# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001003715-26-001079
**Filing Date:** 2026-3
**Character Count:** 23103
**Document Hash:** 0be2411b288ea1dd320b5328e8537478
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-26-001079.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001003715-26-001079

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 26811945

**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 Select Mid Cap ETF (Series ID: S000095661)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000264398 | BBH Select Mid Cap ETF |  |

## Nport-Ex

**BBH Series - Mid Cap ETF**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.** 

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (98.8%)** |  |
|  | **Communication Services (4.0%)** |  |
| 88867 | Take-Two Interactive Software, Inc.<sup>1</sup> | $19577400 |
|  | **Total Communication Services** | **19577400** |
|  | **Consumer Discretionary (4.7%)** |  |
| 977483 | Mister Car Wash, Inc.<sup>1</sup> | 5425031 |
| 241038 | Wyndham Hotels & Resorts, Inc. | 17545156 |
|  | **Total Consumer Discretionary** | **22970187** |
|  | **Consumer Staples (7.3%)** |  |
| 160094 | BJ's Wholesale Club Holdings, Inc.<sup>1</sup> | 14799089 |
| 456167 | Darling Ingredients, Inc.<sup>1</sup> | 20828585 |
|  | **Total Consumer Staples** | **35627674** |
|  | **Financials (12.7%)** |  |
| 212461 | Brown & Brown, Inc. | 15318438 |
| 49188 | LPL Financial Holdings, Inc. | 17929026 |
| 289164 | Shift4 Payments, Inc. (Class A)<sup>1</sup> | 17072243 |
| 115475 | Tradeweb Markets, Inc. (Class A) | 11902008 |
|  | **Total Financials** | **62221715** |
|  | **Health Care (6.7%)** |  |
| 89416 | ICON, Plc. ADR (Ireland)<sup>1</sup> | 16117234 |
| 71465 | West Pharmaceutical Services, Inc. | 16516991 |
|  | **Total Health Care** | **32634225** |
|  | **Industrials (31.0%)** |  |
| 144251 | Advanced Drainage Systems, Inc. | 21931922 |
| 547876 | GFL Environmental, Inc. (Canada) | 23531274 |
| 416282 | GXO Logistics, Inc.<sup>1</sup> | 23557398 |
| 69557 | HEICO Corp. (Class A) | 17708517 |
| 89116 | ITT, Inc. | 16245847 |
| 179652 | UL Solutions, Inc. (Class A) | 12616960 |
| 67518 | Watsco, Inc. | 26092331 |
| 492260 | WillScot Holdings Corp. | 9859968 |
|  | **Total Industrials** | **151544217** |
|  | **Information Technology (19.4%)** |  |
| 169602 | Arista Networks, Inc.<sup>1</sup> | 24039388 |
| 220149 | Entegris, Inc. | 25992992 |
| 132676 | Guidewire Software, Inc.<sup>1</sup> | 18675474 |
| 80112 | Keysight Technologies, Inc.<sup>1</sup> | 17330629 |
| 37242 | Zebra Technologies Corp. (Class A)<sup>1</sup> | 8751125 |
|  | **Total Information Technology** | **94789608** |
|  | **Materials (6.9%)** |  |
| 124762 | AptarGroup, Inc. | 15589012 |
| 61619 | Vulcan Materials Co. | 18518974 |
|  | **Total Materials** | **34107986** |

---

**BBH Series - Mid Cap ETF**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**All investments in the United States, except as noted.** 

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | **Common Stock (continued)** |  |
|  | **Real Estate (6.1%)** |  |
| 175366 | CBRE Group, Inc. (Class A)<sup>1</sup> | $29870091 |
|  | **Total Real Estate** | **29870091** |
|  | **Total Common Stock** |  |
|  | &nbsp;&nbsp;&nbsp;**(Cost $432,380,456)** | **483343103** |

---

---

| | | |
|:---|:---|:---|
| **Total Investments (Cost $432,380,456)<sup>2</sup>** | **98.8%** | $**483343103** |
| **Cash and Other Assets in Excess of Liabilities** | **1.2%** | **6110981** |
| **Net Assets** | **100.0%** | $**489454084** |

---

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

<sup>2</sup> The aggregate cost for federal income tax purposes is $432,380,456, the aggregate gross unrealized appreciation is $77,302,416 and the aggregate gross unrealized depreciation is $26,339,769, resulting in net unrealized appreciation of $50,962,647.

Abbreviation:

ADR - American Depositary Receipt.

**BBH Series - Mid Cap ETF**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

**Fair Value Measurements**

BBH Series Mid Cap ETF (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 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.

**BBH Series - Mid Cap ETF**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

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.

**BBH Series - Mid Cap ETF**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of January 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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> January 31,<br> 2026** |
| Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $19577400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $19577400 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 22970187 |  |  | 22970187 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 35627674 |  |  | 35627674 |
| &nbsp;&nbsp;&nbsp;Financials | 62221715 |  |  | 62221715 |
| &nbsp;&nbsp;&nbsp;Health Care | 32634225 |  |  | 32634225 |
| &nbsp;&nbsp;&nbsp;Industrials | 151544217 |  |  | 151544217 |
| &nbsp;&nbsp;&nbsp;Information Technology | 94789608 |  |  | 94789608 |
| &nbsp;&nbsp;&nbsp;Materials | 34107986 |  |  | 34107986 |
| &nbsp;&nbsp;&nbsp;Real Estate | 29870091 | – | – | 29870091 |
| &nbsp;&nbsp;&nbsp;**Total Investments, at value** | $**483343103** | $**–** | $**–** | $**483343103** |

---

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

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

The Fund is managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are listed on NYSE Arca, Inc. and may only be bought and sold in the secondary market through a broker or dealer at a market price. Because shares trade at market price rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount).

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 140 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10005-1108

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

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

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

- **b. EDGAR series identifier (if any):** S000095661

- **c. LEI of Series:** 254900BTMOUU3U7DBU25

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $489505751.90

**Total Liabilities:** $394459.76

**Net Assets:** $489111292.14

**Cash Not Reported:** $6244326.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264398 | -0.62%               | -1.93%               | 1.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $998097.55               | $-4319301.26                               |
| Month 2  | $3026869.76              | $-12682388.01                              |
| Month 3  | $5141417.87              | $1160102.85                                |

**Designated Index Information**

- **Index Name:** n/a

- **Index Identifier:** n/a

### Schedule of Portfolio Investments

| Name                         | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WATSCO INC                   | WATSCO INC 0.00000000                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     67470 | NS      | $26073781.50  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN & BROWN INC            | BROWN & BROWN INC 0.00000000            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |    212311 | NS      | $15307623.10  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL ENVIRONMENTAL INC-SUB VT | GFL ENVIRONMENTAL INC-SUB VT 0.00000000 | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    547492 | NS      | $23514781.40  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS INC | WYNDHAM HOTELS & RESORTS INC 0.00000000 | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |    240870 | NS      | $17532927.30  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC - A           | CBRE GROUP INC - A 0.00000000           | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    175243 | NS      | $29849140.19  | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC      | DARLING INGREDIENTS INC 0.00000000      | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    455849 | NS      | $20814065.34  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES IN     | KEYSIGHT TECHNOLOGIES IN 0.00000000     | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     80055 | NS      | $17318298.15  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO          | VULCAN MATERIALS CO 0.00000000          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     61577 | NS      | $18506351.58  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP-CL A | ZEBRA TECHNOLOGIES CORP-CL A 0.00000000 | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     37215 | NS      | $8744780.70   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC-CLASS A | TRADEWEB MARKETS INC-CLASS A 0.00000000 | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115394 | NS      | $11893659.58  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT HOLDINGS CORP       | WILLSCOT HOLDINGS CORP 0.00000000       | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    491915 | NS      | $9853057.45   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UL SOLUTIONS INC - CLASS A   | UL SOLUTIONS INC - CLASS A 0.00000000   | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |    179526 | NS      | $12608110.98  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP INC               | APTARGROUP INC 0.00000000               | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    124675 | NS      | $15578141.25  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP-CLASS A           | HEICO CORP-CLASS A 0.00000000           | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     69509 | NS      | $17696296.31  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC   | LPL FINANCIAL HOLDINGS INC 0.00000000   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     49155 | NS      | $17916997.50  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWRE | TAKE-TWO INTERACTIVE SOFTWRE 0.00000000 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     88804 | NS      | $19563521.20  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES | WEST PHARMACEUTICAL SERVICES 0.00000000 | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     71414 | NS      | $16505203.68  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS INC-CLASS A  | SHIFT4 PAYMENTS INC-CLASS A 0.00000000  | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    288963 | NS      | $17060375.52  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS IN | ADVANCED DRAINAGE SYSTEMS IN 0.00000000 | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    144149 | NS      | $21916413.96  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS INC            | GXO LOGISTICS INC 0.00000000            | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |    415991 | NS      | $23540930.69  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS | BJ'S WHOLESALE CLUB HOLDINGS 0.00000000 | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    159983 | NS      | $14788828.52  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC          | ARISTA NETWORKS INC 0.00000000          | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    169482 | NS      | $24022378.68  | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                     | ICON PLC 0.00000000                     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     89353 | NS      | $16105878.25  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC       | GUIDEWIRE SOFTWARE INC 0.00000000       | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    132583 | NS      | $18662383.08  | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MISTER CAR WASH INC          | MISTER CAR WASH INC 0.00000000          | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    976799 | NS      | $5421234.45   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC                      | ITT INC 0.00000000                      | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     89053 | NS      | $16234361.90  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS INC                 | ENTEGRIS INC 0.00000000                 | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    219996 | NS      | $25974927.72  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** BBH Trust

**Signature:** Declan Coyne

**Name of Signer:** Declan Coyne

**Title:** Treasurer