |
| **10/2015** | $10000 | $10000 |
| **10/2016** | $10151 | $9677 |
| **10/2017** | $12030 | $11945 |
| **10/2018** | $11535 | $11127 |
| **10/2019** | $13486 | $12355 |
| **10/2020** | $15049 | $11507 |
| **10/2021** | $18417 | $15441 |
| **10/2022** | $12540 | $11889 |
| **10/2023** | $13196 | $13602 |
| **10/2024** | $16965 | $16725 |
| **10/2025** | $20980 | $20578 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the ten year period ended October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics
* Total Net Assets$2,563,656,629

* # of Portfolio Holdings69

* Portfolio Turnover Rate62%

* Net Advisory Fees Paid$14,211,110

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | 10 Years |
| Class I | 23.66% | 6.87% | 7.69% |
| MSCI EAFE Index | 23.03% | 12.33% | 7.48% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings

#### (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 6.3% |
| ASML Holding NV | 3.4% |
| CRH, Plc. | 3.3% |
| BAE Systems, Plc. | 3.3% |
| Keyence Corp. | 3.0% |
| Thales S.A. | 2.9% |
| Advantest Corp. | 2.8% |
| London Stock Exchange Group, Plc. | 2.5% |
| Safran S.A. | 2.5% |
| Samsung Electronics Co., Ltd. | 2.4% |

---

#### Country Diversification

#### (% of Investments)

---

| | |
|:---|:---|
| Japan | 19.2% |
| France | 13.8% |
| United Kingdom | 9.9% |
| Germany | 8.6% |
| Netherlands | 8.4% |
| Ireland | 7.4% |
| Taiwan | 6.7% |
| Canada | 6.0% |
| South Korea | 3.8% |
| Denmark | 3.7% |
| Others | 12.5% |

---

#### Sector Diversification

#### (% of Investments)

---

| | |
|:---|:---|
| Common Stock: |  |
| Communication Services | 3.0% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 0.2% |
| Energy | 1.5% |
| Financials | 8.9% |
| Health Care | 10.9% |
| Industrials | 26.4% |
| Information Technology | 32.8% |
| Materials | 7.4% |
| Preferred Stock: |  |
| Consumer Discretionary | 1.3% |
| Warrants: |  |
| Information Technology | 0.0% |

---

#### Material Fund Changes
There were no material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](ife3b75ae17e664118c3b2cd3.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Limited Duration Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class I: BBBIX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Limited Duration Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Limited Duration Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class I | $28 | 0.27% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
The BBH Limited Duration Fund Class I ("the Fund") produced a return of +5.72% for the fiscal year ending October 31, 2025. Its benchmark, the Bloomberg US 1-3 Year Treasury Bond Index, returned +4.87% over the same period.

The Fund's positive return was most impacted by the interest rate environment. The Federal Reserve ("Fed") cut interest rates by a total of (1.00)% over the Fund's fiscal year, and short- and intermediate-term interest rates declined to reflect the actual rate cuts and changes in expectations of future Fed interest rate decisions. The 2-Year Treasury interest rate declined (0.60)% to +3.57%, and the 5-Year Treasury interest rate declined (0.47)% to +3.69%. The Fund's performance benefitted from its starting yield level and the subsequent decline in interest rates, although the decline in interest rates lowers the Fund's forward-looking return. While the Fund's interest rate risk profile and the interest rate environment drove the Fund's returns, it detracted slightly from the Fund's return relative to its benchmark, as the Fund had less exposure to interest rates (a lower duration) than its Index.

The Fund's performance versus its benchmark was driven by a combination of its weighting to credit sectors, which are sectors that offer higher income potential versus U.S. Treasuries due to risks of default or adverse repayment, and its selection results within those sectors. Credit sectors performed strongly during the year, including segments of the corporate bond and loan markets, the asset-backed securities ("ABS") market, and the commercial mortgage-backed securities ("CMBS") market. The Fund experienced favorable selection results from its holdings of corporate bonds and loans of healthcare, media entertainment, electric utility, and life insurance companies, as well as positions in bonds of single asset, single borrower CMBS and data center ABS. The Fund, and not the benchmark, held positions in bonds of triple net lease ABS that detracted from performance.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](ie60118b19371c336a6510cb0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **BBH Limited Duration Fund** | **Bloomberg US 1-3 Year Treasury Bond Index** | **Referenced Benchmark<sup>Footnote Reference\*</sup>** |
| **10/2015** | $10000 | $10000 | $10000 |
| **10/2016** | $10213 | $10091 | $10159 |
| **10/2017** | $10496 | $10116 | $10275 |
| **10/2018** | $10717 | $10134 | $10413 |
| **10/2019** | $11158 | $10602 | $10845 |
| **10/2020** | $11408 | $10947 | $11133 |
| **10/2021** | $11689 | $10918 | $11162 |
| **10/2022** | $11439 | $10388 | $10914 |
| **10/2023** | $12174 | $10689 | $11409 |
| **10/2024** | $13182 | $11307 | $12189 |
| **10/2025** | $13936 | $11858 | $12815 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;The Reference Benchmark is an unmanaged weighted index comprised as follows: 40% Bloomberg Barclays Short-Term Corporate Index; 40% Bloomberg Barclays US Aggregate ABS Index; and 20% Bloomberg Barclays US Treasury Bills Index. |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the ten year period ended October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10160542184 |
| # of Portfolio Holdings | 483 |
| Portfolio Turnover Rate | 38% |
| Net Advisory Fees Paid | $23334063 |

---

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | 10 Years |
| Class I | 5.72% | 4.08% | 3.37% |
| Bloomberg US 1-3 Year Treasury Bond Index | 4.87% | 1.61% | 1.72% |
| Referenced Benchmark | 5.13% | 2.85% | 2.51% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)\*

---

| | |
|:---|:---|
| Air Lease Corp., 2.875%, 1/15/2026 | 0.9% |
| Ford Motor Credit Co. LLC, 3.375%, 11/13/2025 | 0.7% |
| Truist Bank, 4.671%, 5/20/2027 | 0.7% |
| Ares Capital Corp., 3.875%, 1/15/2026 | 0.7% |
| Honeywell International, Inc. Term A1, 4.840%, 5/7/2027 | 0.7% |
| Royal Bank of Canada, 4.715%, 3/27/2028 | 0.6% |
| Edison International, 5.375%, | 0.6% |
| Charter Communications Operating LLC Term B4, 5.985%, 12/7/2030 | 0.6% |
| General Motors Financial Co., Inc., 1.250%, 1/8/2026 | 0.6% |
| Mercedes-Benz Finance North America LLC, 4.650%, 4/1/2027 | 0.6% |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; Does not include U.S. Government and Agency Obligations and other short-term instruments.

#### Breakdown by Security Type (% of Investments)

---

| | |
|:---|:---|
| Asset Backed Securities | 22.6% |
| Commercial Mortgage Backed Securities | 4.2% |
| Corporate Bonds | 51.9% |
| Loan Participations and Assignments | 6.9% |
| Municipal Bonds | 0.3% |
| Residential Mortgage Backed Securities | 0.0% |
| U.S. Government Agency Obligations | 1.0% |
| U.S. Treasury Bills | 12.9% |
| U.S. Treasury Bonds and Notes | 0.2% |

---

#### Material Fund Changes
There were no material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Limited Duration Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class N: BBBMX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Limited Duration Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Limited Duration Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class N | $36 | 0.35% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
The BBH Limited Duration Fund Class N ("the Fund") produced a return of +5.64% for the fiscal year ending October 31, 2025. Its benchmark, the Bloomberg US 1-3 Year Treasury Bond Index, returned +4.87% over the same period.

The Fund's positive return was most impacted by the interest rate environment. The Federal Reserve ("Fed") cut interest rates by a total of (1.00)% over the Fund's fiscal year, and short- and intermediate-term interest rates declined to reflect the actual rate cuts and changes in expectations of future Fed interest rate decisions. The 2-Year Treasury interest rate declined (0.60)% to +3.57%, and the 5-Year Treasury interest rate declined (0.47)% to +3.69%. The Fund's performance benefitted from its starting yield level and the subsequent decline in interest rates, although the decline in interest rates lowers the Fund's forward-looking return. While the Fund's interest rate risk profile and the interest rate environment drove the Fund's returns, it detracted slightly from the Fund's return relative to its benchmark, as the Fund had less exposure to interest rates (a lower duration) than its Index.

The Fund's performance versus its benchmark was driven by a combination of its weighting to credit sectors, which are sectors that offer higher income potential versus U.S. Treasuries due to risks of default or adverse repayment, and its selection results within those sectors. Credit sectors performed strongly during the year, including segments of the corporate bond and loan markets, the asset-backed securities ("ABS") market, and the commercial mortgage-backed securities ("CMBS") market. The Fund experienced favorable selection results from its holdings of corporate bonds and loans of healthcare, media entertainment, electric utility, and life insurance companies, as well as positions in bonds of single asset, single borrower CMBS and data center ABS. The Fund, and not the benchmark, held positions in bonds of triple net lease ABS that detracted from performance.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](i0395d3983d5ac2f890166c6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **BBH Limited Duration Fund** | **Bloomberg US 1-3 Year Treasury Bond Index** | **Referenced Benchmark<sup>Footnote Reference\*</sup>** |
| **10/2015** | $10000 | $10000 | $10000 |
| **10/2016** | $10190 | $10091 | $10159 |
| **10/2017** | $10458 | $10116 | $10275 |
| **10/2018** | $10670 | $10134 | $10413 |
| **10/2019** | $11112 | $10602 | $10845 |
| **10/2020** | $11341 | $10947 | $11133 |
| **10/2021** | $11612 | $10918 | $11162 |
| **10/2022** | $11366 | $10388 | $10914 |
| **10/2023** | $12075 | $10689 | $11409 |
| **10/2024** | $13065 | $11307 | $12189 |
| **10/2025** | $13802 | $11858 | $12815 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;The Reference Benchmark is an unmanaged weighted index comprised as follows: 40% Bloomberg Barclays Short-Term Corporate Index; 40% Bloomberg Barclays US Aggregate ABS Index; and 20% Bloomberg Barclays US Treasury Bills Index. |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the ten year period ended October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10160542184 |
| # of Portfolio Holdings | 483 |
| Portfolio Turnover Rate | 38% |
| Net Advisory Fees Paid | $23334063 |

---

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | 10 Years |
| Class N | 5.64% | 4.01% | 3.27% |
| Bloomberg US 1-3 Year Treasury Bond Index | 4.87% | 1.61% | 1.72% |
| Referenced Benchmark | 5.13% | 2.85% | 2.51% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)\*

---

| | |
|:---|:---|
| Air Lease Corp., 2.875%, 1/15/2026 | 0.9% |
| Ford Motor Credit Co. LLC, 3.375%, 11/13/2025 | 0.7% |
| Truist Bank, 4.671%, 5/20/2027 | 0.7% |
| Ares Capital Corp., 3.875%, 1/15/2026 | 0.7% |
| Honeywell International, Inc. Term A1, 4.840%, 5/7/2027 | 0.7% |
| Royal Bank of Canada, 4.715%, 3/27/2028 | 0.6% |
| Edison International, 5.375%, | 0.6% |
| Charter Communications Operating LLC Term B4, 5.985%, 12/7/2030 | 0.6% |
| General Motors Financial Co., Inc., 1.250%, 1/8/2026 | 0.6% |
| Mercedes-Benz Finance North America LLC, 4.650%, 4/1/2027 | 0.6% |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; Does not include U.S. Government and Agency Obligations and other short-term instruments.

#### Breakdown by Security Type (% of Investments)

---

| | |
|:---|:---|
| Asset Backed Securities | 22.6% |
| Commercial Mortgage Backed Securities | 4.2% |
| Corporate Bonds | 51.9% |
| Loan Participations and Assignments | 6.9% |
| Municipal Bonds | 0.3% |
| Residential Mortgage Backed Securities | 0.0% |
| U.S. Government Agency Obligations | 1.0% |
| U.S. Treasury Bills | 12.9% |
| U.S. Treasury Bonds and Notes | 0.2% |

---

#### Material Fund Changes
There were no material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Income Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class I: BBNIX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Income Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759. This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class I | $46 | 0.44% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
The BBH Income Fund Class I ("the Fund") produced a return of +7.04% for the fiscal year ending October 31, 2025. Its benchmark, the Bloomberg U.S. Aggregate Bond Index, returned +6.16% over the same period.

The Fund's return was most impacted by the interest rate environment. The Federal Reserve ("Fed") cut interest rates by a total of (1.00)% over the Fund's fiscal year, and short- and intermediate-term interest rates declined to reflect the actual rate cuts and changes in expectations of future Fed interest rate decisions. The 2-Year Treasury interest rate declined (0.60)% to 3.57%, and the 5-Year Treasury interest rate declined (0.47)% to 3.69%. The Fund's performance benefitted from its starting yield level and the subsequent decline in interest rates, although the decline in interest rates lowers the Fund's forward-looking return. While the Fund's interest rate risk profile and the interest rate environment drove the Fund's returns, it had a negligible impact on the Fund's return relative to its benchmark, as the Fund is managed to approximate the benchmark's interest rate risk profile.

The Fund's performance versus its benchmark was driven by asset selection within a variety of credit sectors, which are sectors that offer higher income potential versus U.S. Treasuries due to risks of default or adverse repayment. Those sectors performed strongly during the year. Other positive contributors were corporate bonds, corporate loans, asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). The Fund experienced favorable selection results from its holdings of corporate bonds and loans of healthcare, electric utility, technology, and property and casualty insurance companies, as well as positions in bonds of business development companies and data center ABS. Positions in bonds and loans of chemicals companies detracted from relative performance.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](ie3aa9aff1eaddbbbeda3bc7a.jpg)

---

| | | |
|:---|:---|:---|
| | **BBH Income Fund** | **Bloomberg US Aggregate Bond Index** |
| **06/2018** | $10000 | $10000 |
| **10/2018** | $9925 | $9917 |
| **10/2019** | $11091 | $11058 |
| **10/2020** | $11964 | $11743 |
| **10/2021** | $12519 | $11687 |
| **10/2022** | $10525 | $9854 |
| **10/2023** | $10851 | $9889 |
| **10/2024** | $12302 | $10932 |
| **10/2025** | $13168 | $11605 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception June 27, 2018 to October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1920981315 |
| # of Portfolio Holdings | 357 |
| Portfolio Turnover Rate | 42% |
| Net Advisory Fees Paid | $6238524 |

---

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | Since Inception (June 27, 2018) |
| Class I | 7.04% | 1.94% | 3.82% |
| Bloomberg US Aggregate Bond Index | 6.16% | (0.24)% | 2.05% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)\*

---

| | |
|:---|:---|
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/2034 | 0.6% |
| Ares Capital Corp., 2.150%, 7/15/2026 | 0.6% |
| Connect Finco S.a.r.l., 8.465%, 9/27/2029 | 0.6% |
| Zayo Issuer LLC 2025-2A, 5.953%, 6/20/2055 | 0.6% |
| Bank of America Corp., 4.375%, | 0.6% |
| LendingTree, Inc. Term B, 8.465%, 8/21/2030 | 0.5% |
| PFS Financing Corp. 2024-F, 4.750%, 8/15/2029 | 0.5% |
| XPLR Infrastructure LP, 0.000%, 11/15/2025 | 0.5% |
| Oxford Finance Funding Trust LLC 2025-1A, 5.413%, 2/15/2035 | 0.5% |
| INTOWN Mortgage Trust 2025-STAY, 5.382%, 3/15/2042 | 0.5% |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; Does not include U.S. Government and Agency Obligations and other short-term instruments.

#### Breakdown by Security Type (% of Investments)

---

| | |
|:---|:---|
| Asset Backed Securities | 16.4% |
| Commercial Mortgage Backed Securities | 6.9% |
| Corporate Bonds | 37.0% |
| Loan Participations and Assignments | 10.9% |
| Municipal Bonds | 0.0% |
| Preferred Securities | 1.7% |
| Residential Mortgage Backed Securities | 0.0% |
| U.S. Treasury Bills | 3.1% |
| U.S. Treasury Bonds and Notes | 24.0% |

---

#### Material Fund Changes
Effective January 1, 2025, for investment advisory and administrative services, the Investment Adviser receives a combined fee, computed daily and payable monthly, equal to 0.40% per annum on the first $2 billion, 0.38% per annum on the next $1 billion and 0.35% per annum on amounts over $3 billion of the average daily net assets of the Fund.

There were no other material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Select Series - Large Cap Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class I: BBLIX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Select Series - Large Cap Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Select Series - Large Cap Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759. This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class I | $76 | 0.71% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
In the period, the Fund gained +13.58% over the fiscal year ended October 31, 2025, while the SPX gained +21.45%. The performance of the SPX was heavily influenced by the outsized stock price performance of a small number of large index constituent companies, four of which are in the Fund, and two separate rallies of low quality and higher beta companies that are a poor fit with the Funds investment criteria and ones the Fund seeks to avoid, both by the strategic design of its investment criteria and implementation, in an effort to produce durable returns over the long-term and fundamentally outperform during periods of economic or market stress. Notably, during the period February 13<sup>th</sup> through April 8<sup>th</sup>, 2025, which was a period of tariff and policy-related stress, the Fund outperformed SPX by 3.95%. The communication services sector was the largest Fund performance contributor, while weak stock selection in financials, health care, and the consumer discretionary sectors detracted from Fund returns.

During the fiscal year ended October 31, 2025, the fundamental financial results of the Fund were strong, continuing a period of strong economic value creation at levels and rates of growth that remain attractive relative to the Fund's primary benchmark, the S&P 500 Index (the SPX). Stock price-driven returns of the Fund have continued to generally track its economic value creation and were at levels believed to be attractive and are meaningfully above those that are assumed in the valuation work supporting the underwriting of the portfolio companies comprising the Fund.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](ib29e28c23b7190174561cda5.jpg)

---

| | | |
|:---|:---|:---|
| | **BBH Select Series - Large Cap Fund** | **S&P 500 Index** |
| **09/2019** | $10000 | $10000 |
| **10/2019** | $10120 | $10221 |
| **10/2020** | $10304 | $11214 |
| **10/2021** | $14174 | $16026 |
| **10/2022** | $11491 | $13684 |
| **10/2023** | $13173 | $15072 |
| **10/2024** | $16967 | $20802 |
| **10/2025** | $19271 | $25265 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund from inception September 9, 2019 to October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $520819276 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 20% |
| Net Advisory Fees Paid | $3165042 |

---

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | Since Inception (September 9, 2019) |
| Class I | 13.58% | 13.34% | 11.27% |
| S&P 500 Index | 21.45% | 17.64% | 16.29% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Alphabet, Inc. (Class C) | 7.8% |
| Microsoft Corp. | 7.2% |
| KLA Corp. | 6.6% |
| Mastercard, Inc. (Class A) | 5.5% |
| Oracle Corp. | 5.4% |
| Amazon.com, Inc. | 5.0% |
| Berkshire Hathaway, Inc. (Class B) | 4.2% |
| Apple, Inc. | 3.7% |
| Waste Management, Inc. | 3.3% |
| Booking Holdings, Inc. | 3.3% |

---

#### Sector Diversification (% of Investments)

---

| | |
|:---|:---|
| Common Stock: |  |
| Communication Services | 8.0% |
| Consumer Discretionary | 11.4% |
| Consumer Staples | 5.5% |
| Financials | 17.8% |
| Health Care | 11.4% |
| Industrials | 7.0% |
| Information Technology | 35.8% |
| Materials | 3.1% |

---

#### Material Fund Changes
On November 17, 2025, the Fund was reorganized into an exchange-traded fund, BBH Series Large Cap ETF (the "Acquiring ETF"), under a Plan of Reorganization previously approved by the Board of Trustees of BBH Trust. The reorganization was structured as a tax-free reorganization under the applicable sections of U.S. Internal Revenue Code. All outstanding shares of the Fund were exchanged for shares of equal value of the Acquiring ETF. The shares of the Acquiring ETF are listed under ticker BBHL. The Acquiring ETF has the same investment adviser, investment objective and principal investment strategies as the Fund. The reorganization did not require shareholder approval.

There were no other material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Intermediate Municipal Bond Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class I: BBIIX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Intermediate Municipal Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Intermediate Municipal Bond Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759. This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class I | $45 | 0.44% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
BBH Intermediate Municipal Bond Fund (the "Fund") Class I produced a total return of +5.13% for the twelve-month period to October 31, 2025. Its benchmark, the Barclays Capital 1-15 Year Municipal Index, had a return of +4.83% over the same period. The municipal bond market experienced significant volatility due to a variety of factors, including tariffs, tax reform, and ongoing elevated political uncertainties.

The Fund outperformed its benchmark by +0.30%, which left it strongly-ranked relative to its peers. The Fund's material holdings of state housing finance authorities, prepaid natural gas, and airports were large contributors to performance along with positions in zero-coupon bonds and floating rate notes.

In the period, intermediate and long-term tax-exempt interest rates moved in opposite directions, with 10-year maturity yields declining (0.30)% and 20-year maturity yields increasing +0.30%. The Federal Reserve (Fed) eased its policy rate at both its September and October Federal Open Market Committee meetings. Although measures of inflation remain moderately above the Fed's long-term target of +2%, building concerns about the health of the labor market spurred the Fed to act.

The credit-sensitive portions of the municipal bond market performed in line with higher-rated securities. Despite the lack of return differentiation, rising risks are associated with lower-rated bonds, particularly in the healthcare and higher education sectors, which the Fund does not own. Unlike in the past several years, federal fiscal support for states is declining, resulting in further uncertainties. A core element of the Fund's strategy is to focus on smaller areas of the municipal bond market and own securities that are structurally more complex. This has allowed the Fund to enhance the risk-adjusted return of the Fund. The Fund's focus on high quality securities in these sectors to preserve Fund liquidity.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](id7f2b88bf43429880bfb59a3.jpg)

---

| | | |
|:---|:---|:---|
| | **BBH Intermediate Municipal Bond Fund** | **Bloomberg Municipal 1-15 Year Index** |
| **10/2015** | $10000 | $10000 |
| **10/2016** | $10480 | $10310 |
| **10/2017** | $10832 | $10510 |
| **10/2018** | $10820 | $10454 |
| **10/2019** | $11727 | $11302 |
| **10/2020** | $12216 | $11716 |
| **10/2021** | $12364 | $11924 |
| **10/2022** | $11160 | $10858 |
| **10/2023** | $11562 | $11126 |
| **10/2024** | $12640 | $11964 |
| **10/2025** | $13289 | $12542 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the ten year period ended October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1985461984 |
| # of Portfolio Holdings | 435 |
| Portfolio Turnover Rate\* | 187% |
| Net Advisory Fees Paid | $6073761 |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; 37% excluding variable rate demand notes.

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | 10 Years |
| Class I | 5.13% | 1.70% | 2.88% |
| Bloomberg Municipal 1-15 Year Index | 4.83% | 1.37% | 2.29% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| University of North Carolina at Chapel Hill, Revenue Bonds, 3.891%, 12/1/2041 | 1.9% |
| California Community Choice Financing Authority, Revenue Bonds, 3.670%, 2/1/2052 | 1.3% |
| Illinois Finance Authority, Revenue Bonds, 3.600%, 11/3/2025 | 1.2% |
| Salt Verde Financial Corp., Revenue Bonds, 5.000%, 12/1/2037 | 1.2% |
| State of Ohio, Revenue Bonds, 3.900%, 11/3/2025 | 1.2% |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds, 5.000%, 1/1/2055 | 1.1% |
| City of South Miami Health Facilities Authority, Inc., Revenue Bonds, 5.000%, 8/15/2042 | 1.1% |
| Central Plains Energy Project, Revenue Bonds, 5.000%, 5/1/2053 | 1.1% |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, 3.900%, 11/3/2025 | 1.0% |
| New York City Municipal Water Finance Authority, Revenue Bonds, 3.900%, 11/3/2025 | 1.0% |

---

#### Breakdown by Security Type (% of Investments)

---

| | |
|:---|:---|
| Asset Backed Securities | 1.2% |
| Commercial Mortgage Backed Securities | 0.9% |
| Municipal Bonds | 97.9% |

---

#### Material Fund Changes
Effective January 1, 2025, for investment advisory and administrative services, the Investment Adviser receives a combined fee, computed daily and payable monthly, equal to 0.40% per annum on the first $2.5 billion and 0.35% per annum for amounts over $2.5 billion of the average daily net assets of the Fund.

Matthew Hyman, Managing Director of BBH, was appointed as a co-portfolio manager of the Fund in 2025.

There were no other material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH Intermediate Municipal Bond Fund

![Image](i90413ec305fac8c68dd3a77b.jpg)

Class N: BBINX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH Intermediate Municipal Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH Intermediate Municipal Bond Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759. This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Class N | $67 | 0.65% |

---

#### How did the Fund perform last year? What affected the Fund's performance?
BBH Intermediate Municipal Bond Fund (the "Fund") Class N produced a total return of +5.00% for the twelve-month period to October 31, 2025. Its benchmark, the Barclays Capital 1-15 Year Municipal Index, had a return of +4.83% over the same period. The municipal bond market experienced significant volatility due to a variety of factors, including tariffs, tax reform, and ongoing elevated political uncertainties.

The Fund outperformed its benchmark by +0.17%, which left it strongly-ranked relative to its peers. The Fund's material holdings of state housing finance authorities, prepaid natural gas, and airports were large contributors to performance along with positions in zero-coupon bonds and floating rate notes.

In the period, intermediate and long-term tax-exempt interest rates moved in opposite directions, with 10-year maturity yields declining (0.30)% and 20-year maturity yields increasing +0.30%. The Federal Reserve (Fed) eased its policy rate at both its September and October Federal Open Market Committee meetings. Although measures of inflation remain moderately above the Fed's long-term target of +2%, building concerns about the health of the labor market spurred the Fed to act.

The credit-sensitive portions of the municipal bond market performed in line with higher-rated securities. Despite the lack of return differentiation, rising risks are associated with lower-rated bonds, particularly in the healthcare and higher education sectors, which the Fund does not own. Unlike in the past several years, federal fiscal support for states is declining, resulting in further uncertainties. A core element of the Fund's strategy is to focus on smaller areas of the municipal bond market and own securities that are structurally more complex. This has allowed the Fund to enhance the risk-adjusted return of the Fund. The Fund's focus on high quality securities in these sectors to preserve Fund liquidity.

Total Return Based on $10,000 Investment

![Growth of 10K Chart](i6035adbcb19f1af0510c06f6.jpg)

---

| | | |
|:---|:---|:---|
| | **BBH Intermediate Municipal Bond Fund** | **Bloomberg Municipal 1-15 Year Index** |
| **10/2015** | $10000 | $10000 |
| **10/2016** | $10464 | $10310 |
| **10/2017** | $10799 | $10510 |
| **10/2018** | $10771 | $10454 |
| **10/2019** | $11656 | $11302 |
| **10/2020** | $12122 | $11716 |
| **10/2021** | $12244 | $11924 |
| **10/2022** | $11031 | $10858 |
| **10/2023** | $11405 | $11126 |
| **10/2024** | $12443 | $11964 |
| **10/2025** | $13066 | $12542 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund for the ten year period ended October 31, 2025. The results of this chart do not predict the results of future time periods and do not guarantee the same results.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1985461984 |
| # of Portfolio Holdings | 435 |
| Portfolio Turnover Rate\* | 187% |
| Net Advisory Fees Paid | $6073761 |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; 37% excluding variable rate demand notes.

#### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | 1 Year | 5 Years | 10 Years |
| Class N | 5.00% | 1.51% | 2.71% |
| Bloomberg Municipal 1-15 Year Index | 4.83% | 1.37% | 2.29% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.**

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| University of North Carolina at Chapel Hill, Revenue Bonds, 3.891%, 12/1/2041 | 1.9% |
| California Community Choice Financing Authority, Revenue Bonds, 3.670%, 2/1/2052 | 1.3% |
| Illinois Finance Authority, Revenue Bonds, 3.600%, 11/3/2025 | 1.2% |
| Salt Verde Financial Corp., Revenue Bonds, 5.000%, 12/1/2037 | 1.2% |
| State of Ohio, Revenue Bonds, 3.900%, 11/3/2025 | 1.2% |
| Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds, 5.000%, 1/1/2055 | 1.1% |
| City of South Miami Health Facilities Authority, Inc., Revenue Bonds, 5.000%, 8/15/2042 | 1.1% |
| Central Plains Energy Project, Revenue Bonds, 5.000%, 5/1/2053 | 1.1% |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, 3.900%, 11/3/2025 | 1.0% |
| New York City Municipal Water Finance Authority, Revenue Bonds, 3.900%, 11/3/2025 | 1.0% |

---

#### Breakdown by Security Type (% of Investments)

---

| | |
|:---|:---|
| Asset Backed Securities | 1.2% |
| Commercial Mortgage Backed Securities | 0.9% |
| Municipal Bonds | 97.9% |

---

#### Material Fund Changes
Effective January 1, 2025, for investment advisory and administrative services, the Investment Adviser receives a combined fee, computed daily and payable monthly, equal to 0.40% per annum on the first $2.5 billion and 0.35% per annum for amounts over $2.5 billion of the average daily net assets of the Fund.

Matthew Hyman, Managing Director of BBH, was appointed as a co-portfolio manager of the Fund in 2025.

There were no other material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i96028986561addc4aa19adcf.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

BBH U.S. Government Money Market Fund

![Image](i0b025c8b0433e1b4380e8acc.jpg)

Institutional Shares: BBSXX

#### Annual Shareholder Report \| October 31, 2025
This annual shareholder report contains important information about BBH U.S. Government Money Market Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about BBH U.S. Government Money Market Fund at http://www.bbhfunds.com. You can also request this information by contacting us at 1-800-625-5759.

#### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment** | **Cost Paid as a % of a $10,000 Investment** |
| Institutional Shares | $22 | 0.22% |

---

# Key Fund Statistics
* Total Net Assets$7,881,108,019

* # of Portfolio Holdings35

* Net Advisory Fees Paid$16,044,549

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| BNP Paribas, 4.050%, 11/3/2025<sup>Footnote Reference\*</sup> | 4.8% |
| Royal Bank of Canada, 4.000%, 11/3/2025<sup>Footnote Reference\*</sup> | 4.8% |
| National Australia Bank, Ltd., 4.000%, 11/3/2025<sup>Footnote Reference\*</sup> | 4.8% |
| Societe Generale, 4.120%, 11/3/2025<sup>Footnote Reference\*</sup> | 4.8% |
| U.S. Treasury Bill, 4.211%, 11/12/2025 | 4.4% |
| U.S. Treasury Bill, 4.037%, 12/11/2025 | 4.4% |
| U.S. Treasury Bill, 3.893%, 1/8/2026 | 4.1% |
| U.S. Treasury Bill, 4.137%, 11/6/2025 | 3.8% |
| U.S. Treasury Bill, 4.196%, 11/13/2025 | 3.8% |
| U.S. Treasury Bill, 4.124%, 11/20/2025 | 3.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Repurchase Agreement |

---

#### Sector Diversification (% of Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 19.1% |
| U.S. Government Agency Obligations | 1.6% |
| U.S. Treasury Bills | 79.3% |

---

#### Material Fund Changes
There were no material fund changes during the period.

#### Availability of Additional Information
You can find additional information on the Fund's website, http://www.bbhfunds.com including its:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

#### Householding
To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 1-800-625-5759.

Shares of the Fund are distributed by ALPS Distributors, Inc.

**NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE**

![Image](i814841d9bb0b0e25dbe75ea6.jpg)

BBH Fund Information Service: 1-800-625-5759 \| http://www.bbhfunds.com

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.**

As of the period ended October 31, 2025 (the "Reporting Period"), the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer, principal accounting officer or controller or persons performing similar functions. During the Reporting Period, there have been no changes to, amendments to or waivers from, any provision of the code of ethics. A copy of this code of ethics can be obtained upon request, free of charge, by calling (800) 575-1265.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.**

The Board of Trustees of the Registrant has determined that John M. Tesoro, Mark M. Collins, Joan A. Binstock and Karen Kochevar possess the attributes identified in Instruction (b) of Item 3 to Form N-CSR to each qualify as an "audit committee financial expert," and has designated John M. Tesoro, Mark M. Collins, Joan A. Binstock and Karen Kochevar as the Registrant's audit committee financial experts. Messrs. Tesoro and Collins and Mses. Binstock and Kochevar are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Fees</u>

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the 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 were $414,400 for 2025, and $389,800 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Related Fees</u>

The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for 2025 and $0 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Fees</u>

The aggregate fees billed in each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $55,800 for 2025, and $60,600 for 2024. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>All Other Fees</u>

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $77,200 for 2025, and $83,000 for 2024.

The other services provided to the Registrant consisted of examinations pursuant to Rule 17f-2 of the Investment Company Act of 1940, as amended and filings of Form N-17f-2 "Certificate of Accounting of Securities and Similar Investments in the Custody of Management Investment Companies" with the U.S. Securities and Exchange Commission ("17f-2 Services") in addition to audit services, tax services and 17f-2 Services provided to other series of the Registrant.

(e)(1) Pursuant to the Registrant's Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The audit committee has delegated to its Chairman the approval of such services subject to reports to the full audit committee at its next subsequent meeting.

------

(e)(2) 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, with respect to: Audit-Related Fees were 0%; Tax Fees were 0%; and Other Fees were 0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment 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 for each of the last two fiscal years of the Registrant were $1,644,491 for 2025, and $1,790,444 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's audit committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any subadviser 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.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee of Listed Registrants.**

Not Applicable.

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

------

**Item 7.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tcover.jpg)

Annual Financial<br>Statements<br> October 31, 2025<br> **BBH Select Series – Mid Cap Fund**<br>

------

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BBH Select Series – Mid Cap Fund<br> Report of Independent Registered Public Accounting Firm<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>

To the Shareholders of BBH Select Series – Mid Cap Fund and the Board of Trustees of BBH Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Select Series – Mid Cap Fund (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the four years in the period then ended and for the period from May 24, 2021 (commencement of operations) through October 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from May 24, 2021 (commencement of operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

<u>© Brown Brothers Harriman </u>   <u> 2 </u>

------

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BBH Select Series – Mid Cap Fund<br> Report of Independent Registered Public Accounting Firm (continued)<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH Select Series – Mid Cap Fund<br> Portfolio Allocation<br>October 31, 2025<br>

**Sector Diversification**

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of<br>Net Assets |
|  Common Stock: |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | $26439182 | 5.1% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 24170844 | 4.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 27440976 | 5.3 |
| &nbsp;&nbsp;&nbsp; Financials | 70667943 | 13.6 |
| &nbsp;&nbsp;&nbsp; Health Care | 37093027 | 7.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 154595732 | 29.9 |
| &nbsp;&nbsp;&nbsp; Information Technology | 107097144 | 20.7 |
| &nbsp;&nbsp;&nbsp; Materials | 33699374 | 6.5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 27899720 | 5.3 |
|  Cash and Other Assets in Excess of Liabilities | 8629069 | 1.7 |
|  **Net Assets** | $**517733011** | **100.0%** |

---

All data as of October 31, 2025. The BBH Select Series – Mid Cap Fund's (the "Fund") sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH Select Series – Mid Cap Fund<br> Portfolio of Investments <br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (98.3%)** |  |
|  | **Communication Services (5.1%)** |  |
| 103129 | Take-Two Interactive Software, Inc.<sup>1</sup> | $26439182 |
|  | **Total Communication Services** | **26439182** |
|  | **Consumer Discretionary (4.7%)** |  |
| 1020119 | Mister Car Wash, Inc.<sup>1</sup> | 5702465 |
| 251510 | Wyndham Hotels & Resorts, Inc. | 18468379 |
|  | **Total Consumer Discretionary** | **24170844** |
|  | **Consumer Staples (5.3%)** |  |
| 138064 | BJ's Wholesale Club Holdings, Inc.<sup>1</sup> | 12185529 |
| 475989 | Darling Ingredients, Inc.<sup>1</sup> | 15255447 |
|  | **Total Consumer Staples** | **27440976** |
|  | **Financials (13.6%)** |  |
| 221811 | Brown & Brown, Inc. | 17687209 |
| 58201 | LPL Financial Holdings, Inc. | 21959819 |
| 301693 | Shift4 Payments, Inc. (Class A)<sup>1</sup> | 20846986 |
| 96536 | Tradeweb Markets, Inc. (Class A) | 10173929 |
|  | **Total Financials** | **70667943** |
|  | **Health Care (7.2%)** |  |
| 93343 | ICON, Plc. ADR (Ireland)<sup>1</sup> | 16038194 |
| 74644 | West Pharmaceutical Services, Inc. | 21054833 |
|  | **Total Health Care** | **37093027** |
|  | **Industrials (29.9%)** |  |
| 150609 | Advanced Drainage Systems, Inc. | 21092791 |
| 571812 | GFL Environmental, Inc. (Canada) | 24982466 |
| 434421 | GXO Logistics, Inc.<sup>1</sup> | 24418804 |
| 72549 | HEICO Corp. (Class A) | 17972564 |
| 77978 | ITT, Inc. | 14431389 |
| 218508 | UL Solutions, Inc. (Class A) | 17015218 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH Select Series – Mid Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (continued)** |  |
|  | **Industrials (continued)** |  |
| 63879 | Watsco, Inc. | $23508111 |
| 513765 | WillScot Holdings Corp. | 11174389 |
|  | **Total Industrials** | **154595732** |
|  | **Information Technology (20.7%)** |  |
| 177082 | Arista Networks, Inc.<sup>1</sup> | 27924061 |
| 229686 | Entegris, Inc. | 21032347 |
| 138473 | Guidewire Software, Inc.<sup>1</sup> | 32352832 |
| 83665 | Keysight Technologies, Inc.<sup>1</sup> | 15307348 |
| 38925 | Zebra Technologies Corp. (Class A)<sup>1</sup> | 10480556 |
|  | **Total Information Technology** | **107097144** |
|  | **Materials (6.5%)** |  |
| 130185 | AptarGroup, Inc. | 15102762 |
| 64237 | Vulcan Materials Co. | 18596612 |
|  | **Total Materials** | **33699374** |
|  | **Real Estate (5.3%)** |  |
| 183033 | CBRE Group, Inc. (Class A)<sup>1</sup> | 27899720 |
|  | **Total Real Estate** | **27899720** |
|  | **Total Common Stock<br>(Cost $442,299,707)** | **509103942** |

---

---

| | | |
|:---|:---|:---|
|  **Total Investments (Cost $442,299,707)**<sup>2</sup> | **98.3%** | $**509103942** |
|  **Cash and Other Assets in Excess of Liabilities** | **1.7%** | **8629069** |
|  **Net Assets** | **100.0%** | $**517733011** |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Non-income producing security.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;The aggregate cost for federal income tax purposes is $442,454,966, the aggregate gross unrealized appreciation is $95,978,083 and the aggregate gross unrealized depreciation is $29,329,107, resulting in net unrealized appreciation of $66,648,976.

Abbreviation:

ADR – American Depositary Receipt.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 6 </u>

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BBH Select Series – Mid Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Fair Value Measurements

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 such a pricing 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

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

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BBH Select Series – Mid Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 8 </u>

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BBH Select Series – Mid Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted <br>Quoted Prices<br>in Active <br>Markets <br>for Identical <br>Investments <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant<br>Unobservable<br>Inputs <br>(Level 3) | Balance as of<br>October 31, <br>2025 |
|  Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | $26439182 | $— | $— | $26439182 |
| &nbsp;&nbsp;&nbsp; Consumer <br>Discretionary | 24170844 |  |  | 24170844 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 27440976 |  |  | 27440976 |
| &nbsp;&nbsp;&nbsp; Financials | 70667943 |  |  | 70667943 |
| &nbsp;&nbsp;&nbsp; Health Care | 37093027 |  |  | 37093027 |
| &nbsp;&nbsp;&nbsp; Industrials | 154595732 |  |  | 154595732 |
| &nbsp;&nbsp;&nbsp; Information <br>Technology | 107097144 |  |  | 107097144 |
| &nbsp;&nbsp;&nbsp; Materials | 33699374 |  |  | 33699374 |
| &nbsp;&nbsp;&nbsp; Real Estate | 27899720 |  |  | 27899720 |
| &nbsp;&nbsp;&nbsp; **Total Investments, at value** | $**509103942** | $**—** | $**—** | $**509103942** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

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BBH Select Series – Mid Cap Fund<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $442,299,707) | $&nbsp;&nbsp;&nbsp; 509103942 |
| &nbsp;&nbsp;&nbsp; Cash | 9700440 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 89396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **518898978** |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 649974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 423562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 7917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 8668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1165967** |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp; **517733011** |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp; 481879433 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 35853578 |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp; **517733011** |
|  **Net Asset Value and Offering Price per Share** |  |
|  **Class I Shares** |  |
| &nbsp;&nbsp;&nbsp; ($517,733,011 ÷ 44,773,238 shares outstanding) | $&nbsp;&nbsp;&nbsp;&nbsp;**11.56** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 10 </u>

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BBH Select Series – Mid Cap Fund<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
|  **Net Investment Loss:** |  |
| &nbsp;&nbsp;&nbsp; **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $5,036) | $2181836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 828153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income** | **3009989** |
| &nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 3830531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 98123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 43055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 33882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 70122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **4150713** |
| &nbsp;&nbsp;&nbsp; **Net Investment Loss** | **(1140724)** |
|  **Net Realized and Unrealized Loss:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities | (30045993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 1454889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss** | **(28591104)** |
|  **Net Decrease in Net Assets Resulting from Operations** | $**(29731828)** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

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BBH Select Series – Mid Cap Fund<br> Statements of Changes in Net Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>October 31,** | **For the years ended <br>October 31,** |
|  | **2025** | **2024** |
|  **Increase/(Decrease) in Net Assets from:** |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(1140724) | $(662965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in <br>securities | (30045993) | 4393750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 1454889 | 71388199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (29731828) | 75118984 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1516497) | (190598) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 157303478 | 297708176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions | 45957 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (83629667) | (37762480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 73719768 | 259950212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 42471443 | 334878598 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 475261568 | 140382970  |
| &nbsp;&nbsp;&nbsp; **End of year** | $5**17733011** | $**475261568**  |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 12 </u>

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BBH Select Series – Mid Cap Fund<br> Financial Highlights<br>Selected per share data and ratios for a Class I share outstanding throughout each year/period.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>For the years ended October 31, | <br>For the years ended October 31, | <br>For the years ended October 31, | <br>For the years ended October 31, | For the <br>period from <br>May 24, 2021 <br>(commencement <br>of operations) to <br>October 31, 2021 |
|  | **2025** | **2024** | **2023** | **2022** | For the <br>period from <br>May 24, 2021 <br>(commencement <br>of operations) to <br>October 31, 2021 |
|  Net asset value, beginning of year/period | $12.23 | $8.95 | $8.85 | $10.68 | $10.00 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | (0.03) | (0.03) | 0.01 | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | (0.60) | 3.32 | 0.09 | (1.79) | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | (0.63) | 3.29 | 0.10 | (1.83) | 0.68 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.04) | (0.01) |  |  |  |
|  Net asset value, end of year/period | $11.56 | $12.23 | $8.95 | $8.85 | $10.68 |
|  Total return<sup>2</sup> | (5.19)% | 36.79% | 1.13% | (17.13)% | 6.80%<sup>3</sup> |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year/period <br>(in millions) | $518 | $475 | $140 | $12 | $14 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions | 0.81% | 0.84% | 1.09% | 2.29% | 2.46%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; Fee waiver<sup>5</sup> | —% | —% | (0.19)% | (1.39)% | (1.56)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions | 0.81% | 0.84% | 0.90% | 0.90% | 0.90%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | (0.22)% | (0.23)% | 0.14% | (0.38)% | (0.40)%<sup>4</sup> |
|  Portfolio turnover rate | 23% | 6% | 7% | 23% | 3%<sup>3</sup> |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year/period.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Annualized with the exception of audit fees, legal fees and registration fees.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;The ratio of expenses to average net assets for the years ended October 31, 2025, 2024, 2023, 2022 and the period from May 24, 2021 to October 31, 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.90%. The agreement is effective through March 1, 2026 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2025, 2024, 2023, 2022 and the period from May 24, 2021 to October 31, 2021, the waived fees were $–, $–, $124,636, $179,874 and $135,159, respectively.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements<br> October 31, 2025<br>

**1. Organization.** The Fund is a separate, non-diversified series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. As of October 31, 2025, there were seven series of the Trust. The Fund commenced operations on May 24, 2021 and offers two share classes, Class I and Retail Class. As of October 31, 2025, Retail Class shares are not available for purchase by investors but may be offered in the future. The investment objective of the Fund is to provide investors with long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in mid cap publicly traded equity securities.

**2. Significant Accounting Policies.** The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments.*** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent

<u>© Brown Brothers Harriman </u>   <u> 14 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund's net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("SID" or "Investment Adviser") in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent fair value. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income.*** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received at ex-date. Distributions received on securities that represent a return of capital are recorded as a reduction of cost of investments. Distributions received on securities that represent a capital gain are recorded as a realized gain. Interest income is accrued daily. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses*.** Most expenses of the Trust can be directly attributed to a specific fund. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***D. Federal Income Taxes.*** It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since May 24, 2021 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Dividends and Distributions to Shareholders.*** Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date.

<u>© Brown Brothers Harriman </u>   <u> 16 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: |
|  | Ordinary <br>income | Net <br>long-term <br>capital gain | Total <br>taxable <br>distributions | Tax return <br>of capital | Total <br>distributions <br>paid |
|  2025: | $— | $1516497 | $1516497 | $— | $1516497 |
|  2024: | 190598 |  | 190598 |  | 190598 |

---

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): |
|  | Undistributed<br>ordinary<br>income | Undistributed<br>long-term<br>capital gain | Accumulated<br>capital and<br>other losses | Other<br>book/tax<br>temporary<br>differences | Late Year<br>Ordinary <br>Loss<br>Deferral | Unrealized<br>appreciation/<br>(depreciation) | Total <br>retained<br>earnings/<br>(accumulated<br>deficit) |
|  2025: | $— | $— | $(29932878) | $(155259) | $(862520) | $66804235 | $35853578 |
|  2024: |  | 1514856 |  | (42144) | (558706) | 65349346 | 66263352 |

---

The Fund had $29,932,878 net capital loss carryforwards as of October 31, 2025, of which $11,590,699 and $18,342,179, is attributable to short-term and long-term capital losses, respectively.

The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) would be attributable primarily to the tax deferral of losses on wash sales, if applicable.

To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Segment Reporting.*** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

the Fund's financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Use of Estimates.*** The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

**3. Fees and Other Transactions with Affiliates.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees.*** Under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.75% per annum on the first $3 billion of the Fund's average daily net assets and 0.70% per annum on the Fund's average daily net assets over $3 billion. For the year ended October 31, 2025, the Fund incurred $3,830,531 under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Expense Waivers and Reimbursements.*** Effective May 24, 2021 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business) to 0.90%. The agreement will terminate on March 1, 2026, unless it is renewed by all parties to the

<u>© Brown Brothers Harriman </u>   <u> 18 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

agreement. The agreement may only be terminated during its term with approval of the Fund's Board of Trustees. For the year ended October 31, 2025, Investment Adviser waived Investment Advisory and Administrative fees in the amount of $0 for Class I.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Custody and Fund Accounting Fees.*** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $33,882 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The Fund did not incur any such fees during the year ended October 31, 2025. This amount, if any, is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $581,433 and $246,720, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Board of Trustees' Fees.*** Each Trustee who is not an "interested person" as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $98,123 in Independent Trustee compensation and expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Officers of the Trust.*** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

**4. Investment Transactions.** For the year ended October 31, 2025, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $193,093,307 and $114,728,456, respectively.

**5. Shares of Beneficial Interest.** The Trust is permitted to issue an unlimited number of Class I shares of beneficial interest at no par value. Transactions in Class I shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended<br>October 31, 2025 | For the year ended<br>October 31, 2025 | For the year ended<br>October 31, 2024 | For the year ended<br>October 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class I** |  |  |  |  |
|  Shares sold | 13232259 | $157303478 | 26466706 | $297708176  |
|  Shares issued in connection with reinvestments of dividends | 3715 | 45957 | 429 | 4516  |
|  Shares redeemed | (7310018) | (83629667) | (3305620) | (37762480) |
|  Net increase | 5925956 | $73719768 | 23161515 | $259950212  |

---

**6. Principal Risk Factors and Indemnifications.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors.*** Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). Mid cap companies, when compared to larger companies, may experience lower trade volume and could be subject to greater and less predictable price changes (mid cap company risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company's or issuer's individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). In the normal course of business, the Fund invests in securities and enters

<u>© Brown Brothers Harriman </u>   <u> 20 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). Investments in other investment companies are subject to market and selection risk, as well as the specific risks associated with the investment companies' portfolio securities (investment in other investment companies risk). Initial public offerings ("IPOs") are new issues of equity securities, as such they have no trading history and there may be limited information about the companies for a very limited period. Additionally, the prices of securities sold in IPOs may be highly volatile (IPO risk). Preferred securities are subject to issuer-specific and market risks. Generally, issuers only pay dividends after the company makes required payments to holders of bonds and other debt, as such the value of preferred securities may react more strongly to market conditions than bonds and other debts (preferred securities risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (large shareholder risk). The Fund may invest in large cap company securities, it may underperform other funds during periods when the Fund's large cap securities are out of favor (Large Cap Company Risk). Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies and may depend on a more limited management group than larger capitalized companies (Small Cap Company Risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications.*** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

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BBH Select Series – Mid Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

**7. Recent Pronouncements.** In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**8. Subsequent Events.** On November 17, 2025, the Fund was reorganized into an exchange-traded fund, BBH Series Mid Cap ETF (the "Acquiring ETF"), under a Plan of Reorganization previously approved by the Board of Trustees of BBH Trust. The reorganization was structured as a tax-free reorganization under the applicable sections of U.S. Internal Revenue Code. All outstanding shares of the Fund were exchanged for shares of equal value of the Acquiring ETF. The shares of the Acquiring ETF are listed under ticker BBHM. The Acquiring ETF has the same investment adviser, investment objective and principal investment strategies as the Fund. The reorganization did not require shareholder approval.

Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no other subsequent events that would require recognition or additional disclosure in the financial statements.

<u>© Brown Brothers Harriman </u>   <u> 22 </u>

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BBH Select Series – Mid Cap Fund<br> Conflicts of Interest<br> October 31, 2025 (unaudited)<br>

**Description of Potential Material Conflicts of Interest – Investment Adviser**

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

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BBH Select Series – Mid Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Other Clients and Allocation of Investment Opportunities.** BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser, and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

<u>© Brown Brothers Harriman </u>   <u> 24 </u>

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BBH Select Series – Mid Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Affiliated Service Providers.** Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

**Aggregation.** Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Funds, may seek to buy from or sell securities to another fund or account advised by BBH, the Investment Adviser. Subject to applicable law and regulation, BBH&Co., the Investment Adviser may (but is not required to) effect purchases and sales between BBH&Co., the Investment Adviser clients ("cross trades"), including the Funds, if BBH&Co., the Investment Adviser or a Fund's Sub-adviser believes such transactions are appropriate based on each party's investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser's decision

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

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BBH Select Series – Mid Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

to engage in these transactions for the Funds. BBH&Co., the Investment Adviser and/or a Fund's Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

**Soft Dollars.** The Investment Adviser may direct brokerage transactions and/or payment of a portion of client commissions ("soft dollars") to specific brokers or dealers or other providers to pay for research or other appropriate services which provide, in the Investment Adviser's view, appropriate assistance in the investment decision-making process (including with respect to futures, fixed price offerings and over-the-counter transactions). The use of a broker that provides research and securities transaction services may result in a higher commission than that offered by a broker who does not provide such services. The Investment Adviser will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.

Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the Investment Adviser, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH&Co. may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a particular broker-dealer. To the extent that a Sub-adviser receives research on this basis, many of the same conflicts related to traditional soft dollars may exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing, and settlement services provided by the broker-dealer and will not be paid by the Sub-adviser.

Arrangements regarding compensation and delegation of responsibility may create conflicts relating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio trades, administration of investment advice and valuation of securities.

<u>© Brown Brothers Harriman </u>   <u> 26 </u>

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BBH Select Series – Mid Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Investments in BBH Funds.** From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance. BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

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BBH Select Series – Mid Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Referral Arrangements.** BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

**Personal Trading.** BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policy and procedures are intended to prevent BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

**Gifts and Entertainment.** From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u>© Brown Brothers Harriman </u>   <u> 28 </u>

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BBH Select Series – Mid Cap Fund<br> Additional Federal Tax Information<br> October 31, 2025 (unaudited)<br>

In January 2026, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2025. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com<br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** |
| <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG&nbsp;&nbsp;&nbsp;&nbsp;KONG HOUSTON&nbsp;&nbsp;&nbsp;&nbsp;JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG&nbsp;&nbsp;&nbsp;&nbsp;KONG HOUSTON&nbsp;&nbsp;&nbsp;&nbsp;JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

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Annual Financial <br>Statements<br> October 31, 2025<br> **BBH Partner Fund - International <br>Equity**<br>

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BBH Partner Fund - International Equity<br> Report of Independent Registered Public Accounting Firm<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

To the Shareholders of BBH Partner Fund – International Equity and the Board of Trustees of BBH Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Partner Fund – International Equity (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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

<u>© Brown Brothers Harriman </u>   <u> 2 </u>

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BBH Partner Fund - International Equity<br> Report of Independent Registered Public Accounting Firm (continued)<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH Partner Fund - International Equity<br> Portfolio Allocation<br>October 31, 2025<br>

Country Diversification

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| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of <br>Net Assets |
|  Common Stock: |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $2371286 | 0.1% |
| &nbsp;&nbsp;&nbsp; Canada | 152611634 | 6.0 |
| &nbsp;&nbsp;&nbsp; Denmark | 93188197 | 3.6 |
| &nbsp;&nbsp;&nbsp; France | 347657455 | 13.6 |
| &nbsp;&nbsp;&nbsp; Germany | 183470006 | 7.2 |
| &nbsp;&nbsp;&nbsp; India | 69013816 | 2.7 |
| &nbsp;&nbsp;&nbsp; Ireland | 188163259 | 7.3 |
| &nbsp;&nbsp;&nbsp; Japan | 485462785 | 18.9 |
| &nbsp;&nbsp;&nbsp; Jersey | 31017730 | 1.2 |
| &nbsp;&nbsp;&nbsp; Netherlands | 211561762 | 8.3 |
| &nbsp;&nbsp;&nbsp; Norway | 34390565 | 1.3 |
| &nbsp;&nbsp;&nbsp; South Korea | 96048447 | 3.7 |
| &nbsp;&nbsp;&nbsp; Spain | 32527635 | 1.3 |
| &nbsp;&nbsp;&nbsp; Sweden | 33476345 | 1.3 |
| &nbsp;&nbsp;&nbsp; Switzerland | 87408673 | 3.4 |
| &nbsp;&nbsp;&nbsp; Taiwan | 168483711 | 6.6 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 249879915 | 9.7 |
| &nbsp;&nbsp;&nbsp; United States | 25133972 | 1.0 |
|  Preferred Stock: |  |  |
| &nbsp;&nbsp;&nbsp; Germany | 33499874 | 1.3 |
|  Warrants: |  |  |
| &nbsp;&nbsp;&nbsp; Canada | 0 | 0.0 |
|  Cash and Other Assets in Excess of Liabilities | 38289562 | 1.5 |
|  Net Assets | $2563656629 | 100.0% |

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All data as of October 31, 2025. The BBH Partner Fund - International Equity's (the "Fund") country diversification is expressed as a percentage of net assets and may vary over time. The Fund's country diversification is derived from respective security's country of incorporation.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH Partner Fund - International Equity<br> Portfolio Allocation (continued)<br>October 31, 2025<br>

Sector Diversification

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| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of <br>Net Assets |
|  Common Stock: |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | $76859893 | 3.0% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 191535861 | 7.5 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5340328 | 0.2 |
| &nbsp;&nbsp;&nbsp; Energy | 38052132 | 1.5 |
| &nbsp;&nbsp;&nbsp; Financials | 224633797 | 8.8 |
| &nbsp;&nbsp;&nbsp; Health Care | 274420382 | 10.7 |
| &nbsp;&nbsp;&nbsp; Industrials | 665835456 | 26.0 |
| &nbsp;&nbsp;&nbsp; Information Technology | 827863685 | 32.3 |
| &nbsp;&nbsp;&nbsp; Materials | 187325659 | 7.3 |
|  Preferred Stock: |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 33499874 | 1.2 |
|  Warrants: |  |  |
| &nbsp;&nbsp;&nbsp; Information Technology | 0 | 0.0 |
|  Cash and Other Assets in Excess of Liabilities | 38289562 | 1.5 |
|  Net Assets | $2563656629 | 100.0% |

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All data as of October 31, 2025. The Fund's sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH Partner Fund - International Equity<br> Portfolio of Investments<br>October 31, 2025<br>

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| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (97.2%) |  |
|  | Australia (0.1%) |  |
|  | Information Technology |  |
| 52546 | WiseTech Global, Ltd. | $2371286 |
|  | Total Australia | 2371286 |
|  | Canada (6.0%) |  |
|  | Consumer Staples |  |
| 104971 | Alimentation Couche-Tard, Inc. | 5340328 |
|  | Financials |  |
| 182094 | Brookfield Corp. | 8394441 |
|  | Industrials |  |
| 501593 | Canadian Pacific Kansas City, Ltd. | 36132882 |
|  | Information Technology |  |
| 12836 | Constellation Software, Inc. | 33815361 |
| 155653 | Shopify, Inc. (Class A)<sup>1</sup> | 27061831 |
|  |  | 60877192 |
|  | Materials |  |
| 223900 | Franco-Nevada Corp. | 41866791 |
|  | Total Canada | 152611634 |
|  | Denmark (3.6%) |  |
|  | Health Care |  |
| 147099 | Coloplast A/S (Class B) | 13321807 |
|  | Industrials |  |
| 185658 | DSV A/S | 39451256 |
| 1950284 | Vestas Wind Systems A/S | 40415134 |
|  |  | 79866390 |
|  | Total Denmark | 93188197 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 6 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (continued) |  |
|  | France (13.6%) |  |
|  | Consumer Discretionary |  |
| 64803 | LVMH Moet Hennessy Louis Vuitton SE | $45887986 |
|  | Health Care |  |
| 84776 | EssilorLuxottica S.A. | 31174035 |
| 164998 | Sartorius Stedim Biotech | 39536186 |
|  |  | 70710221 |
|  | Industrials |  |
| 319411 | Cie de Saint-Gobain S.A. | 31049169 |
| 178536 | Safran S.A. | 63470512 |
| 196603 | Schneider Electric SE | 55844808 |
| 258917 | Thales S.A. | 73772057 |
|  |  | 224136546 |
|  | Information Technology |  |
| 243461 | Dassault Systemes SE | 6922702 |
|  | Total France | 347657455 |
|  | Germany (7.2%) |  |
|  | Consumer Discretionary |  |
| 132353 | Adidas AG | 25041181 |
|  | Financials |  |
| 72604 | Deutsche Boerse AG | 18402037 |
|  | Health Care |  |
| 710832 | Siemens Healthineers AG<sup>2</sup> | 39873350 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (continued) |  |
|  | Germany (continued) |  |
|  | Industrials |  |
| 15353 | Rheinmetall AG | $30170131 |
| 87684 | Siemens AG | 24850855 |
|  |  | 55020986 |
|  | Information Technology |  |
| 174405 | SAP SE | 45132452 |
|  | Total Germany | 183470006 |
|  | India (2.7%) |  |
|  | Financials |  |
| 995200 | HDFC Bank, Ltd. ADR | 36046144 |
|  | Information Technology |  |
| 1989600 | Infosys, Ltd. ADR | 32967672 |
|  | Total India | 69013816 |
|  | Ireland (7.3%) |  |
|  | Health Care |  |
| 184794 | ICON, Plc. ADR<sup>1</sup> | 31751305 |
|  | Industrials |  |
| 690600 | Ryanair Holdings, Plc. ADR | 43148688 |
|  | Materials |  |
| 702459 | CRH, Plc. | 83662867 |
| 820015 | Smurfit WestRock, Plc. | 29600399 |
|  |  | 113263266 |
|  | Total Ireland | 188163259 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 8 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (continued) |  |
|  | Japan (18.9%) |  |
|  | Consumer Discretionary |  |
| 580167 | Sony Group Corp. | $16247758 |
| 2698600 | Suzuki Motor Corp. | 40306764 |
|  |  | 56554522 |
|  | Health Care |  |
| 720500 | Eisai Co., Ltd. | 21447380 |
| 281963 | Hoya Corp. | 45734840 |
|  |  | 67182220 |
|  | Industrials |  |
| 1092135 | Komatsu, Ltd. | 36496910 |
| 656300 | Recruit Holdings Co., Ltd. | 32847569 |
|  |  | 69344479 |
|  | Information Technology |  |
| 478683 | Advantest Corp. | 71654946 |
| 205408 | Keyence Corp. | 76246205 |
| 885885 | Nomura Research Institute, Ltd. | 34719783 |
| 1794870 | Obic Co., Ltd. | 55688866 |
| 243590 | Tokyo Electron, Ltd. | 54071764 |
|  |  | 292381564 |
|  | Total Japan | 485462785 |
|  | Jersey (1.2%) |  |
|  | Industrials |  |
| 665618 | Experian, Plc. | 31017730 |
|  | Total Jersey | 31017730 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (continued) |  |
|  | Netherlands (8.3%) |  |
|  | Communication Services |  |
| 1650150 | Universal Music Group NV | $44332258 |
|  | Consumer Discretionary |  |
| 341111 | Prosus NV<sup>1</sup> | 23595506 |
|  | Financials |  |
| 10845 | Adyen NV<sup>1,2</sup> | 18630641 |
|  | Information Technology |  |
| 81994 | ASML Holding NV | 86947750 |
| 1552457 | STMicroelectronics NV | 38055607 |
|  |  | 125003357 |
|  | Total Netherlands | 211561762 |
|  | Norway (1.3%) |  |
|  | Financials |  |
| 1344095 | DNB Bank ASA | 34390565 |
|  | Total Norway | 34390565 |
|  | South Korea (3.7%) |  |
|  | Financials |  |
| 440555 | KB Financial Group, Inc. | 35801043 |
|  | Information Technology |  |
| 802486 | Samsung Electronics Co., Ltd. | 60247404 |
|  | Total South Korea | 96048447 |
|  | Spain (1.3%) |  |
|  | Communication Services |  |
| 1042436 | Cellnex Telecom S.A.<sup>2</sup> | 32527635 |
|  | Total Spain | 32527635 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 10 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (continued) |  |
|  | Sweden (1.3%) |  |
|  | Information Technology |  |
| 2725113 | Hexagon AB (Class B) | $33476345 |
|  | Total Sweden | 33476345 |
|  | Switzerland (3.4%) |  |
|  | Consumer Discretionary |  |
| 104087 | Cie Financiere Richemont S.A. (Class A) | 20622823 |
|  | Health Care |  |
| 463477 | Alcon AG | 34590248 |
|  | Materials |  |
| 30498 | Amrize, Ltd.<sup>1</sup> | 1572212 |
| 204452 | Holcim AG<sup>1</sup> | 18184309 |
| 63442 | Sika AG | 12439081 |
|  |  | 32195602 |
|  | Total Switzerland | 87408673 |
|  | Taiwan (6.6%) |  |
|  | Information Technology |  |
| 155414 | MediaTek, Inc. | 6587692 |
| 538881 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 161896019 |
|  | Total Taiwan | 168483711 |
|  | United Kingdom (9.7%) |  |
|  | Consumer Discretionary |  |
| 599562 | Compass Group, Plc. | 19833843 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| Shares/<br>Units |  | Value |
|  | Common Stock (continued) |  |
|  | United Kingdom (continued) |  |
|  | Energy |  |
| 1018093 | Shell, Plc. | $38052132 |
|  | Financials |  |
| 519937 | London Stock Exchange Group, Plc. | 64826185 |
|  | Industrials |  |
| 3378556 | BAE Systems, Plc. | 83221537 |
| 213361 | RELX, Plc. | 9434524 |
| 6209486 | Rentokil Initial, Plc. | 34511694 |
|  |  | 127167755 |
|  | Total United Kingdom | 249879915 |
|  | United States (1.0%) |  |
|  | Financials |  |
| 16713 | S&P Global, Inc. | 8142741 |
|  | Health Care |  |
| 11997 | Mettler-Toledo International, Inc.<sup>1</sup> | 16991231 |
|  | Total United States | 25133972 |
|  | Total Common Stock <br>(Cost $1,846,637,329) | **2491867193** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 12 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares/<br>Units |  |  | Value |
|  | Preferred Stock (1.3%) | Preferred Stock (1.3%) |  |
|  | Germany (1.3%) | Germany (1.3%) |  |
|  | Consumer Discretionary | Consumer Discretionary |  |
| 638128 | Dr Ing hc F Porsche AG (Class Preference)<sup>2</sup> | Dr Ing hc F Porsche AG (Class Preference)<sup>2</sup> | $33499874 |
|  | Total Germany | Total Germany | 33499874 |
|  | Total Preferred Stock <br>(Cost $46,903,534) | Total Preferred Stock <br>(Cost $46,903,534) | 33499874 |
|  | Warrants (0.0%) | Warrants (0.0%) |  |
|  | Canada (0.0%) | Canada (0.0%) |  |
| 18143 | Constellation Software, Inc., expires 03/31/2040<sup>1,3</sup> | Constellation Software, Inc., expires 03/31/2040<sup>1,3</sup> | 0 |
|  | Total Canada | Total Canada | 0 |
|  | Total Warrants <br>(Cost $0) | Total Warrants <br>(Cost $0) | 0 |
|  Total Investments (Cost $1,893,540,863)<sup>4</sup> | Total Investments (Cost $1,893,540,863)<sup>4</sup> | 98.5% | $2525367067 |
|  Cash and Other Assets in Excess of Liabilities | Cash and Other Assets in Excess of Liabilities | 1.5% | 38289562 |
|  Net Assets | Net Assets | 100.0% | $2563656629 |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Non-income producing security.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at October 31, 2025 was $124,531,500 or 4.9% of net assets.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security that used significant unobservable inputs to determine fair value, as determined by the Adviser.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;The aggregate cost for federal income tax purposes is $1,909,687,425, the aggregate gross unrealized appreciation is $762,747,320 and the aggregate gross unrealized depreciation is $147,067,678, resulting in net unrealized appreciation of $615,679,642.

The Fund's country diversification is based on the respective security's country of incorporation.

Abbreviation:

ADR – American Depositary Receipt.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

------

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Fair Value Measurements

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

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 14 </u>

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 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, which include applying international fair value factors provided by approved pricing vendors. 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 accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

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BBH Partner Fund - International Equity<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted <br>Quoted <br>Prices in <br>Active Markets <br>for Identical <br>Investments <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant<br>Unobservable<br>Inputs <br>(Level 3) | Balance as of <br>October 31, <br>2025 |
|  Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $2371286 | $— | $2371286 |
| &nbsp;&nbsp;&nbsp; Canada | 152611634 |  |  | 152611634 |
| &nbsp;&nbsp;&nbsp; Denmark |  | 93188197 |  | 93188197 |
| &nbsp;&nbsp;&nbsp; France |  | 347657455 |  | 347657455 |
| &nbsp;&nbsp;&nbsp; Germany |  | 183470006 |  | 183470006 |
| &nbsp;&nbsp;&nbsp; India | 69013816 |  |  | 69013816 |
| &nbsp;&nbsp;&nbsp; Ireland | 158562860 | 29600399 |  | 188163259 |
| &nbsp;&nbsp;&nbsp; Japan |  | 485462785 |  | 485462785 |
| &nbsp;&nbsp;&nbsp; Jersey |  | 31017730 |  | 31017730 |
| &nbsp;&nbsp;&nbsp; Netherlands |  | 211561762 |  | 211561762 |
| &nbsp;&nbsp;&nbsp; Norway |  | 34390565 |  | 34390565 |
| &nbsp;&nbsp;&nbsp; South Korea |  | 96048447 |  | 96048447 |
| &nbsp;&nbsp;&nbsp; Spain |  | 32527635 |  | 32527635 |
| &nbsp;&nbsp;&nbsp; Sweden |  | 33476345 |  | 33476345 |
| &nbsp;&nbsp;&nbsp; Switzerland |  | 87408673 |  | 87408673 |
| &nbsp;&nbsp;&nbsp; Taiwan | 161896019 | 6587692 |  | 168483711 |
| &nbsp;&nbsp;&nbsp; United Kingdom |  | 249879915 |  | 249879915 |
| &nbsp;&nbsp;&nbsp; United States | 25133972 |  |  | 25133972 |
|  Preferred Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Germany |  | 33499874 |  | 33499874 |
|  Warrants: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Canada |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp; Total Investments, at value | $567218301 | $1958148766 | $0 | $2525367067 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 16 </u>

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Bbh Partner Fund - International Equity<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $1,893,540,863) | $2525367067 |
| &nbsp;&nbsp;&nbsp; Cash | 24835190 |
| &nbsp;&nbsp;&nbsp; Foreign currency at value (Cost $119,739) | 119600 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 13042520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 6876734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 600300 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2570841442 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3850051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 2519611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 590937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 111036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 97114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 3906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 8682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 7184813 |
|  Net Assets | $2563656629 |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1904516752 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 659139877 |
|  Net Assets | $2563656629 |
|  Net Asset Value and Offering Price per Share |  |
|  Class I Shares |  |
| &nbsp;&nbsp;&nbsp; ($2,563,656,629 ÷ 123,691,385 shares outstanding) | $20.73 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

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Bbh Partner Fund - International Equity<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
|  Net Investment Income: |  |
| &nbsp;&nbsp;&nbsp; Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $4,438,336) | $38433807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 5600147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 44034909 |
| &nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 14211110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 475917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 115244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 97492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 43506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 94720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 15037989 |
| &nbsp;&nbsp;&nbsp; Net Investment Income | 28996920 |
|  Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities | 240213245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign exchange translations | (145302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities and foreign exchange translations | 240067943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 235765168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on foreign currency translations | 191732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations | 235956900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain | 476024843 |
|  Net Increase in Net Assets Resulting from Operations | $505021763 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 18 </u>

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Bbh Partner Fund - International Equity<br> Statements of Changes in Net Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | |
|:---|:---|:---|
|  | For the years ended <br>October 31, | For the years ended <br>October 31, |
|  | 2025 | 2024 |
|  Increase/(Decrease) in Net Assets from: |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $28996920 | $21257410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities and foreign exchange translations | 240067943 | 171855417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations | 235956900 | 320461946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 505021763 | 513574773 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (20331677) | (18885138) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 228947730 | 169874531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions | 530285 | 495649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (333865185) | (338928552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from share transactions | (104387170) | (168558372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 380302916 | 326131263 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 2183353713 | 1857222450 |
| &nbsp;&nbsp;&nbsp; End of year | $2563656629 | $2183353713 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

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Bbh Partner Fund - International Equity<br> Financial Highlights<br>Selected per share data and ratios for a Class I share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $16.92 | $13.28 | $12.68 | $21.10 | $17.73 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.23 | 0.16 | 0.12 | 0.07 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 3.74 | 3.62 | 0.55 | (6.14) | 3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 3.97 | 3.78 | 0.67 | (6.07) | 3.93 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.14) | (0.07) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (2.22) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.16) | (0.14) | (0.07) | (2.35) | (0.56) |
|  Net asset value, end of year | $20.73 | $16.92 | $13.28 | $12.68 | $21.10 |
|  Total return<sup>2</sup> | 23.66% | 28.56% | 5.24% | (31.91)% | 22.38% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $2564 | $2183 | $1857 | $2050 | $2718 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.63% | 0.63% | 0.64% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.22% | 0.99% | 0.85% | 0.45% | 0.65% |
|  Portfolio turnover rate | 62% | 54% | 65% | 52% | 86% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 20 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements<br> October 31, 2025<br>

**1. Organization.** The Fund is a separate, diversified series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. As of October 31, 2025, there were seven series of the Trust. The Fund commenced operations on June 6, 1997 and currently offers one class, Class I. The investment objective of the Fund is to provide investors with long-term maximization of total return, primarily through capital appreciation. Under normal circumstances, at least 80% of the net assets of the Fund, plus any borrowings for investment purposes, are invested in equity securities of companies in the developed and emerging markets of the world, excluding the United States.

**2. Significant Accounting Policies.** The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments*.** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund's net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("SID" or "Investment Adviser") in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61<sup>st</sup> day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent fair value. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income*.** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received at ex-date. Distributions received on securities that represent a return of capital are recorded as a reduction of cost of investments. Distributions received on securities that represent a capital gain are recorded as a realized gain. Interest income is accrued daily. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses*.** Most expenses of the Trust can be directly attributed to a specific fund. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust on a net assets basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

<u>© Brown Brothers Harriman </u>   <u> 22 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***D. Forward Foreign Currency Exchange Contracts*.** The Fund may enter into forward foreign currency exchange contracts ("Contracts") in connection with planned purchases or sales of securities to economically hedge the U.S. dollar value of securities denominated in a particular currency, or to increase or shift its exposure to a currency other than U.S. dollars. The Fund has no specific limitation on the percentage of assets which may be committed to these types of Contracts. The Fund could be exposed to risks if the counterparties to the Contracts are unable to meet the terms of their Contracts or if the value of the foreign currency changes unfavorably. The U.S. dollar values of foreign currency underlying all contractual commitments held by the Fund are determined using forward foreign currency exchange rates supplied by a quotation service. During the year ended October 31, 2025, the Fund had no open contracts.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Foreign Currency Translations*.** The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Upon the purchase or sale of a security denominated in foreign currency, the Fund may enter into forward foreign currency exchange contracts for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of foreign currency involved in the underlying security transaction. Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on foreign denominated securities is reflected in the net realized and unrealized gain or loss on investments in securities and foreign exchange transactions and translations and net change in unrealized appreciation or depreciation on investments in securities and foreign currency translations within the Statement of Operations. Net unrealized appreciation or depreciation on foreign currency translations arise from changes in the value of the assets and liabilities, excluding investments in securities, at year end, resulting from changes in the exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Rule 144A Securities*.** The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended ("1933 Act") but that can be sold to "qualified institutional buyers" in accordance with

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

the requirements stated in Rule 144A under the 1933 Act ("Rule 144A Securities"). A Rule 144A Security may be considered illiquid, under SEC Regulations for open-end investment companies, and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Rule 144A Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Rule 144A Securities and all investments in Rule 144A Securities will be carefully monitored. Information regarding Rule 144A Securities is included at the end of the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Federal Income Taxes*.** The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities and as an expense in the Statement of Operations.

It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets

<u>© Brown Brothers Harriman </u>   <u> 24 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;***H. Dividends and Distributions to Shareholders*.** Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $20,331,677 and $18,885,138 to Class I shareholders during the years ended October 31, 2025 and October 31, 2024, respectively.

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** |
|  | **Ordinary income** | **Net long-term capital gain** | **Total taxable distributions** | **Tax return <br>of capital** | **Total distributions paid** |
|  2025: | $20331677 | $— | $20331677 | $— | $20331677 |
|  2024: | 18885138 |  | 18885138 |  | 18885138 |

---

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): |
|  | Undistributed<br>ordinary<br>income | Undistributed<br>long-term<br>capital gain | Accumulated<br>capital and<br>other losses | Other<br>book/tax<br>temporary<br>differences | Unrealized<br>appreciation/<br>(depreciation) | Total <br>retained<br>earnings/<br>(accumulated<br>deficit) |
|  2025: | $28843282 | $14595889 | $— | $(16146562) | $631847268 | $659139877 |
|  2024: | 20323342 |  | (233040893) | (7837720) | 395890368 | 175335097 |

---

The Fund did not have a net capital loss carryforward as of October 31, 2025.

The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales.

To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.

&nbsp;&nbsp;&nbsp;&nbsp;***I.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting*.** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment

<u>© Brown Brothers Harriman </u>   <u> 26 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***J. Use of Estimates*.** The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

**3. Fees and Other Transactions with Affiliates.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees*.** Under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, the Investment Adviser provides investment advisory, portfolio management and administrative services to the Fund. The Fund's investment advisory and administrative services fee is calculated daily and paid monthly at an annual rate equivalent to 0.60% per annum on the first $3 billion of average daily net assets and 0.55% per annum on all average daily net assets over $3 billion. BBH employs a "manager-of-managers" investment approach, whereby it allocates the Fund's assets to the Fund's Sub-Advisers, currently Select Equity Group, L.P. ("Select Equity Group") and Trinity Street Asset Management (together the "Sub-Advisers"). The Sub-Advisers are responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-Advisers and evaluates their performance results. The Investment Adviser pays each Sub-Adviser from its investment advisory and administrative fee an amount that in the aggregate equals the Fund's investment advisory and administration fee based upon the percentage of net assets that each Sub-Adviser manages. For the year ended October 31, 2025, the Fund incurred $14,211,110 under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Custody and Fund Accounting Fees*.** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $475,917 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2025 was $2,195. This amount is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $5,004,231 and $595,916, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Board of Trustees' Fees*.** Each Trustee who is not an "interested person" as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $115,244 in Independent Trustee compensation and expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Officers of the Trust*.** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

**4. Investment Transactions.** For the year ended October 31, 2025, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $1,432,530,875 and $1,398,124,908, respectively.

<u>© Brown Brothers Harriman </u>   <u> 28 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

**5. Shares of Beneficial Interest.** The Trust is permitted to issue an unlimited number of Class I shares of beneficial interest, at no par value. Transactions in Class I shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>October 31, 2025** | **For the year ended <br>October 31, 2025** | **For the year ended <br>October 31, 2024** | **For the year ended <br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class I** |  |  |  |  |
|  Shares sold | 12518552 | $228947730 | 10367492 | $169874531 |
|  Shares issued in connection with reinvestments of dividends | 31083 | 530285 | 32587 | 495649 |
|  Shares redeemed | (17884170) | (333865185) | (21234686) | (338928552) |
|  Net decrease | (5334535) | $(104387170) | (10834607) | $(168558372) |

---

**6. Principal Risk Factors and Indemnifications.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors*.** Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including, but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Sub-Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company's or issuer's individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). The Fund may, from time to time, invest in a limited number of issuers. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund's volatility and may lead to greater losses (limited portfolio holdings risk). There are certain risks associated with non-U.S. securities, including, but not limited to, recovery of tax withheld

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

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BBH Partner Fund - International Equity<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

by foreign jurisdictions (Non-U.S. investment risk), capital controls imposed by foreign governments in response to economic or political events that may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency (capital controls risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). Non-U.S. currencies invested in by the Fund may depreciate against the U.S. dollar (currency exchange rate risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (large shareholder risk). Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund's large cap securities are out of favor (large cap company risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications*.** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

**7. Recent Pronouncements.** In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**8. Subsequent Events.** Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.

<u>© Brown Brothers Harriman </u>   <u> 30 </u>

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BBH Partner Fund - International Equity<br> Conflicts of Interest<br> October 31, 2025 (unaudited)<br>

Description of Potential Material Conflicts of Interest – Investment Adviser

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

**Other Clients and Allocation of Investment Opportunities.** BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser,

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 31 </u>

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BBH Partner Fund - International Equity<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

**Affiliated Service Providers.** Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have

<u>© Brown Brothers Harriman </u>   <u> 32 </u>

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BBH Partner Fund - International Equity<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

**Aggregation.** Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Funds, may seek to buy from or sell securities to another fund or account advised by BBH, the Investment Adviser. Subject to applicable law and regulation, BBH&Co., the Investment Adviser may (but is not required to) effect purchases and sales between BBH&Co., the Investment Adviser clients ("cross trades"), including the Funds, if BBH&Co., the Investment Adviser or a Fund's Sub-adviser believes such transactions are appropriate based on each party's investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser's decision to engage in these transactions for the Funds. BBH&Co., the Investment Adviser and/or a Fund's Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

**Soft Dollars.** The Investment Adviser may direct brokerage transactions and/or payment of a portion of client commissions ("soft dollars") to specific brokers or dealers or other providers to pay for research or other appropriate services which provide, in the Investment Adviser's view, appropriate assistance in the investment decision-making process (including with respect to futures, fixed price offerings

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 33 </u>

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BBH Partner Fund - International Equity<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

and over-the-counter transactions). The use of a broker that provides research and securities transaction services may result in a higher commission than that offered by a broker who does not provide such services. The Investment Adviser will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.

Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the Investment Adviser, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH&Co. may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a particular broker-dealer. To the extent that a Sub-adviser receives research on this basis, many of the same conflicts related to traditional soft dollars may exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing, and settlement services provided by the broker-dealer and will not be paid by the Sub-adviser.

Arrangements regarding compensation and delegation of responsibility may create conflicts relating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio trades, administration of investment advice and valuation of securities.

**Investments in BBH Funds.** From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance.

<u>© Brown Brothers Harriman </u>   <u> 34 </u>

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BBH Partner Fund - International Equity<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

**Referral Arrangements.** BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

**Personal Trading.** BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policy and procedures are intended to prevent

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 35 </u>

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BBH Partner Fund - International Equity<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

**Gifts and Entertainment.** From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u>© Brown Brothers Harriman </u>   <u> 36 </u>

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BBH Partner Fund - International Equity<br> Additional Federal Tax Information<br> October 31, 2025 (unaudited)<br>

Under Section 854(b)(2) of the Internal Revenue Code (the "Code"), the Fund designates up to a maximum of $20,331,677 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended October 31, 2025. In January 2026, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2025. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns. The amounts which represent income derived from sources within, and taxes paid to foreign counties or possessions of the United States are as follows:

---

| | |
|:---|:---|
| Foreign <br>Source Income | Foreign <br>Taxes Paid |
| $41636357 | $4438336 |

---

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 37 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN <br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com<br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** |
| <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

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Annual Financial<br>Statements<br> October 31, 2025<br> **BBH Limited Duration Fund**<br>

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BBH Limited Duration Fund<br> Report of Independent Registered Public Accounting Firm<br>

To the Shareholders of BBH Limited Duration Fund and the Board of Trustees of BBH Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Limited Duration Fund (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 2 </u>

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BBH Limited Duration Fund<br> Report of Independent Registered Public Accounting Firm (continued)<br>

and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH Limited Duration Fund<br> Portfolio Allocation<br>October 31, 2025<br>

Breakdown by Security Type

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of <br>Net Assets |
|  Asset Backed Securities | $2265780542 | 22.3% |
|  Commercial Mortgage Backed Securities | 426632435 | 4.2 |
|  Corporate Bonds | 5220080588 | 51.4 |
|  Loan Participations and Assignments | 693041373 | 6.8 |
|  Municipal Bonds | 31222778 | 0.3 |
|  Residential Mortgage Backed Securities | 4890239 | 0.0 |
|  U.S. Government Agency Obligations | 101348809 | 1.0 |
|  U.S. Treasury Bills | 1303727828 | 12.8 |
|  U.S. Treasury Bonds and Notes | 24035719 | 0.3 |
|  Cash and Other Assets in Excess of Liabilities | 89781873 | 0.9 |
|  Net Assets | $10160542184 | 100.0% |

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All data as of October 31, 2025. The BBH Limited Duration Fund's (the "Fund") breakdown by security type is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (22.3%) |  |  |  |
|  $ | 15160000 | AGL CLO 13, Ltd. 2021-13A (3-Month CME Term SOFR + 1.100%) (Cayman Islands)<sup>1,2</sup> | 10/20/34 | 4.984% | $15156087 |
|  | 5310922 | AIM Aviation Finance, Ltd. 2015-1A (China)<sup>1</sup> | 02/15/40 | 6.213 | 5098591 |
|  | 7555000 | Aligned Data Centers Issuer LLC 2023-1A<sup>1</sup> | 08/17/48 | 6.000 | 7627914 |
|  | 2626605 | Amur Equipment Finance Receivables XII LLC 2023-1A<sup>1</sup> | 12/20/29 | 6.090 | 2649921 |
|  | 11683484 | Amur Equipment Finance Receivables XIII LLC 2024-1A<sup>1</sup> | 01/21/31 | 5.380 | 11809550 |
|  | 14910993 | Amur Equipment Finance Receivables XIV LLC 2024-2A<sup>1</sup> | 07/21/31 | 5.190 | 15073065 |
|  | 11250000 | Amur Equipment Finance Receivables XV LLC 2025-1A<sup>1</sup> | 09/22/31 | 4.700 | 11348191 |
|  | 3511491 | ARI Fleet Lease Trust 2023-B<sup>1</sup> | 07/15/32 | 6.050 | 3538951 |
|  | 11330000 | ARI Fleet Lease Trust 2025-B<sup>1</sup> | 03/15/34 | 4.590 | 11384162 |
|  | 11422622 | AutoNation Finance Trust 2025-1A<sup>1</sup> | 04/10/28 | 4.720 | 11445469 |
|  | 11930000 | Avis Budget Rental Car Funding AESOP LLC 2023-3A<sup>1</sup> | 02/22/28 | 5.440 | 12075195 |
|  | 9500000 | Avis Budget Rental Car Funding AESOP LLC 2023-7A<sup>1</sup> | 08/21/28 | 5.900 | 9738232 |
|  | 8764320 | Barings Equipment Finance LLC 2025-A<sup>1</sup> | 10/13/28 | 4.640 | 8804380 |
|  | 31200125 | BHG Owner Loan Trust Series 2025-1CON<sup>1</sup> | 08/18/36 | 5.000 | 31520987 |
|  | 1770068 | BHG Securitization Trust 2023-A<sup>1</sup> | 04/17/36 | 5.550 | 1772257 |

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The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 3033685 | BHG Securitization Trust 2023-B<sup>1</sup> | 12/17/36 | 6.920% | $3173509 |
|  | 3654719 | BHG Securitization Trust 2024-1CON<sup>1</sup> | 04/17/35 | 5.810 | 3726714 |
|  | 23038910 | BHG Securitization Trust 2025-2CON<sup>1</sup> | 09/17/36 | 4.840 | 23198194 |
|  | 12291095 | BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)<sup>1,2</sup> | 06/15/34 | 5.888 | 12296849 |
|  | 5266128 | Business Jet Securities LLC 2022-1A<sup>1</sup> | 06/15/37 | 4.455 | 5221519 |
|  | 29741930 | California Street CLO IX LP 2012-9A (3-Month CME Term SOFR + 1.362%) (Cayman Islands)<sup>1,2</sup> | 07/16/32 | 5.255 | 29747878 |
|  | 10678533 | Capital Automotive REIT 2024-2A<sup>1</sup> | 05/15/54 | 4.900 | 10646787 |
|  | 30000000 | Carlyle Global Market Strategies CLO, Ltd. 2016-1A (3-Month CME Term SOFR + 1.090%) (Cayman Islands)<sup>1,2</sup> | 04/20/34 | 4.974 | 29987007 |
|  | 32520000 | Carlyle US CLO, Ltd. 2019-2A (3-Month CME Term SOFR + 1.360%) (Cayman Islands)<sup>1,2</sup> | 10/15/37 | 5.265 | 32617560 |
|  | 20690000 | Carmax Auto Owner Trust 2025-2 | 07/17/28 | 4.590 | 20737175 |
|  | 21040000 | Carmax Auto Owner Trust 2025-4 | 12/16/30 | 3.970 | 20975752 |
|  | 18780000 | Carmax Select Receivables Trust 2025-B | 03/15/29 | 4.190 | 18757997 |
|  | 9703498 | CARS-DB7 LP 2023-1A<sup>1</sup> | 09/15/53 | 5.750 | 9767223 |
|  | 3175828 | CCG Receivables Trust 2023-2<sup>1</sup> | 04/14/32 | 6.280 | 3211489 |

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The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 6 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 17012066 | CCG Receivables Trust 2024-1<sup>1</sup> | 03/15/32 | 4.990% | $17143897 |
|  | 20650000 | CCG Receivables Trust 2025-1<sup>1</sup> | 10/14/32 | 4.480 | 20720167 |
|  | 25780000 | CCG Receivables Trust 2025-2<sup>1</sup> | 08/15/34 | 4.140 | 25763501 |
|  | 22757770 | CF Hippolyta Issuer LLC 2020-1<sup>1</sup> | 07/15/60 | 1.690 | 19466018 |
|  | 4452044 | Chesapeake Funding II LLC 2023-1A<sup>1</sup> | 05/15/35 | 5.650 | 4476760 |
|  | 3829081 | Chesapeake Funding II LLC 2023-2A<sup>1</sup> | 10/15/35 | 6.160 | 3878381 |
|  | 6470000 | Credit Acceptance Auto Loan Trust 2023-1A<sup>1</sup> | 07/15/33 | 7.710 | 6607124 |
|  | 18320000 | Credit Acceptance Auto Loan Trust 2024-2A<sup>1</sup> | 06/15/34 | 5.950 | 18617891 |
|  | 17680000 | Credit Acceptance Auto Loan Trust 2024-3A<sup>1</sup> | 09/15/34 | 4.680 | 17750690 |
|  | 17180000 | Credit Acceptance Auto Loan Trust 2025-1A<sup>1</sup> | 03/15/35 | 5.020 | 17354827 |
|  | 5033864 | Daimler Trucks Retail Trust 2023-1 | 03/15/27 | 5.900 | 5060902 |
|  | 11100000 | Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.700%)<sup>1,2</sup> | 01/15/37 | 5.605 | 11121583 |
|  | 8190000 | Dell Equipment Finance Trust 2025-1<sup>1</sup> | 07/22/27 | 4.680 | 8218760 |
|  | 20650000 | Drive Auto Receivables Trust 2025-2 | 09/15/32 | 4.140 | 20607853 |
|  | 1697661 | ECAF I, Ltd. 2015-1A (Ireland)<sup>1</sup> | 06/15/40 | 3.473 | 1494023 |
|  | 1310142 | Elm Trust 2020-3A<sup>1</sup> | 08/20/29 | 2.954 | 1308202 |
|  | 1705389 | Enterprise Fleet Financing LLC 2022-4<sup>1</sup> | 10/22/29 | 5.760 | 1713466 |
|  | 5251805 | Enterprise Fleet Financing LLC 2023-3<sup>1</sup> | 03/20/30 | 6.400 | 5321969 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 18000000 | Enterprise Fleet Financing LLC 2025-2<sup>1</sup> | 02/22/28 | 4.510% | $18062005 |
|  | 9600000 | Enterprise Fleet Financing LLC 2025-3<sup>1</sup> | 04/20/28 | 4.500 | 9632938 |
|  | 13000000 | Exeter Automobile Receivables Trust 2025-1A | 08/15/28 | 4.670 | 13018688 |
|  | 10230000 | Exeter Automobile Receivables Trust 2025-1A | 08/15/29 | 4.910 | 10286934 |
|  | 13560000 | Exeter Automobile Receivables Trust 2025-3A | 07/16/29 | 4.780 | 13642911 |
|  | 10033288 | FCI Funding LLC 2024-1A<sup>1</sup> | 08/15/36 | 5.440 | 10035915 |
|  | 50300000 | Flexential Issuer 2021-1A<sup>1</sup> | 11/27/51 | 3.250 | 50050819 |
|  | 4717151 | FNA LLC 2019-1<sup>1,2,3,4</sup> | 12/10/31 | 3.000 | 4714320 |
|  | 25940000 | Ford Credit Floorplan Master Owner Trust A 2023-1<sup>1</sup> | 05/15/28 | 4.920 | 26031187 |
|  | 30550000 | Ford Credit Floorplan Master Owner Trust A 2024-3<sup>1</sup> | 09/15/29 | 4.300 | 30672334 |
|  | 20530000 | Ford Credit Floorplan Master Owner Trust A 2025-1 | 04/15/30 | 4.630 | 20803548 |
|  | 4628529 | Foursight Capital Automobile Receivables Trust 2024-1<sup>1</sup> | 01/16/29 | 5.490 | 4643649 |
|  | 12666100 | Global SC Finance VII Srl 2020-1A (Barbados)<sup>1</sup> | 10/17/40 | 2.170 | 12067183 |
|  | 13249169 | Global SC Finance VII Srl 2020-2A (Barbados)<sup>1</sup> | 11/19/40 | 2.260 | 12654816 |
|  | 8683648 | GLS Auto Select Receivables Trust 2025-1A<sup>1</sup> | 04/15/30 | 4.710 | 8732366 |
|  | 15000000 | GLS Auto Select Receivables Trust 2025-3A<sup>1</sup> | 10/15/30 | 4.460 | 15059118 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 8 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 8849054 | GM Financial Consumer Automobile Receivables Trust 2025-2 | 02/16/28 | 4.400% | $8862898 |
|  | 10900000 | GM Financial Revolving Receivables Trust 2023-2<sup>1</sup> | 08/11/36 | 5.770 | 11426251 |
|  | 28000000 | GMF Floorplan Owner Revolving Trust 2025-2A<sup>1</sup> | 03/15/30 | 4.640 | 28330109 |
|  | 50000000 | Goldentree Loan Management US CLO 6, Ltd. 2019-6A (3-Month CME Term SOFR + 0.970%) (Cayman Islands)<sup>1,2</sup> | 04/20/35 | 4.854 | 49941870 |
|  | 38993340 | Golub Capital Partners ABS Funding, Ltd. 2021-2A<sup>1</sup> | 10/19/29 | 2.944 | 38163765 |
|  | 20210000 | Hertz Vehicle Financing III LLC 2025-1A<sup>1</sup> | 09/25/29 | 4.910 | 20389449 |
|  | 24730000 | Honda Auto Receivables Owner Trust 2025-2 | 01/18/28 | 4.300 | 24750439 |
|  | 9275000 | Kubota Credit Owner Trust 2024-1A<sup>1</sup> | 07/17/28 | 5.190 | 9386576 |
|  | 35215000 | Lendmark Funding Trust 2025-1A<sup>1</sup> | 09/20/34 | 4.940 | 35587057 |
|  | 38520000 | Madison Park Funding LXIII, Ltd. 2023-63A (3-Month CME Term SOFR + 1.400%) (Cayman Islands)<sup>1,2</sup> | 07/21/38 | 5.270 | 38719961 |
|  | 50000000 | Madison Park Funding XLIX, Ltd. 2021-49A (3-Month CME Term SOFR + 1.050%) (Cayman Islands)<sup>1,2</sup> | 10/19/34 | 4.934 | 49964375 |
|  | 14700000 | Mariner Finance Issuance Trust 2025-AA<sup>1</sup> | 05/20/38 | 4.980 | 14821998 |
|  | 16140000 | Mariner Finance Issuance Trust 2025-BA<sup>1</sup> | 11/22/38 | 4.590 | 16157439 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 32121236 | Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup> | 04/30/32 | 4.050% | $31535159 |
|  | 11780000 | Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.670%)<sup>1,2</sup> | 08/20/37 | 5.984 | 11799648 |
|  | 21720000 | Monroe Capital MML CLO XV LLC 2023-1A (3-Month CME Term SOFR + 1.270%)<sup>1,2</sup> | 09/23/35 | 5.130 | 21720000 |
|  | 10242000 | Navistar Financial Dealer Note Master Owner Trust 2024-1<sup>1</sup> | 04/25/29 | 5.590 | 10304416 |
|  | 52000000 | Neuberger Berman Loan Advisers CLO 38, Ltd. 2020-38A (3-Month CME Term SOFR + 0.960%) (Cayman Islands)<sup>1,2</sup> | 10/20/36 | 4.844 | 51950839 |
|  | 13580000 | Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3-Month CME Term SOFR + 1.230%) (Cayman Islands)<sup>1,2</sup> | 10/16/37 | 5.330 | 13579935 |
|  | 24520000 | NextGear Floorplan Master Owner Trust 2024-1A<sup>1</sup> | 03/15/29 | 5.120 | 24832297 |
|  | 27500000 | NextGear Floorplan Master Owner Trust 2024-2A<sup>1</sup> | 09/15/29 | 4.420 | 27657196 |
|  | 33840000 | NextGear Floorplan Master Owner Trust 2025-2A<sup>1</sup> | 10/15/30 | 4.230 | 33807652 |
|  | 4461743 | Nissan Auto Receivables Owner Trust 2023-B | 03/15/28 | 5.930 | 4494372 |
|  | 3696689 | NMEF Funding LLC 2023-A<sup>1</sup> | 06/17/30 | 6.570 | 3719045 |
|  | 9685131 | NMEF Funding LLC 2025-A<sup>1</sup> | 07/15/32 | 4.720 | 9692869 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 10 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 22593319 | Northwoods Capital XVIII, Ltd. 2019-18A (3-Month CME Term SOFR + 1.362%) (Cayman Islands)<sup>1,2</sup> | 05/20/32 | 5.565% | $22597106 |
|  | 33880000 | Octagon 57, Ltd. 2021-1A (3-Month CME Term SOFR + 1.070%) (Cayman Islands)<sup>1,2</sup> | 10/15/34 | 4.962 | 33863060 |
|  | 48100000 | Octagon Investment Partners 41, Ltd. 2019-2A (3-Month CME Term SOFR + 1.090%) (Cayman Islands)<sup>1,2</sup> | 10/15/33 | 4.995 | 48075897 |
|  | 32100000 | OnDeck Asset Securitization IV LLC 2025-1A<sup>1</sup> | 04/19/32 | 5.080 | 32179499 |
|  | 14337000 | OnDeck Asset Securitization Trust IV LLC 2023-1A<sup>1</sup> | 08/19/30 | 7.000 | 14503126 |
|  | 19615000 | OnDeck Asset Securitization Trust IV LLC 2024-1A<sup>1</sup> | 06/17/31 | 6.270 | 19716765 |
|  | 13920000 | OnDeck Asset Securitization Trust IV LLC 2024-2A<sup>1</sup> | 10/17/31 | 4.980 | 13951181 |
|  | 25010000 | Onemain Financial Issuance Trust 2025-1A<sup>1</sup> | 07/14/38 | 4.820 | 25246310 |
|  | 5237983 | OneMain Financial Issuance Trust 2022-3A<sup>1</sup> | 05/15/34 | 5.940 | 5266726 |
|  | 16380000 | OneMain Financial Issuance Trust 2023-2A<sup>1</sup> | 09/15/36 | 5.840 | 16714108 |
|  | 7720743 | OneMain Financial Issuance Trust 2022-S1<sup>1</sup> | 05/14/35 | 4.130 | 7713441 |
|  | 23053789 | Oportun Issuance Trust 2021-C<sup>1</sup> | 10/08/31 | 2.180 | 22615287 |
|  | 1748941 | Oportun Issuance Trust 2024-2<sup>1</sup> | 02/09/32 | 5.860 | 1750117 |
|  | 33240000 | Oportun Issuance Trust 2025-B<sup>1</sup> | 05/09/33 | 4.880 | 33281061 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 48380000 | Oportun Issuance Trust 2025-C<sup>1</sup> | 07/08/33 | 4.490% | $48305601 |
|  | 31980000 | Oportun Issuance Trust 2025-D<sup>1</sup> | 02/08/33 | 4.530 | 31930108 |
|  | 14059443 | Oxford Finance Funding LLC 2022-1A<sup>1</sup> | 02/15/30 | 3.602 | 13607572 |
|  | 13240000 | Oxford Finance Funding Trust LLC 2025-1A<sup>1</sup> | 02/15/35 | 5.413 | 13240000 |
|  | 9810000 | PFS Financing Corp. 2023-A<sup>1</sup> | 03/15/28 | 5.800 | 9865223 |
|  | 14090000 | PFS Financing Corp. 2025-A (30-Day SOFR + 0.650%)<sup>1,2</sup> | 01/15/29 | 4.884 | 14114928 |
|  | 12690000 | PFS Financing Corp. 2025-B<sup>1</sup> | 02/15/30 | 4.850 | 12864390 |
|  | 23860000 | PFS Financing Corp. 2025-D<sup>1</sup> | 05/15/30 | 4.470 | 24036094 |
|  | 31020000 | Purchasing Power Funding LLC 2024-A<sup>1</sup> | 08/15/28 | 5.890 | 31132047 |
|  | 30830000 | Regional Management Issuance Trust 2025-1<sup>1</sup> | 04/17/34 | 4.990 | 30999204 |
|  | 1648717 | Republic Finance Issuance Trust 2021-A<sup>1</sup> | 12/22/31 | 2.300 | 1646601 |
|  | 21950000 | Republic Finance Issuance Trust 2024-B<sup>1</sup> | 11/20/37 | 5.420 | 22327869 |
|  | 36780000 | Republic Finance Issuance Trust 2025-A<sup>1</sup> | 11/20/34 | 4.590 | 36625347 |
|  | 23320000 | Retained Vantage Data Centers Issuer LLC 2023-1A<sup>1</sup> | 09/15/48 | 5.000 | 23327987 |
|  | 26350000 | Santander Drive Auto Receivables Trust <br>2025-2 | 08/15/29 | 4.670 | 26487587 |
|  | 6199690 | Shenton Aircraft Investment I, Ltd. 2015-1A (Cayman Islands)<sup>1</sup> | 10/15/42 | 4.750 | 6004896 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 12 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Asset Backed Securities (continued) |  |  |  |
|  $ | 24210000 | Sotheby's Artfi Master Trust 2024-1A<sup>1</sup> | 12/22/31 | 6.430% | $24338221 |
|  | 12345000 | T-Mobile US Trust 2024-1A<sup>1</sup> | 09/20/29 | 5.050 | 12437628 |
|  | 14240000 | Toyota Lease Owner Trust 2025-A<sup>1</sup> | 02/22/28 | 4.750 | 14363660 |
|  | 12920000 | Vantage Data Centers Issuer LLC 2023-1A<sup>1</sup> | 03/16/48 | 6.316 | 12986596 |
|  | 17610000 | Verizon Master Trust 2025-3 | 03/20/30 | 4.510 | 17734059 |
|  | 776041 | VFI ABS LLC 2023-1A<sup>1</sup> | 03/26/29 | 7.270 | 779256 |
|  | 7040000 | Westlake Automobile Receivables Trust 2023-4A<sup>1</sup> | 11/15/28 | 6.640 | 7176175 |
|  | 6783414 | Wheels Fleet Lease Funding 1 LLC 2023-1A<sup>1</sup> | 04/18/38 | 5.800 | 6824650 |
|  | 5604610 | Wheels Fleet Lease Funding 1 LLC 2023-2A<sup>1</sup> | 08/18/38 | 6.460 | 5675376 |
|  | 33980000 | Wheels Fleet Lease Funding 1 LLC 2025-1A<sup>1</sup> | 01/18/40 | 4.570 | 34213449 |
|  | 32195000 | World Financial Network Credit Card Master Note Trust 2024-B | 05/15/31 | 4.620 | 32481870 |
|  | 11295000 | World Financial Network Credit Card Master Trust 2023-A | 03/15/30 | 5.020 | 11341499 |
|  |  | Total Asset Backed Securities (Cost $2,261,750,051) |  |  | 2265780542 |
|  |  | Commercial Mortgage Backed Securities (4.2%) |  |  |  |
|  | 31250000 | Atrium Hotel Portfolio Trust 2025-ATRM (1-Month CME Term SOFR + 1.650%)<sup>1,2</sup> | 08/15/42 | 5.682 | 31317194 |
|  | 21943796 | BB-UBS Trust 2012-TFT<sup>1,2,3</sup> | 06/05/30 | 3.678 | 20791966 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Commercial Mortgage Backed Securities (continued) |  |  |  |
|  $ | 9149260 | BLP Commercial Mortgage Trust 2023-IND (1-Month CME Term SOFR + 1.692%)<sup>1,2</sup> | 03/15/40 | 5.724% | $9152119 |
|  | 18100000 | BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 2.115%)<sup>1,2</sup> | 06/15/27 | 6.147 | 18156563 |
|  | 13551628 | BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)<sup>1,2</sup> | 02/15/39 | 5.045 | 13534785 |
|  | 21220000 | BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.542%)<sup>1,2</sup> | 11/15/41 | 5.575 | 21220000 |
|  | 21806450 | BX Trust 2025-LUNR (1-Month CME Term SOFR + 1.500%)<sup>1,2</sup> | 06/15/40 | 5.532 | 21820079 |
|  | 28200016 | BX Trust 2025-ROIC (1-Month CME Term SOFR + 1.144%)<sup>1,2</sup> | 03/15/30 | 5.176 | 28138328 |
|  | 3234753 | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)<sup>1,2</sup> | 02/15/38 | 5.296 | 3222848 |
|  | 10310181 | BXMT, Ltd. 2021-FL4 (1-Month CME Term SOFR + 1.164%)<sup>1,2</sup> | 05/15/38 | 5.196 | 10219663 |
|  | 22436322 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 3.014%)<sup>1,2</sup> | 11/15/31 | 6.973 | 18084833 |
|  | 18875000 | COMM Mortgage Trust 2025-SBX<sup>1,2,3</sup> | 08/10/41 | 5.432 | 18986610 |
|  | 11715000 | Commercial Mortgage Pass Through Certificate<sup>1,3</sup> | 07/12/28 | 6.891 | 12199189 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 14 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Commercial Mortgage Backed Securities (continued) |  |  |  |
|  $ | 25310000 | DBC Mortgage Trust 2025-DBC (1-Month CME Term SOFR + 1.350%)<sup>1,2</sup> | 06/15/38 | 5.400% | $25341638 |
|  | 20885000 | DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.500%)<sup>1,2</sup> | 03/15/34 | 5.532 | 20924159 |
|  | 23600000 | Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)<sup>1,2</sup> | 05/15/39 | 5.327 | 22833000 |
|  | 4157111 | MHC Commercial Mortgage Trust 2021-MHC (1-Month CME Term SOFR + 0.915%)<sup>1,2</sup> | 04/15/38 | 4.947 | 4155812 |
|  | 16040000 | MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)<sup>1,2</sup> | 03/15/39 | 5.437 | 16050025 |
|  | 14870000 | ORL Trust 2024-GLKS (1-Month CME Term SOFR + 1.493%)<sup>1,2</sup> | 12/15/39 | 5.525 | 14883941 |
|  | 29100000 | SHRN Trust 2025-MF18 (1-Month CME Term SOFR + 1.200%)<sup>1,2</sup> | 10/15/40 | 5.300 | 29100000 |
|  | 46350000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 1.550%)<sup>1,2</sup> | 02/15/39 | 5.582 | 46349731 |
|  | 20000000 | WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)<sup>1,2</sup> | 11/15/27 | 6.821 | 20149952 |
|  |  | Total Commercial Mortgage Backed Securities (Cost $431,472,575) |  |  | 426632435 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (51.4%) |  |  |  |
|  |  | Aerospace/Defense (0.1%) |  |  |  |
|  $ | 11105000 | BAE Systems, Plc. (United Kingdom)<sup>1</sup> | 03/26/27 | 5.000% | $11226554 |
|  |  | Agriculture (0.3%) |  |  |  |
|  | 2420000 | Bunge, Ltd. Finance Corp. | 05/14/31 | 2.750 | 2223096 |
|  | 27600000 | Cargill, Inc.<sup>1</sup> | 02/11/28 | 4.625 | 27984093 |
|  | 2400000 | Cargill, Inc.<sup>1</sup> | 11/10/31 | 2.125 | 2121496 |
|  | 2000000 | Philip Morris International, Inc. | 02/13/29 | 4.875 | 2042106 |
|  |  |  |  |  | 34370791 |
|  |  | Airlines (0.1%) |  |  |  |
|  | 7055000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd. (Multinational)<sup>1</sup> | 10/20/28 | 4.750 | 7103551 |
|  |  | Auto Manufacturers (7.6%) |  |  |  |
|  | 55000 | American Honda Finance Corp. | 10/22/27 | 4.450 | 55375 |
|  | 21515000 | BMW US Capital LLC<sup>1</sup> | 08/13/26 | 4.650 | 21600888 |
|  | 27240000 | BMW US Capital LLC<sup>1</sup> | 03/19/27 | 4.650 | 27464553 |
|  | 20480000 | BMW US Capital LLC<sup>1</sup> | 08/11/27 | 4.150 | 20524734 |
|  | 73945000 | Ford Motor Credit Co. LLC | 11/13/25 | 3.375 | 73915457 |
|  | 43049000 | Ford Motor Credit Co. LLC | 11/05/26 | 5.125 | 43193421 |
|  | 10370000 | General Motors Co. | 04/15/28 | 5.350 | 10619896 |
|  | 60645000 | General Motors Financial Co., Inc. | 01/08/26 | 1.250 | 60291253 |
|  | 23920000 | General Motors Financial Co., Inc. | 04/06/26 | 5.400 | 24025656 |
|  | 2000000 | General Motors Financial Co., Inc. | 06/10/26 | 1.500 | 1967293 |
|  | 9175000 | Hyundai Capital America<sup>1</sup> | 11/03/25 | 6.250 | 9175000 |
|  | 11055000 | Hyundai Capital America<sup>1</sup> | 03/30/26 | 5.500 | 11101895 |
|  | 14835000 | Hyundai Capital America<sup>1</sup> | 06/24/26 | 5.450 | 14940674 |
|  | 13795000 | Hyundai Capital America<sup>1</sup> | 06/26/26 | 5.650 | 13911657 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 16 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Auto Manufacturers (continued) |  |  |  |
|  $ | 11580000 | Hyundai Capital America<sup>1</sup> | 01/08/27 | 5.250% | $11700441 |
|  | 18920000 | Hyundai Capital America<sup>1</sup> | 03/25/27 | 4.850 | 19061798 |
|  | 44615000 | Hyundai Capital America<sup>1</sup> | 06/23/27 | 4.875 | 45021927 |
|  | 2100000 | Hyundai Capital America<sup>1</sup> | 06/24/27 | 5.275 | 2132239 |
|  | 20885000 | Hyundai Capital America<sup>1</sup> | 11/01/27 | 4.875 | 21116483 |
|  | 25455000 | Mercedes-Benz Finance North America LLC<sup>1</sup> | 03/30/26 | 4.800 | 25508617 |
|  | 37185000 | Mercedes-Benz Finance North America LLC<sup>1</sup> | 07/31/26 | 4.875 | 37408585 |
|  | 31410000 | Mercedes-Benz Finance North America LLC<sup>1</sup> | 11/13/26 | 4.800 | 31683492 |
|  | 57680000 | Mercedes-Benz Finance North America LLC<sup>1</sup> | 04/01/27 | 4.650 | 58140773 |
|  | 2245000 | Stellantis Finance US, Inc.<sup>1</sup> | 01/29/27 | 1.711 | 2168476 |
|  | 17090000 | Toyota Motor Credit Corp. | 08/07/26 | 4.550 | 17160516 |
|  | 2100000 | Toyota Motor Credit Corp. | 03/22/27 | 3.050 | 2076568 |
|  | 32165000 | Toyota Motor Credit Corp. | 05/14/27 | 4.500 | 32461988 |
|  | 33086000 | Toyota Motor Credit Corp. | 11/10/27 | 5.450 | 34029258 |
|  | 17830000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 08/14/26 | 4.900 | 17884367 |
|  | 46749000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 09/26/26 | 3.200 | 46303583 |
|  | 18870000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 03/25/27 | 4.950 | 19017642 |
|  | 20600000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 08/15/27 | 4.850 | 20765652 |
|  |  |  |  |  | 776430157 |
|  |  | Banks (11.8%) |  |  |  |
|  | 17000000 | Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)<sup>2</sup> | 03/14/28 | 5.552 | 17272591 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Banks (continued) |  |  |  |
|  $ | 30000000 | Bank of America Corp. (SOFR + 1.340%)<sup>2</sup> | 09/15/27 | 5.933% | $30432264 |
|  | 1920000 | Bank of America Corp. (3-Month CME Term SOFR + 1.774%)<sup>2</sup> | 04/24/28 | 3.705 | 1907654 |
|  | 30255000 | Bank of New York Mellon (SOFR + 0.693%)<sup>2</sup> | 04/20/27 | 4.587 | 30317299 |
|  | 1925000 | Bank of New York Mellon Corp. (SOFR + 1.598%)<sup>2</sup> | 10/25/29 | 6.317 | 2046697 |
|  | 19870000 | Bank of New Zealand (New Zealand)<sup>1</sup> | 02/07/28 | 4.846 | 20216539 |
|  | 9500000 | Bank of New Zealand (New Zealand)<sup>1</sup> | 01/30/29 | 5.076 | 9782947 |
|  | 23440000 | BNP Paribas S.A. (SOFR + 1.450%) (France)<sup>1,2</sup> | 05/09/29 | 4.792 | 23646556 |
|  | 16915000 | Canadian Imperial Bank of Commerce (Canada) | 10/02/26 | 5.926 | 17212436 |
|  | 19725000 | Canadian Imperial Bank of Commerce (Canada) | 04/28/28 | 5.001 | 20157996 |
|  | 45775000 | Citibank NA | 05/29/27 | 4.576 | 46177698 |
|  | 45795000 | Citigroup, Inc. (SOFR + 1.143%)<sup>2</sup> | 05/07/28 | 4.643 | 46092400 |
|  | 2100000 | Citigroup, Inc. (SOFR + 1.887%)<sup>2</sup> | 05/24/28 | 4.658 | 2115662 |
|  | 1940000 | Citizens Bank NA (SOFR + 2.000%)<sup>2</sup> | 08/09/28 | 4.575 | 1952171 |
|  | 27352000 | Comerica, Inc. (SOFR + 2.155%)<sup>2</sup> | 01/30/30 | 5.982 | 28456132 |
|  | 1925000 | Fifth Third Bancorp (SOFR + 2.192%)<sup>2</sup> | 10/27/28 | 6.361 | 2001251 |
|  | 1925000 | Goldman Sachs Group, Inc. (SOFR + 1.114%)<sup>2</sup> | 02/24/28 | 2.640 | 1887329 |
|  | 16355000 | Goldman Sachs Group, Inc. (SOFR + 1.319%)<sup>2</sup> | 04/23/28 | 4.937 | 16531570 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 18 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Banks (continued) |  |  |  |
|  $ | 5780000 | HSBC Holdings, Plc. (SOFR + 3.030%) (United Kingdom)<sup>2</sup> | 11/03/26 | 7.336% | $5780000 |
|  | 25640000 | HSBC Holdings, Plc. (SOFR + 1.570%) (United Kingdom)<sup>2</sup> | 08/14/27 | 5.887 | 25961847 |
|  | 18414000 | Huntington Bancshares, Inc. (SOFR + 1.970%)<sup>2</sup> | 08/04/28 | 4.443 | 18482916 |
|  | 1915000 | Huntington National Bank (SOFR + 1.650%)<sup>2</sup> | 05/17/28 | 4.552 | 1924365 |
|  | 2110000 | JPMorgan Chase & Co. (SOFR + 1.190%)<sup>2</sup> | 01/23/28 | 5.040 | 2132029 |
|  | 12600000 | JPMorgan Chase & Co. (SOFR + 0.930%)<sup>2</sup> | 07/22/28 | 4.979 | 12781443 |
|  | 20675000 | KeyBank NA | 11/15/27 | 5.850 | 21279111 |
|  | 17755000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%) (United Kingdom)<sup>2</sup> | 03/18/28 | 3.750 | 17644237 |
|  | 1925000 | M&T Bank Corp. (SOFR + 2.800%)<sup>2</sup> | 10/30/29 | 7.413 | 2083942 |
|  | 26420000 | Morgan Stanley (SOFR + 1.380%)<sup>2</sup> | 04/12/29 | 4.994 | 26911300 |
|  | 26755000 | Morgan Stanley Bank NA (SOFR + 0.906%)<sup>2</sup> | 01/12/29 | 5.016 | 27213036 |
|  | 33755000 | NatWest Group, Plc. (SOFR + 1.300%) (United Kingdom)<sup>2</sup> | 11/15/28 | 5.580 | 34104586 |
|  | 19015000 | NatWest Markets, Plc. (United Kingdom)<sup>1</sup> | 03/21/28 | 4.789 | 19300977 |
|  | 42610000 | PNC Bank NA (SOFR + 0.504%)<sup>2</sup> | 01/15/27 | 4.775 | 42648367 |
|  | 45895000 | PNC Bank NA (SOFR + 0.630%)<sup>2</sup> | 05/13/27 | 4.543 | 45961152 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Banks (continued) |  |  |  |
|  $ | 25345000 | PNC Financial Services Group, Inc. (SOFR + 1.730%)<sup>2</sup> | 10/20/27 | 6.615% | $25916056 |
|  | 2200000 | PNC Financial Services Group, Inc. (SOFR + 1.850%)<sup>2</sup> | 06/06/33 | 4.626 | 2179589 |
|  | 24915000 | Royal Bank of Canada (Canada) | 08/03/27 | 4.240 | 25051184 |
|  | 64445000 | Royal Bank of Canada (SOFR + 0.810%) (Canada)<sup>2</sup> | 03/27/28 | 4.715 | 65035751 |
|  | 2000000 | Santander Holdings USA, Inc. (SOFR + 2.356%)<sup>2</sup> | 03/09/29 | 6.499 | 2081198 |
|  | 28865000 | Santander Holdings USA, Inc. (SOFR + 1.610%)<sup>2</sup> | 03/20/29 | 5.473 | 29361817 |
|  | 37275000 | Skandinaviska Enskilda Banken AB (Sweden)<sup>1</sup> | 06/02/28 | 4.375 | 37633086 |
|  | 11875000 | Skandinaviska Enskilda Banken AB (Sweden)<sup>1</sup> | 03/05/29 | 5.375 | 12290528 |
|  | 10085000 | State Street Corp. (SOFR + 1.353%)<sup>2</sup> | 11/04/26 | 5.751 | 10085408 |
|  | 47860000 | State Street Corp. | 02/28/28 | 4.536 | 48488109 |
|  | 2125000 | State Street Corp. (SOFR + 1.018%)<sup>2</sup> | 02/20/29 | 4.530 | 2145019 |
|  | 29095000 | Svenska Handelsbanken AB (Sweden)<sup>1</sup> | 06/15/28 | 5.500 | 30085012 |
|  | 72735000 | Truist Bank (SOFR + 0.590%)<sup>2</sup> | 05/20/27 | 4.671 | 72888169 |
|  | 1925000 | Truist Financial Corp. (SOFR + 2.446%)<sup>2</sup> | 10/30/29 | 7.161 | 2080657 |
|  | 53570000 | UBS Group AG (1-Year CMT Index + 1.550%) (Switzerland)<sup>1,2</sup> | 01/12/27 | 5.711 | 53695023 |
|  | 42990000 | US Bancorp (5-Year CMT Index + 2.541%)<sup>2,5</sup> |  | 3.700 | 41754644 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 20 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Banks (continued) |  |  |  |
|  $ | 1910000 | US Bancorp (SOFR + 2.020%)<sup>2</sup> | 06/12/29 | 5.775% | $1983770 |
|  | 20635000 | US Bank NA (SOFR + 0.910%)<sup>2</sup> | 05/15/28 | 4.730 | 20812724 |
|  | 1925000 | Wells Fargo & Co. (SOFR + 1.510%)<sup>2</sup> | 03/24/28 | 3.526 | 1908837 |
|  | 32115000 | Wells Fargo & Co. (SOFR + 1.370%)<sup>2</sup> | 04/23/29 | 4.970 | 32699404 |
|  | 26655000 | Westpac Banking Corp. (Australia) | 11/18/27 | 5.457 | 27468432 |
|  | 30895000 | Westpac New Zealand, Ltd. (New Zealand)<sup>1</sup> | 02/15/28 | 4.902 | 31424305 |
|  |  |  |  |  | 1199485222 |
|  |  | Beverages (0.0%) |  |  |  |
|  | 2105000 | PepsiCo, Inc. | 07/17/29 | 4.500 | 2148042 |
|  |  | Biotechnology (0.0%) |  |  |  |
|  | 2400000 | Bio-Rad Laboratories, Inc. | 03/15/32 | 3.700 | 2250879 |
|  | 1910000 | Illumina, Inc. | 12/13/27 | 5.750 | 1963526 |
|  |  |  |  |  | 4214405 |
|  |  | Building Materials (0.3%) |  |  |  |
|  | 29770000 | Amrize Finance US LLC<sup>1</sup> | 04/07/27 | 4.600 | 29957202 |
|  |  | Commercial Services (0.1%) |  |  |  |
|  | 12154000 | Ashtead Capital, Inc.<sup>1</sup> | 11/01/29 | 4.250 | 11985064 |
|  |  | Computers (0.1%) |  |  |  |
|  | 2000000 | Accenture Capital, Inc. | 10/04/29 | 4.050 | 1997410 |
|  | 2460000 | Apple, Inc. | 08/05/28 | 1.400 | 2309417 |
|  | 2140000 | International Business Machines Corp. | 07/27/27 | 4.150 | 2150145 |
|  |  |  |  |  | 6456972 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Cosmetics/Personal Care (0.2%) |  |  |  |
|  $ | 2100000 | Kenvue, Inc. | 03/22/30 | 5.000% | $2154280 |
|  | 19550000 | Unilever Capital Corp. | 08/12/27 | 4.250 | 19691788 |
|  |  |  |  |  | 21846068 |
|  |  | Diversified Financial Services (3.3%) |  |  |  |
|  | 36248000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | 01/30/26 | 1.750 | 36020210 |
|  | 94226000 | Air Lease Corp. | 01/15/26 | 2.875 | 93894384 |
|  | 38724000 | American Express Co. (SOFR + 0.750%)<sup>2</sup> | 04/23/27 | 5.645 | 38981913 |
|  | 2175000 | American Express Co. (SOFR + 1.000%)<sup>2</sup> | 02/16/28 | 5.098 | 2202040 |
|  | 27030000 | American Express Co. (SOFR + 1.260%)<sup>2</sup> | 04/25/29 | 4.731 | 27440981 |
|  | 33535000 | Avolon Holdings Funding, Ltd. (Ireland)<sup>1</sup> | 01/15/26 | 5.500 | 33571418 |
|  | 12080000 | Capital One Financial Corp. (SOFR + 2.440%)<sup>2</sup> | 10/29/27 | 7.149 | 12408932 |
|  | 18620000 | Credit Acceptance Corp.<sup>1</sup> | 12/15/28 | 9.250 | 19527018 |
|  | 25095000 | Credit Opportunities Partners JV LLC | 04/01/26 | 4.250 | 24955321 |
|  | 41640000 | Equitable America Global Funding<sup>1</sup> | 06/09/28 | 4.650 | 42072411 |
|  |  |  |  |  | 331074628 |
|  |  | Electric (1.3%) |  |  |  |
|  | 1920000 | Atlantic City Electric Co. | 03/15/31 | 2.300 | 1737215 |
|  | 1905000 | Black Hills Corp. | 06/15/30 | 2.500 | 1754586 |
|  | 1910000 | Duke Energy Ohio, Inc. | 06/01/30 | 2.125 | 1748246 |
|  | 26418254 | Duke Energy Progress NC Storm Funding LLC | 07/01/30 | 1.295 | 25325750 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 22 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Electric (continued) |  |  |  |
|  $ | 61690000 | Edison International (5-Year CMT Index + 4.698%)<sup>2,5</sup> |  | 5.375% | $61077862 |
|  | 2000000 | Evergy Missouri West, Inc.<sup>1</sup> | 12/15/27 | 5.150 | 2034836 |
|  | 1930000 | Fells Point Funding Trust<sup>1</sup> | 01/31/27 | 3.046 | 1900889 |
|  | 1930000 | FirstEnergy Pennsylvania Electric Co.<sup>1</sup> | 03/30/26 | 5.150 | 1933294 |
|  | 2100000 | Florida Power & Light Co. | 04/01/33 | 5.100 | 2175328 |
|  | 1910000 | NRG Energy, Inc.<sup>1</sup> | 12/02/25 | 2.000 | 1903871 |
|  | 2130000 | Pacific Gas & Electric Co. | 05/15/29 | 5.550 | 2192705 |
|  | 1940000 | PacifiCorp | 02/15/34 | 5.450 | 1994379 |
|  | 2100000 | Public Service Co of Colorado | 05/15/34 | 5.350 | 2169406 |
|  | 18615000 | Public Service Enterprise Group, Inc. | 10/15/28 | 5.875 | 19487532 |
|  | 2100000 | Southern California Edison Co. | 03/15/30 | 5.250 | 2149507 |
|  |  |  |  |  | 129585406 |
|  |  | Electronics (0.0%) |  |  |  |
|  | 2200000 | Honeywell International, Inc. | 03/01/27 | 1.100 | 2117426 |
|  |  | Energy-Alternate Sources (0.6%) |  |  |  |
|  | 38930000 | XPLR Infrastructure LP<sup>1,6</sup> | 11/15/25 | 0.000 | 38832675 |
|  | 22605000 | XPLR Infrastructure LP<sup>1</sup> | 06/15/26 | 2.500 | 22152900 |
|  |  |  |  |  | 60985575 |
|  |  | Food (1.1%) |  |  |  |
|  | 15535000 | General Mills, Inc. | 10/17/28 | 5.500 | 16101259 |
|  | 12590000 | Hormel Foods Corp. | 03/30/27 | 4.800 | 12726397 |
|  | 46820000 | Mars, Inc.<sup>1</sup> | 03/01/27 | 4.450 | 47122495 |
|  | 2120000 | Mars, Inc.<sup>1</sup> | 03/01/32 | 5.000 | 2178564 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Food (continued) |  |  |  |
|  $ | 21220000 | Nestle Capital Corp.<sup>1</sup> | 03/12/29 | 4.650% | $21674035 |
|  | 1090000 | Nestle Holdings, Inc.<sup>1</sup> | 10/01/32 | 4.300 | 1098030 |
|  | 11460000 | Sysco Corp. | 01/17/29 | 5.750 | 11991905 |
|  |  |  |  |  | 112892685 |
|  |  | Gas (0.0%) |  |  |  |
|  | 1940000 | Brooklyn Union Gas Co.<sup>1</sup> | 08/05/27 | 4.632 | 1954757 |
|  | 1925000 | Southern California Gas Co. | 02/01/30 | 2.550 | 1804324 |
|  |  |  |  |  | 3759081 |
|  |  | Healthcare-Products (0.3%) |  |  |  |
|  | 2230000 | Baxter International, Inc. | 02/01/27 | 1.915 | 2166471 |
|  | 24315000 | Medtronic Global Holdings SCA (Luxembourg) | 03/30/28 | 4.250 | 24439330 |
|  |  |  |  |  | 26605801 |
|  |  | Healthcare-Services (1.3%) |  |  |  |
|  | 1925000 | Adventist Health System | 03/01/29 | 2.952 | 1832494 |
|  | 31880000 | HCA, Inc. | 02/15/26 | 5.875 | 31917862 |
|  | 2125000 | Health Care Service Corp. A Mutual Legal Reserve Co.<sup>1</sup> | 06/15/34 | 5.450 | 2186489 |
|  | 2000000 | IQVIA, Inc. | 05/15/28 | 5.700 | 2059906 |
|  | 12919000 | Providence St Joseph Health Obligated Group | 10/01/29 | 2.532 | 12120011 |
|  | 32090000 | Roche Holdings, Inc.<sup>1</sup> | 11/13/26 | 5.265 | 32502414 |
|  | 22000000 | Roche Holdings, Inc.<sup>1</sup> | 03/08/29 | 4.790 | 22507747 |
|  | 18145000 | Roche Holdings, Inc.<sup>1</sup> | 09/09/29 | 4.203 | 18244957 |
|  | 2000000 | Roche Holdings, Inc.<sup>1</sup> | 11/13/33 | 5.593 | 2146876 |
|  | 2355000 | UnitedHealth Group, Inc.  | 05/15/26 | 1.150 | 2319467 |
|  |  |  |  |  | 127838223 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 24 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Insurance (9.8%) |  |  |  |
|  $ | 26415000 | American Coastal Insurance Corp. | 12/15/27 | 7.250% | $26216888 |
|  | 22375000 | American National Global Funding<sup>1</sup> | 01/28/30 | 5.550 | 23067785 |
|  | 33015000 | American National Global Funding<sup>1</sup> | 06/03/30 | 5.250 | 33639942 |
|  | 49817000 | Aon Global, Ltd. (United Kingdom) | 12/15/25 | 3.875 | 49791807 |
|  | 35075000 | Athene Global Funding<sup>1</sup> | 02/23/26 | 5.684 | 35210493 |
|  | 25000000 | Athene Global Funding<sup>1</sup> | 07/09/27 | 5.349 | 25404306 |
|  | 22035000 | Athene Global Funding (SOFR + 0.950%)<sup>1,2</sup> | 03/06/28 | 5.136 | 22063646 |
|  | 47995000 | Athene Global Funding<sup>1</sup> | 01/09/29 | 5.583 | 49394170 |
|  | 2120000 | Athene Global Funding<sup>1</sup> | 01/07/30 | 5.380 | 2175747 |
|  | 1925000 | Brighthouse Financial Global Funding<sup>1</sup> | 04/09/27 | 5.550 | 1953810 |
|  | 1910000 | CNO Global Funding<sup>1</sup> | 06/04/27 | 5.875 | 1957911 |
|  | 30350000 | Corebridge Global Funding<sup>1</sup> | 06/24/26 | 5.350 | 30574632 |
|  | 2130000 | Corebridge Global Funding<sup>1</sup> | 08/20/27 | 4.650 | 2150507 |
|  | 26910000 | Corebridge Global Funding<sup>1</sup> | 09/19/28 | 5.900 | 28132473 |
|  | 1900000 | Equitable Financial Life Global Funding<sup>1</sup> | 11/19/27 | 4.875 | 1928432 |
|  | 15280000 | Equitable Financial Life Global Funding<sup>1</sup> | 03/27/30 | 5.000 | 15620489 |
|  | 1925000 | F&G Global Funding<sup>1</sup> | 06/30/26 | 1.750 | 1891595 |
|  | 34080000 | F&G Global Funding<sup>1</sup> | 06/10/27 | 5.875 | 34900995 |
|  | 17735000 | F&G Global Funding<sup>1</sup> | 09/08/28 | 4.650 | 17792348 |
|  | 1925000 | GA Global Funding Trust<sup>1</sup> | 01/06/27 | 2.250 | 1881332 |
|  | 17225000 | GA Global Funding Trust<sup>1</sup> | 01/08/29 | 5.500 | 17765022 |
|  | 41635000 | Guardian Life Global Funding<sup>1</sup> | 09/26/29 | 4.179 | 41616446 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Insurance (continued) |  |  |  |
|  $ | 24485000 | Guardian Life Global Funding<sup>1</sup> | 04/28/30 | 4.798% | $25019726 |
|  | 2059000 | Jackson National Life Global Funding<sup>1</sup> | 07/02/27 | 5.550 | 2101913 |
|  | 1924000 | MassMutual Global Funding II<sup>1</sup> | 04/09/27 | 5.100 | 1952279 |
|  | 44790000 | Met Tower Global Funding<sup>1</sup> | 09/14/26 | 1.250 | 43747970 |
|  | 23485000 | Met Tower Global Funding<sup>1</sup> | 04/12/29 | 5.250 | 24325370 |
|  | 2090000 | Metropolitan Life Global Funding I<sup>1</sup> | 01/08/29 | 4.850 | 2134151 |
|  | 54060000 | Mutual of Omaha Cos Global Funding<sup>1</sup> | 06/09/28 | 4.514 | 54536664 |
|  | 18735000 | Mutual of Omaha Cos Global Funding<sup>1</sup> | 04/01/30 | 5.000 | 19112509 |
|  | 27190000 | New York Life Global Funding<sup>1</sup> | 04/25/28 | 4.400 | 27468998 |
|  | 2185000 | New York Life Global Funding<sup>1</sup> | 01/28/33 | 4.550 | 2183589 |
|  | 38945000 | Northwestern Mutual Global Funding<sup>1</sup> | 03/25/27 | 5.070 | 39546571 |
|  | 24865000 | Northwestern Mutual Global Funding<sup>1</sup> | 01/10/29 | 4.710 | 25297252 |
|  | 37490000 | Pacific Life Global Funding II<sup>1</sup> | 04/04/28 | 4.900 | 38149643 |
|  | 14300000 | Pacific Life Global Funding II<sup>1</sup> | 08/28/29 | 4.500 | 14431404 |
|  | 12685000 | Pricoa Global Funding I<sup>1</sup> | 08/27/27 | 4.400 | 12770638 |
|  | 12560000 | Principal Life Global Funding II<sup>1</sup> | 01/16/27 | 5.000 | 12692060 |
|  | 1955000 | Principal Life Global Funding II<sup>1</sup> | 06/28/28 | 5.500 | 2017913 |
|  | 1925000 | Protective Life Global Funding<sup>1</sup> | 04/14/26 | 5.209 | 1934200 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 26 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Insurance (continued) |  |  |  |
|  $ | 36560000 | Protective Life Global Funding<sup>1</sup> | 09/13/27 | 4.335% | $36771515 |
|  | 23265000 | Protective Life Global Funding<sup>1</sup> | 06/05/30 | 4.803 | 23620823 |
|  | 16160000 | RGA Global Funding<sup>1</sup> | 11/21/28 | 6.000 | 16959356 |
|  | 2280000 | RGA Global Funding<sup>1</sup> | 01/18/29 | 2.700 | 2166258 |
|  | 17755000 | RGA Global Funding<sup>1</sup> | 05/24/29 | 5.448 | 18410433 |
|  | 27515000 | SiriusPoint, Ltd. (Sweden) | 04/05/29 | 7.000 | 29028990 |
|  | 4205000 | Universal Insurance Holdings, Inc. | 11/30/26 | 5.625 | 4158458 |
|  | 11950000 | Vitality Re XIII, Ltd. (Federated Hermes Money Market US Treasury Fund Index + 2.000%) (Cayman Islands)<sup>1,2</sup> | 01/06/26 | 5.850 | 11954780 |
|  | 33040000 | Western-Southern Global Funding<sup>1</sup> | 07/16/28 | 4.500 | 33253383 |
|  |  |  |  |  | 990877622 |
|  |  | Internet (0.3%) |  |  |  |
|  | 70000 | Meta Platforms, Inc. | 08/15/27 | 3.500 | 69625 |
|  | 26465000 | Meta Platforms, Inc. | 11/15/30 | 4.200 | 26437463 |
|  |  |  |  |  | 26507088 |
|  |  | Investment Companies (5.1%) |  |  |  |
|  | 69179000 | Ares Capital Corp. | 01/15/26 | 3.875 | 69110435 |
|  | 11880000 | Ares Capital Corp. | 07/15/26 | 2.150 | 11696816 |
|  | 2045000 | Ares Capital Corp. | 01/15/27 | 7.000 | 2100308 |
|  | 16000000 | BlackRock TCP Capital Corp. | 05/30/29 | 6.950 | 16248501 |
|  | 2200000 | Blackstone Private Credit Fund | 03/15/27 | 3.250 | 2158608 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Investment Companies (continued) |  |  |  |
|  $ | 25975000 | Blackstone Private Credit Fund | 09/26/27 | 4.950% | $26090415 |
|  | 9654000 | Blackstone Secured Lending Fund | 01/15/26 | 3.625 | 9637596 |
|  | 37115000 | Blue Owl Capital Corp. | 07/15/26 | 3.400 | 36778867 |
|  | 18000000 | Blue Owl Credit Income Corp. | 09/23/26 | 3.125 | 17751877 |
|  | 44264000 | Blue Owl Technology Finance Corp.<sup>1</sup> | 12/15/25 | 4.750 | 44245487 |
|  | 48895000 | Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance<sup>1</sup> | 02/15/26 | 3.875 | 48634800 |
|  | 30835000 | Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance<sup>1</sup> | 09/17/30 | 5.950 | 29878805 |
|  | 26475000 | Franklin BSP Capital Corp. | 03/30/26 | 3.250 | 26263009 |
|  | 33538000 | Golub Capital BDC, Inc. | 08/24/26 | 2.500 | 32945912 |
|  | 41130000 | HA Sustainable Infrastructure Capital, Inc. | 01/15/31 | 6.150 | 41979877 |
|  | 48540000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 06/15/26 | 3.375 | 48059925 |
|  | 33980000 | Main Street Capital Corp. | 07/14/26 | 3.000 | 33583641 |
|  | 4270000 | PennantPark Floating Rate Capital, Ltd. | 04/01/26 | 4.250 | 4249666 |
|  | 17345000 | PennantPark Investment Corp. | 11/01/26 | 4.000 | 16901201 |
|  |  |  |  |  | 518315746 |
|  |  | Leisure Time (0.0%) |  |  |  |
|  | 1940000 | Harley-Davidson Financial Services, Inc.<sup>1</sup> | 03/10/28 | 6.500 | 2025414 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 28 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Machinery-Constraction & Mining (0.1%) |  |  |  |
|  $ | 9240000 | Caterpillar Financial Services Corp. | 10/16/26 | 4.450% | $9289936 |
|  | 2040000 | Komatsu Finance America, Inc.<sup>1</sup> | 10/06/27 | 5.499 | 2089555 |
|  |  |  |  |  | 11379491 |
|  |  | Machinery-Diversified (1.9%) |  |  |  |
|  | 24855000 | AGCO Corp. | 03/21/27 | 5.450 | 25198133 |
|  | 56525000 | CNH Industrial Capital LLC | 01/15/26 | 1.875 | 56229915 |
|  | 10920000 | CNH Industrial Capital LLC | 01/12/29 | 5.500 | 11300639 |
|  | 27185000 | CNH Industrial Capital LLC | 04/20/29 | 5.100 | 27815386 |
|  | 27370000 | John Deere Capital Corp. | 07/15/27 | 4.200 | 27531295 |
|  | 44670000 | John Deere Capital Corp. (SOFR + 0.500%)<sup>2</sup> | 03/06/28 | 4.703 | 44726768 |
|  | 1935000 | John Deere Capital Corp. | 03/07/31 | 4.900 | 1995357 |
|  |  |  |  |  | 194797493 |
|  |  | Oil & Gas (0.1%) |  |  |  |
|  | 2165000 | Chevron USA, Inc. | 04/15/30 | 4.687 | 2217254 |
|  | 2200000 | Continental Resources, Inc.<sup>1</sup> | 11/15/26 | 2.268 | 2144692 |
|  | 10072000 | Woodside Finance, Ltd. (Australia)<sup>1</sup> | 09/15/26 | 3.700 | 10016662 |
|  |  |  |  |  | 14378608 |
|  |  | Packaging & Containers (0.4%) |  |  |  |
|  | 37691000 | Amcor Flexibles North America, Inc. | 03/17/28 | 4.800 | 38155464 |
|  |  | Pharmaceuticals (2.7%) |  |  |  |
|  | 55622000 | CVS Health Corp. | 02/20/26 | 5.000 | 55705556 |
|  | 46200000 | Eli Lilly & Co. | 08/14/27 | 4.150 | 46505687 |
|  | 48105000 | Eli Lilly & Co. | 02/12/28 | 4.550 | 48859094 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Pharmaceuticals (continued) |  |  |  |
|  $ | 38225000 | Johnson & Johnson | 03/01/27 | 4.500% | $38608373 |
|  | 2000000 | Johnson & Johnson | 06/01/31 | 4.900 | 2087916 |
|  | 33465000 | Merck & Co., Inc. | 09/15/30 | 4.150 | 33547283 |
|  | 2400000 | Merck & Co., Inc. | 12/10/31 | 2.150 | 2127843 |
|  | 44811000 | PRA Health Sciences, Inc.<sup>1</sup> | 07/15/26 | 2.875 | 44260855 |
|  |  |  |  |  | 271702607 |
|  |  | Pipelines (0.1%) |  |  |  |
|  | 2045000 | Columbia Pipelines Operating Co. LLC<sup>1</sup> | 08/15/30 | 5.927 | 2163554 |
|  | 1915000 | MPLX LP | 03/01/26 | 1.750 | 1898882 |
|  | 2100000 | ONEOK, Inc. | 11/01/26 | 5.550 | 2125212 |
|  | 2000000 | Targa Resources Corp. | 07/01/27 | 5.200 | 2030479 |
|  |  |  |  |  | 8218127 |
|  |  | Real Estate Investment Trusts (1.3%) |  |  |  |
|  | 9290000 | American Tower Trust #1<sup>1</sup> | 03/15/53 | 5.490 | 9454850 |
|  | 7570000 | Arbor Realty SR, Inc.<sup>1</sup> | 07/15/30 | 7.875 | 7703004 |
|  | 10000000 | Arbor Realty Trust, Inc. | 04/30/26 | 5.000 | 9890760 |
|  | 19450000 | Arbor Realty Trust, Inc.<sup>1</sup> | 09/01/26 | 4.500 | 19077534 |
|  | 1920000 | Boston Properties LP | 10/01/26 | 2.750 | 1894187 |
|  | 25360000 | EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM (Multinational)<sup>1</sup> | 04/01/27 | 5.875 | 24380918 |
|  | 14480000 | Realty Income Corp. | 01/13/26 | 5.050 | 14482416 |
|  | 29500000 | Rexford Industrial Realty LP | 06/15/28 | 5.000 | 29997413 |
|  | 19215000 | Scentre Group Trust 1 / Scentre Group Trust 2 (Australia)<sup>1</sup> | 01/28/26 | 3.625 | 19177436 |
|  |  |  |  |  | 136058518 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 30 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Corporate Bonds (continued) |  |  |  |
|  |  | Retail (0.3%) |  |  |  |
|  $ | 2190000 | 7-Eleven, Inc.<sup>1</sup> | 02/10/26 | 0.950% | $2169460 |
|  | 22320000 | Home Depot, Inc. | 06/25/26 | 5.150 | 22489569 |
|  | 2110000 | Starbucks Corp. | 02/08/27 | 4.850 | 2127727 |
|  | 2340000 | Walmart, Inc. | 09/22/28 | 1.500 | 2199086 |
|  |  |  |  |  | 28985842 |
|  |  | Semiconductors (0.2%) |  |  |  |
|  | 16565000 | ams-OSRAM AG (Austria)<sup>1</sup> | 03/30/29 | 12.250 | 17825133 |
|  | 1975000 | Foundry JV Holdco LLC<sup>1</sup> | 01/25/30 | 5.900 | 2075667 |
|  |  |  |  |  | 19900800 |
|  |  | Software (0.3%) |  |  |  |
|  | 2000000 | Concentrix Corp. | 08/02/28 | 6.600 | 2083413 |
|  | 22362000 | Synopsys, Inc. | 04/01/27 | 4.550 | 22515728 |
|  | 2235000 | VMware LLC | 08/15/26 | 1.400 | 2188898 |
|  |  |  |  |  | 26788039 |
|  |  | Trucking & Leasing (0.3%) |  |  |  |
|  | 31000000 | Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>1</sup> | 05/01/28 | 5.550 | 31906876 |
|  |  | Total Corporate Bonds (Cost $5,175,103,837) |  |  | 5220080588 |
|  |  | Loan Participations and Assignments (6.8%) |  |  |  |
|  | 37213112 | AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 2.250%) (Cayman Islands)<sup>2</sup> | 04/20/28 | 6.134 | 37242882 |
|  | 21040495 | Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>2</sup> | 02/10/27 | 9.652 | 14745810 |
|  | 20313063 | Allspring Buyer LLC (3-Month CME Term SOFR + 2.750%)<sup>2</sup> | 11/01/30 | 6.813 | 20343532 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 31 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Loan Participations and Assignments (continued) |  |  |  |
|  $ | 43827852 | Asplundh Tree Expert LLC (1-Month CME Term SOFR + 1.750%)<sup>2</sup> | 09/07/27 | 5.815% | $43830043 |
|  | 23027684 | Axalta Coating Systems U.S. Holdings, Inc. Term B7 (3-Month CME Term SOFR + 1.750%)<sup>2</sup> | 12/20/29 | 5.752 | 23049791 |
|  | 9733786 | BCP Renaissance Parent LLC Term B6 (3-Month CME Term SOFR + 2.500%)<sup>2</sup> | 10/31/28 | 6.502 | 9765421 |
|  | 8762465 | Buckeye Partners LP Term B7 (1-Month CME Term SOFR + 1.750%)<sup>2</sup> | 11/22/32 | 5.718 | 8762027 |
|  | 60821051 | Charter Communications Operating LLC Term B4 (3-Month CME Term SOFR + 2.000%)<sup>2</sup> | 12/07/30 | 5.985 | 60684204 |
|  | 31723010 | DaVita, Inc. Term A1 (1-Month CME Term SOFR + 1.750%)<sup>2</sup> | 04/28/28 | 5.815 | 31673522 |
|  | 9863250 | Delos Aircraft DAC (3-Month CME Term SOFR + 1.750%) (Ireland)<sup>2</sup> | 10/31/27 | 5.752 | 9898462 |
|  | 20360237 | Eastern Power LLC (1-Month CME Term SOFR + 5.250%)<sup>2</sup> | 04/03/28 | 9.215 | 20434145 |
|  | 19252326 | Elanco Animal Health, Inc. (3-Month CME Term SOFR + 1.750%)<sup>2</sup> | 08/01/27 | 5.984 | 19237501 |
|  | 2500000 | Elanco Animal Health, Inc. Term B (3-Month CME Term SOFR + 1.750%)<sup>2</sup> | 10/28/32 | 5.734 | 2500000 |
|  | 2579851 | Healthpeak OP LLC Term A1 (1-Month CME Term SOFR + 0.840%)<sup>2</sup> | 08/20/27 | 4.805 | 2547603 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 32 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Loan Participations and Assignments (continued) |  |  |  |
|  $ | 2579851 | Healthpeak OP LLC Term A2 (1-Month CME Term SOFR + 0.840%)<sup>2</sup> | 02/22/27 | 4.805% | $2547603 |
|  | 5448842 | Healthpeak OP LLC Term A3 (SOFR + 0.850%)<sup>2</sup> | 03/01/29 | 5.010 | 5353487 |
|  | 68750000 | Honeywell International, Inc. Term A1 (1-Month CME Term SOFR + 0.875%)<sup>2</sup> | 05/07/27 | 4.840 | 68750000 |
|  | 13858421 | Iqvia, Inc. Term A2 (3-Month CME Term SOFR + 1.250%)<sup>2</sup> | 06/16/27 | 5.549 | 13849829 |
|  | 17909774 | Iqvia, Inc. Term B5 (3-Month CME Term SOFR + 1.750%)<sup>2</sup> | 01/02/31 | 5.752 | 17954549 |
|  | 30347290 | Iridium Communications, Inc. Term B4 (1-Month CME Term SOFR + 2.250%)<sup>2</sup> | 09/20/30 | 6.215 | 28404153 |
|  | 22929275 | Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME Term SOFR + 2.250%)<sup>2</sup> | 05/05/28 | 6.215 | 22973758 |
|  | 13989407 | Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 6.000%)<sup>2</sup> | 06/01/28 | 9.965 | 14164275 |
|  | 9266937 | Lumen Technologies, Inc. Term B1 (1-Month CME Term SOFR + 2.350%)<sup>2</sup> | 04/16/29 | 6.429 | 9207165 |
|  | 9266937 | Lumen Technologies, Inc. Term B2 (1-Month CME Term SOFR + 2.350%)<sup>2</sup> | 04/15/30 | 6.429 | 9209111 |
|  | 22180950 | Midcontinent Communications (3-Month CME Term SOFR + 2.500%)<sup>2</sup> | 08/16/31 | 6.502 | 22142133 |
|  | 3812052 | MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 3.750%)<sup>2</sup> | 12/31/30 | 7.590 | 3803323 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 33 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Loan Participations and Assignments (continued) |  |  |  |
|  $ | 31599488 | MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 4.600%)<sup>2</sup> | 12/31/30 | 8.702% | $29815381 |
|  | 7979747 | NRG Energy, Inc. (3-Month CME Term SOFR + 1.750%)<sup>2</sup> | 04/16/31 | 5.593 | 7994909 |
|  | 42750000 | Relam Amsterdam Holdings BV Term A (1-Month CME Term SOFR + 1.250%) (Netherlands)<sup>2,4</sup> | 07/10/28 | 5.318 | 42536250 |
|  | 39327469 | SBA Senior Finance II LLC (1-Month CME Term SOFR + 1.750%)<sup>2</sup> | 01/25/31 | 5.720 | 39403371 |
|  | 9284243 | Setanta Aircraft Leasing DAC (3-Month CME Term SOFR + 1.750%) (Ireland)<sup>2</sup> | 11/05/28 | 5.752 | 9315624 |
|  | 23995000 | Stonepeak Nile Parent LLC (3-Month CME Term SOFR + 2.250%)<sup>2</sup> | 04/09/32 | 6.162 | 23959967 |
|  | 16878248 | UGI Energy Services LLC (1-Month CME Term SOFR + 2.500%)<sup>2</sup> | 02/22/30 | 6.465 | 16941542 |
|  |  | Total Loan Participations and Assignments (Cost $694,702,186) |  |  | 693041373 |
|  |  | Municipal Bonds (0.3%) |  |  |  |
|  | 31000000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)<sup>2</sup> | 08/01/52 | 4.061 | 31222778 |
|  |  | Total Municipal Bonds (Cost $31,000,000) |  |  | 31222778 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 34 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | Residential Mortgage Backed Securities (0.0%) |  |  |  |
|  $ | 5101231 | RMF Proprietary Issuance Trust 2019-1<sup>1,2,3</sup> | 10/25/63 | 2.750% | $4890239 |
|  |  | Total Residential Mortgage Backed Securities (Cost $5,066,895) |  |  | 4890239 |
|  |  | U.S. Government Agency Obligations (1.0%) |  |  |  |
|  | 57000000 | Fannie Mae Discount <br>Notes<sup>7</sup> | 11/03/25 | 3.691 | 56988315 |
|  | 40500000 | Federal Home Loan Mortgage Corp. | 11/12/25 | 0.600 | 40466004 |
|  | 10398 | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year RFUCCT + 1.795%)<sup>2</sup> | 04/01/36 | 6.795 | 10572 |
|  | 10963 | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month RFUCCT + 1.740%)<sup>2</sup> | 12/01/36 | 6.365 | 11327 |
|  | 9045 | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year RFUCCT + 1.745%)<sup>2</sup> | 01/01/37 | 6.620 | 9242 |
|  | 1738676 | Federal National Mortgage Association (FNMA) | 07/01/35 | 5.000 | 1763883 |
|  | 107201 | Federal National Mortgage Association (FNMA) | 11/01/35 | 5.500 | 111565 |
|  | 14342 | Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.964%)<sup>2</sup> | 07/01/36 | 6.714 | 14880 |
|  | 23133 | Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.718%)<sup>2</sup> | 09/01/36 | 6.438 | 23691 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 35 </u>

------

![](tbody_tint.jpg)

BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | U.S. Government Agency Obligations (continued) |  |  |  |
|  $ | 17951 | Federal National Mortgage Association (FNMA) (1-Year RFUCCT + 1.720%)<sup>2</sup> | 01/01/37 | 6.636% | $18427 |
|  | 103135 | Federal National Mortgage Association (FNMA) | 08/01/37 | 5.500 | 107377 |
|  | 1207567 | Federal National Mortgage Association (FNMA) | 08/01/37 | 5.500 | 1241673 |
|  | 546600 | Federal National Mortgage Association (FNMA) | 06/01/40 | 6.500 | 579877 |
|  | 1970 | Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)<sup>2</sup> | 08/20/29 | 5.375 | 1976 |
|  |  | Total U.S. Government Agency Obligations (Cost $101,396,489) |  |  | 101348809 |
|  |  | U.S. Treasury Bills (12.8%) |  |  |  |
|  | 104255000 | U.S. Treasury Bill<sup>7,8</sup> | 11/04/25 | 4.022 | 104220244 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 11/13/25 | 3.999 | 99867333 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 11/25/25 | 3.981 | 99736000 |
|  | 117765000 | U.S. Treasury Bill<sup>7,8</sup> | 11/28/25 | 3.881 | 117423287 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 12/02/25 | 3.918 | 99664081 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 12/11/25 | 3.966 | 99563511 |
|  | 82395000 | U.S. Treasury Bill<sup>7,8</sup> | 12/23/25 | 3.902 | 81933269 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 12/30/25 | 3.875 | 99390179 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 01/06/26 | 3.877 | 99323356 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 01/15/26 | 3.838 | 99236055 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 02/05/26 | 3.786 | 99020442 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 03/12/26 | 3.800 | 98660012 |
|  | 7500000 | U.S. Treasury Bill<sup>7,9</sup> | 04/09/26 | 3.766 | 7378576 |
|  | 100000000 | U.S. Treasury Bill<sup>7</sup> | 04/16/26 | 3.737 | 98311483 |
|  |  | Total U.S. Treasury Bills (Cost $1,303,617,804) |  |  | 1303727828 |

---

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 36 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount | Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  |  | U.S. Treasury Bonds and Notes (0.3%) |  |  |  |
|  $ | 23550000 | U.S. Treasury Note | 06/30/29 | 4.250% | $24035719 |
|  |  | Total U.S. Treasury Bonds and Notes (Cost $23,811,703) |  |  | 24035719 |
|  | Total Investments (Cost $10,027,921,540) | Total Investments (Cost $10,027,921,540) | Total Investments (Cost $10,027,921,540) | 99.1% | $10070760311 |
|  | Cash and Other Assets in Excess of Liabilities | Cash and Other Assets in Excess of Liabilities | Cash and Other Assets in Excess of Liabilities | 0.9% | 89781873 |
|  | Net Assets | Net Assets | Net Assets | 100.0% | $10160542184 |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at October 31, 2025 was $4,796,862,923 or 47.2% of net assets.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2025 coupon or interest rate.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;This variable rate security is based on a predetermined schedule and the rate at October 31, 2025, also represents the reference rate at October 31, 2025.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security that used significant unobservable inputs to determine fair value, as determined by the Adviser.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;Coupon represents a yield to maturity.

<sup>8</sup>&nbsp;&nbsp;&nbsp;&nbsp;Coupon represents a weighted average yield.

<sup>9</sup>&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of this security is held at the broker as collateral for open futures contracts.

Abbreviations:

CME – Chicago Mercantile Exchange.

CMT – Constant Maturity Treasury.

FHLMC – Federal Home Loan Mortgage Corporation.

FNMA – Federal National Mortgage Association.

GNMA – Government National Mortgage Association.

RFUCCT – Refinitiv USD IBOR Consumer Cash Fallbacks Term.

SOFR – Secured Overnight Financing Rate.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 37 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Financial Futures Contracts

The following futures contracts were open at October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Market <br>Value | Unrealized <br>Gain/(Loss) |
|  Contracts to Sell: |  |  |  |  |  |
|  U.S. Treasury 2-Year Notes | 700 | December 2025 | $145895313 | $145769531 | $125782 |
|  U.S. Treasury 5-Year Notes | 4050 | December 2025 | 442273158 | 442304299 | (31141) |
|  |  |  |  |  | $94641 |
|  Net Unrealized Gain on Open Futures Contracts<sup>10</sup> |  |  |  |  | $94641 |

---

____________

<sup>10</sup>The aggregate cost of investments and derivatives for federal income tax purposes is $10,028,016,289, the aggregate gross unrealized appreciation is $74,192,569 and the aggregate gross unrealized depreciation is $31,353,906, resulting in net unrealized appreciation of $42,838,663.

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 38 </u>

------

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Fair Value Measurements

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.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 39 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 and over-the-counter derivatives. 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 asset backed securities 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 accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 40 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted <br>Quoted Prices in <br>Active Markets <br>for Identical <br>Investments <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant <br>Unobservable <br>Inputs <br>(Level 3) | Balance as of <br>October 31, <br>2025 |
|  Asset Backed Securities | $— | $2261066222 | $4714320 | $2265780542 |
|  Commercial Mortgage Backed Securities |  | 426632435 |  | 426632435 |
|  Corporate Bonds |  | 5220080588 |  | 5220080588 |
|  Loan Participations and Assignments |  | 650505123 | 42536250 | 693041373 |
|  Municipal Bonds |  | 31222778 |  | 31222778 |
|  Residential Mortgage Backed Securities |  | 4890239 |  | 4890239 |
|  U.S. Government Agency Obligations |  | 101348809 |  | 101348809 |
|  U.S. Treasury Bills |  | 1303727828 |  | 1303727828 |
|  U.S. Treasury Bonds and Notes |  | 24035719 |  | 24035719 |
| &nbsp;&nbsp;&nbsp; Total Investments, at value | $— | $10023509741 | $47250570 | $10070760311 |
|  Other Financial Instruments, at value |  |  |  |  |
|  Assets |  |  |  |  |
|  Financial Futures Contracts | $125782 | $— | $— | $125782 |
|  Liabilities |  |  |  |  |
|  Financial Futures Contracts | $(31141) | $— | $— | $(31141) |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments, at value | $94641 | $— | $— | $94641 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 41 </u>

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BBH Limited Duration Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | Asset Backed <br>Securities | Loan <br>Participations <br>and <br>Assignments | Total |
|  Balance as of October 31, 2024 | $7473684 | $44775000 | $52248684 |
|  Purchases |  |  |  |
|  Sales/Paydowns | (3191509) | (2250000) | (5441509) |
|  Realized gains/(losses) |  | 1003 | 1003 |
|  Change in unrealized appreciation/(depreciation) | 432145 | 4000 | 436145 |
|  Amortization |  | 6247 | 6247 |
|  Transfers from Level 3 |  |  |  |
|  Transfers to Level 3 |  |  |  |
|  Balance as of October 31, 2025 | $4714320 | $42536250 | $47250570 |

---

As of October 31, 2025, $47,250,570 of value of the Level 3 assets in the Fund was based on single quotes from brokers.

The accompanying notes are an integral part of these financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 42 </u>

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BBH Limited Duration Fund<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $10,027,921,540) | $10070760311 |
| &nbsp;&nbsp;&nbsp; Cash | 67248525 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 65231142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 15039392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures variation margin on open contracts | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 10218279528 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 42155021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 9736765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment advisory and administrative fees | 4069666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared | 1239257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 181124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees | 155116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 111405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 77260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 57737344 |
|  Net Assets | $10160542184 |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $10128282755 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 32259429 |
|  Net Assets | $10160542184 |
|  Net Asset Value and Offering Price per Share |  |
|  Class N Shares |  |
| &nbsp;&nbsp;&nbsp; ($471,875,442 ÷ 44,887,319 shares outstanding) | $10.51 |
|  Class I Shares |  |
| &nbsp;&nbsp;&nbsp; ($9,688,666,742 ÷ 922,121,528 shares outstanding) | $10.51 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 43 </u>

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BBH Limited Duration Fund<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
|  Net Investment Income: |  |
| &nbsp;&nbsp;&nbsp; Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $469505928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 315327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 788402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 470609657 |
| &nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 23987743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees | 956020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 719352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 179183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 126530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 77181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 573216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 26619225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver | (653680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 25965545 |
| &nbsp;&nbsp;&nbsp; Net Investment Income | 444644112 |
|  Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities | (2090887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on futures contracts | 4270049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities and futures contracts | 2179162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 86192948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | (9261200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts | 76931748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain | 79110910 |
|  Net Increase in Net Assets Resulting from Operations | $523755022 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 44 </u>

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BBH Limited Duration Fund<br> Statements of Changes in Net Assets<br>

---

| | | |
|:---|:---|:---|
|  | For the years ended <br>October 31, | For the years ended <br>October 31, |
|  | 2025 | 2024 |
|  Increase/(Decrease) in Net Assets from: |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $444644112 | $359676959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities and futures contracts | 2179162 | (9730871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/<br>(depreciation) on investments in securities and futures contracts | 76931748 | 229992309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 523755022 | 579938397 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (22173309) | (21989562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (420920457) | (340236922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions declared | (443093766) | (362226484) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares<sup>1</sup> | 5353210217 | 3012526320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions | 167499153 | 98296342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<sup>1</sup> | (3640250908) | (2256604342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 1880458462 | 854218320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 1961119718 | 1071930233 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 8199422466 | 7127492233 |
| &nbsp;&nbsp;&nbsp; End of year | $10160542184 | $8199422466 |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes share exchanges. See Note 5 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 45 </u>

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BBH Limited Duration Fund<br> Financial Highlights<br>Selected per share data and ratios for a Class N share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $10.42 | $10.11 | $9.91 | $10.32 | $10.23 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.49 | 0.50 | 0.41 | 0.19 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 0.09 | 0.31 | 0.20 | (0.41) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 0.58 | 0.81 | 0.61 | (0.22) | 0.24 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.50) | (0.41) | (0.19) | (0.15) |
| &nbsp;&nbsp;&nbsp; From net realized gains |  | (0.00)<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.49) | (0.50) | (0.41) | (0.19) | (0.15) |
|  Net asset value, end of year | $10.51 | $10.42 | $10.11 | $9.91 | $10.32 |
|  Total return<sup>3</sup> | 5.64% | 8.20% | 6.24% | (2.12)% | 2.38% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $472 | $468 | $440 | $490 | $656 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp; Fee waiver<sup>4</sup> | (0.14)% | (0.14)% | (0.14)% | (0.14)% | (0.14)% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.66% | 4.84% | 4.06% | 1.87% | 1.48% |
|  Portfolio turnover rate | 38% | 40% | 22% | 46% | 34% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;The ratio of expenses to average net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.35%. The agreement is effective through March 1, 2026 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2025, 2024, 2023, 2022 and 2021, the waived fees were $653,680, $631,656, $665,947, $797,646, and $746,522, respectively.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 46 </u>

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BBH Limited Duration Fund<br> Financial Highlights (continued)<br>Selected per share data and ratios for a Class I share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $10.42 | $10.11 | $9.90 | $10.32 | $10.23 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.50 | 0.51 | 0.41 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 0.08 | 0.31 | 0.22 | (0.41) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 0.58 | 0.82 | 0.63 | (0.22) | 0.25 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.51) | (0.42) | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp; From net realized gains |  | (0.00)<sup>2</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.49) | (0.51) | (0.42) | (0.20) | (0.16) |
|  Net asset value, end of year | $10.51 | $10.42 | $10.11 | $9.90 | $10.32 |
|  Total return<sup>3</sup> | 5.72% | 8.28% | 6.43% | (2.14)% | 2.46% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $9689 | $7732 | $6688 | $7749 | $11442 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.27% | 0.27% | 0.28% | 0.27% | 0.27% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.74% | 4.92% | 4.13% | 1.92% | 1.55% |
|  Portfolio turnover rate | 38% | 40% | 22% | 46% | 34% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 47 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements<br>October 31, 2025<br>

1. Organization. The Fund is a separate, diversified series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. As of October 31, 2025, there were seven series of the Trust. The Fund commenced operations on December 22, 2000 and offers two share classes, Class N and Class I. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. The investment objective of the Fund is to provide maximum total return, consistent with preservation of capital and prudent investment management.

2. Significant Accounting Policies. The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments.*** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 48 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund's net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("SID" or "Investment Adviser") in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61<sup>st</sup> day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent fair value. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income.*** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 49 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses.*** Most expenses of the Trust can be directly attributed to a specific fund and share class. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust and the respective share classes on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Financial Futures Contracts.*** The Fund may enter into open futures contracts in order to economically hedge against anticipated future changes in interest rates which otherwise might either adversely affect the value of securities held for the Fund or adversely affect the prices of securities that are intended to be purchased at a later date for the Fund. The contractual amount of the futures contracts represents the investment the Fund has in a particular contract and does not necessarily represent the amounts potentially subject to risk of loss. Trading in futures contracts involves, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The measurement of risk associated with futures contracts is meaningful only when all related and offsetting transactions are considered. Gains and losses are realized upon the expiration or closing of the futures contracts.

Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in economically hedged security values and/or interest rates, and potential losses in excess of the Fund's initial investment.

Open future contracts held at October 31, 2025, are listed in the Portfolio of Investments.

For the year ended October 31, 2025, the average month-end notional amount of open futures contracts was $489,376,557. The range of month-end notional amounts was $211,708,899 to $791,858,319.

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 50 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

Fair Values of Derivative Instruments as of October 31, 2025

Derivatives not accounted for as economically hedging instruments under authoritative guidance for derivatives instruments and hedging activities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| Risk | Statement of Assets<br>and Liabilities<br>Location | Fair Value | Statement of Assets<br>and Liabilities<br>Location | Fair Value |
|  Interest Rate Risk | Net unrealized<br>appreciation/<br>(depreciation) on<br>futures contracts | $125782<br> \* | Net unrealized<br>appreciation/<br>(depreciation) on<br>futures contracts | $(31141 |
|  Total |  | $125782 |  | $(31141 |

---

–––––––––––––

\* Includes cumulative appreciation/(depreciation) of futures contracts reported under line item "Futures variation margin on open contracts" in the Statement of Assets and Liabilities and Notes to Financial Statements. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

---

| | |
|:---|:---|
| **Effect of Derivative Instruments on the Statement of Operations** | |
|  | Interest<br>Rate Risk |
|  Net Realized Gain on Derivatives Future Contracts | $4270049 |
|  Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9261200) |

---

&nbsp;&nbsp;&nbsp;&nbsp;***E. Private Placement Securities.*** The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended ("1933 Act") but that can be sold to "qualified institutional buyers" in accordance with the requirements stated in Rule 144A or the requirements stated in Regulation D of the 1933 Act ("Private Placement Securities"). A Private Placement Security may be considered illiquid and therefore, under the U.S. Securities and Exchange Commission ("SEC") Regulations for open-end investment companies, subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be considered in determining the liquidity of Private Placement Securities and

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 51 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Loan Participations and Assignments.*** The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the "Lender") that acts as agent for all holders. Some loan participations and assignments may be purchased on a "when-issued" basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan assignment, the Fund acquires the loan in whole or in part and becomes a lender under the loan agreement. The Fund generally has the right to enforce compliance with the terms of the loan agreement with the borrower.

Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to the Fund. The interest rates paid on a floating rate security in which the Fund invests generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year Secured Overnight Financing Rate ("SOFR").

The Fund may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual loan participations and assignments on a daily basis.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Federal Income Taxes.*** It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 52 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;***H. Dividends and Distributions to Shareholders.*** Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $22,173,309 and $420,920,457 to Class N and Class I shareholders, respectively, during the year ended October 31, 2025, and in the amount of $21,989,562 and $340,236,922 to Class N and Class I shareholders, respectively, during the year ended October 31, 2024.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 53 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: |
|  | Ordinaryincome | Netlong-termcapital gain | Total <br>taxabledistributions | Tax <br>returnof capital | Totaldistributionspaid |
|  2025: | $443093766 | $— | $443093766 | $— | $443093766 |
|  2024: | 362226484 |  | 362226484 |  | 362226484 |

---

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): |
|  | Undistributedordinaryincome | Undistributedlong-termcapital gain | Accumulatedcapital andother losses | Otherbook/taxtemporarydifferences | Bookunrealizedappreciation/(depreciation) | Totalretainedearnings/(accumulateddeficit) |
|  2025: | $1860623 | $— | $(11200600) | $(1334006) | $42933412 | $32259429 |
|  2024: | 1220586 |  | (5332094) | (10291983) | (33998336) | (48401827) |

---

The Fund had $11,200,600 net capital loss carryforwards as of October 31, 2025, of which $271,141 and $10,929,459, is attributable to short-term and long-term capital losses, respectively.

The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and paydowns on fixed income securities.

To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.

***I.Segment Reporting.*** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 54 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***J. Use of Estimates.*** The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

3. Fees and Other Transactions with Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees.*** Under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.30% per annum on the first $1 billion of the Fund's average daily net assets and 0.25% per annum on the Fund's average daily net assets over $1 billion. For the year ended October 31, 2025, the Fund incurred $23,987,743 for services under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Expense Waivers and Reimbursements.*** Effective June 14, 2018 the Investment Adviser has contractually agreed to waive fees and/or reimburse expenses for the Fund's Class N shares in order to limit total annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business) for Class N to 0.35%. The agreement will terminate on March 1, 2026, unless it is renewed by all parties to the agreement.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 55 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

The agreement may only be terminated during its term with approval of the Fund's Board of Trustees. For the year ended October 31, 2025, the Investment Adviser waived fees in the amount of $653,680 for Class N.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Shareholder Servicing Fees.*** The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.20% of Class N shares' average daily net assets. For the year ended October 31, 2025, Class N shares of the Fund incurred $956,020 in shareholder servicing fees.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Custody and Fund Accounting Fees.*** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $719,352 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2025 was $4,546. This amount is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $283,618 and $31,709, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Board of Trustees' Fees.*** Each Trustee who is not an "interested person" as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $179,183 in independent Trustee compensation and expense reimbursements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 56 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***F. Officers of the Trust.*** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

4. Investment Transactions. For the year ended October 31, 2025, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $4,511,743,034 and $2,720,661,499, respectively.

5. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class N shares and Class I shares of beneficial interest, at no par value. Transactions in Class N and Class I shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended<br>October 31, 2025 | For the year ended<br>October 31, 2025 | For the year ended<br>October 31, 2024 | For the year ended<br>October 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class N** |  |  |  |  |
|  Shares sold | 20118272 | $210565018 | 15041290 | $155154243 |
|  Shares issued in connection with reinvestments of dividends | 2053399 | 21499130 | 2065950 | 21340135 |
|  Shares redeemed | (22149078) | (231740466) | (15713114) | (162006611) |
|  Net increase | 22593 | $323682 | 1394126 | $14487767 |
| **Class I** |  |  |  |  |
|  Shares sold | 491638681 | $5142645199 | 276339520 | $2857372077 |
|  Shares issued in connection with reinvestments of dividends | 13943229 | 146000023 | 7450789 | 76956207 |
|  Shares redeemed | (325821935) | (3408510442) | (203149862) | (2094597731) |
|  Net increase | 179759975 | $1880134780 | 80640447 | $839730553 |

---

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the year ended October 31, 2025 and the year ended October 31, 2024. Specifically:

During the year ended October 31, 2025, 35,623 shares of Class N were exchanged for 35,635 shares of Class I valued at $372,591 and 63,132 shares of Class I were exchanged for 63,092 shares of Class N valued at $661,222.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 57 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

During the year ended October 31, 2024, 1,918,481 shares of Class N were exchanged for 1,920,186 shares of Class I valued at $19,799,824 and 40,187 shares of Class I were exchanged for 40,157 shares of Class N valued at $415,631.

6. Principal Risk Factors and Indemnifications.

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors.*** Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), financial performance or leverage of the issuer (issuer risk), difficulty in being able to purchase or sell a security (illiquid investment risk), or certain risks associated with investing in non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). The Fund may invest in securities of other investment companies, consisting of ETFs and money market funds. When purchasing shares of other investment companies, shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. The Fund is subject to the risks associated with the investment company's investments (investment company risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). The Fund may use of derivatives that could create risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). Due to uncertainty regarding the ability of the issuer to pay principal and interest, securities that are rated below investment grade (i.e., Ba1/BB+ or lower) (junk bond risk), and their unrated equivalents, may be subject to greater risks than securities which have higher credit ratings, including a high risk of default. The Fund invests in asset-backed (asset-backed securities risk) and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 58 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund's use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's securities and may cause the Fund to be more volatile (leverage risk). Loan participations and assignments, delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (loan risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (large shareholder risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Regulation S, Regulation D and Rule 144A which have not been registered with SEC. These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). The Fund may invest in convertible securities which may perform in a similar manner to a regular debt security and are subject to variety of risks, including investment risk, market risk, issuer risk and interest rate risk (convertible securities risk). The Fund may invest in preferred securities which are equity interests in a company that entitle the holder to receive common stock, dividends and

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 59 </u>

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BBH Limited Duration Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

a fixed share of the proceeds resulting from a liquidation of the company, in preference to the holders of other securities. Preferred securities are subject to issuer specific and market risks applicable generally to equity securities (preferred securities risk). The Fund may also invest in notes issued by Business Development Companies ("BDCs"). These notes are subject to risks similar to those of other issuers and those of investment companies (business development company risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications.*** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

7. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

8. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 60 </u>

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BBH Limited Duration Fund<br> Conflicts of Interest<br> October 31, 2025 (unaudited)<br>

Description of Potential Material Conflicts of Interest – Investment Adviser

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 61 </u>

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BBH Limited Duration Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

Other Clients and Allocation of Investment Opportunities. BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser, and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

Affiliated Service Providers. Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management

<u>© Brown Brothers Harriman </u>   <u> 62 </u>

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BBH Limited Duration Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

Aggregation. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

Cross Trades. Under certain circumstances, the Investment Adviser, on behalf of the Funds, may seek to buy from or sell securities to another fund or account advised by BBH, the Investment Adviser. Subject to applicable law and regulation, BBH&Co., the Investment Adviser may (but is not required to) effect purchases and sales between BBH&Co., the Investment Adviser clients ("cross trades"), including the Funds, if BBH&Co., the Investment Adviser or a Fund's Sub-adviser believes such transactions are appropriate based on each party's investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser's decision to engage in these transactions for the Funds. BBH&Co., the Investment Adviser and/or a Fund's Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 63 </u>

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BBH Limited Duration Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

Investments in BBH Funds. From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance. BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

Valuation. When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 64 </u>

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BBH Limited Duration Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

Referral Arrangements. BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

Personal Trading. BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policy and procedures are intended to prevent BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

Gifts and Entertainment. From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 65 </u>

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BBH Limited Duration Fund<br> Additional Federal Tax Information<br> October 31, 2025 (unaudited)<br>

The qualified investment income ("QII") percentage for the year ended October 31, 2025 was 87.09%. In January 2026, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2025. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

<u> &nbsp;&nbsp;&nbsp;&nbsp;© Brown Brothers Harriman </u>   <u> 66 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com<br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** |
| <br> **NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

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Annual Financial<br>Statements<br> October 31, 2025<br> **BBH Income Fund**<br>

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BBH Income Fund<br> Report of Independent Registered Public Accounting Firm<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

To the Shareholders of BBH Income Fund and the Board of Trustees of BBH Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Income Fund (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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

<u>© Brown Brothers Harriman </u>   <u> 2 </u>

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BBH Income Fund<br> Report of Independent Registered Public Accounting Firm (continued)<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH Income Fund<br> Portfolio Allocation<br>October 31, 2025<br>

**Breakdown by Security Type**

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| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of <br>Net Assets |
|  Asset Backed Securities | $317188199 | 16.5% |
|  Commercial Mortgage Backed Securities | 132458004 | 6.9 |
|  Corporate Bonds | 713941079 | 37.2 |
|  Loan Participations and Assignments | 210644401 | 11.0 |
|  Municipal Bonds | 1161717 | 0.0 |
|  Preferred Securities | 33494380 | 1.7 |
|  Residential Mortgage Backed Securities | 248812 | 0.0 |
|  U.S. Treasury Bills | 59120435 | 3.1 |
|  U.S. Treasury Bonds and Notes | 463163628 | 24.1 |
|  Liabilities in Excess of Cash and Other Assets | (10439340) | (0.5) |
|  **Net Assets** | $**1920981315** | **100.0%** |

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All data as of October 31, 2025. The BBH Income Fund's (the "Fund") breakdown by security type is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH Income Fund<br> Portfolio of Investments<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Asset Backed Securities (16.5%) |  |  |  |
| $2758999 | ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A<sup>1</sup> | 12/29/30 | 3.199% | $2723649 |
| 1841062 | ABPCI Direct Lending Fund ABS II LLC 2022-2A<sup>1</sup> | 03/01/32 | 4.987 | 1776113 |
| 2630000 | Adams Outdoor <br>Advertising LP 2023-1<sup>1</sup> | 07/15/53 | 6.967 | 2676901 |
| 3250000 | Aligned Data Centers <br>Issuer LLC 2023-1A<sup>1</sup> | 08/17/48 | 6.000 | 3281366 |
| 4320000 | Alp CFO LP 2024-1A<sup>1,2</sup> | 10/15/36 | 7.371 | 4380826 |
| 4320000 | Alp CFO LP 2024-1A<sup>1,2</sup> | 10/15/36 | 10.036 | 4471286 |
| 1480000 | Ares PBN Finance Co. <br>LLC<sup>1,2</sup> | 10/15/36 | 6.000 | 1410440 |
| 5200000 | Avis Budget Rental Car Funding AESOP LLC 2023-4A<sup>1</sup> | 06/20/29 | 5.490 | 5340755 |
| 7980000 | BHG Owner Loan Trust Series 2025-1CON<sup>1</sup> | 08/18/36 | 5.290 | 8052942 |
| 6820000 | BHG Owner Loan Trust Series 2025-1CON<sup>1</sup> | 08/18/36 | 5.620 | 6927251 |
| 4165000 | BHG Securitization Trust 2023-A<sup>1</sup> | 04/17/36 | 6.350 | 4207413 |
| 7700000 | Blackrock Rainier CLO VI, Ltd. 2021-6A (3-Month CME Term SOFR + 8.250%) (Cayman Islands)<sup>1,3</sup> | 04/20/37 | 12.134 | 7786724 |
| 3782496 | Business Jet Securities LLC 2024-1A<sup>1</sup> | 05/15/39 | 6.197 | 3876645 |
| 5599063 | Capital Automotive REIT 2024-2A<sup>1</sup> | 05/15/54 | 5.250 | 5572560 |
| 3375250 | CARS-DB7 LP 2023-1A<sup>1</sup> | 09/15/53 | 6.500 | 3406190 |
| 1025375 | CF Hippolyta Issuer LLC 2020-1<sup>1</sup> | 07/15/60 | 2.280 | 708388 |
| 2357823 | CF Hippolyta Issuer LLC 2022-1A<sup>1</sup> | 08/15/62 | 5.970 | 2306611 |
| 7530000 | CFG Investments, Ltd. 2025-1 (Cayman Islands)<sup>1</sup> | 03/25/36 | 6.470 | 7637360 |

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The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Asset Backed Securities (continued) |  |  |  |
| $8990000 | Cogent Ipv4 LLC <br>2024-1A<sup>1</sup> | 05/25/54 | 7.924% | $9347482 |
| 7960000 | Cogent Ipv4 LLC <br>2025-1A<sup>1</sup> | 04/25/55 | 6.646 | 8159240 |
| 2330000 | Credit Acceptance Auto Loan Trust 2023-1A<sup>1</sup> | 07/15/33 | 7.710 | 2379382 |
| 5860000 | Credit Acceptance Auto Loan Trust 2024-3A<sup>1</sup> | 11/15/34 | 4.850 | 5866625 |
| 4100000 | CyrusOne Data Centers Issuer I LLC 2025-1A<sup>1</sup> | 02/20/50 | 5.910 | 4183421 |
| 3070000 | DataBank Issuer <br>2023-1A<sup>1</sup> | 02/25/53 | 5.116 | 3064737 |
| 2850000 | DigitalBridge Issuer LLC 2021-1A<sup>1</sup> | 09/25/51 | 3.933 | 2820520 |
| 4630000 | Dryden 115 CLO, Ltd. 2024-115A (3-Month CME Term SOFR + 2.000%) (Jersey)<sup>1,3</sup> | 04/18/37 | 5.884 | 4641497 |
| 4391719 | Edgeconnex Data Centers Issuer LLC 2024-1<sup>1</sup> | 07/27/54 | 6.000 | 4438793 |
| 81645 | Elm Trust 2020-3A<sup>1</sup> | 08/20/29 | 2.954 | 81525 |
| 395193 | Elm Trust 2020-4A<sup>1</sup> | 10/20/29 | 2.286 | 394469 |
| 4460000 | Flexential Issuer 2021-1A<sup>1</sup> | 11/27/51 | 3.250 | 4437906 |
| 269710 | FNA LLC 2019-1<sup>1,2,3,4</sup> | 12/10/31 | 3.000 | 269548 |
| 3340000 | Ford Credit Auto Owner Trust 2024-1<sup>1</sup> | 08/15/36 | 4.870 | 3414459 |
| 802377 | Global SC Finance VII Srl 2020-1A (Barbados)<sup>1</sup> | 10/17/40 | 2.170 | 764437 |
| 767414 | Global SC Finance VII Srl 2020-2A (Barbados)<sup>1</sup> | 11/19/40 | 2.260 | 732988 |
| 2558264 | Golub Capital Partners ABS Funding, Ltd. 2021-1A (Cayman Islands)<sup>1</sup> | 04/20/29 | 2.773 | 2534805 |
| 8300000 | Hertz Vehicle Financing III LLC 2024-2A<sup>1</sup> | 01/27/31 | 5.480 | 8500218 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 6 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Asset Backed Securities (continued) |  |  |  |
| $8540000 | LCM 42 Ltd. 42A (3-Month CME Term SOFR + 1.800%) (Cayman Islands)<sup>1,3</sup> | 01/15/38 | 5.705% | $8544593 |
| 393671 | LIAS Administration Fee Issuer LLC 2018-1A<sup>1</sup> | 07/25/48 | 5.956 | 387627 |
| 4340000 | Madison Park Funding LXVII, Ltd. 2024-67A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)<sup>1,3</sup> | 04/25/37 | 5.908 | 4356501 |
| 3060000 | Madison Park Funding XLVII, Ltd. 2020-47A (3-Month CME Term SOFR + 1.950%) (Cayman Islands)<sup>1,3</sup> | 04/19/37 | 5.834 | 3071664 |
| 2690000 | Mariner Finance issuance Trust 2024-BA<sup>1</sup> | 11/20/38 | 5.330 | 2745755 |
| 1735000 | Mariner Finance issuance Trust 2024-BA<sup>1</sup> | 11/20/38 | 5.730 | 1778647 |
| 486269 | Monroe Capital ABS Funding, Ltd. 2021-1A (Cayman Islands)<sup>1</sup> | 04/22/31 | 2.815 | 481112 |
| 1372899 | Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup> | 04/30/32 | 5.150 | 1339714 |
| 4870000 | Monroe Capital Mml CLO XVI, Ltd. 2024-1A (3-Month CME Term SOFR + 2.100%) (Jersey)<sup>1,3</sup> | 07/23/36 | 5.960 | 4886486 |
| 4800000 | Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A (3-Month CME Term SOFR + 1.230%) (Cayman Islands)<sup>1,3</sup> | 10/16/37 | 5.330 | 4799977 |
| 2267191 | Newtek Small Business Loan Trust 2023-1 (U.S. Prime Rate-0.500%)<sup>1,3</sup> | 07/25/50 | 6.750 | 2285567 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Asset Backed Securities (continued) |  |  |  |
| $5440000 | NextGear Floorplan Master Owner Trust 2023-1A<sup>1</sup> | 03/15/28 | 5.740% | $5469682 |
| 5450000 | Niagara Park CLO, Ltd. 2019-1A (3-Month CME Term SOFR + 1.340%) (Cayman Islands)<sup>1,3</sup> | 01/17/38 | 5.222 | 5460552 |
| 4500000 | Octagon 71, Ltd. 2024-1A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)<sup>1,3</sup> | 04/18/37 | 5.934 | 4517076 |
| 4600000 | OnDeck Asset Securitization Trust IV LLC 2024-2A<sup>1</sup> | 10/17/31 | 4.980 | 4610304 |
| 1694515 | OneMain Financial Issuance Trust 2022-S1<sup>1</sup> | 05/14/35 | 4.130 | 1692912 |
| 6610000 | OneMain Financial Issuance Trust 2023-2A<sup>1</sup> | 09/15/36 | 6.170 | 6820690 |
| 2309070 | Oportun Issuance Trust 2021-C<sup>1</sup> | 10/08/31 | 2.180 | 2265150 |
| 6170000 | Oxford Finance Credit Fund III 2025-A LP<sup>1</sup> | 08/14/34 | 5.878 | 6223112 |
| 10010000 | Oxford Finance Funding Trust LLC 2025-1A<sup>1</sup> | 02/15/35 | 5.413 | 10010000 |
| 10130000 | PFS Financing Corp. 2024-F<sup>1</sup> | 08/15/29 | 4.750 | 10227590 |
| 84763 | ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate-0.500%)<sup>1,3</sup> | 12/27/44 | 6.750 | 84705 |
| 1226916 | Regional Management Issuance Trust 2022-1<sup>1</sup> | 03/15/32 | 3.070 | 1223174 |
| 5510000 | Regional Management Issuance Trust 2024-1<sup>1</sup> | 07/15/36 | 5.830 | 5614778 |
| 8910000 | Regional Management Issuance Trust 2025-2<sup>1</sup> | 11/16/37 | 4.590 | 8877630 |
| 7830000 | Republic Finance Issuance Trust 2024-A<sup>1</sup> | 08/20/32 | 5.910 | 7911713 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 8 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Asset Backed Securities (continued) |  |  |  |
| $5240000 | Retained Vantage Data Centers Issuer LLC 2023-1A<sup>1</sup> | 09/15/48 | 5.000% | $5241795 |
| 1795000 | Sabey Data Center Issuer LLC 2023-1<sup>1</sup> | 04/20/48 | 6.250 | 1800486 |
| 2240000 | Santander Drive Auto Receivables Trust 2023-5 | 02/18/31 | 6.430 | 2322553 |
| 6250000 | Sotheby's Artfi Master Trust 2024-1A<sup>1</sup> | 12/22/31 | 6.430 | 6283101 |
| 1150000 | Stack Infrastructure Issuer LLC 2023-1A<sup>1</sup> | 03/25/48 | 5.900 | 1154775 |
| 3520000 | Stack Infrastructure Issuer LLC 2023-3A<sup>1</sup> | 10/25/48 | 5.900 | 3554512 |
| 810879 | Textainer Marine Containers VII, Ltd. 2020-1A (China)<sup>1</sup> | 08/21/45 | 2.730 | 781183 |
| 4175519 | Thrust Engine Leasing DAC 2021-1A<sup>1</sup> | 07/15/40 | 4.163 | 4104742 |
| 4480000 | Trafigura Securitisation Finance, Plc 2024-1A (Ireland)<sup>1</sup> | 11/15/27 | 5.980 | 4532944 |
| 3350000 | Vantage Data Centers Issuer LLC 2023-1A<sup>1</sup> | 03/16/48 | 6.316 | 3367268 |
| 2716794 | VC 3 LS LP 2021-B | 10/15/41 | 4.750 | 2626754 |
| 780496 | VCP RRL ABS I, Ltd. 2021-1A<sup>1</sup> | 10/20/31 | 2.152 | 767159 |
| 4830000 | Westlake Automobile Receivables Trust 2023-2A<sup>1</sup> | 03/15/28 | 6.290 | 4850602 |
| 1322835 | Willis Engine Structured Trust VII 2023-A<sup>1</sup> | 10/15/48 | 8.000 | 1360821 |
| 5530000 | Zayo Issuer LLC 2025-1A<sup>1</sup> | 03/20/55 | 5.648 | 5618974 |
| 10290000 | Zayo Issuer LLC 2025-2A<sup>1</sup> | 06/20/55 | 5.953 | 10558347 |
|  | Total Asset Backed Securities (Cost $313,620,569) |  |  | 317188199 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Commercial Mortgage Backed Securities (6.9%) |  |  |  |
| $4750000 | Atrium Hotel Portfolio Trust 2024-ATRM<sup>1,3,4</sup> | 11/10/29 | 5.894% | $4861464 |
| 6930000 | BAHA Trust 2024-MAR<sup>1,3,4</sup> | 12/10/41 | 7.069 | 7222924 |
| 2818071 | BFLD Mortgage Trust 2024-WRHS (1-Month CME Term SOFR + 1.492%)<sup>1,3</sup> | 08/15/26 | 5.524 | 2818071 |
| 4387500 | BX 2024-PALM (1-Month CME Term SOFR + 1.541%)<sup>1,3</sup> | 06/15/37 | 5.573 | 4390227 |
| 4740000 | BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 3.889%)<sup>1,3</sup> | 06/15/27 | 7.921 | 4781475 |
| 5850000 | BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.892%)<sup>1,3</sup> | 11/15/41 | 5.924 | 5851828 |
| 179435 | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)<sup>1,3</sup> | 02/15/38 | 5.296 | 178775 |
| 786000 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)<sup>1,3</sup> | 11/15/31 | 8.147 | 550901 |
| 2870000 | Citigroup Commercial Mortgage Trust 2023-PRM3<sup>1,3,4</sup> | 07/10/28 | 6.360 | 2969526 |
| 6550000 | COMM Mortgage Trust 2025-SBX<sup>1,3,4</sup> | 08/10/41 | 5.432 | 6588731 |
| 4590000 | Commercial Mortgage Pass Through Certificate<sup>1,4</sup> | 07/12/28 | 6.891 | 4779708 |
| 9580000 | DBC Mortgage Trust 2025-DBC (1-Month CME Term SOFR + 1.350%)<sup>1,3</sup> | 06/15/38 | 5.400 | 9591975 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 10 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Commercial Mortgage Backed Securities (continued) |  |  |  |
| $2460000 | DC Commercial Mortgage Trust 2023-DC<sup>1</sup> | 09/12/40 | 6.804% | $2532055 |
| 7330000 | DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.750%)<sup>1,3</sup> | 03/15/34 | 5.782 | 7343744 |
| 7660000 | Freddie Mac Multifamily Structured Pass <br>Through Certificates 2023-K753<sup>1,2,5</sup> | 11/25/60 | 0.000 | 4918333 |
| 26240000 | Freddie Mac Multifamily Structured Pass <br>Through Certificates 2023-K753<sup>1</sup> | 11/25/60 | 0.100 | 100575 |
| 126715667 | Freddie Mac Multifamily Structured Pass <br>Through Certificates 2023-K753<sup>1</sup> | 11/25/60 | 0.100 | 464590 |
| 7660000 | Freddie Mac Multifamily Structured Pass <br>Through <br>Certificates K753<sup>3,4</sup> | 12/25/30 | 5.038 | 1586986 |
| 4965000 | FREMF Mortgage Trust 2024-K516<sup>1,3,4</sup> | 01/25/29 | 5.925 | 4454077 |
| 4675000 | FREMF Mortgage Trust 2024-K522<sup>1,3,4</sup> | 05/25/29 | 5.566 | 4247116 |
| 6570000 | FREMF Mortgage Trust 2024-K757<sup>1,5</sup> | 10/25/61 | 0.000 | 3880934 |
| 25440000 | FREMF Mortgage Trust 2024-K757<sup>1</sup> | 10/25/61 | 0.100 | 114048 |
| 105880000 | FREMF Mortgage Trust 2024-K757<sup>1</sup> | 10/25/61 | 0.100 | 457550 |
| 21546523 | FREMF Mortgage Trust 2025-K170<sup>1,5</sup> | 02/25/63 | 0.000 | 9472198 |
| 79721592 | FREMF Mortgage Trust 2025-K170<sup>1</sup> | 02/25/63 | 0.100 | 507755 |
| 351084804 | FREMF Mortgage Trust 2025-K170<sup>1</sup> | 02/25/63 | 0.100 | 2168054 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Commercial Mortgage Backed Securities (continued) |  |  |  |
| $7361000 | FREMF Mortgage Trust 2025-K535<sup>1,3,4</sup> | 12/25/29 | 5.306% | $6509332 |
| 1000000 | Hudsons Bay Simon JV Trust 2015-HB10<sup>1,3,4</sup> | 08/05/34 | 5.629 | 983587 |
| 9760000 | INTOWN Mortgage Trust 2025-STAY (1-Month CME Term SOFR + 1.350%)<sup>1,3</sup> | 03/15/42 | 5.382 | 9775339 |
| 240000 | JPMBB Commercial Mortgage Securities Trust 2014-C24<sup>1,3,4</sup> | 11/15/47 | 4.058 | 182812 |
| 5240000 | MED Commercial Mortgage Trust 2024-MOB (1-Month CME Term SOFR + 1.592%)<sup>1,3</sup> | 05/15/41 | 5.624 | 5223914 |
| 5860000 | MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)<sup>1,3</sup> | 03/15/39 | 5.936 | 5863663 |
| 735136 | Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month CME Term SOFR + 1.314%)<sup>1,3</sup> | 11/25/36 | 5.306 | 731968 |
| 2700000 | SCOTT Trust 2023-SFS<sup>1</sup> | 03/10/40 | 5.910 | 2768907 |
| 2270000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)<sup>1,3</sup> | 02/15/39 | 6.682 | 2277980 |
| 1310000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)<sup>1,3</sup> | 02/15/39 | 7.532 | 1306882 |
|  | Total Commercial Mortgage Backed Securities (Cost $131,020,361) |  |  | 132458004 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 12 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (37.2%) |  |  |  |
|  | Aerospace/Defense (0.1%) |  |  |  |
| $2220000 | BAE Systems, Plc (United Kingdom)<sup>1</sup> | 04/15/30 | 3.400% | $2143017 |
|  | Agriculture (0.3%) |  |  |  |
| 5480000 | Bunge Ltd. Finance Corp. | 09/17/29 | 4.200 | 5474184 |
|  | Apparel (0.2%) |  |  |  |
| 4140000 | William Carter Co.<sup>1</sup> | 02/15/31 | 7.375 | 4120039 |
|  | Auto Manufacturers (2.2%) |  |  |  |
| 3835000 | BMW US Capital LLC<sup>1</sup> | 03/21/30 | 5.050 | 3938120 |
| 3930000 | Ford Motor Credit Co. LLC | 11/05/26 | 5.125 | 3943184 |
| 4830000 | Hyundai Capital America<sup>1</sup> | 06/24/27 | 5.275 | 4904150 |
| 7770000 | Hyundai Capital America<sup>1</sup> | 03/27/30 | 5.150 | 7943442 |
| 7350000 | Toyota Motor Credit Corp. | 09/05/28 | 4.050 | 7368717 |
| 9540000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 09/26/26 | 3.200 | 9449104 |
| 3835000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 08/15/27 | 4.850 | 3865839 |
|  |  |  |  | 41412556 |
|  | Banks (7.0%) |  |  |  |
| 2790000 | ASB Bank, Ltd. (5-Year CMT Index + 2.250%) (New Zealand)<sup>1,3</sup> | 06/17/32 | 5.284 | 2823272 |
| 4600000 | Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)<sup>3</sup> | 03/14/28 | 5.552 | 4673760 |
| 1635000 | Bank Leumi Le-Israel BM (Israel)<sup>1</sup> | 07/27/27 | 5.125 | 1648669 |
| 10715000 | Bank of America Corp. (5-Year CMT Index + 2.760%)<sup>3,6</sup> |  | 4.375 | 10538301 |
| 2650000 | Bank of New York Mellon (SOFR + 1.135%)<sup>3</sup> | 04/20/29 | 4.729 | 2692971 |
| 3035000 | Bank of New Zealand (New Zealand)<sup>1</sup> | 02/07/28 | 4.846 | 3087931 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Banks (continued) |  |  |  |
| $3095000 | Bank of Nova Scotia (Canada) | 03/11/27 | 2.951% | $3052061 |
| 4670000 | BNP Paribas S.A. (SOFR + 1.678%) (France)<sup>1,3</sup> | 05/09/31 | 5.085 | 4749266 |
| 3485000 | Canadian Imperial Bank of Commerce (Canada) | 10/03/28 | 5.986 | 3662919 |
| 7500000 | Citigroup, Inc. (SOFR + 1.143%)<sup>3</sup> | 05/07/28 | 4.643 | 7548706 |
| 2920000 | Comerica Bank (SOFR + 2.610%)<sup>3</sup> | 08/25/33 | 5.332 | 2932513 |
| 6240000 | Fifth Third Bancorp (SOFR + 2.192%)<sup>3</sup> | 10/27/28 | 6.361 | 6487174 |
| 165000 | Fifth Third Bancorp (SOFR + 2.127%)<sup>3</sup> | 07/28/30 | 4.772 | 166745 |
| 2140000 | HSBC Holdings, Plc (SOFR + 3.350%) (United Kingdom)<sup>3</sup> | 11/03/28 | 7.390 | 2265608 |
| 1140000 | HSBC Holdings, Plc (SOFR + 2.387%) (United Kingdom)<sup>3</sup> | 06/04/31 | 2.848 | 1062553 |
| 3285000 | HSBC Holdings, Plc (SOFR + 2.390%) (United Kingdom)<sup>3</sup> | 03/09/34 | 6.254 | 3573550 |
| 6256000 | Huntington Bancshares, Inc. (SOFR + 1.970%)<sup>3</sup> | 08/04/28 | 4.443 | 6279414 |
| 3720000 | JPMorgan Chase & Co. (SOFR + 0.930%)<sup>3</sup> | 07/22/28 | 4.979 | 3773569 |
| 2160000 | Lloyds Banking Group, Plc (1-Year CMT Index + 1.700%) (United Kingdom)<sup>3</sup> | 03/06/29 | 5.871 | 2240041 |
| 2025000 | Lloyds Banking Group, Plc (1-Year CMT Index + 3.750%) (United Kingdom)<sup>3</sup> | 11/15/33 | 7.953 | 2360086 |
| 2000000 | Morgan Stanley (SOFR + 1.610%)<sup>3</sup> | 04/20/28 | 4.210 | 2001882 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 14 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Banks (continued) |  |  |  |
| $2445000 | NatWest Group, Plc (1-Year CMT Index + 2.850%) (United Kingdom)<sup>3</sup> | 11/10/26 | 7.472% | $2446382 |
| 5175000 | NatWest Group, Plc (SOFR + 1.300%) (United Kingdom)<sup>3</sup> | 11/15/28 | 5.580 | 5228595 |
| 1780000 | NatWest Group, Plc (1-Year CMT Index + 2.100%) (United Kingdom)<sup>3</sup> | 03/02/34 | 6.016 | 1909940 |
| 5770000 | PNC Financial Services Group, Inc. (5-Year CMT Index + 2.595%)<sup>3,6</sup> |  | 3.400 | 5602796 |
| 2360000 | Santander Holdings USA, Inc. (SOFR + 2.356%)<sup>3</sup> | 03/09/29 | 6.499 | 2455813 |
| 5115000 | Santander Holdings USA, Inc. (SOFR + 1.878%)<sup>3</sup> | 03/20/31 | 5.741 | 5280198 |
| 3070000 | Skandinaviska Enskilda Banken AB (Sweden)<sup>1</sup> | 03/05/29 | 5.375 | 3177425 |
| 7510000 | State Street Corp. | 02/28/28 | 4.536 | 7608560 |
| 1620000 | Truist Financial Corp. (SOFR + 2.446%)<sup>3</sup> | 10/30/29 | 7.161 | 1750994 |
| 4445000 | Truist Financial Corp. (SOFR + 1.620%)<sup>3</sup> | 01/24/30 | 5.435 | 4593628 |
| 1525000 | UBS Group AG (1-Year CMT Index + 1.750%) (Switzerland)<sup>1,3</sup> | 05/12/28 | 4.751 | 1536581 |
| 6100000 | US Bancorp (5-Year CMT Index + 2.541%)<sup>3,6</sup> |  | 3.700 | 5924711 |
| 1165000 | Wells Fargo & Co. (SOFR + 2.100%)<sup>3</sup> | 06/02/28 | 2.393 | 1133588 |
| 5195000 | Wells Fargo & Co. (SOFR + 1.370%)<sup>3</sup> | 04/23/29 | 4.970 | 5289535 |
| 3020000 | Wells Fargo & Co. (SOFR + 1.500%)<sup>3</sup> | 03/02/33 | 3.350 | 2815617 |
|  |  |  |  | 134375354 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Chemicals (0.3%) |  |  |  |
| $6570000 | Olin Corp.<sup>1</sup> | 04/01/33 | 6.625% | $6506117 |
|  | Commercial Services (0.2%) |  |  |  |
| 3670000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc.<sup>1</sup> | 01/15/30 | 8.250 | 3745584 |
|  | Diversified Financial Services (2.5%) |  |  |  |
| 2338000 | Acadian Asset Management, Inc. | 07/27/26 | 4.800 | 2337833 |
| 4365000 | Ally Financial, Inc. (SOFR + 2.820%)<sup>3</sup> | 01/03/30 | 6.848 | 4604425 |
| 1265000 | American Express Co. | 03/04/27 | 2.550 | 1242442 |
| 5705000 | Bread Financial Holdings, Inc.<sup>1</sup> | 03/15/29 | 9.750 | 6089483 |
| 2345000 | Capital One Financial <br>Corp. | 05/11/27 | 3.650 | 2328345 |
| 1630000 | Capital One Financial Corp. (SOFR + 3.070%)<sup>3</sup> | 10/30/31 | 7.624 | 1838333 |
| 4125000 | Credit Acceptance Corp.<sup>1</sup> | 12/15/28 | 9.250 | 4325937 |
| 2655000 | Credit Opportunities Partners JV LLC | 04/01/26 | 4.250 | 2640222 |
| 9030000 | Equitable America Global Funding<sup>1</sup> | 06/09/30 | 4.950 | 9202290 |
| 2550000 | GCM Grosvenor Diversified Alternatives Issuer <br>LLC<sup>1,2</sup> | 11/15/41 | 6.000 | 2084625 |
| 7300000 | Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.<sup>1</sup> | 02/01/27 | 6.375 | 7252743 |
| 4620000 | Sculptor Alternative Solutions LLC<sup>1,2</sup> | 05/15/37 | 6.000 | 3924136 |
|  |  |  |  | 47870814 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 16 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Electric (1.7%) |  |  |  |
| $4160000 | Alexander Funding <br>Trust II<sup>1</sup> | 07/31/28 | 7.467% | $4440341 |
| 4405000 | Atlantica Sustainable Infrastructure, Ltd. (United Kingdom)<sup>1</sup> | 06/15/28 | 4.125 | 4265266 |
| 5065000 | Edison International (5-Year CMT Index + 4.698%)<sup>3,6</sup> |  | 5.375 | 5014741 |
| 3375000 | Florida Power & Light Co. | 05/15/33 | 4.800 | 3442823 |
| 3500000 | Oncor Electric Delivery Co. LLC | 05/15/28 | 4.300 | 3521000 |
| 4420000 | Southern California Edison Co. | 09/06/26 | 4.400 | 4425534 |
| 7675000 | XPLR Infrastructure Operating Partners LP<sup>1</sup> | 03/15/33 | 8.625 | 8052748 |
|  |  |  |  | 33162453 |
|  | Energy-Alternate Sources (1.0%) |  |  |  |
| 10055000 | XPLR Infrastructure LP<sup>1,5</sup> | 11/15/25 | 0.000 | 10029863 |
| 8440000 | XPLR Infrastructure LP<sup>1</sup> | 06/15/26 | 2.500 | 8271200 |
|  |  |  |  | 18301063 |
|  | Food (0.6%) |  |  |  |
| 5925000 | Mars, Inc.<sup>1</sup> | 03/01/32 | 5.000 | 6088674 |
| 4765000 | Nestle Capital Corp.<sup>1</sup> | 03/12/31 | 4.750 | 4879289 |
|  |  |  |  | 10967963 |
|  | Gas (0.5%) |  |  |  |
| 4650000 | Southern California Gas Co. | 09/01/34 | 5.050 | 4745169 |
| 4120000 | Southern California Gas Co. | 06/15/35 | 5.450 | 4284514 |
|  |  |  |  | 9029683 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Healthcare-Services (0.5%) |  |  |  |
| $1080000 | Providence St Joseph Health Obligated <br>Group | 10/01/33 | 5.403% | $1113297 |
| 4210000 | Roche Holdings, Inc.<sup>1</sup> | 03/08/31 | 4.909 | 4345408 |
| 4585000 | Sutter Health | 08/15/32 | 5.213 | 4762866 |
|  |  |  |  | 10221571 |
|  | Insurance (10.0%) |  |  |  |
| 7105000 | Aegon, Ltd. (6 – Month CME Term SOFR + 3.540%)<sup>3</sup> | 04/11/48 | 5.500 | 7203419 |
| 2940000 | American Coastal Insurance Corp. | 12/15/27 | 7.250 | 2917950 |
| 4650000 | American National Global Funding<sup>1</sup> | 01/28/30 | 5.550 | 4793975 |
| 5395000 | American National Global Funding<sup>1</sup> | 06/03/30 | 5.250 | 5497122 |
| 2880000 | Ascot Group, Ltd. (Bermuda)<sup>1</sup> | 12/15/30 | 4.250 | 2659042 |
| 3615000 | Ascot Group, Ltd. (5-Year CMT Index + 2.375%) (Bermuda)<sup>1,3</sup> | 06/15/35 | 6.349 | 3768233 |
| 8205000 | Athene Global Funding<sup>1</sup> | 05/09/28 | 4.830 | 8277254 |
| 4360000 | Athene Global Funding<sup>1</sup> | 01/09/29 | 5.583 | 4487105 |
| 4040000 | Athene Global Funding<sup>1</sup> | 10/08/29 | 4.721 | 4055587 |
| 8565000 | Athene Global Funding<sup>1</sup> | 07/17/30 | 5.033 | 8689552 |
| 8190000 | AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)<sup>3</sup> | 01/15/40 | 4.900 | 7931062 |
| 4900000 | Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)<sup>3</sup> | 12/15/52 | 6.875 | 5018224 |
| 3175000 | Corebridge Global <br>Funding<sup>1</sup> | 09/19/28 | 5.900 | 3319235 |
| 3155000 | DaVinciRe Holdings, Ltd. (Bermuda)<sup>1</sup> | 04/15/35 | 5.950 | 3239484 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 18 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Insurance (continued) |  |  |  |
| $4210000 | Doctors Co. An Interinsurance Exchange<sup>1</sup> | 01/18/32 | 4.500% | $3766720 |
| 9717000 | Enstar Finance LLC (5-Year CMT Index + 4.006%)<sup>3</sup> | 01/15/42 | 5.500 | 9604540 |
| 4460000 | Enstar Group, Ltd. (5-Year CMT Index + 3.186%)<sup>1,3</sup> | 04/01/45 | 7.500 | 4660160 |
| 2405000 | Equitable Financial Life Global Funding<sup>1</sup> | 03/27/30 | 5.000 | 2458591 |
| 5540000 | F&G Annuities & Life, Inc. | 01/13/28 | 7.400 | 5812122 |
| 4110000 | F&G Global Funding<sup>1</sup> | 06/10/27 | 5.875 | 4209011 |
| 4765000 | Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%) (United Kingdom)<sup>1,3</sup> | 04/01/41 | 6.625 | 4742050 |
| 6260000 | GA Global Funding Trust<sup>1</sup> | 09/23/27 | 4.400 | 6265876 |
| 1975000 | Global Atlantic Finance Co. (5-Year CMT Index + 3.608%)<sup>1,3</sup> | 10/15/54 | 7.950 | 2064851 |
| 6815000 | Guardian Life Global Funding<sup>1</sup> | 09/26/29 | 4.179 | 6811963 |
| 1690000 | Metropolitan Life Global Funding I<sup>1</sup> | 03/21/29 | 3.300 | 1645493 |
| 5180000 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (5-Year CMT Index + 3.982%) (Germany)<sup>1,3</sup> | 05/23/42 | 5.875 | 5430805 |
| 8950000 | Mutual of Omaha Cos Global Funding<sup>1</sup> | 06/09/28 | 4.514 | 9028915 |
| 2950000 | Mutual of Omaha Cos Global Funding<sup>1</sup> | 04/01/30 | 5.000 | 3009442 |
| 5090000 | Northwestern Mutual Global Funding<sup>1</sup> | 03/25/27 | 5.070 | 5168624 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Insurance (continued) |  |  |  |
| $7725000 | Pacific Life Global Funding II<sup>1</sup> | 05/01/28 | 4.450% | $7802005 |
| 3708000 | PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)<sup>3</sup> | 10/01/50 | 4.500 | 3523976 |
| 4365000 | Protective Life Global Funding<sup>1</sup> | 01/12/27 | 4.992 | 4407601 |
| 6115000 | Protective Life Global Funding<sup>1</sup> | 09/13/27 | 4.335 | 6150378 |
| 4004000 | RenaissanceRe Holdings, Ltd. (Bermuda) | 06/05/33 | 5.750 | 4189678 |
| 3460000 | RGA Global Funding<sup>1</sup> | 01/11/31 | 5.500 | 3605298 |
| 3735000 | SiriusPoint, Ltd. (Sweden) | 04/05/29 | 7.000 | 3940515 |
| 1895000 | Stewart Information Services Corp. | 11/15/31 | 3.600 | 1693259 |
| 4830000 | Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%) (Luxembourg)<sup>1,3</sup> | 04/02/49 | 5.000 | 4875261 |
| 6280000 | Universal Insurance Holdings, Inc. | 11/30/26 | 5.625 | 6210492 |
|  |  |  |  | 192934870 |
|  | Internet (0.2%) |  |  |  |
| 3830000 | Meta Platforms, Inc. | 11/15/32 | 4.600 | 3849252 |
|  | Investment Companies (4.5%) |  |  |  |
| 11550000 | Ares Capital Corp. | 07/15/26 | 2.150 | 11371905 |
| 2172000 | BlackRock TCP Capital Corp. | 05/30/29 | 6.950 | 2205734 |
| 4320000 | Blackstone Private Credit Fund | 09/26/27 | 4.950 | 4339195 |
| 5990000 | Blue Owl Credit Income Corp. | 03/15/30 | 5.800 | 6022226 |
| 2585000 | Blue Owl Technology Finance Corp.<sup>1</sup> | 03/15/28 | 6.100 | 2604965 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 20 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Investment Companies (continued) |  |  |  |
| $1635000 | CION Investment Corp. | 02/11/26 | 4.500% | $1626255 |
| 2485000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance<sup>1</sup> | 02/15/26 | 3.875 | 2471776 |
| 5860000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance<sup>1</sup> | 09/17/30 | 5.950 | 5678281 |
| 5725000 | Fairfax India Holdings Corp. (Canada)<sup>1</sup> | 02/26/28 | 5.000 | 5438750 |
| 3930000 | Franklin BSP Capital <br>Corp.<sup>1</sup> | 10/02/30 | 6.000 | 3855508 |
| 3940000 | Golub Capital Private Credit Fund | 09/12/29 | 5.800 | 4000185 |
| 11340000 | HA Sustainable Infrastructure Capital, Inc. | 07/01/34 | 6.375 | 11455975 |
| 2065000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 06/15/26 | 3.375 | 2044577 |
| 2300000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 09/15/30 | 3.750 | 2120927 |
| 2960000 | MidCap Financial Investment Corp. | 07/16/26 | 4.500 | 2915515 |
| 513000 | OFS Capital Corp. | 02/10/26 | 4.750 | 510062 |
| 7360000 | PennantPark Floating Rate Capital, Ltd. | 04/01/26 | 4.250 | 7324951 |
| 3025000 | Saratoga Investment Corp. | 02/28/26 | 4.375 | 3007566 |
| 3050000 | Silver Point Specialty Credit Fund, LP<sup>2</sup> | 11/04/26 | 4.000 | 2957249 |
| 887000 | Stellus Capital Investment Corp. | 03/30/26 | 4.875 | 880329 |
| 3165000 | Trinity Capital, Inc. | 12/15/26 | 4.250 | 3079620 |
|  |  |  |  | 85911551 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Machinery-Diversified (0.9%) |  |  |  |
| $2275000 | CNH Industrial Capital LLC | 04/10/28 | 4.550% | $2290617 |
| 2450000 | CNH Industrial Capital LLC | 01/12/29 | 5.500 | 2535399 |
| 7140000 | John Deere Capital Corp. (SOFR + 0.500%)<sup>3</sup> | 03/06/28 | 4.703 | 7149074 |
| 4710000 | John Deere Capital Corp. | 03/07/31 | 4.900 | 4856916 |
|  |  |  |  | 16832006 |
|  | Media (0.3%) |  |  |  |
| 5110000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>1</sup> | 03/01/31 | 7.375 | 5186854 |
|  | Miscellaneous Manufacturers (0.3%) |  |  |  |
| 6100000 | Axon Enterprise, Inc.<sup>1</sup> | 03/15/30 | 6.125 | 6264932 |
|  | Oil & Gas (0.5%) |  |  |  |
| 4480000 | Sunoco LP<sup>1</sup> | 05/01/29 | 7.000 | 4656879 |
| 5040000 | Woodside Finance, Ltd. (Australia) | 05/19/30 | 5.400 | 5178888 |
|  |  |  |  | 9835767 |
|  | Pharmaceuticals (0.5%) |  |  |  |
| 730000 | Bausch Health Cos., Inc. (Canada)<sup>1</sup> | 06/01/28 | 4.875 | 664300 |
| 3770000 | Eli Lilly & Co. | 02/12/30 | 4.750 | 3872003 |
| 4800000 | Eli Lilly & Co. | 03/15/31 | 4.250 | 4807497 |
|  |  |  |  | 9343800 |
|  | Pipelines (0.1%) |  |  |  |
| 2430000 | Harvest Midstream I LP<sup>1</sup> | 09/01/28 | 7.500 | 2456621 |
|  | Real Estate Investment Trusts (1.5%) |  |  |  |
| 3340000 | American Tower Trust #1<sup>1</sup> | 03/15/53 | 5.490 | 3399268 |
| 6358000 | Arbor Realty SR, Inc.<sup>1</sup> | 10/15/27 | 8.500 | 6469024 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 22 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Real Estate Investment Trusts (continued) |  |  |  |
| $2375000 | Arbor Realty Trust, Inc. | 04/30/26 | 5.000% | $2349055 |
| 1970000 | Arbor Realty Trust, Inc.<sup>1</sup> | 03/15/27 | 4.500 | 1904538 |
| 5075000 | EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM (Multinational)<sup>1</sup> | 04/01/27 | 5.875 | 4879068 |
| 2750000 | Rexford Industrial Realty <br>LP | 06/15/28 | 5.000 | 2796369 |
| 2000000 | SBA Tower Trust<sup>1</sup> | 11/15/52 | 6.599 | 2047974 |
| 1945000 | Scentre Group Trust 1 / Scentre Group Trust 2 (Australia)<sup>1</sup> | 01/28/26 | 3.625 | 1941198 |
| 1345000 | Scentre Group Trust 2 (5-Year CMT Index + 4.685%) (Australia)<sup>1,3</sup> | 09/24/80 | 5.125 | 1354953 |
| 2065000 | Starwood Property Trust, Inc.<sup>1</sup> | 01/15/27 | 4.375 | 2046589 |
|  |  |  |  | 29188036 |
|  | Retail (0.5%) |  |  |  |
| 1143000 | Macy's Retail Holdings LLC<sup>1</sup> | 03/15/30 | 5.875 | 1142912 |
| 4145000 | Macy's Retail Holdings LLC<sup>1</sup> | 08/01/33 | 7.375 | 4367844 |
| 3450000 | Nordstrom, Inc. | 04/01/30 | 4.375 | 3262711 |
|  |  |  |  | 8773467 |
|  | Savings & Loans (0.2%) |  |  |  |
| 3950000 | Axos Financial, Inc. (3-Month CME Term SOFR + 3.790%)<sup>3</sup> | 10/01/35 | 7.000 | 4063563 |
|  | Semiconductors (0.3%) |  |  |  |
| 5575000 | ams-OSRAM AG (Austria)<sup>1</sup> | 03/30/29 | 12.250 | 5999101 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Corporate Bonds (continued) |  |  |  |
|  | Software (0.3%) |  |  |  |
| $4195000 | CoreWeave, Inc.<sup>1</sup> | 06/01/30 | 9.250% | $4235801 |
| 1730000 | CoreWeave, Inc.<sup>1</sup> | 02/01/31 | 9.000 | 1735060 |
|  |  |  |  | 5970861 |
|  | Total Corporate Bonds (Cost $705,459,355) |  |  | 713941079 |
|  | Loan Participations and Assignments (11.0%) |  |  |  |
| 5274943 | AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 2.250%) (Cayman Islands)<sup>3</sup> | 04/20/28 | 6.134 | 5279163 |
| 1950200 | AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 3.250%) (Cayman Islands)<sup>3</sup> | 05/28/32 | 7.134 | 1956051 |
| 5034700 | A-AG US GSI Bidco, Inc. (3-Month CME Term SOFR + 5.000%)<sup>3</sup> | 10/31/31 | 9.002 | 5006405 |
| 2933727 | Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>3</sup> | 02/10/27 | 9.652 | 2056044 |
| 5563805 | Allspring Buyer LLC (3-Month CME Term SOFR + 2.750%)<sup>3</sup> | 11/01/30 | 6.813 | 5572151 |
| 4518898 | Athenahealth Group, Inc. (1-Month CME Term SOFR + 2.750%)<sup>3</sup> | 02/15/29 | 6.715 | 4495580 |
| 1746504 | Axalta Coating Systems US Holdings, Inc. Term B7 (3-Month CME Term SOFR + 1.750%)<sup>3</sup> | 12/20/29 | 5.752 | 1748180 |
| 2634110 | BCP Renaissance Parent LLC Term B6 (3-Month CME Term SOFR + 2.500%)<sup>3</sup> | 10/31/28 | 6.502 | 2642671 |
| 336081 | Buckeye Partners LP Term B7 (1-Month CME Term SOFR + 1.750%)<sup>3</sup> | 11/22/32 | 5.718 | 336065 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 24 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Loan Participations and Assignments (continued) |  |  |  |
| $3566747 | Central Parent LLC (3-Month CME Term SOFR + 3.250%)<sup>3</sup> | 07/06/29 | 7.252% | $2927479 |
| 5636970 | Charter Communications Operating LLC Term B4 (3-Month CME Term SOFR + 2.000%)<sup>3</sup> | 12/07/30 | 5.985 | 5624287 |
| 5480000 | Clearwater Analytics LLC (6-Month CME Term SOFR + 2.250%)<sup>3</sup> | 04/21/32 | 6.460 | 5483452 |
| 11281600 | Connect Finco S.a.r.l. (1-Month CME Term SOFR + 4.500%) (Luxembourg)<sup>3</sup> | 09/27/29 | 8.465 | 11217407 |
| 4170000 | CoorsTek, Inc. Term B (3-Month CME Term SOFR + 3.000%)<sup>3</sup> | 10/28/32 | 6.859 | 4149150 |
| 3012381 | Delos Aircraft Designated Activity Co. (3-Month CME Term SOFR + 1.750%) (Ireland)<sup>3</sup> | 10/31/27 | 5.752 | 3023135 |
| 5471059 | Eagle Broadband Investments LLC (3-Month CME Term SOFR + 3.000%)<sup>3</sup> | 11/12/27 | 7.263 | 5382154 |
| 7636769 | Eastern Power LLC (1-Month CME Term SOFR + 5.250%)<sup>3</sup> | 04/03/28 | 9.215 | 7664491 |
| 659091 | Elanco Animal Health, Inc. (3-Month CME Term SOFR + 1.750%)<sup>3</sup> | 08/01/27 | 5.984 | 658583 |
| 6034645 | Flutter Entertainment, Plc Term B (3-Month CME Term SOFR + 1.750%) (Ireland)<sup>3</sup> | 11/30/30 | 5.752 | 6001454 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Loan Participations and Assignments (continued) |  |  |  |
| $7285523 | Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month CME Term SOFR + 4.250%)<sup>3</sup> | 08/18/28 | 8.513% | $6691753 |
| 3460000 | Gloves Buyer, Inc. (1-Month CME Term SOFR + 4.000%)<sup>3</sup> | 05/21/32 | 7.965 | 3404848 |
| 6030445 | Great Outdoors Group LLC Term B3 (1-Month CME Term SOFR + 3.250%)<sup>3</sup> | 01/23/32 | 7.215 | 6024173 |
| 2606900 | Hilcorp Energy I LP (1-Month CME Term SOFR + 2.000%)<sup>3</sup> | 02/11/30 | 6.032 | 2608542 |
| 2639496 | ILPEA Parent, Inc. (1-Month CME Term SOFR + 4.000%)<sup>3</sup> | 06/22/28 | 7.970 | 2631261 |
| 3640440 | Iqvia, Inc. Term B5 (3-Month CME Term SOFR + 1.750%)<sup>3</sup> | 01/02/31 | 5.752 | 3649541 |
| 6491154 | Iridium Communications, Inc. Term B4 (1-Month CME Term SOFR + 2.250%)<sup>3</sup> | 09/20/30 | 6.215 | 6075525 |
| 1775928 | Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME Term SOFR + 2.250%)<sup>3</sup> | 05/05/28 | 6.215 | 1779374 |
| 10505358 | LendingTree, Inc. Term B (1-Month CME Term SOFR + 4.500%)<sup>3</sup> | 08/21/30 | 8.465 | 10422156 |
| 805915 | Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 6.000%)<sup>3</sup> | 06/01/28 | 9.965 | 815989 |
| 7149293 | Medline Borrower, LP (1-Month CME Term SOFR + 2.000%)<sup>3</sup> | 10/23/30 | 5.965 | 7151295 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 26 </u>

------

![](tbody_tint.jpg)

BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Loan Participations and Assignments (continued) |  |  |  |
| $9396350 | Midcontinent Communications (3-Month CME Term SOFR + 2.250%)<sup>3</sup> | 08/16/31 | 6.502% | $9379906 |
| 683359 | MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 3.750%)<sup>3</sup> | 12/31/30 | 7.590 | 681794 |
| 5664612 | MPH Acquisition Holdings LLC (3 – Month CME Term SOFR + 4.600%)<sup>3</sup> | 12/31/30 | 8.702 | 5344788 |
| 4443863 | Nexstar Media, Inc. Term B5 (1-Month CME Term SOFR + 2.500%)<sup>3</sup> | 06/28/32 | 6.465 | 4445596 |
| 8529823 | OCM System One Buyer CTB LLC (1-Month CME Term SOFR + 3.500%)<sup>3</sup> | 03/02/28 | 7.465 | 8529823 |
| 9097994 | Priority Holdings, LLC (1-Month CME Term SOFR + 3.750%)<sup>3</sup> | 07/30/32 | 7.715 | 9082072 |
| 9329500 | Rockpoint Gas Storage Partners LP (3-Month CME Term SOFR + 2.500%)<sup>3</sup> | 09/18/31 | 6.343 | 9344054 |
| 4491472 | Sotera Health Holdings LLC (3-Month CME Term SOFR + 2.500%)<sup>3</sup> | 05/30/31 | 6.340 | 4502701 |
| 1760575 | Starwood Property Mortgage, LLC (1-Month CME Term SOFR + 1.750%)<sup>3</sup> | 11/18/27 | 5.715 | 1760575 |
| 4755000 | Starwood Property Mortgage, LLC Term B2 (1-Month CME Term SOFR + 2.250%)<sup>3</sup> | 09/24/32 | 6.215 | 4766888 |
| 7175000 | Stonepeak Nile Parent LLC (3-Month CME Term SOFR + 2.250%)<sup>3</sup> | 04/09/32 | 6.162 | 7164525 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Loan Participations and Assignments (continued) |  |  |  |
| $3024819 | Terex Corp. (1-Month CME Term SOFR + 1.750%)<sup>3</sup> | 10/08/31 | 5.715% | $3032381 |
| 3714872 | Tidal Waste & Recycling Holdings LLC (3-Month CME Term SOFR + 3.000%)<sup>3</sup> | 10/24/31 | 7.002 | 3727874 |
| 4356224 | United AirLines, Inc. Term B (3-Month CME Term SOFR + 2.000%)<sup>3</sup> | 02/22/31 | 6.196 | 4362454 |
| 2050000 | Versant Media Group, Inc. Term B (3-Month CME Term SOFR + 3.500%)<sup>3,7</sup> | 10/23/30 | 0.000 | 2040611 |
|  | Total Loan Participations and Assignments (Cost $212,638,664) |  |  | 210644401 |
|  | Municipal Bonds (0.0%) |  |  |  |
| 1645000 | Indiana Finance Authority, Revenue Bonds | 03/01/51 | 3.313 | 1161717 |
|  | Total Municipal Bonds (Cost $1,645,000) |  |  | 1161717 |
|  | Preferred Securities (1.7%) |  |  |  |
| 79000 | Apollo Global Management, Inc. (5-Year CMT Index + 3.226%)<sup>3</sup> | 09/15/53 | 7.625 | 2069800 |
| 215000 | CION Investment Corp. | 12/30/29 | 7.500 | 5358187 |
| 99600 | Crescent Capital BDC, Inc. | 05/25/26 | 5.000 | 2494482 |
| 178600 | Eagle Point Credit Co., Inc. | 01/31/29 | 5.375 | 4161380 |
| 66200 | Ellington Financial, Inc. (5-Year CMT Index + 5.130%)<sup>3,6</sup> |  | 8.625 | 1674860 |
| 132600 | Gladstone Investment <br>Corp. | 11/01/28 | 4.875 | 3172587 |
| 93600 | Horizon Technology Finance Corp. | 03/30/26 | 4.875 | 2338128 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 28 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | Preferred Securities (continued) |  |  |  |
| $177000 | OFS Capital Corp. | 07/31/28 | 7.500% | $4596690 |
| 130800 | Oxford Lane Capital Corp. | 01/31/27 | 5.000 | 3174516 |
| 175000 | Trinity Capital, Inc. | 03/30/29 | 7.875 | 4453750 |
|  | Total Preferred Securities (Cost $33,725,836) |  |  | 33494380 |
|  | Residential Mortgage Backed Securities (0.0%) |  |  |  |
| 259547 | RMF Proprietary Issuance Trust 2019-1<sup>1,3,4</sup> | 10/25/63 | 2.750 | 248812 |
|  | Total Residential Mortgage Backed Securities (Cost $257,800) |  |  | 248812 |
|  | U.S. Treasury Bills (3.1%) |  |  |  |
| 7010000 | U.S. Treasury Bill<sup>8</sup> | 11/04/25 | 3.852 | 7007751 |
| 20000000 | U.S. Treasury Bill<sup>8,9</sup> | 11/12/25 | 3.972 | 19975795 |
| 8680000 | U.S. Treasury Bill<sup>8</sup> | 11/25/25 | 3.903 | 8657477 |
| 15000000 | U.S. Treasury Bill<sup>8</sup> | 12/16/25 | 3.901 | 14927344 |
| 4550000 | U.S. Treasury Bill<sup>8,10</sup> | 01/08/26 | 4.221 | 4518447 |
| 4100000 | U.S. Treasury Bill<sup>8,10</sup> | 04/09/26 | 3.766 | 4033621 |
|  | Total U.S. Treasury Bills (Cost $59,115,907) |  |  | 59120435 |
|  | U.S. Treasury Bonds and Notes (24.1%) |  |  |  |
| 89000000 | U.S. Treasury Bond | 02/15/37 | 4.750 | 93908906 |
| 1950000 | U.S. Treasury Bond | 11/15/39 | 4.375 | 1944973 |
| 3000000 | U.S. Treasury Bond | 05/15/40 | 4.375 | 2983594 |
| 83900000 | U.S. Treasury Bond | 08/15/41 | 1.750 | 57445281 |
| 42750000 | U.S. Treasury Bond | 02/15/43 | 3.875 | 39129609 |
| 43500000 | U.S. Treasury Bond | 08/15/45 | 2.875 | 33404942 |
| 54800000 | U.S. Treasury Bond | 08/15/50 | 1.375 | 27928735 |
| 1250000 | U.S. Treasury Bond | 05/15/52 | 2.875 | 901416 |
| 30870000 | U.S. Treasury Bond | 02/15/53 | 3.625 | 25770421 |
| 18765000 | U.S. Treasury Bond | 05/15/53 | 3.625 | 15650450 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount  |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | U.S. Treasury Bonds and Notes (continued) |  |  |  |
| $26750000 | U.S. Treasury Note | 03/31/29 | 4.125% | $27170058 |
| 18500000 | U.S. Treasury Note | 07/31/30 | 3.875 | 18638027 |
| 73700000 | U.S. Treasury Note | 03/31/32 | 4.125 | 74854441 |
| 45050000 | U.S. Treasury Note<sup>10</sup> | 05/15/33 | 3.375 | 43432775 |
|  | Total U.S. Treasury Bonds and Notes (Cost $465,358,886) |  |  | 463163628 |
| Total Investments (Cost $1,922,842,378) | Total Investments (Cost $1,922,842,378) | Total Investments (Cost $1,922,842,378) | 100.5% | $1931420655 |
| Liabilities in Excess of Cash and Other Assets | Liabilities in Excess of Cash and Other Assets | Liabilities in Excess of Cash and Other Assets | (0.5)% | (10439340) |
| Net Assets | Net Assets | Net Assets | 100.0% | $1920981315 |

---

____________

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at October 31, 2025 was $810,106,614 or 42.2% of net assets.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security that used significant unobservable inputs to determine fair value, as determined by the Adviser.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2025 coupon or interest rate.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;This variable rate security is based on a predetermined schedule and the rate at October 31, 2025, also represents the reference rate at October 31, 2025.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of this position represents an unsettled loan commitment at year end. Certain details associated with this unsettled purchase may not be known prior to the settlement date, including coupon rate.

<sup>8</sup>&nbsp;&nbsp;&nbsp;&nbsp;Coupon represents a yield to maturity.

<sup>9</sup>&nbsp;&nbsp;&nbsp;&nbsp;Coupon represents a weighted average yield.

<sup>10</sup>&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of this security is held at the broker as collateral for open futures contracts.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 30 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

Abbreviations:

ABS – Asset-Backed Security.

CFO – Collateralized Fund Obligation.

CLO – Collateralized Loan Obligation.

CME – Chicago Mercantile Exchange.

CMT – Constant Maturity Treasury.

REIT – Real Estate Investment Trust.

SOFR – Secured Overnight Financing Rate.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 31 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Financial Futures Contracts

The following futures contracts were open at October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Market <br>Value | Unrealized <br>Gain/(Loss) |
|  Contracts to Buy: |  |  |  |  |  |
|  U.S. Long Bond | 360 | December 2025 | $41203125 | $42232500 | $1029375 |
|  U.S. Treasury 10-Year Notes | 1531 | December 2025 | 170826110 | 172500641 | 1674531 |
|  U.S. Treasury 10-Year Ultra Bond | 1472 | December 2025 | 167060500 | 169993000 | 2932500 |
|  U.S. Ultra Bond | 545 | December 2025 | 63891985 | 66098281 | 2206296 |
|  |  |  |  |  | $7842702 |
|  Net Unrealized Gain on Open Futures Contracts<sup>11</sup> |  |  |  |  | $7842702 |

---

____________

<sup>11</sup> The aggregate cost of investments and derivatives for federal income tax purposes is $1,933,019,194, the aggregate gross unrealized appreciation is $31,603,141 and the aggregate gross unrealized depreciation is $25,358,978, resulting in net unrealized appreciation of $6,244,163.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 32 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Fair Value Measurements

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

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 33 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 and over-the-counter derivatives. 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 accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 34 </u>

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted <br>Quoted Prices in <br>Active Markets <br>for Identical <br>Investments <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant <br>Unobservable <br>Inputs <br>(Level 3) | Balance as of <br>October 31, <br>2025 |
|  Asset Backed Securities | $— | $306656099 | $10532100 | $317188199 |
|  Commercial Mortgage Backed Securities |  | 127539671 | 4918333 | 132458004 |
|  Corporate Bonds |  | 704975069 | 8966010 | 713941079 |
|  Loan Participations and Assignments |  | 210644401 |  | 210644401 |
|  Municipal Bonds |  | 1161717 |  | 1161717 |
|  Preferred Securities | 33494380 |  |  | 33494380 |
|  Residential Mortgage Backed Securities |  | 248812 |  | 248812 |
|  U.S. Treasury Bills |  | 59120435 |  | 59120435 |
|  U.S. Treasury Bonds and Notes |  | 463163628 |  | 463163628 |
| &nbsp;&nbsp;&nbsp; Total Investments, at value | $33494380 | $1873509832 | $24416443 | $1931420655 |
|  **Other Financial Instruments, at value** |  |  |  |  |
|  Financial Futures Contracts | $7842702 | $— | $— | $7842702 |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments, at value | $7842702 | $— | $— | $7842702 |

---

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BBH Income Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset <br>Backed <br>Securities | Commercial <br>Mortgage <br>Backed <br>Securities | Corporate <br>Bonds | Total |
|  Balance as of October 31, 2024 | $14428279 | $4082780 | $8964135 | $27475194 |
|  Purchases |  |  |  |  |
|  Sales/Paydowns | (2238704) |  |  | (2238704) |
|  Realized gains/(losses) |  |  |  |  |
|  Change in unrealized appreciation/(depreciation) | 969279 | 721525 | 1875 | 1692679 |
|  Amortization |  | 114028 |  | 114028 |
|  Transfer from Level 3 | (2626754) |  |  | (2626754) |
|  Transfer to Level 3 |  |  |  |  |
|  Balance as of October 31, 2025 | $10532100 | $4918333 | $8966010 | $24416443 |

---

Fund investments classified as Level 3 were either single broker quoted or fair valued using a market approach or an income approach with valuation inputs such as a discounted cash flow model or market price information adjusted for changes in an appropriate index. As of October 31, 2025, $16,540,861 of value of the Level 3 assets in the Fund was based on single quotes from brokers.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 36 </u>

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BBH Income Fund<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $1,922,842,378) | $1931420655 |
| &nbsp;&nbsp;&nbsp; Cash | 3513029 |
| &nbsp;&nbsp;&nbsp; Foreign currency at value (Cost $227) | 268 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 13908351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2726899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 243933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1951813135 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 28694094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 1229868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures variation margin on open contracts | 513596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 146265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 97063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared | 79737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 48447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 15718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 30831820 |
|  Net Assets | $1920981315 |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1972483399 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (51502084) |
|  Net Assets | $1920981315 |
|  Net Asset Value and Offering Price per Share |  |
|  Class I Shares |  |
| &nbsp;&nbsp;&nbsp; ($1,920,981,315 ÷ 212,855,766 shares outstanding) | $**9.02** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 37 </u>

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BBH Income Fund<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
|  Net Investment Income: |  |
| &nbsp;&nbsp;&nbsp; Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $142744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 90554524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 43446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 263029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 91003743 |
| &nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 6238524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 185797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 110996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 107258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 42829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 123120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 6808524 |
| &nbsp;&nbsp;&nbsp; Net Investment Income | 84195219 |
|  Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities | 2564556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on futures contracts | (15693933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities and futures contracts | (13129377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 20392092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts | 21077144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on foreign currency translations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities, futures contracts and foreign currency translations | 41469253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain | 28339876 |
| &nbsp;&nbsp;&nbsp; Net Increase in Net Assets Resulting from Operations | $112535095 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 38 </u>

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BBH Income Fund<br> Statements of Changes in Net Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | |
|:---|:---|:---|
|  | For the years ended <br>October 31, | For the years ended <br>October 31, |
|  | 2025 | 2024 |
|  Increase/(Decrease) in Net Assets from: |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $84195219 | $58248023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities and futures contracts | (13129377) | 5326676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/<br>(depreciation) on investments in securities, futures contracts and foreign currency translations | 41469253 | 49911682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 112535095 | 113486381 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (83905511) | (58185985) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 800557894 | 551841996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions | 15555688 | 10137478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term redemption fees | 8 | 4652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (185743675) | (127933731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 630369915 | 434050395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 658999499 | 489350791 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1261981816 | 772631025 |
| &nbsp;&nbsp;&nbsp; End of year | $1920981315 | $1261981816 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 39 </u>

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BBH Income Fund<br> Financial Highlights<br> Selected per share data and ratios for a Class I share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $8.89 | $8.30 | $8.49 | $10.49 | $10.77 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.48 | 0.51 | 0.47 | 0.36 | 0.34 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 0.13 | 0.58 | (0.20) | (2.00) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 0.61 | 1.09 | 0.27 | (1.64) | 0.49 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.50) | (0.46) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |  | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.48) | (0.50) | (0.46) | (0.36) | (0.77) |
|  Short-term redemption fees<sup>1</sup> | 0.00<br><sup>2</sup> | 0.00<br><sup>2</sup> | 0.00<br><sup>2</sup> | 0.00<br><sup>2</sup> | 0.00<br><sup>2</sup> |
|  Net asset value, end of year | $9.02 | $8.89 | $8.30 | $8.49 | $10.49 |
|  Total return<sup>3</sup> | 7.04% | 13.37% | 3.10% | (15.93)% | 4.64% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $1921 | $1262 | $773 | $547 | $612 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.44% | 0.44% | 0.46% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.40% | 5.71% | 5.36% | 3.77% | 3.19% |
|  Portfolio turnover rate | 42% | 38% | 56% | 56% | 69% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 40 </u>

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BBH Income Fund<br> Notes to Financial Statements<br>October 31, 2025<br>

1. Organization. The Fund is a separate, diversified series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. As of October 31, 2025, there were seven series of the Trust. The Fund commenced operations on June 27, 2018 and offers two share classes, Class N and Class I. As of October 31, 2025, Class N shares are not available for purchase by investors but may be offered in the future. The investment objective of the Fund is to provide maximum total return, with an emphasis on current income, consistent with preservation of capital and prudent investment management. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund.

2. Significant Accounting Policies. The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments.*** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 41 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund's net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("SID" or "Investment Adviser") in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61<sup>st</sup> day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent fair value. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income.*** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

<u>© Brown Brothers Harriman </u>   <u> 42 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses****.* Most expenses of the Trust can be directly attributed to a specific fund. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Financial Futures Contracts.*** The Fund may enter into open futures contracts in order to economically hedge against anticipated future changes in interest rates which otherwise might either adversely affect the value of securities held for the Fund or adversely affect the prices of securities that are intended to be purchased at a later date for the Fund. The contractual amount of the futures contracts represents the investment the Fund has in a particular contract and does not necessarily represent the amounts potentially subject to risk of loss. Trading in futures contracts involves, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The measurement of risk associated with futures contracts is meaningful only when all related and offsetting transactions are considered. Gains and losses are realized upon the expiration or closing of the futures contracts.

Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in economically hedged security values and/or interest rates, and potential losses in excess of the Fund's initial investment.

Open future contracts held at October 31, 2025, are listed in the Portfolio of Investments.

For the year ended October 31, 2025, the average month-end notional amount of open futures contracts was $417,738,615. The range of month-end notional amounts was $395,981,680 to $442,981,720.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 43 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

Fair Values of Derivative Instruments as of October 31, 2025

Derivatives not accounted for as economically hedging instruments under authoritative guidance for derivatives instruments and hedging activities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| Risk | Statement of Assets <br>and Liabilities <br>Location | Fair Value | Statement of Assets <br>and Liabilities <br>Location | Fair Value |
|  Interest Rate Risk | Net unrealized appreciation/ (depreciation) on futures contracts | $7842702<br> \* | Net unrealized appreciation/ (depreciation) on futures contracts | $— |
|  Total |  | $7842702 |  | $— |

---

–––––––––––––

\* Includes cumulative appreciation/(depreciation) of futures contracts reported under line item "Futures variation margin on open contracts" in the Statement of Assets and Liabilities and Notes to Financial Statements. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

---

| | |
|:---|:---|
| Effect of Derivative Instruments on the Statement of Operations | Effect of Derivative Instruments on the Statement of Operations |
|  | Interest Rate <br>Risk |
|  Net Realized Loss on Derivatives Futures Contracts | $(15693933) |
|  Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Futures Contracts | $21077144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;***E. Private Placement Securities.*** The Fund may purchase securities that are not registered under the Securities Act of 1933, as amended ("1933 Act") but that can be sold to "qualified institutional buyers" in accordance with the requirements stated in Rule 144A or the requirements stated in Regulation S and Regulation D of the 1933 Act ("Private Placement Securities"). A Private Placement Security may be considered illiquid, under the U.S. Securities and Exchange Commission ("SEC") Regulations for open-end investment companies, and therefore subject to the 15% limitation on the purchase of illiquid securities, unless it is determined on an ongoing basis that an adequate trading market exists for the security, which is the case for the Fund. Guidelines have been adopted and the daily function of determining and monitoring liquidity of Private Placement Securities has been delegated to the investment adviser. All relevant factors will be

<u>© Brown Brothers Harriman </u>   <u> 44 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

considered in determining the liquidity of Private Placement Securities and all investments in Private Placement Securities will be carefully monitored. Information regarding Private Placement Securities is included at the end of the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Loan Participations and Assignments.*** The Fund may invest in loan participations and assignments, which include institutionally traded floating and fixed-rate debt securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the "Lender") that acts as agent for all holders. Some loan participations and assignments may be purchased on a "when-issued" basis. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan assignment, the Fund acquires the loan in whole or in part and becomes a lender under the loan agreement. The Fund generally has the right to enforce compliance with the terms of the loan agreement with the borrower.

Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to the Fund. The interest rates paid on a floating rate security in which the Fund invests generally are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year Secured Overnight Financing Rate ("SOFR").

The Fund may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Fund may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Fund utilizes an independent third party to value individual loan participations and assignments on a daily basis.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Federal Income Taxes***. It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 45 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;***H. Dividends and Distributions to Shareholders****.* Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amount of $83,905,511 and $58,185,985 to Class I shareholders during the years ended October 31, 2025 and October 31, 2024, respectively.

<u>© Brown Brothers Harriman </u>   <u> 46 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: |
|  | Ordinary<br>income | Netlong-termcapital gain | Total taxabledistributions | Tax <br>return of<br>capital | Totaldistributionspaid |
|  2025: | $83905511 | $— | $83905511 | $— | $83905511 |
|  2024: | 58185985 |  | 58185985 |  | 58185985 |

---

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): |
|  | Undistributed<br>ordinary<br>income | Undistributed<br>long-term<br>capital gain | Accumulated<br>capital and<br>other losses | Other<br>book/tax<br>temporary<br>differences | Unrealized<br>appreciation/<br>(depreciation) | Total <br>retained<br>earnings/<br>(accumulated<br>deficit) |
|  2025: | $157603 | $— | $(57824154) | $(10256553) | $16421020 | $(51502084) |
|  2024: | 211408 |  | (67242521) | 11947678 | (25048233) | (80131668) |

---

The Fund had $57,824,154 net capital loss carryforwards as of October 31, 2025, of which $22,999,269 and $34,824,885, is attributable to short-term and long-term capital losses, respectively.

The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and paydowns on fixed income securities.

To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 47 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***I.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting.*** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***J. Use of Estimates***. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

3. Fees and Other Transactions with Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees****.* Effective June 27, 2018 (commencement of operations), under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.40% per annum on the first $2 billion, 0.38% per annum on the next $1 billion and 0.35% per annum on amounts over $3 billion of the average daily net assets of the Fund. Prior to January 1, 2025, the Fund paid a combined fee, computed daily and payable monthly, equal to 0.40% of the average daily net assets of the Fund. For the year ended October 31, 2025, the Fund incurred $6,238,524 under the Agreement.

<u>© Brown Brothers Harriman </u>   <u> 48 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***B. Expense Waivers and Reimbursements.*** Effective June 27, 2018 (commencement of operations), the Investment Adviser has contractually agreed to waive fees and/or reimburse expenses in order to limit the total annual fund operating expenses (excluding interests, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund's business) for Class I shares to 0.50%. The agreement will terminate on March 1, 2026, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund's Board of Trustees. For the year ended October 31, 2025, the Investment Adviser waived fees in the amount of $0 for Class I.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Custody and Fund Accounting Fees.*** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $185,797 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2025 was $1,267. This amount is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $35,413 and $8,033, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 49 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***D. Board of Trustees' Fees.*** Each Trustee who is not an "interested person" as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $107,258 in Independent Trustee compensation and expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Officers of the Trust.*** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

4. Investment Transactions. For the year ended October 31, 2025, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $1,237,550,887 and $635,365,343, respectively.

5. Shares of Beneficial Interest. The Trust is permitted to issue an unlimited number of Class I shares of beneficial interest, at no par value. Transactions in Class I shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the year ended <br>October 31, 2025 | For the year ended <br>October 31, 2025 | For the year ended <br>October 31, 2024 | For the year ended <br>October 31, 2024 |
| | Shares | Dollars | Shares | Dollars |
|  Class I |  |  |  |  |
|  Shares sold | 90138307 | $800557894 | 62138410 | $551841996 |
|  Shares issued in connection with reinvestments of dividends | 1745593 | 15555688 | 1141313 | 10137478 |
|  Proceeds from short-term redemption fees | N/A | 8 | N/A | 4652 |
|  Shares redeemed | (20933524) | (185743675) | (14498340) | (127933731) |
|  Net increase | 70950376 | $630369915 | 48781383 | $434050395 |

---

6. Principal Risk Factors and Indemnifications.

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors.*** Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to failure of a counterparty to a transaction to perform (credit risk), changes in interest rates (interest rate risk), higher volatility for securities with longer maturities (maturity risk), financial performance or leverage of the issuer

<u>© Brown Brothers Harriman </u>   <u> 50 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

(issuer risk), difficulty in being able to purchase or sell a security (illiquid investment risk), or certain risks associated with investing in non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). Investments in other investment companies are subject to market and selection risk, as well as the specific risks associated with the investment companies' portfolio securities (investment in other investment companies risk), and risks from investing in securities of issuers based in developing countries (emerging markets risk). The Fund's use of derivatives creates risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). Political, legislative and economic events may affect a municipal security's value, interest payments, repayments of principal and the Fund's ability to sell it (municipal issuer risk). Due to uncertainty regarding the ability of the issuer to pay principal and interest, securities that are rated below investment grade (i.e., Ba1/BB+ or lower) (junk bond risk), and their unrated equivalents, may be subject to greater risks than securities which have higher credit ratings, including a high risk of default. If the issuer of the securities in which the Fund invests redeems them before maturity the Fund may have to reinvest the proceeds in securities that pay a lower interest rate (call risk). The Fund invests in asset-backed (asset-backed securities risk) and mortgage-backed securities (mortgage-backed securities risk) which are subject to the risk that borrowers may default on the obligations that underlie these securities. In addition, these securities may be paid off sooner (prepayment risk) or later than expected which may increase the volatility of securities during periods of fluctuating interest rates. The Fund may invest in bonds issued by foreign governments which may be unable or unwilling to make interest payments and/or repay the principal owed (sovereign debt risk). The Fund's use of borrowing, in reverse repurchase agreements and investment in some derivatives, involves leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's securities and may cause the Fund to be more volatile (leverage risk). Loan participations and assignment, delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investments in a company at a time when it might not otherwise decide to do so (loan risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; local, regional or political, social or economic instability; and currency and interest rate and price fluctuations. Natural disasters, the

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 51 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). A significant investment of Fund assets within one or more sectors, industries, securities and/or durations may increase the Fund's sensitivity to adverse economic, business, political, or other, risks associated with such sector, industry, security or duration (sector risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (large shareholder risk). Even though the Fund's investments in repurchase agreements are collateralized at all times, there is risk to the Fund if the other party to the agreement should default on its obligations (repurchase agreement risk). While the U.S. Government has historically provided financial support to U.S. government-sponsored agencies or instrumentalities during times of financial stress, such as the various actions taken to stabilize the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the credit crisis of 2008, no assurance can be given that it will do so in the future. Such securities are neither issued nor guaranteed by the U.S. Treasury (U.S. Government Agency Securities Risk). The Fund may invest in private placement securities that are issued pursuant to Regulation S, Regulation D and Rule 144A which have not been registered with the SEC. These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). The Fund may invest in convertible securities which may perform in a similar manner to a regular debt security and are subject to variety of risks, including investment risk and interest rate risk (convertible securities risk). The Fund may invest in preferred securities which are equity interests in a company that entitle the holder to receive common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company, in preference to the holders of other securities. Preferred securities are subject to issuer specific and market risks applicable generally to equity securities (preferred securities risk). The Fund may also invest in notes issued by Business Development Companies ("BDCs"). These notes are subject to risks similar to those of other issuers and those of investment companies (business development company risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

<u>© Brown Brothers Harriman </u>   <u> 52 </u>

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BBH Income Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications.*** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

7. Recent Pronouncements. In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

8. Subsequent Events. Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 53 </u>

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BBH Income Fund<br> Conflicts of Interest<br> October 31, 2025 (unaudited)<br>

Description of Potential Material Conflicts of Interest – Investment Adviser

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (*www.adviserinfo.sec.gov*). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

<u>© Brown Brothers Harriman </u>   <u> 54 </u>

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BBH Income Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Other Clients and Allocation of Investment Opportunities.** BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser, and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 55 </u>

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BBH Income Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Affiliated Service Providers.** Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

**Aggregation.** Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Funds, may seek to buy from or sell securities to another fund or account advised by BBH, the Investment Adviser. Subject to applicable law and regulation, BBH&Co., the Investment Adviser may (but is not required to) effect purchases and sales between BBH&Co., the Investment Adviser clients ("cross trades"), including the Funds, if BBH&Co., the Investment Adviser or a Fund's Sub-adviser believes such transactions are appropriate based on each party's investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser's decision to engage in these transactions for the Funds. BBH&Co., the Investment Adviser and/or a Fund's Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

<u>© Brown Brothers Harriman </u>   <u> 56 </u>

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BBH Income Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Investments in BBH Funds.** From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance. BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 57 </u>

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BBH Income Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Referral Arrangements.** BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

**Personal Trading.** BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policy and procedures are intended to prevent BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

**Gifts and Entertainment.** From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u>© Brown Brothers Harriman </u>   <u> 58 </u>

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BBH Income Fund<br> Additional Federal Tax Information<br> October 31, 2025 (unaudited)<br>

The qualified investment income ("QII") percentage for the year ended October 31, 2025 was 84.63%. In January 2026, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2025. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 59 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com<br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE** |
| <br> **NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

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Annual Financial <br>Statements<br> October 31, 2025<br> **BBH Select Series - Large Cap Fund**<br>

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BBH Select Series - Large Cap Fund<br> Report of Independent Registered Public Accounting Firm<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

To the Shareholders of BBH Select Series – Large Cap Fund and the Board of Trustees of BBH Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Select Series – Large Cap Fund (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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

<u>© Brown Brothers Harriman </u>   <u> 2 </u>

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BBH Select Series - Large Cap Fund<br> Report of Independent Registered Public Accounting Firm (continued)<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio Allocation <br>October 31, 2025<br>

Sector Diversification

---

| | | |
|:---|:---|:---|
|  | **U.S. $ Value** | **Percent of <br>Net Assets** |
|  Common Stock: |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | $40473297 | 7.8% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 57802821 | 11.1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 28002562 | 5.4 |
| &nbsp;&nbsp;&nbsp; Financials | 90595922 | 17.4 |
| &nbsp;&nbsp;&nbsp; Health Care | 58116357 | 11.1 |
| &nbsp;&nbsp;&nbsp; Industrials | 35904840 | 6.9 |
| &nbsp;&nbsp;&nbsp; Information Technology | 182384438 | 35.0 |
| &nbsp;&nbsp;&nbsp; Materials | 15656969 | 3.0 |
|  Cash and Other Assets in Excess of Liabilities | 11882070 | 2.3 |
|  **Net Assets** | $**520819276** | **100.0%** |

---

All data as of October 31, 2025. The BBH Select Series – Large Cap Fund's (the "Fund") sector diversification is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio of Investments<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (97.7%)** |  |
|  | **Communication Services (7.8%)** |  |
| 143614 | Alphabet, Inc. (Class C) | $40473297 |
|  | **Total Communication Services** | **40473297** |
|  | **Consumer Discretionary (11.1%)** |  |
| 106582 | Amazon.com, Inc.<sup>1</sup> | 26029456 |
| 3351 | Booking Holdings, Inc. | 17015507 |
| 16853 | McDonald's Corp. | 5029441 |
| 150618 | NIKE, Inc. (Class B) | 9728417 |
|  | **Total Consumer Discretionary** | **57802821** |
|  | **Consumer Staples (5.4%)** |  |
| 52444 | Coca-Cola Co. | 3613392 |
| 9805 | Costco Wholesale Corp. | 8936767 |
| 33902 | Procter & Gamble Co. | 5097844 |
| 102338 | Walmart, Inc. | 10354559 |
|  | **Total Consumer Staples** | **28002562** |
|  | **Financials (17.4%)** |  |
| 58833 | Arthur J Gallagher & Co. | 14678245 |
| 45318 | Berkshire Hathaway, Inc. (Class B)<sup>1</sup> | 21641158 |
| 52263 | Mastercard, Inc. (Class A) | 28848653 |
| 54891 | Progressive Corp. | 11307546 |
| 28982 | S&P Global, Inc. | 14120320 |
|  | **Total Financials** | **90595922** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (continued)** |  |
|  | **Health Care (11.1%)** |  |
| 98993 | Abbott Laboratories | $12237515 |
| 124914 | Alcon AG (Switzerland) | 9229895 |
| 9599 | Eli Lilly & Co. | 8282593 |
| 28960 | Novo Nordisk A/S ADR (Denmark) | 1432362 |
| 26669 | Thermo Fisher Scientific, Inc. | 15131724 |
| 81909 | Zoetis, Inc. (Class A) | 11802268 |
|  | **Total Health Care** | **58116357** |
|  | **Industrials (6.9%)** |  |
| 39545 | Automatic Data Processing, Inc. | 10293564 |
| 92390 | Otis Worldwide Corp. | 8570096 |
| 85304 | Waste Management, Inc. | 17041180 |
|  | **Total Industrials** | **35904840** |
|  | **Information Technology (35.0%)** |  |
| 30271 | Adobe, Inc.<sup>1</sup> | 10301524 |
| 12682 | Analog Devices, Inc. | 2969237 |
| 71369 | Apple, Inc. | 19296037 |
| 64642 | Applied Materials, Inc. | 15068050 |
| 28483 | Cadence Design Systems, Inc.<sup>1</sup> | 9646907 |
| 28223 | KLA Corp. | 34114269 |
| 72387 | Microsoft Corp. | 37482712 |
| 44402 | NVIDIA Corp. | 8990961 |
| 107017 | Oracle Corp. | 28103734 |
| 10317 | ServiceNow, Inc.<sup>1</sup> | 9484212 |
| 42901 | Texas Instruments, Inc. | 6926795 |
|  | **Total Information Technology** | **182384438** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 6 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (continued)** |  |
|  | **Materials (3.0%)** |  |
| 37430 | Linde, Plc. (Ireland) | $15656969 |
|  | **Total Materials** | **15656969** |
|  | **Total Common Stock** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $296,948,631)** | **508937206** |

---

---

| | | |
|:---|:---|:---|
|  **Total Investments (Cost $296,948,631)**<sup>2</sup> | **97.7%** | $**508937206** |
|  **Cash and Other Assets in Excess of Liabilities** | **2.3%** | **11882070** |
|  **Net Assets** | **100.0%** | $**520819276** |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Non-income producing security.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;The aggregate cost for federal income tax purposes is $296,949,089, the aggregate gross unrealized appreciation is $215,371,958 and the aggregate gross unrealized depreciation is $3,383,841, resulting in net unrealized appreciation of $211,988,117.

Abbreviation:

ADR - American Depositary Receipt.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Fair Value Measurements

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 such a pricing 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

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 8 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

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BBH Select Series - Large Cap Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted <br>Quoted Prices in <br>Active Markets <br>for Identical <br>Investments <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant<br>Unobservable<br>Inputs <br>(Level 3) | Balance as of<br>October 31, <br>2025 |
|  Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | $40473297 | $— | $— | $40473297 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;57802821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;57802821 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;28002562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;28002562 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;90595922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;90595922 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;58116357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;58116357 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;35904840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;35904840 |
| &nbsp;&nbsp;&nbsp; Information Technology | 182384438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 182384438 |
| &nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;15656969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;15656969 |
| &nbsp;&nbsp;&nbsp; **Total Investments, at value** | $**508937206** | $**—** | $**—** | $**508937206** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 10 </u>

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BBH Select Series - Large Cap Fund<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $296,948,631) | $508937206 |
| &nbsp;&nbsp;&nbsp; Cash | 12825550 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 284082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **522055738** |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 588714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 559022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 67616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 7119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **1236462** |
| **Net Assets** | $**520819276** |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $264420307 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 256398969 |
| **Net Assets** | $**520819276** |
| **Net Asset Value and Offering Price per Share** |  |
| **Class I Shares** |  |
| &nbsp;&nbsp;&nbsp; ($520,819,276 ÷ 29,677,614 shares outstanding) | $**17.55** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

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BBH Select Series - Large Cap Fund<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
| **Net Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $55,990) | $4270726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 601103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income** | **4871829** |
| &nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 3165042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 98169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 43468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 28003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 55792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **3462552** |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | **1409277** |
| **Net Realized and Unrealized Gain:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities | 44626780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 17098699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain** | **61725479** |
| **Net Increase in Net Assets Resulting from Operations** | $**63134756** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 12 </u>

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BBH Select Series - Large Cap Fund<br> Statement of Changes in Net Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | |
|:---|:---|:---|
|  | For the years ended <br>October 31, | For the years ended <br>October 31, |
|  | 2025 | 2024 |
|  **Increase/(Decrease) in Net Assets from:** |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1409277 | $1602509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities | 44626780 | 21266906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 17098699 | 86743150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 63134756 | 109612565 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (19129377) | (1204965) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares<sup>1</sup> | 45121169 | 44868067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions | 2289240 | 158657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<sup>1</sup> | (46176339) | (67956598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from share transactions | 1234070 | (22929874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 45239449 | 85477726 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 475579827 | 390102101 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**520819276** | $**475579827** |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes share exchanges. See Note 5 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

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BBH Select Series - Large Cap Fund<br> Financial Highlights<br>Selected per share data and ratios for a Class I share outstanding<br> throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
| | 2025 | 2024\* | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $16.08 | $12.52 | $11.08 | $14.12 | $10.30 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 2.07 | 3.55 | 1.56 | (2.60) | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 2.12 | 3.60 | 1.60 | (2.57) | 3.86 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.04) | (0.02) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp; From net realized gains | (0.60) |  | (0.14) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.65) | (0.04) | (0.16) | (0.47) | (0.04) |
|  Short-term redemption fees<sup>1</sup> | (0.00)<sup>2</sup> |  | 0.00<br><sup>2</sup> |  | 0.00<br><sup>2</sup> |
|  Net asset value, end of year | $17.55 | $16.08 | $12.52 | $11.08 | $14.12 |
|  Total return<sup>3</sup> | 13.58% | 28.80% | 14.63% | (18.93)% | 37.56% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $521 | $476 | $389 | $371 | $467 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions | 0.71% | 0.71% | 0.72% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions | 0.71% | 0.71% | 0.72% | 0.71% | 0.70% |
|  Ratio of net investment income to average net assets | 0.29% | 0.36% | 0.31% | 0.20% | 0.29% |
|  Portfolio turnover rate | 20% | 9% | 9% | 26% | 18% |

---

____________

\* Effective December 22, 2023, the Fund's Retail Class was converted to the Fund's Class I.

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 14 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements<br> October 31, 2025<br>

**1. Organization.** The Fund is a separate, non-diversified series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. As of October 31, 2025, there were seven series of the Trust. The Fund commenced operations on September 9, 2019. Effective December 22, 2023, shares of the Fund's Retail Class were converted to the Fund's Class I. The Fund currently offers one class of shares designated as Class I. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. The investment objective of the Fund is to provide investors with long-term growth of capital.

**2. Significant Accounting Policies.** The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments.*** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund's net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("SID" or "Investment Adviser") in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61<sup>st</sup> day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent fair value. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income.*** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Dividend income and other distributions received from portfolio securities are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received at ex-date. Distributions received on securities that represent a return of capital are recorded as a reduction of cost of investments. Distributions received on securities that represent a capital gain are recorded as a realized gain. Interest income is accrued daily. Investment income is recorded net of any foreign taxes withheld where recovery of such tax is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses.*** Most expenses of the Trust can be directly attributed to a specific fund and share class. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust and the

<u>© Brown Brothers Harriman </u>   <u> 16 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

respective share classes on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Federal Income Taxes.*** It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for open tax period since September 9, 2019 (commencement of operations). The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***E. Dividends and Distributions to Shareholders.*** Dividends and distributions from net investment income to shareholders, if any, are paid annually and are recorded on the ex-dividend date. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $19,129,377 and $1,204,965 to Class I shareholders during the years ended October 31, 2025 and October 31, 2024, respectively. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: |
|  | Ordinary <br>income | Net <br>long-term <br>capital gain | Total <br>taxable <br>distributions | Tax return <br>of capital | Total <br>distributions <br>paid |
|  2025: | $1570983 | $17558394 | $19129377 | $— | $19129377 |
|  2024: | 1204965 |  | 1204965 |  | 1204965 |

---

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): |
|  | Undistributed <br>ordinary <br>income | Undistributed <br>long-term <br>capital gain | Accumulated <br>capital and <br>other losses | Other <br>book/tax <br>temporary <br>differences | Unrealized <br>appreciation/ <br>(depreciation) | Total <br>retained <br>earnings/ <br>(accumulated <br>deficit) |
|  2025: | $1366919 | $43043934 | $— | $(458) | $211988574 | $256398969 |
|  2024: | 1528625 | 17556575 |  | (458) | 194889875 | 213974617 |

---

The Fund did not have a net capital loss carryforward as of October 31, 2025.

The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) would be attributable primarily to the tax deferral of losses on wash sales, if applicable.

<u>© Brown Brothers Harriman </u>   <u> 18 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Segment Reporting.*** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Use of Estimates.*** The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

**3. Fees and Other Transactions with Affiliates.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees.*** Under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.65% per annum on the first $3 billion of the Fund's average daily net assets and 0.60% per annum on the Fund's average daily net assets over $3 billion. For the year ended October 31, 2025, the Fund incurred $3,165,042 under the Agreement.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***B. Expense Waivers and Reimbursements.*** Effective September 9, 2019 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business) of Class I to 0.80%. The agreement will terminate on March 1, 2026, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund's Board of Trustees. For the year ended October 31, 2025, the Investment Adviser waived fees in the amount of $0 for Class I.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Custody and Fund Accounting Fees.*** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $28,003 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The Fund did not incur any such fees during the year ended October 31, 2025. This amount, if any, is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $519,626 and $81,477, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

<u>© Brown Brothers Harriman </u>   <u> 20 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***D. Board of Trustees' Fees.*** Each Trustee who is not an "interested person" as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $98,169 in Independent Trustee compensation and expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Officers of the Trust.*** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

**4. Investment Transactions.** For the year ended October 31, 2025, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $96,098,604 and $105,444,033, respectively.

**5. Shares of Beneficial Interest.** The Trust is permitted to issue an unlimited number of Class I and Retail Class shares of beneficial interest at no par value. Effective December 22, 2023, the Fund's Retail Class was converted to the Fund's Class I. Transactions in Class I and Retail Class shares were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended <br>October 31, 2025 | For the year ended <br>October 31, 2025 | For the year ended <br>October 31, 2024 | For the year ended <br>October 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class I** |  |  |  |  |
|  Shares sold | 2790896 | $45121169 | 2983895 | $44866167 |
|  Shares issued in connection with reinvestments of dividends | 143706 | 2289240 | 11589 | 158657 |
|  Shares redeemed | (2830216) | (46176339) | (4514999) | (66989006) |
|  Net increase/ (decrease) | 104386 | $1234070 | (1519515) | $(21964182) |
|  **Retail Class** |  |  |  |  |
|  Shares sold |  | $— | 140 | $1900 |
|  Shares redeemed |  |  | (70792) | (967592) |
|  Net decrease |  | $— | (70652) | $(965692) |

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Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2025 and 2024. Specifically:

During the year ended October 31, 2025, there were no shareholder exchanges.

During the year ended October 31, 2024, 69,150 shares of Retail Class were exchanged for 68,499 shares of Class I valued at $946,662.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

**6. Principal Risk Factors and Indemnifications.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors****.* Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole (equity securities risk). The value of securities held by the Fund may fall due to changing economic, political, regulatory or market conditions, or due to a company's or issuer's individual situation. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to assumption of large positions in securities of a small number of issuers (non-diversification risk). There are certain risks associated with investing in non-U.S. securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (non-U.S. investment risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (large shareholder risk). The Fund invests in large cap company securities, which may underperform other funds during periods when the Fund's large cap securities are out of favor (large cap company risk). Preferred securities are subject to issuer and market risks applicable generally to equity securities. In addition, a company's preferred securities may pay dividends only after the company makes required payments on bonds and other debt. If a company experiences actual or perceived changes in its financial condition or prospects, the value of preferred securities may be more greatly affected than the value of bonds and other debt (preferred security risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

<u>© Brown Brothers Harriman </u>   <u> 22 </u>

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BBH Select Series - Large Cap Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications.*** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

**7. Recent Pronouncements.** In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**8. Subsequent Events.** On November 17, 2025, the Fund was reorganized into an exchange-traded fund, BBH Series Large Cap ETF (the "Acquiring ETF"), under a Plan of Reorganization previously approved by the Board of Trustees of BBH Trust. The reorganization was structured as a tax-free reorganization under the applicable sections of U.S. Internal Revenue Code. All outstanding shares of the Fund were exchanged for shares of equal value of the Acquiring ETF. The shares of the Acquiring ETF are listed under ticker BBHL. The Acquiring ETF has the same investment adviser, investment objective and principal investment strategies as the Fund. The reorganization did not require shareholder approval.

Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no other subsequent events that would require recognition or additional disclosure in the financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

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BBH Select Series - Large Cap Fund<br> Conflicts of Interest<br> October 31, 2025 (unaudited)<br>

Description of Potential Material Conflicts of Interest – Investment Adviser

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

**Other Clients and Allocation of Investment Opportunities.** BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser,

<u>© Brown Brothers Harriman </u>   <u> 24 </u>

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BBH Select Series - Large Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

**Affiliated Service Providers.** Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

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BBH Select Series - Large Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

**Aggregation.** Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Funds, may seek to buy from or sell securities to another fund or account advised by BBH, the Investment Adviser. Subject to applicable law and regulation, BBH&Co., the Investment Adviser may (but is not required to) effect purchases and sales between BBH&Co., the Investment Adviser clients ("cross trades"), including the Funds, if BBH&Co., the Investment Adviser or a Fund's Sub-adviser believes such transactions are appropriate based on each party's investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser's decision to engage in these transactions for the Funds. BBH&Co., the Investment Adviser and/or a Fund's Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

**Soft Dollars.** The Investment Adviser may direct brokerage transactions and/or payment of a portion of client commissions ("soft dollars") to specific brokers or dealers or other providers to pay for research or other appropriate services which provide, in the Investment Adviser's view, appropriate assistance in the investment decision-making process (including with respect to futures, fixed price offerings

<u>© Brown Brothers Harriman </u>   <u> 26 </u>

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BBH Select Series - Large Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

and over-the-counter transactions). The use of a broker that provides research and securities transaction services may result in a higher commission than that offered by a broker who does not provide such services. The Investment Adviser will determine in good faith whether the amount of commission is reasonable in relation to the value of research and services provided and whether the services provide lawful and appropriate assistance in its investment decision-making responsibilities.

Research or other services obtained in this manner may be used in servicing any or all of the Funds and other accounts managed by the Investment Adviser, including in connection with accounts that do not pay commissions to the broker related to the research or other service arrangements. Such products and services may disproportionately benefit other client accounts relative to the Funds based on the amount of brokerage commissions paid by the Funds and such other accounts. To the extent that a Sub-adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH&Co. may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a particular broker-dealer. To the extent that a Sub-adviser receives research on this basis, many of the same conflicts related to traditional soft dollars may exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing, and settlement services provided by the broker-dealer and will not be paid by the Sub-adviser.

Arrangements regarding compensation and delegation of responsibility may create conflicts relating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio trades, administration of investment advice and valuation of securities.

**Investments in BBH Funds.** From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

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BBH Select Series - Large Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

**Referral Arrangements.** BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

**Personal Trading.** BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co.

<u>© Brown Brothers Harriman </u>   <u> 28 </u>

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BBH Select Series - Large Cap Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

Partners and employees. The policy and procedures are intended to prevent BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

**Gifts and Entertainment.** From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

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BBH Select Series - Large Cap Fund<br> Additional Federal Tax Information<br> October 31, 2025 (unaudited)<br>

In January 2026, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2025. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

<u>© Brown Brothers Harriman </u>   <u> 30 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com<br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE** |
| <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

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Annual Financial<br>Statements<br> October 31, 2025<br> **BBH Intermediate Municipal<br>Bond Fund**<br>

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BBH Intermediate Municipal Bond Fund<br> Report of Independent Registered Public Accounting Firm<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

To the Shareholders of BBH Intermediate Municipal Bond Fund and the Board of Trustees of BBH Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH Intermediate Municipal Bond Fund (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;

<u>© Brown Brothers Harriman </u>   <u> 2 </u>

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BBH Intermediate Municipal Bond Fund<br> Report of Independent Registered Public Accounting Firm (continued)<br>&nbsp;&nbsp;&nbsp;&nbsp; <br>

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio Allocation<br>October 31, 2025<br>

Breakdown by Security Type

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of <br>Net Assets |
|  Asset Backed Securities | $23868432 | 1.2% |
|  Commercial Mortgage Backed Securities | 18559356 | 0.9 |
|  Municipal Bonds | 1950522464 | 98.3 |
|  Liabilities in Excess of Cash and Other Assets | (7488268) | (0.4) |
|  **Net Assets** | $**1985461984** | **100.0%** |

---

All data as of October 31, 2025. The BBH Intermediate Municipal Bond Fund's (the "Fund") breakdown by security type is expressed as a percentage of net assets and may vary over time.

Credit Quality

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value | Percent of <br>Total <br>Investments |
|  AAA | $379308410 | 19.0% |
|  AA | 1131157863 | 56.7 |
|  A | 443617782 | 22.3 |
|  BBB | 37201146 | 1.9 |
|  Not rated | 1665051 | 0.1 |
|  **Total Investments** | $1992950252 | **100.0%** |

---

All data as of October 31, 2025. The Fund's credit quality is expressed as a percentage of total investments and may vary over time. Ratings are provided by Standard and Poor's (S&P). Where S&P ratings are not available, they are substituted with Moody's. S&P and Moody's are independent third parties.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Asset Backed Securities (1.2%)** |  |  |  |
|  | **Other (1.2%)** |  |  |  |
| $8797088 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1,2,3</sup> | 06/25/42 | 0.000% | $8886250 |
| 4977992 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1,2,3</sup> | 11/25/42 | 0.000 | 4914916 |
| 4985985 | FHLMC Multifamily VRD Certificates, Revenue Bonds<sup>1,2</sup> | 01/25/43 | 4.712 | 5128284 |
| 4797861 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 10/25/40 | 4.547 | 4938982 |
|  | **Total Other** |  |  | **23868432** |
|  | **Total Asset Backed Securities (Identified cost $23,822,460)** |  |  | **23868432** |
|  | **Commercial Mortgage Backed Securities (0.9%)** |  |  |  |
|  | **Other (0.9%)** |  |  |  |
| 9882467 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 11/25/38 | 3.427 | 9357626 |
| 6938168 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 12/25/38 | 3.157 | 6165282 |
| 2987214 | Freddie Mac Multifamily Certificates, Revenue Bonds<sup>1,2</sup> | 04/25/42 | 4.563 | 3036448 |
|  | **Total Other** |  |  | **18559356** |
|  | **Total Commercial Mortgage Backed Securities (Identified cost $18,786,415)** |  |  | **18559356** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (98.3%)** |  |  |  |
|  | **Alabama (3.3%)** |  |  |  |
| $12000000 | Black Belt Energy Gas District, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.650%)<sup>2</sup> | 04/01/53 | 3.870% | $11841838 |
| 16500000 | Energy Southeast A Cooperative District, Revenue Bonds | 09/01/33 | 5.000 | 17147976 |
| 3600000 | Industrial Development Board of the City of Mobile Alabama, Revenue Bonds<sup>1,2</sup> | 06/01/34 | 3.920 | 3609279 |
| 6725000 | Southeast Energy Authority A Cooperative District, Revenue Bonds | 09/01/35 | 5.000 | 7449972 |
| 12640000 | Southeast Energy Authority A Cooperative District, Revenue Bonds<sup>1,2</sup> | 03/01/55 | 5.250 | 13613606 |
| 11025000 | Southeast Energy Authority A Cooperative District, Revenue Bonds<sup>1,2</sup> | 10/01/55 | 5.000 | 11974272 |
|  | **Total Alabama** |  |  | **65636943** |
|  | **Alaska (0.1%)** |  |  |  |
| 1000000 | State of Alaska, General Obligation Bonds | 08/01/27 | 5.000 | 1040858 |
|  | **Total Alaska** |  |  | **1040858** |
|  | **Arizona (2.2%)** |  |  |  |
| 2700000 | Arizona Industrial Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 3000460 |
| 3000000 | County of Yavapai Industrial Development Authority, Revenue Bonds | 06/01/27 | 1.300 | 2880075 |
| 5000000 | Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, GNMA | 09/01/56 | 6.000 | 5576634 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 6 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Arizona (continued)** |  |  |  |
| $3800000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/28 | 5.250% | $3983096 |
| 4865000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/32 | 5.000 | 5333246 |
| 21695000 | Salt Verde Financial Corp., Revenue Bonds | 12/01/37 | 5.000 | 23739218 |
|  | **Total Arizona** |  |  | **44512729** |
|  | **Arkansas (0.2%)** |  |  |  |
| 1000000 | County of Pulaski, Revenue Bonds | 03/01/40 | 5.000 | 1073902 |
| 1000000 | County of Pulaski, Revenue Bonds | 03/01/41 | 5.000 | 1063869 |
| 1000000 | County of Pulaski, Revenue Bonds | 03/01/42 | 5.000 | 1056174 |
|  | **Total Arkansas** |  |  | **3193945** |
|  | **California (10.7%)** |  |  |  |
| 11555000 | Allan Hancock Joint Community College District, General Obligation Bonds<sup>3</sup> | 08/01/42 | 0.000 | 10148639 |
| 3500000 | Anaheim Public Financing Authority, Revenue Bonds<sup>3</sup> | 09/01/31 | 0.000 | 2962355 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/30 | 5.000 | 1075248 |
| 1120000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/33 | 5.000 | 1253380 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>3</sup> | 08/01/34 | 0.000 | 736893 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>3</sup> | 08/01/36 | 0.000 | 652687 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **California (continued)** |  |  |  |
| $1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/36 | 5.000% | $1135750 |
| 1000000 | Antelope Valley Community College District, General Obligation Bonds<sup>3</sup> | 08/01/38 | 0.000 | 575822 |
| 1500000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/39 | 5.000 | 1661974 |
| 2000000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/43 | 5.000 | 2110866 |
| 1675000 | Antelope Valley Community College District, General Obligation Bonds<sup>4</sup> | 08/01/44 | 5.000 | 1757508 |
| 28175000 | California Community Choice Financing Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.450%)<sup>2</sup> | 02/01/52 | 3.670 | 26540416 |
| 2535000 | California Community Choice Financing Authority, Revenue Bonds<sup>1,2</sup> | 01/01/56 | 5.000 | 2827280 |
| 10000000 | California Municipal Finance Authority, Revenue Bonds<sup>1,2</sup> | 10/01/41 | 3.450 | 10021405 |
| 2500000 | California Municipal Finance Authority, Revenue Bonds<sup>1,2</sup> | 09/01/50 | 3.375 | 2474149 |
| 5000000 | Central Valley Energy Authority, Revenue Bonds<sup>1,2</sup> | 12/01/55 | 5.000 | 5530586 |
| 1000000 | Chaffey Joint Union High School District, General Obligation Bonds<sup>3</sup> | 08/01/39 | 0.000 | 568061 |
| 1500000 | Chaffey Joint Union High School District, General Obligation Bonds<sup>3</sup> | 08/01/40 | 0.000 | 801964 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 8 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **California (continued)** |  |  |  |
| $1450000 | Chino Valley Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/34 | 0.000% | $1072635 |
| 2200000 | Chino Valley Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/35 | 0.000 | 1548234 |
| 1225000 | Chino Valley Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/38 | 0.000 | 747352 |
| 1800000 | Chino Valley Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/39 | 0.000 | 1036226 |
| 1935000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/36 | 5.000 | 1992145 |
| 1000000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/37 | 5.000 | 1077591 |
| 2400000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/37 | 5.000 | 2645328 |
| 15000000 | City of Los Angeles Department of Airports, Revenue Bonds | 05/15/42 | 5.250 | 16403422 |
| 6150000 | Lake Tahoe Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/45 | 0.000 | 5283919 |
| 1200000 | Long Beach Bond Finance Authority, Revenue Bonds (3-Month CME Term SOFR + 1.450%)<sup>2</sup> | 11/15/27 | 4.447 | 1213960 |
| 5500000 | Long Beach Community College District, General Obligation Bonds<sup>3</sup> | 08/01/49 | 0.000 | 3849638 |
| 6920000 | Long Beach Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/36 | 0.000 | 4405075 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **California (continued)** |  |  |  |
| $3115000 | Los Angeles Department of Water & Power, Revenue Bonds | 07/01/32 | 5.000% | $3188543 |
| 3825000 | Los Angeles Department of Water & Power, Revenue Bonds | 07/01/35 | 5.000 | 4448786 |
| 1250000 | Los Angeles Department of Water & Power, Revenue Bonds | 07/01/37 | 5.000 | 1351145 |
| 750000 | Los Angeles Department of Water & Power, Revenue Bonds, BAM | 07/01/39 | 5.000 | 842275 |
| 1000000 | Los Angeles Department of Water & Power, Revenue Bonds, BAM | 07/01/40 | 5.000 | 1111861 |
| 1000000 | Los Angeles Department of Water & Power, Revenue Bonds, BAM | 07/01/41 | 5.000 | 1099886 |
| 16495000 | Modesto Irrigation District, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.630%)<sup>2</sup> | 09/01/37 | 3.600 | 15855467 |
| 7700000 | Mt San Antonio Community College District, General Obligation Bonds<sup>3</sup> | 08/01/43 | 0.000 | 7766033 |
| 10000000 | Northern California Energy Authority, Revenue Bonds<sup>1,2</sup> | 12/01/54 | 5.000 | 10823925 |
| 3920000 | Northern California Gas Authority No 1, Revenue Bonds (3-Month CME Term SOFR + 0.720%)<sup>2</sup> | 07/01/27 | 3.565 | 3925900 |
| 1200000 | Rialto Unified School District, General Obligation Bonds, BAM<sup>3</sup> | 08/01/40 | 0.000 | 635337 |
| 1430000 | Rialto Unified School District, General Obligation Bonds, BAM<sup>3</sup> | 08/01/42 | 0.000 | 670530 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 10 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **California (continued)** |  |  |  |
| $11745000 | Rio Hondo Community College District, General Obligation Bonds<sup>3</sup> | 08/01/43 | 0.000% | $5112236 |
| 6075000 | Rio Hondo Community College District, General Obligation Bonds<sup>3</sup> | 08/01/45 | 0.000 | 2365142 |
| 1035000 | Roseville Joint Union High School District, General Obligation Bonds<sup>3</sup> | 08/01/33 | 0.000 | 764135 |
| 2115000 | Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.550%)<sup>2</sup> | 06/01/34 | 3.520 | 2061693 |
| 6375000 | Sacramento County Water Financing Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.570%)<sup>2</sup> | 06/01/39 | 3.540 | 5820506 |
| 2000000 | San Diego County Regional Airport Authority, Revenue Bonds | 07/01/34 | 5.000 | 2292127 |
| 3000000 | San Diego County Regional Airport Authority, Revenue Bonds | 07/01/42 | 5.250 | 3283641 |
| 4725000 | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | 05/01/37 | 5.000 | 5244524 |
| 9655000 | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | 05/01/40 | 5.250 | 10598697 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **California (continued)** |  |  |  |
| $1845000 | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | 05/01/41 | 5.250% | $2006433 |
| 3535000 | San Mateo Union High School District, General Obligation Bonds<sup>3</sup> | 09/01/41 | 0.000 | 3813018 |
| 1040000 | Windsor Unified School District, General Obligation Bonds<sup>3</sup> | 08/01/33 | 0.000 | 814780 |
|  | **Total California** |  |  | **210007128** |
|  | **Colorado (2.7%)** |  |  |  |
| 3275000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/34 | 5.250 | 3734125 |
| 2000000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/35 | 5.250 | 2262018 |
| 885000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/36 | 5.250 | 993259 |
| 3000000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/36 | 5.750 | 3656285 |
| 2095000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/37 | 5.000 | 2275185 |
| 1530000 | City & County of Denver Airport System Revenue, Revenue Bonds | 11/15/41 | 4.000 | 1473137 |
| 7065000 | Colorado Health Facilities Authority, Revenue Bonds | 05/15/36 | 5.000 | 7818597 |
| 3130000 | Colorado Health Facilities Authority, Revenue Bonds | 11/15/39 | 5.000 | 3362367 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 12 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Colorado (continued)** |  |  |  |
| $2355000 | Colorado Health Facilities Authority, Revenue Bonds | 11/15/43 | 4.000% | $2214822 |
| 10000000 | Colorado Health Facilities Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)<sup>2</sup> | 05/15/61 | 3.770 | 9945219 |
| 389653 | Colorado Housing & Finance Authority, Revenue Bonds, GNMA  | 11/01/48 | 4.200 | 386495 |
| 3800000 | E-470 Public Highway Authority, Revenue Bonds, NPFG<sup>3</sup> | 09/01/35 | 0.000 | 2350472 |
| 5025000 | E-470 Public Highway Authority, Revenue Bonds, NPFG<sup>3</sup> | 09/01/37 | 0.000 | 2802908 |
| 11000000 | E-470 Public Highway Authority, Revenue Bonds <br>(SOFR + 0.750%)<sup>2</sup> | 09/01/39 | 3.611 | 10975616 |
|  | **Total Colorado** |  |  | **54250505** |
|  | **Connecticut (1.8%)** |  |  |  |
| 165000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/30 | 2.000 | 151193 |
| 450000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/30 | 2.050 | 412507 |
| 400000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/31 | 2.100 | 353720 |
| 1075000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/15/42 | 4.250 | 1080612 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Connecticut (continued)** |  |  |  |
| $2385000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/49 | 4.000% | $2399972 |
| 6175000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/15/52 | 5.500 | 6445640 |
| 3275000 | Connecticut Housing Finance Authority, Revenue Bonds | 05/15/54 | 6.250 | 3543962 |
| 2145000 | Connecticut Housing Finance Authority, Revenue Bonds | 11/15/54 | 6.000 | 2367511 |
| 4885000 | Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/15/54 | 6.000 | 5263815 |
| 7825000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>1,2</sup> | 07/01/48 | 2.800 | 7814374 |
| 6580000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>1,2</sup> | 07/01/57 | 2.800 | 6571775 |
|  | **Total Connecticut** |  |  | **36405081** |
|  | **District of Columbia (1.8%)** |  |  |  |
| 12900000 | District of Columbia, Revenue Bonds | 07/15/40 | 5.000 | 12931738 |
| 1475000 | District of Columbia, General Obligation <br>Bonds | 06/01/41 | 5.000 | 1481900 |
| 1585000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/30 | 5.000 | 1731224 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 14 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **District of Columbia (continued)** |  |  |  |
| $1170000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/34 | 5.000% | $1245051 |
| 8250000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/35 | 5.000 | 9382778 |
| 2085000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/37 | 5.000 | 2263388 |
| 1610000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/40 | 5.000 | 1725223 |
| 5805000 | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds | 10/01/42 | 5.000 | 5861947 |
|  | **Total District of Columbia** |  |  | **36623249** |
|  | **Florida (5.0%)** |  |  |  |
| 20750000 | City of South Miami Health Facilities Authority, Inc., Revenue Bonds | 08/15/42 | 5.000 | 21077416 |
| 3050000 | County of Broward Airport System Revenue, Revenue Bonds | 10/01/31 | 5.000 | 3268729 |
| 3275000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | 10/01/32 | 5.000 | 3643025 |
| 2105000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | 10/01/34 | 5.000 | 2374115 |
| 14025000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | 10/01/36 | 5.000 | 15559683 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Florida (continued)** |  |  |  |
| $2535000 | County of Miami-Dade Aviation Revenue, Revenue Bonds | 10/01/38 | 5.000% | $2538413 |
| 7000000 | Florida Development Finance Corp., Revenue Bonds<sup>1,2</sup> | 09/01/50 | 3.400 | 7030330 |
| 2525000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/54 | 5.500 | 2635197 |
| 4465000 | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250 | 4898326 |
| 1920000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/32 | 5.000 | 2129195 |
| 2000000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/33 | 5.000 | 2064375 |
| 5030000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/36 | 5.000 | 5281618 |
| 3235000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/37 | 5.000 | 3579999 |
| 6560000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/37 | 5.000 | 6710807 |
| 3450000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/38 | 5.000 | 3594299 |
| 5000000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/43 | 5.250 | 5387142 |
| 4665000 | Greater Orlando Aviation Authority, Revenue Bonds | 10/01/44 | 5.250 | 4991835 |
| 3650000 | Martin County Health Facilities Authority, Revenue Bonds | 01/01/46 | 4.000 | 3382753 |
|  | **Total Florida** |  |  | **100147257** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 16 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Georgia (1.0%)** |  |  |  |
| $3000000 | City of Atlanta Department of Aviation, Revenue Bonds | 07/01/38 | 5.000% | $3242829 |
| 7500000 | Main Street Natural Gas, Inc., Revenue Bonds<sup>1,2</sup> | 12/01/53 | 5.000 | 8076658 |
| 7500000 | Main Street Natural Gas, Inc., Revenue Bonds<sup>1,2</sup> | 04/01/54 | 5.000 | 8139056 |
|  | **Total Georgia** |  |  | **19458543** |
|  | **Hawaii (0.1%)** |  |  |  |
| 2000000 | City & County of Honolulu, General Obligation Bonds | 10/01/30 | 4.000 | 2016060 |
|  | **Total Hawaii** |  |  | **2016060** |
|  | **Idaho (0.9%)** |  |  |  |
| 5000000 | Idaho Health Facilities Authority, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.000 | 5000000 |
| 4805000 | Idaho Housing & Finance Association, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/54 | 6.000 | 5292659 |
| 6000000 | Idaho Housing & Finance Association, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/56 | 6.250 | 6805493 |
|  | **Total Idaho** |  |  | **17098152** |
|  | **Illinois (5.0%)** |  |  |  |
| 24200000 | Illinois Finance Authority, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.600 | 24200000 |
| 3500000 | Illinois Finance Authority, Revenue Bonds | 01/01/28 | 5.000 | 3673916 |
| 1180000 | Illinois Finance Authority, Revenue Bonds | 01/01/29 | 5.000 | 1265839 |
| 1100000 | Illinois Finance Authority, Revenue Bonds | 01/01/30 | 5.000 | 1205043 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Illinois (continued)** |  |  |  |
| $1000000 | Illinois Finance Authority, Revenue Bonds | 07/01/30 | 5.000% | $1106337 |
| 1000000 | Illinois Finance Authority, Revenue Bonds | 01/01/31 | 5.000 | 1116909 |
| 1000000 | Illinois Finance Authority, Revenue Bonds | 01/01/32 | 5.000 | 1136584 |
| 790000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | 813704 |
| 3990000 | Illinois Finance Authority, Revenue Bonds | 02/15/36 | 5.000 | 4074574 |
| 3470000 | Illinois Finance Authority, Revenue Bonds | 08/15/36 | 4.000 | 3497345 |
| 21720000 | Illinois Finance Authority, Revenue Bonds | 07/15/47 | 4.000 | 19821585 |
| 2590000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/52 | 6.250 | 2776977 |
| 4795000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 04/01/53 | 5.250 | 5103371 |
| 4385000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/53 | 6.250 | 4878922 |
| 5270000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 04/01/54 | 6.250 | 5730699 |
| 4210000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 4619720 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 18 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Illinois (continued)** |  |  |  |
| $4990000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250% | $5636893 |
| 8000000 | Illinois Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 10/01/55 | 6.250 | 9057578 |
|  | **Total Illinois** |  |  | **99715996** |
|  | **Indiana (0.5%)** |  |  |  |
| 5335000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/52 | 4.750 | 5508266 |
| 3500000 | Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/55 | 6.500 | 3963658 |
|  | **Total Indiana** |  |  | **9471924** |
|  | **Iowa (0.7%)** |  |  |  |
| 5545000 | County of Polk, General Obligation Bonds | 06/01/40 | 5.000 | 5867084 |
| 2000000 | County of Polk, General Obligation Bonds | 06/01/43 | 5.000 | 2083442 |
| 1350000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/44 | 5.000 | 1401626 |
| 605000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 3.500 | 601646 |
| 4475000 | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/53 | 6.250 | 4877741 |
|  | **Total Iowa** |  |  | **14831539** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Kentucky (1.7%)** |  |  |  |
| $5000000 | County of Trimble, Revenue Bonds | 11/01/27 | 1.350% | $4781064 |
| 3725000 | County of Trimble, Revenue Bonds<sup>1,2</sup> | 06/01/54 | 4.700 | 3752361 |
| 4780000 | Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/54 | 6.250 | 5302620 |
| 6250000 | Kentucky Housing Corp., Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/55 | 6.250 | 6950905 |
| 12560000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)<sup>2</sup> | 08/01/52 | 4.061 | 12650261 |
|  | **Total Kentucky** |  |  | **33437211** |
|  | **Louisiana (0.2%)** |  |  |  |
| 4890000 | Louisiana Public Facilities Authority, Revenue Bonds, NPFG (3-Month CME Term SOFR + 0.700%)<sup>2</sup> | 02/15/36 | 3.697 | 4786099 |
|  | **Total Louisiana** |  |  | **4786099** |
|  | **Massachusetts (0.4%)** |  |  |  |
| 4740000 | Massachusetts Development Finance Agency, Revenue Bonds | 07/01/41 | 4.000 | 4665290 |
| 370000 | Massachusetts Housing Finance Agency, Revenue Bonds | 06/01/34 | 3.300 | 363281 |
| 485000 | Massachusetts Housing Finance Agency, Revenue Bonds | 12/01/36 | 3.450 | 473784 |
| 2905000 | Massachusetts Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/51 | 3.000 | 2849989 |
|  | **Total Massachusetts** |  |  | **8352344** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 20 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Michigan (1.8%)** |  |  |  |
| $2500000 | Detroit City School District, General Obligation Bonds | 05/01/29 | 6.000% | $2667146 |
| 1500000 | Gerald R Ford International Airport Authority, Revenue Bonds | 01/01/41 | 5.000 | 1600944 |
| 5335000 | Gerald R Ford International Airport Authority, Revenue Bonds | 01/01/46 | 5.000 | 5481645 |
| 4420000 | Michigan Finance Authority, Revenue Bonds | 04/15/42 | 4.000 | 4363788 |
| 15675000 | Michigan Finance Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.750%)<sup>2</sup> | 04/15/47 | 3.970 | 15627682 |
| 7015000 | State of Michigan Trunk Line Revenue, Revenue Bonds | 11/15/44 | 4.000 | 6748686 |
|  | **Total Michigan** |  |  | **36489891** |
|  | **Minnesota (1.9%)** |  |  |  |
| 980000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/36 | 5.350 | 1035592 |
| 532545 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/47 | 2.930 | 475937 |
| 464311 | Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA | 01/01/49 | 3.600 | 438054 |
| 1025000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 4.250 | 1033128 |
| 1173153 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/49 | 3.450 | 1108429 |
| 523337 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 06/01/49 | 3.150 | 478420 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Minnesota (continued)** |  |  |  |
| $2598365 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/50 | 2.470% | $2167155 |
| 1285000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/52 | 3.000 | 1263927 |
| 2565000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/53 | 5.000 | 2655001 |
| 5900000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/54 | 6.250 | 6390118 |
| 4830000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/54 | 6.500 | 5296421 |
| 5050000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250 | 5647792 |
| 3430000 | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.500 | 3860858 |
| 3350000 | St Cloud Independent School District No 742, General Obligation Bonds<sup>3</sup> | 02/01/38 | 0.000 | 2041425 |
| 3750000 | St Cloud Independent School District No 742, General Obligation Bonds<sup>3</sup> | 02/01/39 | 0.000 | 2152959 |
| 3750000 | St Cloud Independent School District No 742, General Obligation Bonds<sup>3</sup> | 02/01/40 | 0.000 | 2008150 |
|  | **Total Minnesota** |  |  | **38053366** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 22 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Missouri (1.1%)** |  |  |  |
| $2280000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/52 | 4.750% | $2348115 |
| 8525000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/53 | 5.750 | 9039526 |
| 4705000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/55 | 6.000 | 5198651 |
| 5000000 | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/56 | 5.750 | 5445486 |
|  | **Total Missouri** |  |  | **22031778** |
|  | **Montana (0.4%)** |  |  |  |
| 305000 | Montana Board of Housing, Revenue Bonds | 12/01/43 | 4.000 | 305215 |
| 2175000 | Montana Board of Housing, Revenue Bonds | 12/01/50 | 4.000 | 2187681 |
| 1250000 | Montana Board of Housing, Revenue Bonds | 12/01/52 | 5.000 | 1289860 |
| 3250000 | Montana Board of Housing, Revenue Bonds | 12/01/55 | 6.000 | 3595783 |
|  | **Total Montana** |  |  | **7378539** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Nebraska (1.2%)** |  |  |  |
| $19875000 | Central Plains Energy Project, Revenue Bonds<sup>1,2</sup> | 05/01/53 | 5.000% | $20961991 |
| 2000000 | Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/55 | 6.250 | 2234490 |
|  | **Total Nebraska** |  |  | **23196481** |
|  | **Nevada (1.2%)** |  |  |  |
| 2530000 | County of Clark, Revenue Bonds<sup>1,2</sup> | 01/01/36 | 3.750 | 2533106 |
| 6435000 | County of Washoe, Revenue Bonds<sup>1,2</sup> | 03/01/36 | 4.125 | 6563128 |
| 7575000 | County of Washoe, Revenue Bonds<sup>1,2</sup> | 03/01/36 | 4.125 | 7725827 |
| 980000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/36 | 5.000 | 1066281 |
| 1000000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/37 | 5.250 | 1124807 |
| 1750000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/39 | 5.250 | 1937945 |
| 1125000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/40 | 5.250 | 1232386 |
| 2320000 | Reno-Tahoe Airport Authority, Revenue Bonds | 07/01/41 | 5.250 | 2517370 |
|  | **Total Nevada** |  |  | **24700850** |
|  | **New Jersey (2.8%)** |  |  |  |
| 9775000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>3</sup> | 12/15/31 | 0.000 | 8139569 |
| 2285000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>3</sup> | 12/15/34 | 0.000 | 1689312 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 24 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New Jersey (continued)** |  |  |  |
| $7295000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>3</sup> | 12/15/34 | 0.000% | $5393230 |
| 5135000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/38 | 5.000 | 5797821 |
| 6000000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>3</sup> | 12/15/38 | 0.000 | 3629885 |
| 3080000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/39 | 5.000 | 3432013 |
| 13760000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/41 | 5.250 | 15419248 |
| 7000000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/42 | 5.000 | 7605558 |
| 3725000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/43 | 5.000 | 3995280 |
| 1000000 | New Jersey Transportation Trust Fund Authority, Revenue Bonds | 06/15/44 | 4.250 | 995466 |
|  | **Total New Jersey** |  |  | **56097382** |
|  | **New Mexico (1.7%)** |  |  |  |
| 4395000 | City of Farmington, Revenue Bonds | 04/01/29 | 1.800 | 4145586 |
| 545000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/49 | 4.000 | 546194 |
| 9275000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/54 | 6.500 | 10172667 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New Mexico (continued)** |  |  |  |
| $2865000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 5.750% | $3075569 |
| 4870000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 6.000 | 5360723 |
| 10000000 | New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/56 | 6.000 | 11063380 |
|  | **Total New Mexico** |  |  | **34364119** |
|  | **New York (9.2%)** |  |  |  |
| 1500000 | Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.800%)<sup>2</sup> | 11/01/32 | 3.661 | 1500308 |
| 5705000 | Metropolitan Transportation Authority, Revenue Bonds | 11/15/32 | 5.000 | 5709003 |
| 10425000 | Metropolitan Transportation Authority, Revenue Bonds | 11/15/37 | 5.000 | 10572089 |
| 8225000 | Metropolitan Transportation Authority, Revenue Bonds<sup>1,2</sup> | 11/15/45 | 5.000 | 8909957 |
| 2605000 | Metropolitan Transportation Authority Dedicated Tax Fund, Revenue Bonds<sup>3</sup> | 11/15/32 | 0.000 | 2098051 |
| 20000000 | New York City Municipal Water Finance Authority, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.900 | 20000000 |
| 5100000 | New York City Municipal Water Finance Authority, Revenue Bonds | 06/15/45 | 4.000 | 4890754 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 26 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New York (continued)** |  |  |  |
| $20000000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.900% | $20000000 |
| 2000000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 11/01/28 | 5.000 | 2140772 |
| 1500000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 11/01/37 | 5.000 | 1667137 |
| 3095000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/38 | 5.000 | 3501073 |
| 7235000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/38 | 5.000 | 8138501 |
| 2500000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 02/01/39 | 4.000 | 2536612 |
| 3160000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/40 | 5.000 | 3483937 |
| 5350000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/42 | 5.000 | 5807383 |
| 11600000 | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | 05/01/42 | 5.000 | 12591708 |
| 2565000 | New York State Dormitory Authority, Revenue Bonds | 07/01/38 | 4.000 | 2650492 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New York (continued)** |  |  |  |
| $1300000 | New York State Dormitory Authority, Revenue Bonds | 03/15/45 | 5.000% | $1386673 |
| 7000000 | New York State Dormitory Authority, Revenue Bonds | 03/15/46 | 5.250 | 7610589 |
| 7500000 | New York State Housing Finance Agency, Revenue Bonds, <br>FNMA<sup>1,2</sup> | 11/01/50 | 3.950 | 7627574 |
| 5000000 | New York State Housing Finance Agency, Revenue Bonds<sup>1,2</sup> | 06/15/54 | 3.350 | 5010082 |
| 4075000 | New York State Thruway Authority, Revenue Bonds | 03/15/42 | 5.000 | 4345992 |
| 1750000 | Port Authority of New York & New Jersey, Revenue Bonds | 09/15/32 | 5.000 | 1818636 |
| 1730000 | Port Authority of New York & New Jersey, Revenue Bonds | 11/01/32 | 5.000 | 1847982 |
| 2800000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/34 | 5.000 | 3114493 |
| 5000000 | Port Authority of New York & New Jersey, Revenue Bonds | 09/15/34 | 5.000 | 5176083 |
| 1320000 | Port Authority of New York & New Jersey, Revenue Bonds | 10/15/34 | 5.000 | 1437203 |
| 3910000 | Port Authority of New York & New Jersey, Revenue Bonds | 12/01/34 | 5.000 | 4358511 |
| 1500000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/35 | 5.000 | 1592459 |
| 3000000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/36 | 5.000 | 3292658 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 28 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **New York (continued)** |  |  |  |
| $1395000 | Port Authority of New York & New Jersey, Revenue Bonds | 08/01/36 | 5.000% | $1513723 |
| 4595000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/37 | 5.000 | 5009329 |
| 1010000 | Port Authority of New York & New Jersey, Revenue Bonds | 01/15/38 | 5.000 | 1092873 |
| 1750000 | Port Authority of New York & New Jersey, Revenue Bonds | 07/15/38 | 5.000 | 1895770 |
| 1125000 | Port Authority of New York & New Jersey, Revenue Bonds | 01/15/39 | 5.000 | 1207882 |
| 2750000 | Triborough Bridge & Tunnel Authority, Revenue Bonds (SOFR + 1.050%)<sup>2</sup> | 04/01/26 | 3.911 | 2749821 |
| 1165000 | Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>3</sup> | 11/15/35 | 0.000 | 826374 |
| 6500000 | Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>3</sup> | 11/15/36 | 0.000 | 4385496 |
|  | **Total New York** |  |  | **183497980** |
|  | **North Carolina (5.1%)** |  |  |  |
| 19100000 | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.900 | 19100000 |
| 700000 | North Carolina Housing Finance Agency, Revenue Bonds | 07/01/47 | 4.000 | 700755 |
| 5560000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/54 | 5.500 | 5945036 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **North Carolina (continued)** |  |  |  |
| $4940000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250% | $5505318 |
| 8740000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/55 | 6.250 | 9440604 |
| 12965000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 07/01/55 | 6.250 | 14226762 |
| 6500000 | North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 01/01/56 | 6.250 | 7315767 |
| 38100000 | University of North Carolina at Chapel Hill, Revenue Bonds (SOFR + 1.050%)<sup>2</sup> | 12/01/41 | 3.891 | 38207122 |
|  | **Total North Carolina** |  |  | **100441364** |
|  | **North Dakota (0.4%)** |  |  |  |
| 550000 | North Dakota Housing Finance Agency, Revenue Bonds | 01/01/49 | 4.250 | 552273 |
| 1635000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/49 | 4.250 | 1643726 |
| 5290000 | North Dakota Housing Finance Agency, Revenue Bonds | 07/01/53 | 5.750 | 5591063 |
|  | **Total North Dakota** |  |  | **7787062** |
|  | **Ohio (4.0%)** |  |  |  |
| 10000000 | County of Franklin, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.000 | 10000000 |
| 7000000 | Lancaster Port Authority, Revenue Bonds<sup>1,2</sup> | 02/01/55 | 5.000 | 7494983 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 30 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Ohio (continued)** |  |  |  |
| $5865000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/48 | 4.500% | $5912719 |
| 5960000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/54 | 5.750 | 6289949 |
| 6335000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 6.250 | 6945946 |
| 16285000 | Ohio Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/56 | 6.500 | 18602412 |
| 1680000 | Ohio Turnpike & Infrastructure Commission, Revenue Bonds<sup>3</sup> | 02/15/38 | 0.000 | 1082648 |
| 23100000 | State of Ohio, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.900 | 23100000 |
|  | **Total Ohio** |  |  | **79428657** |
|  | **Oklahoma (0.4%)** |  |  |  |
| 2715000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/54 | 6.000 | 2977927 |
| 4975000 | Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/56 | 6.500 | 5641465 |
|  | **Total Oklahoma** |  |  | **8619392** |
|  | **Oregon (4.9%)** |  |  |  |
| 3150000 | Clackamas & Washington Counties School District No 3, General Obligation Bonds<sup>3</sup> | 06/15/36 | 0.000 | 2042097 |
| 3250000 | Clackamas County School District No 12 North Clackamas, General Obligation Bonds<sup>3</sup> | 06/15/34 | 0.000 | 2260082 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 31 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Oregon (continued)** |  |  |  |
| $4645000 | Clackamas County School District No 12 North Clackamas, General Obligation Bonds<sup>3</sup> | 06/15/36 | 0.000% | $2905018 |
| 825000 | Lane & Douglas Counties School District No 28J Fern Ridge, General Obligation Bonds | 06/15/36 | 5.000 | 953519 |
| 1075000 | Lane & Douglas Counties School District No 28J Fern Ridge, General Obligation Bonds | 06/15/37 | 5.000 | 1231776 |
| 1550000 | Lane County School District No 40 Creswell, General Obligation Bonds<sup>3</sup> | 06/15/43 | 0.000 | 653591 |
| 750000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/30 | 0.000 | 794462 |
| 745000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/31 | 0.000 | 800914 |
| 950000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/32 | 0.000 | 1033498 |
| 1000000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/33 | 0.000 | 1098427 |
| 1945000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/34 | 0.000 | 2148474 |
| 825000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/35 | 0.000 | 909144 |
| 1350000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/38 | 0.000 | 1443250 |
| 1000000 | Lincoln County School District, General Obligation Bonds<sup>3</sup> | 06/15/39 | 0.000 | 1060460 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 32 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Oregon (continued)** |  |  |  |
| $1445000 | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds<sup>3</sup> | 06/15/32 | 0.000% | $1131556 |
| 3650000 | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds<sup>3</sup> | 06/15/34 | 0.000 | 2551905 |
| 6135000 | Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds<sup>3</sup> | 06/15/36 | 0.000 | 3862238 |
| 2585000 | Multnomah County School District No 40, General Obligation Bonds<sup>3</sup> | 06/15/26 | 0.000 | 2536292 |
| 1515000 | Multnomah County School District No 40, General Obligation Bonds<sup>3</sup> | 06/15/34 | 0.000 | 1120865 |
| 2250000 | Multnomah County School District No 40, General Obligation Bonds<sup>3</sup> | 06/15/38 | 0.000 | 1318581 |
| 21050000 | Multnomah County School District No 40, General Obligation Bonds<sup>3</sup> | 06/15/43 | 0.000 | 9056586 |
| 300000 | Oregon Coast Community College District, General Obligation Bonds | 06/15/33 | 5.000 | 346981 |
| 300000 | Oregon Coast Community College District, General Obligation Bonds | 06/15/34 | 5.000 | 350299 |
| 560000 | Oregon Coast Community College District, General Obligation Bonds | 06/15/36 | 5.000 | 646776 |
| 510000 | Oregon Coast Community College District, General Obligation Bonds | 06/15/38 | 5.000 | 579862 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 33 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Oregon (continued)** |  |  |  |
| $3000000 | Port of Portland Airport Revenue, Revenue Bonds | 07/01/36 | 5.000% | $3311222 |
| 5000000 | Port of Portland Airport Revenue, Revenue Bonds | 07/01/38 | 4.000 | 5008293 |
| 1045000 | Salem-Keizer School District No 24J, General Obligation Bonds<sup>3</sup> | 06/15/35 | 0.000 | 729550 |
| 1905000 | Tillamook Bay Community College District, General Obligation Bonds<sup>3</sup> | 06/15/38 | 0.000 | 1134052 |
| 3750000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/31 | 0.000 | 3040045 |
| 3350000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/34 | 0.000 | 2368127 |
| 9000000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/37 | 0.000 | 5694276 |
| 5000000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/38 | 0.000 | 3037246 |
| 1900000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/39 | 0.000 | 1076447 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 34 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Oregon (continued)** |  |  |  |
| $8665000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/40 | 0.000% | $4641566 |
| 1800000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/41 | 0.000 | 902298 |
| 7710000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/41 | 0.000 | 3865882 |
| 4750000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/42 | 0.000 | 2228709 |
| 3630000 | Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>3</sup> | 06/15/43 | 0.000 | 1591677 |
| 1500000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>3</sup> | 06/15/31 | 0.000 | 1230816 |
| 1380000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>3</sup> | 06/15/33 | 0.000 | 1041104 |
| 3530000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>3</sup> | 06/15/37 | 0.000 | 2113954 |
| 6000000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>3</sup> | 06/15/39 | 0.000 | 3261763 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 35 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Oregon (continued)** |  |  |  |
| $4800000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>3</sup> | 06/15/40 | 0.000% | $2499012 |
| 5000000 | Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>3</sup> | 06/15/41 | 0.000 | 2416137 |
| 5885000 | Washington County School District No 13 Banks, General Obligation Bonds<sup>3</sup> | 06/15/44 | 0.000 | 2458978 |
|  | **Total Oregon** |  |  | **96487807** |
|  | **Pennsylvania (3.3%)** |  |  |  |
| 1980000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/35 | 5.000 | 2177400 |
| 1000000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/36 | 5.250 | 1109362 |
| 1000000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/37 | 5.250 | 1101651 |
| 6500000 | Allegheny County Airport Authority, Revenue Bonds | 01/01/46 | 4.000 | 5884767 |
| 5860000 | Butler County General Authority, Revenue Bonds (3-Month CME Term SOFR + 0.700%)<sup>2</sup> | 10/01/34 | 3.545 | 5672053 |
| 7875000 | Pennsylvania Turnpike Commission, Revenue Bonds<sup>3</sup> | 12/01/37 | 0.000 | 7964688 |
| 3350000 | Pennsylvania Turnpike Commission, Revenue Bonds<sup>3</sup> | 12/01/41 | 0.000 | 1599425 |
| 3500000 | Pennsylvania Turnpike Commission, Revenue Bonds<sup>1,2</sup> | 12/01/45 | 5.000 | 3969778 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 36 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Pennsylvania (continued)** |  |  |  |
| $20000000 | Philadelphia Authority for Industrial Development, Revenue Bonds<sup>2,5</sup> | 11/03/25 | 3.850% | $20000000 |
| 5000000 | School District of Philadelphia, General Obligation Bonds | 09/01/29 | 5.000 | 5067957 |
| 2500000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 2525186 |
| 2910000 | School District of Philadelphia, General Obligation Bonds | 09/01/34 | 5.000 | 3046022 |
| 1815000 | School District of Philadelphia, General Obligation Bonds | 09/01/37 | 5.000 | 1828263 |
| 2700000 | School District of Philadelphia, General Obligation Bonds | 09/01/48 | 5.500 | 2878889 |
|  | **Total Pennsylvania** |  |  | **64825441** |
|  | **South Carolina (0.9%)** |  |  |  |
| 3800000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/54 | 5.750 | 4111325 |
| 6590000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 01/01/54 | 6.000 | 7209940 |
| 6060000 | South Carolina State Housing Finance & Development Authority, Revenue Bonds | 07/01/54 | 6.250 | 6719454 |
|  | **Total South Carolina** |  |  | **18040719** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 37 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **South Dakota (1.4%)** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp; 40000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/45 | 4.000% | $40017 |
| 480000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/46 | 3.500 | 479044 |
| 920000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/48 | 4.500 | 927099 |
| 1600000 | South Dakota Housing Development Authority, Revenue Bonds | 11/01/49 | 4.000 | 1607959 |
| 4030000 | South Dakota Housing Development Authority, Revenue Bonds | 05/01/53 | 5.000 | 4154564 |
| 4995000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/54 | 6.000 | 5291207 |
| 5500000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/55 | 6.250 | 5982975 |
| 4980000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 11/01/55 | 6.250 | 5572953 |
| 3250000 | South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA | 05/01/56 | 6.250 | 3711852 |
|  | **Total South Dakota** |  |  | **27767670** |
|  | **Tennessee (0.8%)** |  |  |  |
| 1450000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/34 | 5.250 | 1624554 |
| 1125000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/35 | 5.250 | 1252405 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 38 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Tennessee (continued)** |  |  |  |
| $1875000 | Metropolitan Nashville Airport Authority, Revenue Bonds | 07/01/41 | 5.500% | $2034094 |
| 5575000 | New Memphis Arena Public Building Authority, Revenue Bonds<sup>3</sup> | 04/01/29 | 0.000 | 5507951 |
| 3750000 | Tennergy Corp., Revenue Bonds<sup>1,2</sup> | 10/01/54 | 5.000 | 4001088 |
| 645000 | Tennessee Housing Development Agency, Revenue Bonds | 01/01/43 | 4.000 | 645784 |
| 520000 | Tennessee Housing Development Agency, Revenue Bonds | 07/01/48 | 4.000 | 520757 |
|  | **Total Tennessee** |  |  | **15586633** |
|  | **Texas (12.1%)** |  |  |  |
| 2695000 | Cedar Hill Independent School District, General Obligation Bonds | 02/15/37 | 5.000 | 3053080 |
| 1800000 | City of Austin Airport System Revenue, Revenue Bonds | 11/15/36 | 5.000 | 1966969 |
| 2000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/31 | 5.000 | 2166659 |
| 1250000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/34 | 5.000 | 1357759 |
| 3355000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/36 | 5.000 | 3688823 |
| 2625000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/38 | 4.000 | 2596429 |
| 1000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/40 | 4.000 | 965694 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 39 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Texas (continued)** |  |  |  |
| $5000000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/41 | 5.250% | $5383466 |
| 15015000 | City of Houston Airport System Revenue, Revenue Bonds | 07/01/48 | 5.250 | 15703216 |
| 8000000 | City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds<sup>1,2,4</sup> | 02/01/55 | 3.080 | 7993822 |
| 3975000 | County of Harris Toll Road Revenue, Revenue Bonds | 08/15/45 | 4.000 | 3813835 |
| 4150000 | DeSoto Independent School District, General Obligation Bonds | 08/15/34 | 5.000 | 4827625 |
| 6230000 | DeSoto Independent School District, General Obligation Bonds | 08/15/36 | 5.000 | 7084841 |
| 3470000 | Fort Bend Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/51 | 0.720 | 3390319 |
| 3875000 | Fort Bend Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/54 | 4.000 | 3940432 |
| 5000000 | Fort Bend Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/55 | 3.800 | 5102907 |
| 1750000 | Goose Creek Consolidated Independent School District, General Obligation Bonds<sup>1,2</sup> | 02/15/35 | 0.600 | 1716678 |
| 4640000 | Gregory-Portland Independent School District, General Obligation Bonds | 02/15/34 | 5.000 | 5395200 |
| 1000000 | Kilgore Independent School District, General Obligation Bonds<sup>1,2</sup> | 02/15/52 | 4.000 | 1006708 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 40 </u>

------

![](tbody_tint.jpg)

BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Texas (continued)** |  |  |  |
| $2500000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/30 | 5.000% | $2704174 |
| 1500000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/34 | 5.000 | 1518899 |
| 2000000 | Love Field Airport Modernization Corp., Revenue Bonds | 11/01/35 | 5.000 | 2022820 |
| 4260000 | Medina Valley Independent School District, General Obligation Bonds<sup>1,2</sup> | 02/15/51 | 0.820 | 4221319 |
| 4790000 | North East Independent School District, General Obligation Bonds<sup>1,2</sup> | 08/01/49 | 3.750 | 4845924 |
| 8000000 | North Texas Tollway Authority, Revenue Bonds<sup>3</sup> | 01/01/32 | 0.000 | 6603595 |
| 4835000 | North Texas Tollway Authority, Revenue Bonds<sup>3</sup> | 01/01/35 | 0.000 | 3557965 |
| 5270000 | North Texas Tollway Authority, Revenue Bonds<sup>3</sup> | 01/01/36 | 0.000 | 3697968 |
| 10990000 | North Texas Tollway Authority, Revenue Bonds<sup>3</sup> | 01/01/38 | 0.000 | 6990046 |
| 10000000 | Northside Independent School District, General Obligation Bonds<sup>1,2</sup> | 06/01/50 | 3.550 | 10088705 |
| 2715000 | State of Texas, General Obligation Bonds | 08/01/36 | 5.000 | 3039935 |
| 5745000 | State of Texas, General Obligation Bonds | 08/01/40 | 5.000 | 6122343 |
| 520000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/35 | 2.150 | 444539 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 41 </u>

------

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Texas (continued)** |  |  |  |
| $3860000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 07/01/37 | 2.150% | $3151464 |
| 1385000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 09/01/38 | 4.300 | 1424616 |
| 4100000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/39 | 4.000 | 4108344 |
| 7813983 | Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/47 | 2.835 | 6908669 |
| 1190000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/50 | 4.000 | 1198341 |
| 3055000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/53 | 5.750 | 3281635 |
| 3065000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/53 | 6.000 | 3343529 |
| 3690000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 03/01/54 | 6.000 | 4051633 |
| 3000000 | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA | 01/01/56 | 6.250 | 3364623 |
| 6260000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month CME Term SOFR + 0.700%)<sup>2</sup> | 12/15/26 | 3.581 | 6270724 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 42 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Texas (continued)** |  |  |  |
| $6340000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds | 12/15/26 | 6.250% | $6449420 |
| 6410000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month CME Term SOFR + 0.863%)<sup>2</sup> | 09/15/27 | 3.528 | 6414498 |
| 17790000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month CME Term SOFR + 1.045%)<sup>2</sup> | 09/15/27 | 3.751 | 17856319 |
| 1645000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)<sup>2</sup> | 09/15/27 | 3.770 | 1641010 |
| 19275000 | Texas Municipal Gas Acquisition & Supply Corp. V, Revenue Bonds<sup>1,2</sup> | 01/01/55 | 5.000 | 21215316 |
| 12115000 | Texas Water Development Board, Revenue Bonds | 10/15/43 | 4.000 | 11709959 |
|  | **Total Texas** |  |  | **239402794** |
|  | **Utah (0.3%)** |  |  |  |
| 5000000 | Utah Housing Corp., Revenue Bonds<sup>1,2</sup> | 04/01/46 | 2.950 | 4969625 |
|  | **Total Utah** |  |  | **4969625** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 43 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Virginia (0.7%)** |  |  |  |
| $3165000 | City of Norfolk Water Revenue, Revenue Bonds | 11/01/33 | 5.000% | $3705390 |
| 10000000 | Virginia Housing Development Authority, Revenue Bonds<sup>1,2,4</sup> | 07/01/56 | 3.125 | 9995506 |
|  | **Total Virginia** |  |  | **13700896** |
|  | **Washington (2.1%)** |  |  |  |
| 3055000 | County of King Sewer Revenue, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.230%)<sup>2</sup> | 01/01/40 | 3.450 | 3025977 |
| 6955000 | Port of Seattle, Revenue Bonds | 04/01/34 | 5.000 | 7350059 |
| 5500000 | Port of Seattle, Revenue Bonds | 08/01/34 | 5.000 | 6096306 |
| 1415000 | Port of Seattle, Revenue Bonds | 08/01/35 | 5.000 | 1558283 |
| 3500000 | Port of Seattle, Revenue Bonds | 08/01/36 | 4.000 | 3544374 |
| 6285000 | Port of Seattle, Revenue Bonds | 04/01/37 | 5.000 | 6569497 |
| 3385000 | Port of Seattle, Revenue Bonds | 04/01/39 | 5.000 | 3515408 |
| 4900000 | Port of Seattle, Revenue Bonds | 05/01/43 | 4.000 | 4567160 |
| 5755000 | Port of Seattle, Revenue Bonds | 08/01/46 | 5.000 | 5882760 |
|  | **Total Washington** |  |  | **42109824** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 44 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Wisconsin (2.0%)** |  |  |  |
| $6280000 | Public Finance Authority, Revenue Bonds<sup>1,2</sup> | 10/01/46 | 3.700% | $6412387 |
| 6850000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 11/15/39 | 4.000 | 6678398 |
| 815000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 11/15/43 | 4.000 | 851347 |
| 6215000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 11/15/43 | 4.000 | 5904473 |
| 9715000 | Wisconsin Health & Educational Facilities Authority, Revenue Bonds | 11/15/43 | 4.000 | 9245157 |
| 4500000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, FHLMC, FNMA, GNMA | 03/01/55 | 6.000 | 4918169 |
| 5000000 | Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, FHLMC, FNMA, GNMA | 09/01/55 | 6.250 | 5569389 |
|  | **Total Wisconsin** |  |  | **39579320** |
|  | **Wyoming (0.3%)** |  |  |  |
| 2275000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/34 | 3.500 | 2255641 |
| 910000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/48 | 4.000 | 912312 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 45 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date  | Interest <br>Rate | Value |
|  | **Municipal Bonds (continued)** |  |  |  |
|  | **Wyoming (continued)** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/49 | 3.750% | $329845 |
| 1325000 | Wyoming Community Development Authority, Revenue Bonds | 12/01/55 | 6.250 | 1481513 |
|  | **Total Wyoming** |  |  | **4979311** |
|  | **Total Municipal Bonds (Identified cost $1,918,507,455)** |  |  | **1950522464** |
|  **Total Investments (Identified cost $1,961,116,330)**<sup>6</sup> | **Total Investments (Identified cost $1,961,116,330)**<sup>6</sup> | **Total Investments (Identified cost $1,961,116,330)**<sup>6</sup> | **100.4%** | $**1992950252** |
|  **Liabilities in Excess of Cash and Other Assets** | **Liabilities in Excess of Cash and Other Assets** | **Liabilities in Excess of Cash and Other Assets** | **(0.4)%** | **(7488268)** |
|  **Net Assets** | **Net Assets** | **Net Assets** | **100.0%** | $**1985461984** |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>This variable rate security is based on a predetermined schedule and the rate at October 31, 2025 also represents the reference rate at October 31, 2025.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2025 coupon or interest rate.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represent a security purchased on a when-issued basis.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Variable rate demand note. The maturity date reflects the demand repayment dates. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the coupon or interest rate as of October 31, 2025.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;The aggregate cost for federal income tax purposes is $1,961,175,933, the aggregate gross unrealized appreciation is $37,873,875 and the aggregate gross unrealized depreciation is $6,099,556, resulting in net unrealized depreciation of $31,774,319.

Abbreviations:

BAM - Build America Mutual.

CME - Chicago Mercantile Exchange.

FHA - Federal Housing Administration.

FHLMC - Federal Home Loan Mortgage Corporation.

FNMA - Federal National Mortgage Association.

GNMA - Government National Mortgage Association.

NPFG - National Public Finance Guarantee Corporation.

SIFMA - Securities Industry and Financial Markets Association.

SOFR - Secured Overnight Financing Rate.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 46 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

Fair Value Measurements

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

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 47 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 municipal bonds, investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. 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 accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 48 </u>

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BBH Intermediate Municipal Bond Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value\* | Unadjusted <br>Quoted Prices in <br>Active Markets <br>for Identical <br>Investments <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant <br>Unobservable<br>Inputs <br>(Level 3) | Balance as of <br>October 31,<br>2025 |
|  Asset Backed Securities | $— | $23868432 | $— | $23868432 |
|  Commercial Mortgage Backed Securities |  | 18559356 |  | 18559356 |
|  Municipal Bonds |  | 1950522464 |  | 1950522464 |
| &nbsp;&nbsp;&nbsp; **Total Investments, at value** | $**—** | $1992950252 | $**—** | $1992950252 |

---

____________

\* For geographical breakdown of all investments, refer to the Portfolio of Investments.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 49 </u>

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BBH Intermediate Municipal Bond Fund<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $1,961,116,330) | $1992950252 |
| &nbsp;&nbsp;&nbsp; Cash | 88677 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 20068235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 968793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **2014075957** |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 26802643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment advisory and administrative fees | 1240485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared | 196831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 185059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 97063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 51703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees | 17372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 15215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **28613973** |
|  **Net Assets** | $**1985461984** |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1983024048 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 2437936 |
|  **Net Assets** | $**1985461984** |
|  **Net Asset Value and Offering Price per Share** |  |
|  **Class N Shares** |  |
| &nbsp;&nbsp;&nbsp; ($53,884,243 ÷ 5,173,299 shares outstanding) | $**10.42** |
|  **Class I Shares** |  |
| &nbsp;&nbsp;&nbsp; ($1,931,577,741 ÷ 185,682,866 shares outstanding) | $**10.40** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 50 </u>

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BBH Intermediate Municipal Bond Fund<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
|  **Net Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $62629839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 46697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income** | **62676684** |
| &nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 6112480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 204001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 110993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 106981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees | 100675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 50742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 141871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **6827743** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver | (38719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | **6789024** |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | **55887660** |
|  **Net Realized and Unrealized Gain:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities | (2890793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 32149564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Gain** | **29258771** |
|  **Net Increase in Net Assets Resulting from Operations** | $**85146431** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 51 </u>

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BBH Intermediate Municipal Bond Fund<br> Statements of Changes in Net Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>October 31,** | **For the years ended <br>October 31,** |
|  | **2025** | **2024** |
|  **Increase/(Decrease) in Net Assets from:** |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $55887660 | $35655454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in <br>securities | (2890793) | (1410750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities | 32149564 | 39823516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 85146431 | 74068220 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (1731543) | (1777835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (54145553) | (33879850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions declared | (55877096) | (35657685) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares<sup>1</sup> | 908329490 | 597344414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions | 12675655 | 10178701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term redemption fees | 85 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<sup>1</sup> | (207613659) | (148984344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 713391571 | 458540467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 742660906 | 496951002 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1242801078 | 745850076 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**1985461984** | $**1242801078** |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes share exchanges. See Note 5 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 52 </u>

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BBH Intermediate Municipal Bond Fund<br> Financial Highlights<br>Selected per share data and ratios for a Class N share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $10.27 | $9.74 | $9.69 | $10.93 | $10.96 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.35 | 0.35 | 0.29 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 0.15 | 0.53 | 0.05 | (1.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 0.50 | 0.88 | 0.34 | (1.07) | 0.11 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.35) | (0.29) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.35) | (0.35) | (0.29) | (0.17) | (0.14) |
|  Short-term redemption fees<sup>1</sup> |  | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<br><sup>2</sup> |
|  Net asset value, end of year | $10.42 | $10.27 | $9.74 | $9.69 | $10.93 |
|  Total return<sup>3</sup> | 5.00% | 9.10% | 3.39% | (9.91)% | 1.01% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $54 | $55 | $47 | $55 | $82 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions | 0.73% | 0.70% | 0.72% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp; Fee waiver<sup>4</sup> | (0.08)% | (0.05)% | (0.07)% | (0.05)% | (0.04)% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.44% | 3.42% | 2.83% | 1.46% | 1.18% |
|  Portfolio turnover rate | 187% | 201% | 164% | 135% | 45% |
|  Portfolio turnover rate<sup>5</sup> | 37% | 33% | 63% | 73% | 23% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

<sup>4</sup> The ratio of expenses to average net assets for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.65%. The agreement is effective through March 1, 2026 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2025, 2024, 2023, 2022 and 2021, the waived fees were $38,719, $25,502, $33,916, $31,643 and $35,002, respectively.

<sup>5</sup> The portfolio turnover rate excludes variable rate demand notes.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 53 </u>

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BBH Intermediate Municipal Bond Fund<br> Financial Highlights (continued)<br>Selected per share data and ratios for a Class I share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, | For the years ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $10.26 | $9.73 | $9.68 | $10.92 | $10.95 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.37 | 0.37 | 0.31 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | 0.14 | 0.53 | 0.04 | (1.23) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations | 0.51 | 0.90 | 0.35 | (1.05) | 0.13 |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.37) | (0.30) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.37) | (0.37) | (0.30) | (0.19) | (0.16) |
|  Short-term redemption fees<sup>1</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
|  Net asset value, end of year | $10.40 | $10.26 | $9.73 | $9.68 | $10.92 |
|  Total return<sup>3</sup> | 5.13% | 9.33% | 3.60% | (9.74)% | 1.21% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $1932 | $1188 | $699 | $597 | $788 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.44% | 0.44% | 0.45% | 0.46% | 0.45% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.66% | 3.64% | 3.03% | 1.69% | 1.38% |
|  Portfolio turnover rate | 187% | 201% | 164% | 135% | 45% |
|  Portfolio turnover rate<sup>4</sup> | 37% | 33% | 63% | 73% | 23% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;The portfolio turnover rate excludes variable rate demand notes.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 54 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements<br>October 31, 2025<br>

**1. Organization.** The Fund is a separate, diversified series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized under the laws of the State of Maryland on July 16, 1990 as BBH Fund, Inc. and re-organized as a Delaware statutory trust on June 12, 2007. As of October 31, 2025, there were seven series of the Trust. The Fund commenced operations on April 1, 2014 and offers two share classes, Class N and Class I. Neither Class N shares nor Class I shares automatically convert to any other share class of the Fund. The investment objective of the Fund is to protect investor's capital and generate attractive risk-adjusted returns. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that pay interest that is generally excludable from gross income for federal income tax purposes (except that the interest paid by certain municipal securities may be includable in taxable income for purposes of the federal alternative minimum tax).

**2. Significant Accounting Policies.** The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments*.** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 55 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

All securities and other investments are recorded at their estimated fair value. The value of investments listed on a securities exchange is based on the last sale price prior to the time when assets are valued, or in the absence of recorded sales, at the most recent bid price on such exchange. If a readily available market quotation is not available or is determined to be unreliable, the investments may be valued utilizing evaluated prices provided by independent pricing services. In establishing such prices, the independent pricing service utilizes both dealer supplied prices and electronic data processing techniques which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, the closure of the primary exchange on which securities trade and before the Fund's net asset value is next determined and other market data without exclusive reliance on quoted exchange prices or over-the-counter prices since such valuations are believed to reflect more accurately the fair value of such investments. Investments may be fair valued by Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("SID" or "Investment Adviser") in accordance with the BBH Trust Portfolio Valuation Policy and Procedures using methods that most fairly reflect the amount that the Fund would reasonably expect to receive for the investment on a current sale in its principal market in the ordinary course of business. Short-term investments, which mature in 60 days or less are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their value on the 61<sup>st</sup> day prior to maturity, if their original maturity when acquired by the Fund was more than 60 days, unless the use of amortized cost is determined not to represent fair value. Any futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income*.** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued daily and consists of interest accrued, discount earned (including, if any, both original issue and market discount) and premium amortization on the investments of the Fund. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of the interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

<u>© Brown Brothers Harriman </u>   <u> 56 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses*.** Most expenses of the Trust can be directly attributed to a specific fund and share class. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust and the respective share classes on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Federal Income Taxes*.** It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 57 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***E. Dividends and Distributions to Shareholders*.** Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends and distributions in the amount of $1,731,543 and $54,145,553 to Class N and Class I shareholders, respectively, during the year ended October 31, 2025, and in the amount of $1,777,835 and $33,879,850 to Class N and Class I shareholders, respectively, during the year ended October 31, 2024.

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: |
|  | Ordinary<br>income | Netlong-termcapital gain | Total <br>taxabledistributions | Tax exempt<br>income | Tax <br>return of<br>capital | Totaldistributionspaid |
|  2025: | $3831359 | $— | $3831359 | $52045737 | $— | $55877096 |
|  2024: | 2887746 |  | 2887746 | 32769939 |  | 35657685 |

---

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): | Components of retained earnings/(accumulated deficit): |
|  | Undistributed<br>ordinary<br>income | Undistributed<br>long-term<br>capital gain | Undistributed<br>tax-exempt<br>income | Accumulated<br>capital and<br>other losses | Other<br>book/tax<br>temporary<br>differences | Unrealized<br>appreciation/<br>(depreciation) | Total <br>retained<br>earnings/<br>(accumulated<br>deficit) |
|  2025: | $— | $— | $223964 | $(29363516) | $(256434) | $31833922 | $2437936 |
|  2024: |  |  | 143353 | (26487633) | (171477) | (315642) | (26831399) |

---

The Fund had $29,363,516 net capital loss carryforwards as of October 31, 2025, of which $9,806,531 and $19,556,985, is attributable to short-term and long-term capital losses, respectively.

The Fund is permitted to carryforward capital losses for an unlimited period and they will retain their character as either short-term or long-term capital losses.

Total distributions paid may differ from amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

<u>© Brown Brothers Harriman </u>   <u> 58 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

To the extent future capital gains are offset by capital loss carryforwards, if any, such gains will not be distributed.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Segment Reporting.*** Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Use of Estimates*.** The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**3. Fees and Other Transactions with Affiliates.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees***. Effective April 1, 2014 (commencement of operations), under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. The Fund's investment advisory and administrative services fee is calculated daily and paid monthly at an annual rate equivalent to 0.40% on the first $2.5 billion and 0.35% for amounts over $2.5 billion of the Fund's average daily net assets. Prior to January 1, 2025, the Fund paid a combined fee, computed daily and payable monthly, equal to 0.40% of the average daily net assets of the Fund. For the year ended October 31, 2025, the Fund incurred $6,112,480 under the Agreement.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 59 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***B. Expense Waivers and Reimbursements*.** Effective April 1, 2014 (commencement of operations), the Investment Adviser contractually agreed to limit the annual fund operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund's business) of Class N and Class I to 0.65% and 0.50%, respectively. The agreement will terminate on March 1, 2026, unless it is renewed by all parties to the agreement. The agreement may only be terminated during its term with approval of the Fund's Board of Trustees. For the year ended October 31, 2025, the Investment Adviser waived fees in the amount of $38,719 and $0 for Class N and Class I, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Shareholder Servicing Fees*.** The Trust has a shareholder servicing agreement with BBH. BBH receives a fee from the Fund calculated daily and paid monthly at an annual rate of 0.20% of Class N shares' average daily net assets. For the year ended October 31, 2025, Class N shares of the Fund incurred $100,675 in shareholder servicing fees.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Custody and Fund Accounting Fees*.** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $204,001 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the year ended was $11,683. This amount is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day.

<u>© Brown Brothers Harriman </u>   <u> 60 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $30,684 and $16,013, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Board of Trustees' Fees***. Each Trustee who is not an "interested person" as defined under the 1940 Act receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $106,981 in Independent Trustee compensation and expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Officers of the Trust*.** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

**4. Investment Transactions.** For the year ended October 31, 2025, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $3,569,451,020 and $2,848,959,003, respectively.

**5. Shares of Beneficial Interest.** The Trust is permitted to issue an unlimited number of Class N shares and Class I shares of beneficial interest, at no par value. Transactions in Class N and Class I shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended<br>October 31, 2025 | For the year ended<br>October 31, 2025 | For the year ended<br>October 31, 2024 | For the year ended<br>October 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class N** |  |  |  |  |
|  Shares sold | 1197354 | $12266124 | 1357186 | $13949650 |
|  Shares issued in connection with reinvestments of dividends | 168640 | 1727958 | 172414 | 1773986 |
|  Proceeds from short-term redemption fees | N/A |  | N/A | 128 |
|  Shares redeemed | (1553366) | (15948392) | (998345) | (10245687) |
|  Net increase/(decrease) | (187372) | $(1954310) | 531255 | $5478077 |
|  **Class I** |  |  |  |  |
|  Shares sold | 87613863 | $896063366 | 56691791 | $583394764 |
|  Shares issued in connection with reinvestments of dividends | 1069527 | 10947697 | 817789 | 8404715 |
|  Proceeds from short-term redemption fees | N/A | 85 | N/A | 1568 |
|  Shares redeemed | (18792119) | (191665267) | (13538259) | (138738657) |
|  Net increase | 69891271 | $715345881 | 43971321 | $453062390 |

---

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 61 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the year ended October 31, 2025 and the year ended October 31, 2024. Specifically:

During the year ended October 31, 2025, there were no shareholder exchanges.

During the year ended October 31, 2024, 55,021 shares of Class N were exchanged for 55,075 shares of Class I valued at $557,364.

**6. Principal Risk Factors and Indemnifications.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors*.** Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including but not limited to, those described below:

A shareholder may lose money by investing in the Fund (investment risk). The Fund is actively managed and the decisions by the Investment Adviser may cause the Fund to incur losses or miss profit opportunities (management risk). Additionally, in the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to redemption of securities by the issuer before maturity (call risk), failure of a counterparty to a transaction to perform (credit risk), changes in interest rates, higher volatility for securities with longer maturities (interest rate risk), difficulty in being able to purchase or sell a security (liquidity risk) and a significant position in municipal securities in a particular state (geographic risk). Political, legislative and economic events may affect a municipal security's value, interest payments, repayments of principal and the Fund's ability to sell it (municipal issuer risk). Additionally, as the Fund's exposure to similar municipal revenue sectors increases, the Fund will become more sensitive to adverse economic, business or political developments relevant to these sectors (municipal revenue sector risk). The Fund may use derivatives that could create risks that are different from, or possibly greater than, the risks associated with investing directly in securities as the Fund could lose more than the principal amount invested (derivatives risk). The value of securities held by the Fund may decline in response to certain events, including: those directly involving the companies or issuers whose securities are held by the Fund; conditions affecting the general economy; overall market changes; and political and regulatory events. Natural disasters, the spread of infectious illness and other public health emergencies, recession, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse effects on world economies and markets generally (market risk). While the Fund endeavors

<u>© Brown Brothers Harriman </u>   <u> 62 </u>

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BBH Intermediate Municipal Bond Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

to purchase only bona fide tax exempt bonds, there is a risk that a bond may be reclassified by the IRS as a taxable bond creating taxable income for the Fund and its shareholders (taxation risk). The Fund may remain substantially fully invested at a time when a purchase is outstanding, then the purchases may result in a form of leverage. If the counterparty to a when-issued or delayed-delivery transaction fails to deliver the securities, the fund may receive a less favorable price or yield, or may suffer a loss (when-issued and delayed delivery securities risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by an investment adviser whose discretionary clients may make up a large percentage of the Fund's shareholders (large shareholder risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications*.** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

**7. Recent Pronouncements.** In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**8. Subsequent Events.** Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 63 </u>

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BBH Intermediate Municipal Bond Fund<br> Conflicts of Interest<br>October 31, 2025 (unaudited)<br>

**Description of Potential Material Conflicts of Interest – Investment Adviser**

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

<u>© Brown Brothers Harriman </u>   <u> 64 </u>

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BBH Intermediate Municipal Bond Fund<br> Conflicts of Interest (continued)<br>October 31, 2025 (unaudited)<br>

**Other Clients and Allocation of Investment Opportunities.** BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser, and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 65 </u>

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BBH Intermediate Municipal Bond Fund<br> Conflicts of Interest (continued)<br>October 31, 2025 (unaudited)<br>

**Affiliated Service Providers.** Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

**Aggregation.** Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Funds, may seek to buy from or sell securities to another fund or account advised by BBH, the Investment Adviser. Subject to applicable law and regulation, BBH&Co., the Investment Adviser may (but is not required to) effect purchases and sales between BBH&Co., the Investment Adviser clients ("cross trades"), including the Funds, if BBH&Co., the Investment Adviser or a Fund's Sub-adviser believes such transactions are appropriate based on each party's investment objectives and guidelines. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit the Investment Adviser's decision to engage in these transactions for the Funds. BBH&Co., the Investment Adviser and/or a Fund's Sub-adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

<u>© Brown Brothers Harriman </u>   <u> 66 </u>

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BBH Intermediate Municipal Bond Fund<br> Conflicts of Interest (continued)<br>October 31, 2025 (unaudited)<br>

**Investments in BBH Funds.** From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance. BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 67 </u>

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BBH Intermediate Municipal Bond Fund<br> Conflicts of Interest (continued)<br>October 31, 2025 (unaudited)<br>

**Referral Arrangements.** BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

**Personal Trading.** BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policy and procedures are intended to prevent BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

**Gifts and Entertainment.** From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u>© Brown Brothers Harriman </u>   <u> 68 </u>

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BBH Intermediate Municipal Bond Fund<br> Additional Federal Tax Information<br>October 31, 2025 (unaudited)<br>

In January 2026, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2025. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 69 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com <br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE** |
| <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW&nbsp;&nbsp;&nbsp;&nbsp;YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN&nbsp;&nbsp;&nbsp;&nbsp;HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

---

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Annual Financial<br>Statements<br> October 31, 2025<br> **BBH U.S. Government Money<br>Market Fund**<br>

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BBH U.S. Government Money Market Fund<br> Report of Independent Registered Public Accounting Firm<br>

To the Shareholders of BBH U.S. Government Money Market Fund and the Board of Trustees of BBH Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of BBH U.S. Government Money Market Fund (the "Fund"), one of the funds constituting BBH Trust, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 Fund 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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

<u>© Brown Brothers Harriman </u>   <u> 2 </u>

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BBH U.S. Government Money Market Fund<br> Report of Independent Registered Public Accounting Firm (continued)<br>

and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2025

We have served as the auditor of one or more Brown Brothers Harriman investment companies since 1991.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 3 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio Allocation<br>October 31, 2025<br>

Breakdown by Security Type

---

| | | |
|:---|:---|:---|
|  | **U.S. $ Value** | **Percent of <br>Net Assets** |
|  U.S. Government Agency Obligations | $123846222 | 1.6% |
|  U.S. Treasury Bills | 6240396776 | 79.2 |
|  Repurchase Agreements | 1500000000 | 19.0 |
|  Cash and Other Assets in Excess of Liabilities | 16865021 | 0.2 |
|  **Net Assets** | $**7881108019** | **100.0%** |

---

All data as of October 31, 2025. The BBH U.S. Government Money Market Fund's (the "Fund") breakdown by security type is expressed as a percentage of net assets and may vary over time.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 4 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio of Investments<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | **Maturity <br>Date** | **Interest <br>Rate** | **Value** |
|  | **U.s. Government Agency Obligations (1.6%)** |  |  |  |
| $125000000 | Federal Home Loan Bank Discount Notes<sup>1,2</sup> | 01/28/26 | 3.812% | $123846222 |
|  | **Total U.S. Government Agency Obligations <br>(Cost $123,846,222)** |  |  | **123846222** |
|  | **U.s. Treasury Bills (79.2%)** |  |  |  |
| 60000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/04/25 | 4.090  | 59979677 |
| 300000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/06/25 | 4.137  | 299829046 |
| 350000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/12/25 | 4.211  | 349554870 |
| 300000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/13/25 | 4.196  | 299587542 |
| 250000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/18/25 | 3.993  | 249531473 |
| 300000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/20/25 | 4.124  | 299353404 |
| 300000000 | U.S. Treasury Bill<sup>1,2</sup> | 11/25/25 | 3.944  | 299214630 |
| 125000000 | U.S. Treasury Bill<sup>1</sup> | 11/28/25 | 3.956  | 124630625 |
| 220000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/02/25 | 4.136  | 219226163 |
| 280000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/04/25 | 4.165  | 278947955 |
| 245000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/09/25 | 3.973  | 243978734 |
| 350000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/11/25 | 4.037  | 348449431 |
| 275000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/16/25 | 3.922  | 273659688 |
| 275000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/18/25 | 3.972  | 273590366 |
| 205000000 | U.S. Treasury Bill<sup>1,2</sup> | 12/26/25 | 3.917  | 203785214 |
| 150000000 | U.S. Treasury Bill<sup>1</sup> | 12/30/25 | 3.913  | 149049608 |
| 150000000 | U.S. Treasury Bill<sup>1,2</sup> | 01/02/26 | 3.888  | 149004943 |
| 220000000 | U.S. Treasury Bill<sup>1,2</sup> | 01/06/26 | 3.899  | 218446626 |
| 325000000 | U.S. Treasury Bill<sup>1,2</sup> | 01/08/26 | 3.893  | 322632656 |
| 250000000 | U.S. Treasury Bill<sup>1,2</sup> | 01/13/26 | 3.889  | 248053460 |
| 175000000 | U.S. Treasury Bill<sup>1,2</sup> | 01/20/26 | 3.865  | 173515722 |
| 200000000 | U.S. Treasury Bill<sup>1,2</sup> | 01/27/26 | 3.857  | 198159225 |
| 150000000 | U.S. Treasury Bill<sup>1</sup> | 01/29/26 | 3.816  | 148598250 |
| 150000000 | U.S. Treasury Bill<sup>1</sup> | 02/03/26 | 3.852  | 148509708 |
| 125000000 | U.S. Treasury Bill<sup>1,2</sup> | 02/19/26 | 4.016  | 123496667 |
| 130000000 | U.S. Treasury Bill<sup>1,2</sup> | 02/24/26 | 3.762  | 128457003 |
| 150000000 | U.S. Treasury Bill<sup>1,2</sup> | 03/05/26 | 3.798  | 148072213 |
| 100000000 | U.S. Treasury Bill<sup>1</sup> | 03/12/26 | 3.793  | 98645242 |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 5 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | **Maturity <br>Date** | **Interest <br>Rate** | **Value** |
|  | **U.s. Treasury Bills (continued)** |  |  |  |
| $100000000 | U.S. Treasury Bill<sup>1</sup> | 03/19/26 | 3.782% | $98577258 |
| 65000000 | U.S. Treasury Bill<sup>1,2</sup> | 04/23/26 | 3.719 | 63859377 |
|  | **Total U.S. Treasury Bills<br>(Cost $6,240,396,776)** |  |  | **6240396776** |
|  | **Repurchase Agreements (19.0%)** |  |  |  |
| 375000000 | BNP Paribas (Agreement dated 10/31/25 collateralized by FHLMC 1.220%-7.500%, due 11/01/28-11/01/55, original par $210,330,131, value $140,487,907, FNMA 1.973%-7.000%, due 12/01/25-11/01/55, original par $613,453,546, value $168,556,279, GNMA 2.500%-7.500%, due 11/20/29-05/20/65, original par $140,438,277, value $73,455,814) | 11/03/25 | 4.050 | 375000000 |
| 375000000 | National Australia Bank, Ltd. (Agreement dated 10/31/25 collateralized by U.S. Treasury Note 2.250%, due 08/15/27, original par $389,935,000, value $382,500,000) | 11/03/25 | 4.000 | 375000000 |
| 375000000 | Royal Bank of Canada (Agreement dated 10/31/25 collateralized by U.S. Treasury Note 3.750%, due 04/30/27, original par $382,176,000, value $382,500,000) | 11/03/25 | 4.000 | 375000000 |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 6 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br> All investments in the United States, except as noted.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | **Maturity <br>Date** | **Interest <br>Rate** | **Value** |
|  | **Repurchase Agreements (continued)** |  |  |  |
| $375000000 | Societe Generale (Agreement dated 10/31/25 collateralized by FHLMC 6.000%, due 11/01/55, original par $1,000, value $1,041, FNMA 1.980%-6.750%, due 06/01/31-10/01/62, original par $187,497,922, value $94,281,377, GNMA 1.500%-7.500%, due 01/15/28-11/15/64, original par $479,826,600, value $288,217,329, U.S. Treasury Security 0.000%, due 05/15/30, original par $300, value $254) | 11/03/25 | 4.120% | $375000000 |
|  | **Total Repurchase Agreements <br>(Cost $1,500,000,000)** |  |  | **1500000000** |
|  **Total Investments (Cost $7,864,242,998)**<sup>3</sup> | **Total Investments (Cost $7,864,242,998)**<sup>3</sup> | **Total Investments (Cost $7,864,242,998)**<sup>3</sup> | **99.8%** | $**7864242998** |
|  **Cash and Other Assets in Excess of Liabilities** | **Cash and Other Assets in Excess of Liabilities** | **Cash and Other Assets in Excess of Liabilities** | **0.2%** | **16865021** |
|  **Net Assets** | **Net Assets** | **Net Assets** | **100.0%** | $**7881108019** |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Coupon represents a yield to maturity.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Coupon represents a weighted average yield.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

Abbreviations:

FHLMC – Federal Home Loan Mortgage Corporation.

FNMA – Federal National Mortgage Association.

GNMA – Government National Mortgage Association.

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 7 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

**Fair Value Measurements**

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

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 8 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

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 and over-the-counter derivatives. 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. As observable prices are not available for these securities, valuation techniques are used to derive fair value.

At October 31, 2025, 100% of the Fund's investments in securities were valued using amortized cost, in accordance with rules under the Investment Company Act of 1940, as amended (the "1940 Act"). Amortized cost approximates the fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

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 accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 9 </u>

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BBH U.S. Government Money Market Fund<br> Portfolio of Investments (continued)<br>October 31, 2025<br>

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at amortized <br>cost which approximates <br>fair value | **Unadjusted <br>Quoted Prices in<br>Active Markets<br>for Identical<br>Investments<br>(Level 1)** | **Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Balance as of<br>October 31,<br>2025** |
|  U.S. Government Agency Obligations | $— | $123846222 | $— | $123846222 |
|  U.S. Treasury Bills |  | 6240396776 |  | 6240396776 |
|  Repurchase Agreements |  | 1500000000 |  | 1500000000 |
| &nbsp;&nbsp;&nbsp; **Total Investments, at amortized cost which approximates fair value** | $**—** | $**7864242998** | $**—** | $**7864242998** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 10 </u>

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BBH U.S. Government Money Market Fund<br> Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
|  **Assets:** | |
| &nbsp;&nbsp;&nbsp; Investments in securities, at amortized cost which approximates fair value | $6364242998 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements (Cost $1,500,000,000) | 1500000000 |
| &nbsp;&nbsp;&nbsp; Cash | 35027689 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 168437 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **7899441321** |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared | 15415779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 2711706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 115507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 69445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **18333302** |
|  **Net Assets** | $**7881108019** |
|  Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $7881143159 |
| &nbsp;&nbsp;&nbsp; Distributions in excess of net investment income | (35140) |
|  **Net Assets** | $**7881108019** |
|  **Net Asset Value and Offering Price per Share** |  |
|  **Institutional Shares** |  |
| &nbsp;&nbsp;&nbsp; ($7,881,108,019 ÷ 7,881,149,177 shares outstanding) | **$1.00** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 11 </u>

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BBH U.S. Government Money Market Fund<br> Statement of Operations<br>For the year ended October 31, 2025<br>

---

| | |
|:---|:---|
|  **Net Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $336316567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income on cash balances | 1290764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income** | **337607331** |
| &nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees | 16044549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 681249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees | 163657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 75845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 54479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 191424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **17211203** |
| &nbsp;&nbsp;&nbsp; **Net Investment Income** | **320396128** |
|  **Net Realized Gain:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 10424 |
|  **Net Increase in Net Assets Resulting from Operations** | $**320406552** |

---

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 12 </u>

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BBH U.S. Government Money Market Fund<br> Statements of Changes in Net Assets<br>

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>October 31,** | **For the years ended <br>October 31,** |
|  | **2025** | **2024** |
|  **Increase/(Decrease) in Net Assets from:** |  |  |
| &nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $320396128 | $345926859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 10424 | 14324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 320406552 | 345941183 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions declared: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (320419143) | (345962298) |
| &nbsp;&nbsp;&nbsp; Share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold and fund shares issued in connection with reinvestments of dividends | 11153865144 | 10379321440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | (10921008008) | (8630003132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from fund share transactions | 232857136 | 1749318308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 232844545 | 1749297193 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 7648263474 | 5898966281 |
| &nbsp;&nbsp;&nbsp; **End of year** | $**7881108019** | $**7648263474** |

---

The accompanying notes are an integral part of these financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 13 </u>

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BBH U.S. Government Money Market Fund<br> Financial Highlights<br>Selected per share data and ratios for a class Institutional share outstanding throughout each year.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the years ended October 31,** | **For the years ended October 31,** | **For the years ended October 31,** | **For the years ended October 31,** | **For the years ended October 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of <br>year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.04 | 0.05 | 0.05 | 0.01 | 0.00<br><sup>2</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | (0.00)<sup>2</sup> | 0.00<br><sup>2</sup> | (0.01) | 0.00<br><sup>2</sup> | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from <br>investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00<br><sup>2</sup> |
|  Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.04) | (0.05) | (0.04) | (0.01) | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.04) | (0.05) | (0.04) | (0.01) | (0.00)<sup>2</sup> |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return<sup>3</sup> | 4.21% | 5.22% | 4.59% | 0.75% | 0.01% |
|  Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (in millions) | $7881 | $7648 | $5899 | $4795 | $4227 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to <br>average net assets before reductions | 0.22% | 0.22% | 0.23% | 0.23% | 0.23% |
| &nbsp;&nbsp;&nbsp; Fee waiver<sup>4</sup> | —% | —% | —% | (0.08)% | (0.19)% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions | 0.22% | 0.22% | 0.23% | 0.15% | 0.04% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.12% | 5.09% | 4.52% | 0.73% | 0.01% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated using average shares outstanding for the year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Less than $0.01 per share.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Assumes the reinvestment of distributions.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;During the years ended October 31, 2025, 2024, 2023, 2022 and 2021, the investment advisory and administrative fee waivers, as a result of a voluntary operating expense limitation agreement, were $–, $–, $–, $3,724,415 and $7,060,486, respectively.

The accompanying notes are an integral part of these financial statements.

<u>© Brown Brothers Harriman </u>   <u> 14 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements<br>October 31, 2025<br>

**1. Organization.** The Fund is a separate series of BBH Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was originally organized as a Massachusetts business trust on June 7, 1983 and re-organized as a Delaware statutory trust on June 12, 2007. At October 31, 2025, there were seven series of the Trust. The Fund commenced operations on December 12, 1983. The Fund currently offers one class of shares designated as Institutional Shares. The investment objective of the Fund is to provide investors with as high a level of income as is consistent with the preservation of capital and the maintenance of liquidity. Under normal circumstances, the Fund invests at least 99.5% of its total assets in cash and short-term U.S. Treasury securities and securities issued by U.S. government agencies or government-sponsored enterprises and repurchase agreements fully collateralized by such instruments. Additionally, under normal circumstances, at least 80% of the value of the Fund's net assets will be invested in U.S. government securities and repurchase agreements fully collateralized by U.S. government securities.

**2. Significant Accounting Policies.** The Fund's financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The following summarizes significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;***A. Valuation of Investments.*** The Board of Trustees (the "Board") has ultimate responsibility for the supervision and oversight of the determination of the fair value of investments. Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Investment Adviser as its valuation designee. The Investment 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 Investment Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized, including but not limited to: periodic independent pricing service due diligence meetings and reviewing the results of back testing on a monthly basis. The Investment Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 15 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

The Fund values its investments at amortized cost, which approximates fair value. The amortized cost method values a security at its cost at the time of purchase and thereafter assumes a constant amortization to maturity of any discount or premium. The Fund's use of amortized cost is in compliance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be valued as determined in accordance with procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Accounting for Investments and Income.*** Investment transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined based on the identified cost method. Interest income is accrued as earned and consists of interest accrued, accretion of discount on debt securities (including both original issue and market discount) and premium amortization on the investments of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Fund Expenses.*** Most expenses of the Trust can be directly attributed to a specific fund. Expenses which cannot be directly attributed to a fund are generally apportioned among each fund in the Trust on a net assets basis or other suitable method. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Repurchase Agreements.*** The Fund may enter into repurchase agreements. Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price normally is in excess of the purchase price, reflecting an agreed upon interest rate. The rate is effective for the period of time that assets of the Fund are invested in the agreement and is not related to the coupon rate on the underlying security. The Fund will enter into repurchase agreements only with banks and other recognized financial institutions, such as securities dealers, deemed creditworthy by the investment adviser. The Fund's custodian or sub-custodian will take possession of the securities subject to repurchase agreements. The investment adviser, custodian or sub-custodian will monitor the marked-to-market value of the underlying collateral each day to ensure that the value of the security always equals or exceeds the repurchase price.

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements (MRA) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single

<u>© Brown Brothers Harriman </u>   <u> 16 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Lastly, the MRA does not preclude the Fund from selling, transferring, pledging or hypothecating the underlying collateral but no such transaction shall relieve the Fund of its obligation to transfer the collateral to the counterparty upon the latter's repurchase of the securities.

The Fund's repurchase agreements and information related to collateral, which could be offset in event of default, are shown in the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***E. Federal Income Taxes.*** It is the Trust's policy to comply with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. The Fund files a tax return annually using tax accounting methods required under provisions of the Code, which may differ from GAAP, which is the basis on which these financial statements are prepared. Accordingly, the amount of net investment income and net realized gain reported in these financial statements may differ from that reported on the Fund's tax return, due to certain book-to-tax timing differences such as losses deferred due to "wash sale" transactions and utilization of capital loss carryforwards. These differences may result in temporary over-distributions for financial statement purposes and are classified as distributions in excess of accumulated net realized gains or net investment income. These distributions do not constitute a return of capital. Permanent differences are reclassified between paid-in capital and retained earnings/(accumulated deficit) within the Statement of Assets and Liabilities based upon their tax classification. As such, the character of distributions to shareholders reported in the Financial Highlights table may differ from that reported to shareholders on Form 1099-DIV.

The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have any unrecognized tax benefits as of October 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Fund did not incur any such interest

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 17 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;***F. Dividends and Distributions to Shareholders.*** Dividends and distributions from net investment income to shareholders are declared daily and paid monthly to shareholders. Distributions from net capital gains, if any, are generally declared and paid annually and are recorded on the ex-dividend date. The Fund declared dividends in the amounts of $320,419,143 and $345,962,298 to Institutional shareholders during the years ended October 31, 2025 and October 31, 2024, respectively.

The tax character of distributions paid during the years ended October 31, 2025 and 2024, respectively, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** |
|  | **Ordinary<br>income** | **Net<br>long-term<br>capital gain** | **Total taxable<br>distributions** | **Total<br>distributions<br>paid** |
|  2025: | $320419143 | $— | $320419143 | $320419143 |
|  2024: | 345962298 |  | 345962298 | 345962298 |

---

As of October 31, 2025 and 2024, respectively, the components of retained earnings/(accumulated deficit) on tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Components of retained earnings/(accumulated deficit):** | **Components of retained earnings/(accumulated deficit):** | **Components of retained earnings/(accumulated deficit):** | **Components of retained earnings/(accumulated deficit):** | **Components of retained earnings/(accumulated deficit):** | **Components of retained earnings/(accumulated deficit):** | **Components of retained earnings/(accumulated deficit):** |
|  | **Undistributed<br>ordinary<br>income** | **Undistributed<br>long-term<br>capital gain** | **Accumulated<br>capital and <br>other losses** | **Other<br>book/tax<br>temporary<br>differences** | **Unrealized<br>appreciation/<br>(depreciation)** | **Total <br>retained<br>earnings/<br>(accumulated<br>deficit)** |
|  2025: | $15834051 | $— | $(453412) | $(15415779) | $— | $(35140) |
|  2024: | 1392888 |  | (463836) | (951601) |  | (22549) |

---

The Fund had $453,412 net capital loss carryforwards as of October 31, 2025, of which $453,412 and $0, is attributable to short-term and long-term capital losses, respectively.

The Fund is permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period and they will retain their character as either short-term or long-term capital losses.

<u>© Brown Brothers Harriman </u>   <u> 18 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

Total distributions paid may differ from the amounts reported in the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid.

There are no significant differences between book-basis and tax-basis unrealized appreciation/(depreciation) for investments for the current year.

To the extent future capital gains are offset by future capital loss carryforwards, if any, such gains will not be distributed.

&nbsp;&nbsp;&nbsp;&nbsp;***G. Segment Reporting.*** The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Investment Adviser acts as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. The Fund is considered a single operating segment as the Fund has a single investment strategy as disclosed in its prospectus. The financial information provided to and reviewed by the CODM is presented in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;***H. Use of Estimates.*** The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

**3. Fees and Other Transactions with Affiliates.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Investment Advisory and Administrative Fees.*** Under a combined Investment Advisory and Administrative Services Agreement ("Agreement") with the Trust, Brown Brothers Harriman & Co. ("BBH") through a separately identifiable department ("Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.25% on

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 19 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

the first $1 billion of the Fund's average daily net assets and 0.20% of the Fund's average daily net assets over $1 billion. For the year ended October 31, 2025, the Fund incurred $16,044,549 for services under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Investment Advisory and Administrative Fee Waiver.*** BBH may from time to time voluntarily waive all or a portion of its investment advisory and administrative fee from the Fund. For the year ended October 31, 2025, BBH waived fees in the amount of $0 for Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;***C. Custody and Fund Accounting Fees.*** BBH acts as a custodian and fund accountant and receives custody and fund accounting fees from the Fund calculated daily and paid monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is based partially on asset values and partially on individual fund transactions. The fund accounting fee is primarily an asset-based fee calculated at 0.00325% per annum of the Fund's net asset value. For the year ended October 31, 2025, the Fund incurred $681,249 in custody and fund accounting fees. In the event that the Fund is overdrawn, under the custody agreement with BBH, BBH will make overnight loans to the Fund to cover overdrafts. Pursuant to their agreement, the Fund will pay the BBH Overdraft Base Rate plus 2% on the day of the overdraft. The total interest incurred by the Fund for the year ended October 31, 2025 was $200,986. This amount is included under line item "Custody and fund accounting fees" in the Statement of Operations. Effective August 1, 2025, the Fund enrolled in the BBH Cash Management Services Sweep. Under this new agreement, the Fund's end-of-day cash balance is swept into overnight deposits with one or more deposit institutions. The interest income earned on the overnight deposits is credited to the Fund's cash account(s) the next business day. Prior to August 1, 2025, the Fund had an agreement with the Fund's custodian, under which the Fund received interest income on cash balances held by the custodian at the BBH Base Rate. The BBH Base Rate is defined as BBH's effective trading rate in local money markets on each day. The total interest earned by the Fund for the year ended October 31, 2025 under the agreement with the Fund's custodian and on the overnight deposits is $1,050,103 and $240,661, respectively. These amounts are included in "Interest income on cash balances" in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;***D. Board of Trustees' Fees.*** Each Trustee who is not an "interested person" as defined under the 1940 Act (referred to here as an "Independent Trustee") receives an annual fee as well as reimbursement for reasonable out-of-pocket expenses from the Fund. For the year ended October 31, 2025, the Fund incurred $163,657 in Independent Trustee compensation and expense reimbursements.

<u>© Brown Brothers Harriman </u>   <u> 20 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;***E. Officers of the Trust.*** Officers of the Trust are also employees of BBH. Officers are paid no fees by the Trust for their services to the Trust.

**4. Shares of Beneficial Interest.** The Trust is permitted to issue an unlimited number of Institutional Shares of beneficial interest, at no par value. Transactions in Institutional Shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2025** | **For the year ended<br>October 31, 2024** | **For the year ended<br>October 31, 2024** |
| | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 11153841534 | $11153841534 | 10379293974 | $10379293974 |
|  Shares issued in connection with reinvestments of dividends | 23610 | 23610 | 27466 | 27466 |
|  Shares redeemed | (10921008008) | (10921008008) | (8630003132) | (8630003132) |
|  Net increase | 232857136 | $232857136 | 1749318308 | $1749318308 |

---

**5. Principal Risk Factors and Indemnifications.**

&nbsp;&nbsp;&nbsp;&nbsp;***A. Principal Risk Factors.*** Investing in the Fund may involve certain risks, as discussed in the Fund's prospectus, including but not limited to, those described below:

Investments in the Fund are neither insured nor guaranteed by the U.S. Government. Shares of the Fund are not deposits or obligations of, or guaranteed by, BBH or any other bank, and the shares are neither insured nor guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal, state or other governmental agency. BBH has no legal obligation to provide financial support to the Fund and you should not expect that BBH as the Fund's sponsor will provide financial support to the Fund at any time. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The divergence of the Fund's amortized cost price per share from its market based net asset value per share may result in the Fund's inability to maintain a stable $1.00 NAV, resulting in material dilution or other unfair results to shareholders (stable NAV risk). In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk), failure of an issuer, guarantor or counterparty to a transaction to perform (credit risk) or

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 21 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br>October 31, 2025<br>

changes in interest rates (interest rate risk). The Fund is subject to the risk that the securities selected by the investment adviser may underperform (management risk). Even though the Fund's investments in repurchase agreements are collateralized at all times, there is some risk to the Fund if the other party to the agreement should default on its obligations (repurchase agreement risk). The Fund's investments in certain U.S. government agency securities may not be backed by the U.S. Treasury and may be supported only by the credit of the issuer (U.S. government agency securities risk). The Fund's shareholders may be adversely impacted by asset allocation decisions made by the Fund's investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders (large shareholder risk). The Fund's exposure to these risks with respect to these financial assets held by the Fund is reflected in their value as recorded in the Fund's Statement of Assets and Liabilities. The U.S. Securities and Exchange Commission ("SEC") and other regulators may adopt additional money market fund regulations in the future, which may impact the operation and performance of the Fund (regulatory risk). The absence of an active market for the Fund's variable and floating rate securities could make it difficult for the Fund to dispose of them if the issuer defaults (variable and floating rate instrument risk). The extent of the Fund's exposure to these risks in respect to these financial assets is included in their value as recorded in the Fund's Statement of Assets and Liabilities.

Please refer to the Fund's prospectus for a complete description of the principal risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;***B. Indemnifications.*** Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

**6. Money Market Regulation.** Money market funds are required to comply with SEC regulations and governing rules for money market funds. Government money market funds, such as BBH U.S. Government Money Market Fund, are permitted to continue to transact fund shares at a NAV calculated using the amortized cost valuation method. The Fund's Board of Trustees has determined

<u>© Brown Brothers Harriman </u>   <u> 22 </u>

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BBH U.S. Government Money Market Fund<br> Notes to Financial Statements (continued)<br> October 31, 2025<br>

not to impose any liquidity-based redemption fees or redemption gates on the Fund as permitted by the SEC amendments. As a government money market fund, the Fund must invest 99.5% or more of its total assets in cash, short-term U.S. Treasury securities, U.S. government agency securities, and/or repurchase agreements that are collateralized fully by cash or government securities.

**7. Recent Pronouncements.** In December 2023, the FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**8. Subsequent Events.** Management has evaluated events and transactions that have occurred since October 31, 2025 through the date the financial statements were issued and determined that there were no subsequent events that would require recognition or additional disclosure in the financial statements.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 23 </u>

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BBH U.S. Government Money Market Fund<br> Conflicts of Interest<br> October 31, 2025 (unaudited)<br>

**Description of Potential Material Conflicts of Interest – Investment Adviser**

BBH&Co., including the Investment Adviser, provides discretionary and non-discretionary investment management services and products to corporations, institutions and individual investors throughout the world. As a result, in the ordinary course of its businesses, BBH&Co., including the Investment Adviser, may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Funds. In addition, certain of such clients (including the Funds) utilize the services of BBH&Co. for which they will pay to BBH&Co. customary fees and expenses that will not be shared with the Funds.

The Investment Adviser and the Sub-advisers have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and each Sub-adviser monitor a variety of areas, including compliance with fund investment guidelines, the investment in only those securities that have been approved for purchase, and compliance with their respective Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a CCO and has adopted and implemented policies and procedures designed to manage the conflicts identified below and other conflicts that may arise in the course of the Funds' operations in such a way as to safeguard the Funds from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser, the Sub-advisers and the Trust's CCO on areas of potential conflict.

Investors should carefully review the following, which describes potential and actual conflicts of interest that BBH&Co., the Investment Adviser and Sub-advisers can face in the operation of their respective investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. The Investment Adviser, the Sub-advisers and the Funds has adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Investment Adviser is set forth in the Investment Adviser's Form ADV. A copy of Part 1 and Part 2A of the Investment Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

<u>© Brown Brothers Harriman </u>   <u> 24 </u>

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BBH U.S. Government Money Market Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Other Clients and Allocation of Investment Opportunities.** BBH&Co., the Investment Adviser, and the Sub-advisers manage funds and accounts of clients other than the Funds ("Other Clients"). In general, BBH&Co., the Investment Adviser, and the Sub-advisers face conflicts of interest when they render investment advisory services to different clients and, from time to time, provide dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Funds and Other Clients. Investments made by the Funds do not, and are not intended to, replicate the investments, or the investment methods and strategies, of Other Clients. Accordingly, such Other Clients may produce results that are materially different from those experienced by the Funds. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Funds' investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by the Investment Adviser or Sub-advisers could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Funds. From time to time, the Investment Adviser and Sub-advisers, sponsor and with other investment pools and accounts which engage in the same or similar businesses as the Funds using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser or Sub-advisers may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH&Co. and the Investment Adviser have implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 25 </u>

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BBH U.S. Government Money Market Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

**Affiliated Service Providers.** Other potential conflicts might include conflicts between the Funds and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH&Co. provides administrative, custody, shareholder servicing and fund accounting services to the Funds. BBH&Co. may have conflicting duties of loyalty while servicing the Funds and/or opportunities to further its own interest to the detriment of the Funds. For example, in negotiating fee arrangements with affiliated service providers, BBH&Co. may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH&Co. acting in its capacity as the Funds' administrator is the primary valuation agent of the Funds. BBH&Co. values securities and assets in the Funds according to the Funds' valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Funds' net assets, BBH&Co. and its affiliates may have an incentive to seek to overvalue certain assets.

**Aggregation.** Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Funds may be aggregated with orders for other client accounts managed by the Sub-advisers. The Sub-advisers, however, are not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Investments in BBH Funds.** From time to time BBH&Co. may invest a portion of the assets of its discretionary investment advisory clients in the Funds. That investment by BBH&Co. on behalf of its discretionary investment advisory clients in the Funds may be significant at times.

Increasing a Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Funds' expense ratio. In selecting the Funds for its discretionary investment advisory clients, BBH&Co. may limit its selection to funds managed by BBH&Co. or the Investment Adviser. BBH&Co. may not consider or canvass the universe of unaffiliated investment companies available, even though there may be unaffiliated investment companies that may be more appropriate or that have superior performance.

<u>© Brown Brothers Harriman </u>   <u> 26 </u>

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BBH U.S. Government Money Market Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

BBH&Co., the Investment Adviser and their affiliates providing services to the Funds benefit from additional fees when the Funds is included as an investment by a discretionary investment advisory client.

BBH&Co. reserves the right to redeem at any time some or all of the shares of the Funds acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Funds by BBH&Co. on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Funds, which might have an adverse effect on the Funds' investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH&Co. to be unreliable, the Funds' investments will be valued at fair value by BBH&Co. pursuant to procedures adopted by the Funds' Board. When determining an asset's "fair value," BBH&Co. seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arm's-length transaction. The price generally may not be determined based on what the Funds might reasonably expect to receive for selling an asset at a later time or if it holds the asset to maturity. While fair value determinations will be based upon all available factors that BBH&Co. deems relevant at the time of the determination and may be based on analytical values determined by BBH&Co. using proprietary or third-party valuation models, fair value represents only a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining the Funds' net asset value. As a result, the Funds' sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH&Co. (pursuant to Board-adopted procedures) at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

**Referral Arrangements.** BBH&Co. may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH&Co. to the third party. BBH&Co. may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH&Co. may benefit from increased amounts of assets under management.

**Personal Trading.** BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as the Funds, which could have an adverse effect on the Funds. However, the Investment Adviser has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policy and procedures are intended to prevent

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 27 </u>

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BBH U.S. Government Money Market Fund<br> Conflicts of Interest (continued)<br> October 31, 2025 (unaudited)<br>

BBH&Co. Partners and employees from trading in the same securities as the Funds. However, BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH&Co. Partners and employees. The policies and procedures are intended to prevent BBH&Co. Partners and employees with access to Fund material non-public information from trading in the same securities as the Funds.

**Gifts and Entertainment.** From time to time, employees of BBH&Co., including the Investment Adviser, and any of their respective partners, principals, directors, officers, employees, affiliates or agents, may receive gifts and/or entertainment from clients, intermediaries, or service providers to the Funds or BBH&Co., including the Investment Adviser, which could have the appearance of affecting or may potentially affect the judgment of the employees, or the manner in which they conduct business. The Investment Adviser has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees. BBH&Co., including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH&Co. Partners and employees.

<u>© Brown Brothers Harriman </u>   <u> 28 </u>

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BBH U.S. Government Money Market Fund<br> Additional Federal Tax Information<br> October 31, 2025 (unaudited)<br>

In January 2026, the Fund will report on Form 1099 the tax status of all distributions made during the calendar year 2025. Shareholders should use the information on Form 1099 for their income tax returns.

<u> Financial Statements October 31, 2025© Brown Brothers Harriman </u>   <u> 29 </u>

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| | |
|:---|:---|
| ADMINISTRATOR<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT <br> 140 BROADWAY<br> NEW YORK, NY 10005<br> DISTRIBUTOR<br> ALPS DISTRIBUTORS, INC.<br> 1290 BROADWAY, SUITE 1000<br> DENVER, CO 80203<br> SHAREHOLDER SERVICING AGENT<br> BROWN BROTHERS HARRIMAN & Co.<br> 140 BROADWAY<br> NEW YORK, NY 10005<br> 1-800-575-1265<br> **To obtain information or make shareholder inquiries:** | INVESTMENT ADVISER<br> BROWN BROTHERS HARRIMAN<br> MUTUAL FUND ADVISORY DEPARTMENT<br> 140 BROADWAY<br> NEW YORK, NY 10005 |
| By telephone:<br> By E-mail send your request to:<br> On the internet: | Call 1-800-575-1265<br> bbhfunds@bbh.com<br> www.bbhfunds.com |
| **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund's Forms N-MFP are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. | **This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or a solicitation of an offer to buy shares of the Fund.**<br> **For more complete information, visit www.bbhfunds.com for a prospectus. 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.**<br> Holdings and allocations are subject to change. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.<br> The Fund's Forms N-MFP are available electronically on the SEC's website (sec.gov). For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semi-annual report, or annual report on the Fund's website at http://www.bbhfunds.com.<br> A summary of the Fund's Proxy Voting Policy that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio, as well as a record of how the Fund voted any such proxies during the most recent 12-month period ended June 30, is available, without charge, upon request by calling the toll-free number listed above. This information is also available on the SEC's website at www.sec.gov. |
| **NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE** | **NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE** |
| <br> **NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** | <br> **NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;DUBLIN&nbsp;&nbsp;&nbsp;&nbsp;GRAND CAYMAN HONG KONG&nbsp;&nbsp;&nbsp;&nbsp; HOUSTON JERSEY CITY&nbsp;&nbsp;&nbsp;&nbsp;KRAKÓW&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LUXEMBOURG&nbsp;&nbsp;&nbsp;&nbsp;NASHVILLE&nbsp;&nbsp;&nbsp;&nbsp;PHILADELPHIA&nbsp;&nbsp;&nbsp;&nbsp;TOKYO WILMINGTON&nbsp;&nbsp;&nbsp;&nbsp;ZÜRICH&nbsp;&nbsp;&nbsp;&nbsp;BBH.COM** |

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**Item 8.&nbsp;&nbsp;&nbsp;&nbsp; Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp; Proxy Disclosures for Open-End Management Companies.**

Not applicable.

**Item 10.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and financial officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective, as of a date within 90 days of the filing date of this Form N-CSR, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's second fiscal quarter of the period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.&nbsp;&nbsp;&nbsp;&nbsp; Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

**Item 19.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.**

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](ea0267695-01_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished as Exhibit 19(b) to this Form N-CSR.](ea0267695-01_ex99906cert.htm) |

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------

**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.

(Registrant) BBH Trust

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| | |
|:---|:---|
| By: | (Signature and Title) |
|  | /s/ Daniel Greifenkamp |
|  | Daniel Greifenkamp |
|  | Title: President (Principal Executive Officer) |
|  | Date: January 2, 2026 |

---

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.

---

| | |
|:---|:---|
| By: | (Signature and Title) |
|  | /s/ Daniel Greifenkamp |
|  | Daniel Greifenkamp |
|  | Title: President (Principal Executive Officer) |
|  | Date: January 2, 2026 |

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| | |
|:---|:---|
| By: | (Signature and Title) |
|  | /s/ Declan Coyne |
|  | Declan Coyne |
|  | Title: Treasurer (Principal Financial Officer) |
|  | Date: January 2, 2026 |

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## Ex-99.Cert

**Exhibit 99.CERT**

Exhibit 19(a)(3)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Daniel Greifenkamp, certify that:

1. I have reviewed this report on Form N-CSR of BBH Trust on behalf of the BBH Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the internal control over financial reporting.

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| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Daniel Greifenkamp |
|  | Daniel Greifenkamp, President |
|  | (Principal Executive Officer) |

---

Exhibit 19(a)(3)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Declan Coyne, certify that:

1. I have reviewed this report on Form N-CSR of BBH Trust on behalf of the BBH Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Declan Coyne |
|  | Declan Coyne, Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

Exhibit 19(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

I, Daniel Greifenkamp, President (Principal Executive Officer) of BBH Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of BBH Select Series-Mid Cap Fund, BBH Partner Fund- International Equity, BBH Limited Duration Fund, BBH Income Fund, BBH Select Series-Large Cap Fund, BBH Intermediate Municipal Bond Fund, and BBH U.S. Government Money Market Fund for the annual period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Daniel Greifenkamp |
|  | Daniel Greifenkamp, President |
|  | (Principal Executive Officer) |

---

Exhibit 19(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

I, Declan Coyne, Treasurer (Principal Financial Officer) of BBH Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of BBH Select Series-Mid Cap Fund, BBH Partner Fund- International Equity, BBH Limited Duration Fund, BBH Income Fund, BBH Select Series-Large Cap Fund, BBH Intermediate Municipal Bond Fund, and BBH U.S. Government Money Market Fund for the annual period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: January 2, 2026 | /s/ Declan Coyne |
|  | Declan Coyne, Treasurer |
|  | (Principal Financial Officer) |

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