# EDGAR Filing Document

**Accession Number:** 0001050269
**File Stem:** 0001050269-25-000009
**Filing Date:** 2025-6
**Character Count:** 11232
**Document Hash:** dd28b4e60158c00ba61cd7b4bc6b8bda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050269-25-000009.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001050269-25-000009

**CONFORMED SUBMISSION TYPE**: 40-17F2

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**EFFECTIVENESS DATE**: 20250626

**SUBJECT COMPANY**: 

**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:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 251080233

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELOITTE & TOUCHE LLP
- **CENTRAL INDEX KEY:** 0001050269

**ORGANIZATION NAME:**
- **EIN:** 133891517
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 40-17F2

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 3033124079

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

```

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                                             -----------------------------
FORM N-17f-2                                        OMB Approval
                                             -----------------------------
Certificate of Accounting of Securities and  OMB Number:         3235-0360
Similar Investments in the Custody           Expires:    December 31, 2026
of Management Investment Companies           Estimate average burden hours
                                               per response . . . . .  2.0
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]    -----------------------------

-----------------------------------------------------------------------------
1. Investment Company Act File Number:        Date examination completed:

811-21829	                                  April 30, 2025

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

2. State Identification Number:

AL             AK             AZ             AR             CA           CO
CT             DE     X       DC             FL             GA           HI
ID             IL             IN             IA             KS           KY
LA             ME             MD             MA             MI           MN
MS             MO             MT             NE             NV           NH
NJ             NM             NY             NC             ND           OH
OK             OR             PA             RI             SC           SD
TN             TX             UT             VT             VA           WA
WV             WI             WY             PUERTO RICO
Other (specify):

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

3. Exact name of investment company as specified in registration statement:

BBH Trust
-----------------------------------------------------------------------------

4. Address of principal executive office (number, street, city, state, zip
code):

140 Broadway, New York, NY 10005
-----------------------------------------------------------------------------

INDEPENDENT ACCOUNTANT S REPORT

To the Board of Trustees of BBH Trust:

We have examined management of BBH Trust s assertion, included in the
accompanying Management s Assertion Regarding BBH Trust s Compliance with
Rule 17f-2 Under the Investment Company Act of 1940, that BBH Trust (the
 Trust ), comprised of the funds listed in Appendix A (the  Funds ), complied
with the requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 (the  specified requirements ) as of April 30,
2025. The Trust s management is responsible for its assertion. Our
responsibility is to express an opinion on management s assertion about the
Trust s compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants. Those
standards require that we plan and perform the examination to obtain
reasonable assurance about whether management s assertion about compliance
with the specified requirements is fairly stated, in all material respects.
An examination involves performing procedures to obtain evidence about
whether management s assertion is fairly stated, in all material respects.
The nature, timing, and extent of the procedures selected depend on our
judgment, including an assessment of the risks of material misstatement of
management s assertion, whether due to fraud or error. We believe that the
evidence we obtained is sufficient and appropriate to provide a reasonable
basis for our opinion.

We are required to be independent and to meet our other ethical
responsibilities in accordance with relevant ethical requirements relating to
the engagement.

Included among our procedures were the following tests performed as of April
30, 2025, and with respect to agreement of security purchases and sales, for
the period from October 31, 2024 (the date of our last examination) through
April 30, 2025:
*Count and inspection of all securities located in the vault of Brown
Brothers Harriman & Co. in New York, NY.
*Confirmation of all securities held by institutions (i.e., Depository
Trust Company, Bank of New York Mellon, Euroclear, various sub-
custodians) in book-entry form.
*Confirmation of all securities out for transfer with brokers.
*Reconciliation of all such securities to the books and records of the
Funds and the Custodian.
*Confirmation of all repurchase agreements with brokers/banks and
agreement of underlying collateral with the Custodian s records.
*Agreement of 15 security purchases and 14 security sales or maturities
since our last report from the books and records of the Funds to broker
confirmations.

Our examination does not provide a legal determination on the Trust s
compliance with specified requirements.

In our opinion, management s assertion that BBH Trust complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of April 30, 2025, with respect to securities
reflected in the investment accounts of the Funds, is fairly stated, in all
material respects.

This report is intended solely for the information and use of management and
the Board of Trustees of BBH Trust and the U.S. Securities and Exchange
Commission and is not intended to be, and should not be, used by anyone other
than the specified parties.

/s/ DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 26, 2025

Appendix A

BBH U.S. Government Money Market Fund
BBH Limited Duration Fund
BBH Select Series - Large Cap Fund
BBH Partner Fund - International Equity
BBH Intermediate Municipal Bond Fund
BBH Income Fund
BBH Select Series- Mid Cap Fund
Deloitte & Touche LLP
115 Federal Street
Boston, MA 02110

Management s Assertion Regarding BBH Trust s Compliance with Rule 17f-2 Under
the Investment Company Act of 1940
We, as members of management of BBH Trust (the "Trust"), comprised of BBH U.S.
Government Money Market Fund, BBH Limited Duration Fund, BBH Select Series -
Large Cap Fund, BBH Partner Fund - International Equity, BBH Intermediate
Municipal Bond Fund, BBH Income Fund, and BBH Select Series - Mid Cap Fund
(collectively, "the Funds"), are responsible for complying with the
requirements of subsections (b) and (c) of Rule 17f-2, "Custody of
Investments by Registered Management Investment Companies," of the Investment
Company Act of 1940. We are also responsible for establishing and maintaining
effective internal controls over compliance with those requirements. We have
performed an evaluation of the Trust's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of April 30, 2025, and from October
31, 2024 through April 30, 2025.

Based on this evaluation, we assert that the Trust was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of April 30, 2025, and from October 31, 2024 through
April 30, 2025, with respect to securities reflected in the investment
accounts of the Funds.

ON BEHALF OF:
BBH Trust

/s/ Charles Schreiber
Charles Schreiber
Treasurer and Principal Financial Officer
BBH Trust

/s/ Dan Greifenkamp
Dan Greifenkamp
President and Principal Executive Officer
BBH Trust

June 26, 2025

INSTRUCTIONS

This Form must be completed by investment companies that have custody of
securities or similar investments.

Investment Company

1. All items must be completed by the investment company.

2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines securities
and similar investments in the custody of the investment company.

Accountant

3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission s principal
office in Washington, D.C., one copy with the regional office for the region
in which the investment company's principal business operations are
conducted, and one copy with the appropriate state administrator(s), if
applicable.

THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

SEC 2198 (04-09)

SEC's Collection of Information
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless it displays a currently valid OMB
control number. Filing of Form N-17f-2 is mandatory for an investment company
that has custody of securities or similar investments. Rule 17f-2 under
section 17(f) of the Investment Company Act of 1940 requires the investment
company to retain an independent public accountant to verify the company s
securities and similar investments by actual examination three times during
each fiscal year. The accountant must prepare a certificate stating that the
examination has occurred and describing the examination, and must transmit
the certificate to the Commission with Form N-17f-2 as a cover sheet. The
Commission uses the Form to ensure that the certificate is properly
attributed to the investment company. The Commission estimates that the
burden of completing Form N-17f-2 is approximately 1.0 hours per filing. Any
member of the public may direct to the Commission any comments concerning the
accuracy of the burden estimate of this Form, and any suggestions for
reducing this burden. This collection of information has been reviewed by the
Office of Management and Budget in accordance with the clearance requirements
of 44 U.S.C. B 3507. Responses to this collection of information will not be
kept confidential.

```