# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001213900-23-001648
**Filing Date:** 2023-1
**Character Count:** 886797
**Document Hash:** a1f79bb7a87f4208825e66a431c0a908
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-001648.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001213900-23-001648

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 23517937

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

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

## Series and Classes Contracts Data

### BBH 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 |  |
| C000105435 | Class I Shares |  |

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

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000201413 | CLASS I SHARES (TICKER BBNIX) | BBNIX           |
| C000201414 | CLASS N SHARES (TICKER BBNNX) | BBNNX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214426 | Class I Shares      | BBLIX           |
| C000215846 | Retail Class Shares | BBLRX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000227563 | Class I Shares      |  |
| C000229140 | Retail Class Shares |  |

### BBH Partner Fund - Small Cap Equity (Series ID: S000072392)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000228590 | Class I Shares |  |

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 Partner Fund – Small Cap Equity

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, 2022** 

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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**Item 1. Reports to Stockholders.** <br>

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![image provided by client](bbhcover916.jpg)

## Annual Report
**OCTOBER 31, 2022** 

BBH Partner Fund - Small Cap Equity

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The BBH Partner Fund – Small Cap Equity ("the Fund" or "BBH Small Cap") returned -32.97%, net of fees, for the fiscal year ended October 31, 2022. During the same twelve-month period, the Fund's benchmark, the Russell 2000, returned -18.54%. From the inception of the Fund through October 31, 2022, the Fund has generated an annualized return of -27.07%, net of fees, while the Russell 2000 has returned -12.35% per annum.

For fiscal 2022, the Fund underperformed its benchmark, driven by security selection within Health Care, an overweight to Technology and individual security performance from the following holdings: Stitch Fix, Cimpress PLC, Zuora Inc, PagerDuty Inc, and Alarm.com Holdings Inc. The largest positive contributors to performance during the same time period include: Agilysys Inc, Model N Inc, Mimecast Ltd, XPEL Inc, Franklin Covey Co, and an overweight to cash relative to the Russell 2000 Index.

The Fund's Sub-advisor, Bares Capital Management, LLC ("Bares"), has invested the Fund in a concentrated portfolio of small cap companies that Bares believes can compound intrinsic value at high rates over the long-term. The key criteria that Bares uses to evaluate a company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competitive Advantage: to assess a company's competitive position, the Bares team performs a Porter's 5 Forces analysis to determine buyer power, supplier power, the threat of substitutes and new entrants, and the competitive rivalry and industry dynamics. They will also analyze the sources of a company's "moat," which can be any of the following, including a significant cost advantage, efficient scale, network effects, switching costs, or the possession of intangible assets such as brand power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Talent: the Bares team focuses on assessing management's ability to execute and operate the business, whether they are trustworthy and transparent, and that their incentives are aligned with minority shareholders. Bares must be able to trust that the management team will use capital efficiently to generate the highest returns, which could include reinvesting in the core business, acquiring another company, or repurchasing its own shares in the open market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth Potential: the Bares team aims to identify and evaluate companies with underappreciated sources of growth. In addition to determining a reasonable estimate of a business' total addressable market, the team also qualitatively determines a company's runway for growth and will selectively reassess the long-term potential if they believe growth can continue at an elevated rate.

Bares believes that the companies with the greatest potential to compound intrinsic value at above-average rates have durable competitive advantages, large growth opportunities, superior returns on equity (achieved without excessive leverage) and that are led by skilled managers who are good stewards of shareholder capital. To find such companies, the Bares team places heavy emphasis on assessing the quality of a business and its management team through extensive, on the ground due diligence and research.

________________

Portfolio holdings are subject to change. <br>

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Partner Fund – Small Cap Equity** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class I shares of the Fund since inception (July 8, 2021) to October 31, 2022 as compared to the Russell 2000 TR USD.

![image provided by client](e1022partnersmallcap-line40.jpg)

The annualized gross expense ratio as shown in the March 1, 2022 prospectus for Class I shares was 0.93%.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

________________

---

| | |
|:---|:---|
| <sup>1</sup>  | The Fund's performance assumes the reinvestment of all dividends and distributions. The Russel 2000 TR USD index has been adjusted to reflect reinvestment of dividends on securities in the index. The Russel 2000 TR USD index is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The Russell 2000 TR USD is a stock index that tracks 2,000 publicly traded small-capitalization companies. The index is unmanaged. Investments cannot be made in an index.  |
|  | The Fund seeks to generate attractive returns over time but does not attempt to mirror a benchmark or an index. The composition of the Russell 2000 Index is materially different than the Fund's holdings.  |

---

financial statements october 31, 2022 3

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of BBH Trust and Shareholders of BBH Partner Fund – Small Cap Equity:

**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 – Small Cap Equity, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, statements of changes in net assets and financial highlights for the year ended October 31, 2022, and the period from July 8, 2021 (commencement of operations) through October 31, 2021, and the related notes. 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, 2022, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year ended October 31, 2022, and the period from July 8, 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.

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, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 21, 2022

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

financial statements october 31, 2022 5

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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PORTFOLIO ALLOCATION

October 31, 2022

**SECTOR DIVERSIFICATION** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Common Stock:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $15480000  | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | 31565000  | 9.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 59115000  | 17.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 82291652  | 23.9  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 3732800  | 1.1  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 13877203  | 4.0  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 128515500  | 37.3  |
| &nbsp;&nbsp; Cash and Other Assets in Excess of Liabilities  | 9477269  | 2.8  |
| &nbsp;&nbsp; **NET ASSETS**  | $**344054424**  | **100.0%**  |

---

All data as of October 31, 2022. 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.*

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares  |  | Value  |
|  | **COMMON STOCK (97.2%)**  |  |
|  | **BASIC MATERIALS (4.5%)**  |  |
| $900000  | &nbsp;&nbsp; Element Solutions, Inc.  | $15480000  |
|  | **Total Basic Materials**  | **15480000**  |
|  | **COMMUNICATIONS (9.2%)**  |  |
| 1750000  | &nbsp;&nbsp; Despegar.com Corp. (British Virgin Islands)<sup>1</sup>  | 11130000  |
| 500000  | &nbsp;&nbsp; Upwork, Inc.<sup>1</sup>  | 6725000  |
| 1000000  | &nbsp;&nbsp; WideOpenWest, Inc.<sup>1</sup>  | 13710000  |
|  | &nbsp;&nbsp; **Total Communications**  | **31565000**  |
|  | **CONSUMER CYCLICAL (17.2%)**  |  |
| 200000  | Papa John's International, Inc.  | 14526000  |
| 2500000  | ThredUp, Inc. (Class A)<sup>1</sup>  | 3075000  |
| 600000  | &nbsp;&nbsp; XPEL, Inc.<sup>1</sup>  | 41514000  |
|  | **Total Consumer Cyclical**  | **59115000**  |
|  | **CONSUMER NON-CYCLICAL (23.9%)**  |  |
| 522800  | &nbsp;&nbsp; Alarm.com Holdings, Inc.<sup>1</sup>  | 30761552  |
| 400000  | &nbsp;&nbsp; Cimpress, Plc. (Ireland)<sup>1</sup>  | 9312000  |
| 400000  | EVERTEC, Inc. (Puerto Rico)  | 14324000  |
| 150000  | Franklin Covey Co.<sup>1</sup>  | 7590000  |
| 110000  | Heska Corp.<sup>1</sup>  | 7893600  |
| 150000  | Inmode, Ltd. (Israel)<sup>1</sup>  | 5148000  |
| 250000  | &nbsp;&nbsp; iRadimed Corp.  | 7262500  |
|  | **Total Consumer Non-Cyclical**  | **82291652**  |
|  | **FINANCIALS (1.1%)**  |  |
| 40000  | StoneX Group, Inc.<sup>1</sup>  | 3732800  |
|  | **Total Financials**  | **3732800**  |
|  | **INDUSTRIALS (4.0%)**  |  |
| 1498618  | Astronics Corp.<sup>1</sup>  | 13877203  |
|  | &nbsp;&nbsp; **Total Industrials**  | **13877203**  |
|  | **TECHNOLOGY (37.3%)**  |  |
| 550000  | &nbsp;&nbsp; Agilysys, Inc.<sup>1</sup>  | 35293500  |
| 450000  | &nbsp;&nbsp; Health Catalyst, Inc.<sup>1</sup>  | 3969000  |
| 555700  | &nbsp;&nbsp; Model N, Inc.<sup>1</sup>  | 21116600  |
| 2000000  | &nbsp;&nbsp; Olo, Inc. (Class A)<sup>1</sup>  | 17620000  |
| 225000  | &nbsp;&nbsp; Onto Innovation, Inc.<sup>1</sup>  | 15039000  |

---

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

financial statements october 31, 2022 7

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares  |  | Value  |
|  | **COMMON STOCK (continued)**  |  |
|  | **TECHNOLOGY (continued)**  |  |
| 960000  | PagerDuty, Inc.<sup>1</sup>  | $23942400  |
| 1500000  | Zuora, Inc. (Class A)<sup>1</sup>  | 11535000  |
|  | **Total Technology**  | **128515500**  |
|  | **Total Common Stock**  |  |
|  | &nbsp;&nbsp; **(Cost $440,916,545)**  | **334577155**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $440,916,545)**<sup>2</sup>  | **97.2%**  | $**334577155**  |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES**  | **2.8%**  | **9477269**  |
| **NET ASSETS**  | **100.00%**  | $**344054424**  |

---

____________

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

<sup>2</sup> The aggregate cost for federal income tax purposes is $440,916,545, the aggregate gross unrealized appreciation is $18,429,254 and the aggregate gross unrealized depreciation is $124,768,644, resulting in net unrealized depreciation of $106,339,390. 

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

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**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 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.

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

financial statements october 31, 2022 9

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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

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

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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> 2022  |
| Common Stock:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $15480000  | $–  | $–  | $15480000  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | 31565000  | –  | –  | 31565000  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 59115000  | –  | –  | 59115000  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical  | 82291652  | –  | –  | 82291652  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 3732800  | –  | –  | 3732800  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 13877203  | –  | –  | 13877203  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 128515500  | –  | –  | 128515500  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments, at value**  | $**334577155**  | $**–**  | $**–**  | $**334577155**  |

---

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

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
| **ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $440,916,545)  | $334577155  | 334577155  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 8740399  | 8740399  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  | 2625084  | 2625084  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 37343  | 37343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 29529  | 29529  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 18000  | 18000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **346027510**  | **346027510**  |
| **LIABILITIES:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 1339452  | 1339452  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | 333923  | 333923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 222653  | 222653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 51743  | 51743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 6802  | 6802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 5895  | 5895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 11507  | 11507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **1973086**  | **1973086**  |
| &nbsp;&nbsp; **NET ASSETS**  | $**344054424**  | **344054424**  |
| Net Assets Consist of:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $490835828  | 490835828  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (146781404  | (146781404 ) |
| &nbsp;&nbsp; **Net Assets**  | $**344054424**  | **344054424**  |
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($344,054,424 ÷ 52,417,032 shares outstanding)  |  | $**6.56**  |

---

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

financial statements october 31, 2022 11

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $580)  | $540446  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 235002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **775448**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 2984455  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 59850  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 53616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 35157  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 25782  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 88921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **3247781**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver  | (2089 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | **3245692**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Loss**  | **(2470244)**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities  | (38410400 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (101184107 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | **(139594507)**  |
| **Net Decrease in Net Assets Resulting from Operations**  | $**(142064751)**  |

---

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

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the year ended October 31, 2022  | For the period from July 8, 2021 <br> (commencement of operations) to October 31, 2021  |
| **INCREASE IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | $(2470244 ) | $(708006 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities  | (38410400 ) | 2758868  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (101184107 ) | (5155283 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations  | (142064751 ) | (3104421 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I  | (2050868 ) | –  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares  | 214540021  | 327054355  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (48848721 ) | (1471191 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions  | 165691300  | 325583164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets  | 21575681  | 322478743  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year/period  | 322478743  | –  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year/period**  | $**344054424**  | $**322478743**  |

---

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

financial statements october 31, 2022 13

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class I share outstanding throughout each year/period.

---

| | | |
|:---|:---|:---|
|  | For the year ended<br> October 31, 2022  | For the period from <br> July 8, 2021<br> (commencement of<br> operations) to<br> October 31, 2021  |
| Net asset value, beginning of year/period  | $9.85  | $10.00  |
| Income from investment operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.05 ) | (0.03 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss  | (3.18 ) | (0.12 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loss from investment operations  | (3.23 ) | (0.15 ) |
| Dividends and distributions to shareholders:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | (0.06 ) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.06 ) | —  |
| &nbsp;&nbsp; Net asset value, end of year/period  | $6.56  | $9.85  |
| Total return<sup>2</sup>  | (32.97 )% | (1.50 )%<sup>3</sup>  |
| Ratios/Supplemental data:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year/period (in millions)  | $344  | $322  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.92% | 0.93 %<sup>4</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver<sup>5</sup>  | 0.00 %<sup>6</sup>  | (0.01 )%<sup>4</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.92% | 0.92 %<sup>4</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets  | (0.70 )% | (0.83 )%<sup>4</sup>  |
| Portfolio turnover rate  | 16% | 3 %<sup>3</sup>  |

---

____________

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

<sup>2</sup> Assumes the reinvestment of distributions. 

<sup>3</sup> Not annualized. 

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

<sup>5</sup> The ratio of expenses to average net assets for the year ended October 31, 2022 and the period ended October 31, 2021 reflect fees reduced as result of a voluntary operating expense waiver. For the year ended October 31, 2022 and the period from July 8, 2021 to October 31, 2021 the waived fee were $2,089 and $40,593, respectively. 

<sup>6</sup> Less than 0.01%. 

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

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. The Fund commenced operations on July 8, 2021 and offers one share class, Class I. The investment objective of the Fund is to provide investors with long-term growth of capital. Under normal circumstances, at least 80% of the net assets of the Fund, plus any borrowings for investment purposes, are invested in small cap equity securities publicly traded and issued by domestic issuers directly. As of October 31, 2022, there were eight series of the Trust.

**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.* (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (the "Board"); (4) 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" 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. 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

financial statements october 31, 2022 15

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 2022, 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, 2022, 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 July 8, 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. The Fund declared dividends and distributions in the amount of $2,050,868 to Class I shares shareholders, during the year ended October 31, 2022, and did not declare any dividends and distributions to shareholders during the period ended October 31, 2021.

------

**BBH PARTNER FUND - SMALL CAP EQUITY**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

The tax character of distribution paid during the year ended October 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Distribution paid from:  | Distribution paid from:  | Distribution paid from:  | Distribution paid from:  | Distribution paid from:  | Distribution 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  |
| 2022:  | $2050868  | $—  | $2050868  | $—  | $2050868  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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  | Late year ordinary loss deferral  | Unrealized <br> appreciation/<br> (depreciation)  | Total <br> retained <br> earnings/<br> (accumulated <br> deficit)  |
| 2022:  | $—  | $—  | $(38410400 ) | $—  | $(2031614 ) | $(106339390 ) | $(146781404 ) |
| 2021:  | 2050862  | —  | —  | —  | —  | (5155283 ) | (3104421 ) |

---

The Fund had $38,410,400 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $34,332,020 and $4,078,380, 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 rather than being considered all short-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.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 october 31, 2022 17

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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 ("SID" or "Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. BBH employs a "manager-of-managers" investment approach, whereby it allocates the Fund's assets to the Fund's sub-adviser, currently Bares Capital Management, Inc. ("Bares Capital Management" or the "Sub-adviser"). The Sub-adviser is responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-adviser and evaluates its performance results. The Fund pays a combined fee for investment advisory and administrative services calculated daily and paid monthly at an annual rate equivalent to 0.85% per annum on the first $3 billion of the Fund's average daily net assets and 0.80% per annum on the Fund's average daily net assets over $3 billion. The Investment Adviser pays its Sub-adviser a percentage from its investment advisory and administrative fees. For the year ended October 31, 2022, the Fund incurred $2,984,455 under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*B.Investment Advisory and Administrative Fee Waivers.* The Investment Adviser voluntarily 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 I. This is a voluntary waiver that can be changed at any time at the sole discretion of the Investment Adviser. For the year ended October 31, 2022, the Investment Adviser waived fees in the amount of $2,089 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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net asset value. For the year ended October 31, 2022, the Fund incurred $25,782 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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, 2022 was $235,002. This amount is included in "Interest income from affiliates" in the Statement of Operations. 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, 2022, was $1,860. This amount is included under line item "Custody and fund accounting fees" in the Statement of Operations.

------

**BBH PARTNER FUND - SMALL CAP EQUITY**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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, 2022, the Fund incurred $59,850 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, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $240,668,466 and $50,141,985, 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, 2022  | For the year ended <br> October 31, 2022  | For the period ended <br> October 31, 2021\*  | For the period ended <br> October 31, 2021\*  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class I**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 26759570  | $214540021  | 32889385  | $327054355  |
| Shares redeemed  | (7079879 ) | (48848721 ) | (152044 ) | (1471191 ) |
| &nbsp;&nbsp; Net increase  | 19679691  | $165691300  | 32737341  | $325583164  |

---

\* The period represented is from July 8, 2021 (commencement of operations) to October 31, 2021.

**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). Small cap companies, when compared to larger companies, may experience lower trading volume and could be subject to greater and less predictable price changes (small cap company risk). The fund will invest 25% or more of its net assets in the Software & Services Industry Group. When a fund focuses its investments in a particular industry, group of industries, or sector, financial, economic business and other developments affecting issuers in those industries or groups of industries will have a greater effect on the fund than if the fund did not focus on an industry or group of industries (Software & Service

financial statements october 31, 2022 19

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

Industry Group Concentration 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). 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 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. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

------

**BBH PARTNER FUND - SMALL CAP EQUITY**

------

DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution 12b-1 fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table below provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

financial statements october 31, 2022 21

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**BBH PARTNER FUND - SMALL CAP EQUITY**

------

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class I**  |  |  |  |
| &nbsp;&nbsp; Actual  | $1000  | $943  | $4.49  |
| &nbsp;&nbsp; Hypothetical<sup>2</sup>  | $1000  | $1021  | $4.67  |

---

____________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.92% for Class I, multiplied by the average account value over the period, multiplied by 184/365. 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expense ratio for each class of shares is subtracted from the assumed return before expenses. 

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

**Description of Potential Material Conflicts of Interest - Investment Adviser and Sub-Adviser** 

BBH, including the Investment Adviser, and the Sub-Adviser provide 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, including the Investment Adviser, and the Sub-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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser and the Sub-Adviser have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and the Sub-Adviser monitor a variety of areas, including compliance with fund investment guidelines and compliance with their respective Codes of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund 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-Adviser 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, the Investment Adviser and Sub-Adviser 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-Adviser and the Fund have 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, the Investment Adviser, and the Sub-Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH, the Investment Adviser, and the Sub-Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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-Adviser could have different

financial statements october 31, 2022 23

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser and Sub-Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund 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-Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH, the Investment Adviser and Sub-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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Sub-Adviser. The Sub-Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

**Cross Trades.** Under certain circumstances, the Sub-Adviser, on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by the Sub-Adviser. Subject to applicable law and regulation, the Sub-Adviser may (but is not required to) effect purchases and sales between client accounts that it manages ("cross trades"), including the Fund, if the 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 Sub-Adviser's decision to engage in these transactions for the Fund. The Sub-Adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

**Soft Dollars.** The Sub-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 Sub-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 Sub-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 Fund and other accounts managed by the Sub-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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Sub-Adviser uses soft dollars, it will not have to pay for those products and services itself.

The Sub-Adviser 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 the 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 will invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser.

financial statements october 31, 2022 25

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

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

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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 Partners and employees.

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

financial statements october 31, 2022 27

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND - SMALL CAP EQUITY**

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(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past<br> 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND - SMALL CAP EQUITY**

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(unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past<br> 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisors Counsel (2018- Present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

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financial statements october 31, 2022 29

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND - SMALL CAP EQUITY**

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(unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway <br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND - SMALL CAP EQUITY**

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(unaudited)

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| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English<br> 140 Broadway <br> New York, NY 10005 <br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |

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financial statements october 31, 2022 31

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND - SMALL CAP EQUITY**

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(unaudited)

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| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Brian J. Carroll<br> 50 Post Office Square <br> Boston, MA 02110 <br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. 2014.  |

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________________

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| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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OPERATION AND EFFECTIVNESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification.* The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum.* The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions.* During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions.* During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents.* The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

financial statements october 31, 2022 33

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**BBH PARTNER FUND - SMALL CAP EQUITY**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

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| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

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**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

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![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH Select Series - Mid Cap Fund

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**BBH SELECT SERIES - MID CAP FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The objective of the BBH Select Series – Mid Cap Fund ("the Fund") is to provide investors with long-term growth of capital. The fund seeks to generate attractive compounded investment returns over full market cycles, while reducing the likelihood of permanent loss of capital on any single investment. To achieve this, the Fund's strategy is to invest in a select number of high-quality business franchises, as defined by the four pillars of our investment criteria – business quality, attractive financial returns, strong management, and growth potential. By adhering to our disciplined criteria and process, and investing at a significant discount to our estimate of intrinsic value, we believe we can establish a strong margin of safety for our investments in companies that have the potential to compound attractive investment returns over many years.\*

Given that there are few companies which meet our investment criteria, and the benefits of compounding accrue over time, we seek to hold a concentrated portfolio with low turnover consistent with an expected investment period of three to five years. We expect the Fund's holdings to range from 20-30 companies over time. Due to the Fund's concentrated nature, the performance of the Fund will likely differ meaningfully – both positively and negatively – from relevant indexes at various points within a long-term market cycle as we maintain our independent perspective and focus on the potential of long-term compounding.

The Fund declined -17.13% net of fees during its fiscal year ended October 31, 2022. During the same period, the Russell Midcap Index ("Russell Midcap") declined by -17.17%. Since its inception on May 24, 2021, the Fund declined -8.14% on an annualized basis, compared to a decline of -7.74% for the Russell Midcap. The negative absolute returns for both the Fund and the Russell Midcap were primarily a function of the increased potential for a recession, as the war in Ukraine disrupted global supply chains, inflation accelerated, and interest rates rapidly rose.

During fiscal 2022 and since inception, the Fund experienced significant headwinds from its under-exposure to the three best performing sectors during this period, which were Energy, Utilities, and Consumer Staples. While the Fund considers investments in every sector, these industries tend to be a weaker fit with our criteria given our focus on companies that can grow by compounding capital over many years at attractive rates of return. Our under-allocation to these sectors was largely offset by the strong security selection and operating performance of our portfolio companies, which in aggregate outperformed their respective sector benchmarks. Our investment strategy does not change based on the market backdrop, and we believe that our focus on quality franchises with the ability to reinvest capital at high rates of return will serve us well across a wide variety of market conditions and through full market cycles.

The Fund's largest positive contributors by attribution during fiscal 2022 were AMN Healthcare Services Inc., LPL Financial Holdings Inc., Arista Networks Inc., and Aspen Technology Inc. These four companies each delivered resilient performance in the face of increased recessionary concerns and macroeconomic headwinds. AMN Healthcare Services Inc. benefited from increased wage pressures and demand for nurse staffing. Rapidly rising interest rates drove higher income at LPL Financial Holdings Inc. Arista Networks Inc. benefitted from continued robust investment in cloud networks. Aspen Technology Inc. saw increased demand for its asset optimization software from capital intensive industries like refining and chemicals.

financial statements october 31, 2022 3

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**BBH SELECT SERIES - MID CAP FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

The Fund's largest detractors by attribution during fiscal 2022 were Charles River Laboratories, SVB Financial Group, Guidewire Software Inc., and Entegris Inc. These companies have strong growth profiles and experienced significant multiple contraction as rates rose and the economy slowed. Charles River Laboratories was impacted by sharply lower biotech funding. SVB Financial Group was likewise impacted by lower venture capital activity. Guidewire experienced smaller upfront purchase commitments for its core systems software from its insurance customers. Entegris Inc. was negatively impacted by slower growth for its essential filtration products and materials used in the fabrication of semiconductors.

During Fiscal 2022, the Fund made new investments in Shift4 Payments Inc., Bright Horizons Family Solutions Inc., LPL Financial Holdings Inc., Aspen Technology Inc., First Advantage Corp, and Archaea Energy Inc. In aggregate, the addition of these companies to the portfolio increased diversification and significantly benefitted the performance of the Fund in fiscal 2022. We are excited about the potential for these companies to contribute positively to our returns over many years. The Fund also exited its holdings in IPG Photonics Corp, Black Knight Inc., and Broadridge Financial Solutions Inc. based on our assessment of their attractiveness relative to other investment opportunities.

As of October 31, 2022, the Fund had positions in 26 companies with approximately 52% of the assets held in the ten largest holdings. The weighted average market cap of our holdings was $11.6 billion, and our portfolio turnover during fiscal 2022 was 22.8%. The Fund ended the fiscal year trading at roughly 71% of our underlying intrinsic value estimates on a weighted average basis.

________________

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| | |
|:---|:---|
| There is no assurance the objective will be achieved. Holdings are subject to change.  | There is no assurance the objective will be achieved. Holdings are subject to change.  |
| \*  | A margin of safety exists when we believe there is a discount to intrinsic value at the time of purchase. Intrinsic value is an estimate of the present value of the cash that a business can generate over its remaining life.  |

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**BBH SELECT SERIES - MID CAP FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Select Series – Mid Cap Fund** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class I shares of the Fund since inception (May 24, 2021) to October 31, 2022 as compared to the RMCCTR.

![image provided by client](e1022midcap.jpg)

The annualized gross expense ratios as shown in the March 1, 2022 prospectus for Class I was 2.46%.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

________________

<sup>1</sup> The Fund's performance assumes the reinvestment of all dividends and distributions. The Russell Mid Cap Total Return Index ("RMCCTR") has been adjusted to reflect reinvestment of dividends on securities. The RMCCTR is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The RMCCTR is an unmanaged weighted index of 800 medium-capitalization stocks. The index is unmanaged. Investments cannot be made in an index. 

financial statements october 31, 2022 5

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**BBH SELECT SERIES - MID CAP FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, statements of changes in net assets and financial highlights for the year ended October 31, 2022, and the period from May 24, 2021 (commencement of operations) through October 31, 2021, and the related notes. 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, 2022, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year ended October 31, 2022, and 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.

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**BBH SELECT SERIES - MID CAP FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 21, 2022

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

financial statements october 31, 2022 7

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**BBH SELECT SERIES - MID CAP FUND**

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PORTFOLIO ALLOCATION

October 31, 2022

**SECTOR DIVERSIFICATION** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Common Stock:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | $528279  | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 1741664  | 14.4  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 2636049  | 21.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy  | 415851  | 3.4  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 1469359  | 12.1  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 3069161  | 25.4  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 1892314  | 15.7  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and Other Assets in Excess of Liabilities  | 344146  | 2.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS**  | $**12096823**  | **100.0%**  |

---

All data as of October 31, 2022. 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.*

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**BBH SELECT SERIES - MID CAP FUND**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares  |  | Value  |
|  | **COMMON STOCK (97.2%)**  |  |
|  | **COMMUNICATIONS (4.4%)**  |  |
| 4371  | Arista Networks, Inc.<sup>1</sup>  | $528279  |
|  | &nbsp;&nbsp; **Total Communications**  | **528279**  |
|  | **CONSUMER CYCLICAL (14.4%)**  |  |
| 130  | &nbsp;&nbsp; NVR, Inc.<sup>1</sup>  | 550907  |
| 2776  | &nbsp;&nbsp; Watsco, Inc.  | 752185  |
| 5776  | Wyndham Hotels & Resorts, Inc.  | 438572  |
|  | &nbsp;&nbsp; **Total Consumer Cyclical**  | **1741664**  |
|  | **CONSUMER NON-CYCLICAL (21.8%)**  |  |
| 6508  | &nbsp;&nbsp; AMN Healthcare Services, Inc.<sup>1</sup>  | 816754  |
| 2970  | &nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>1</sup>  | 194000  |
| 2550  | &nbsp;&nbsp; Bruker Corp.  | 157692  |
| 3556  | Charles River Laboratories International, Inc.<sup>1</sup>  | 754761  |
| 15933  | &nbsp;&nbsp; First Advantage Corp.<sup>1</sup>  | 223859  |
| 10637  | Shift4 Payments, Inc. (Class A)<sup>1</sup>  | 488983  |
|  | &nbsp;&nbsp; **Total Consumer Non-cyclical**  | **2636049**  |
|  | **ENERGY (3.4%)**  |  |
| 16112  | &nbsp;&nbsp; Archaea Energy, Inc. (Class A)<sup>1</sup>  | 415851  |
|  | &nbsp;&nbsp; **Total Energy**  | **415851**  |
|  | **FINANCIALS (12.1%)**  |  |
| 11084  | &nbsp;&nbsp; Brown & Brown, Inc.  | 651628  |
| 2054  | LPL Financial Holdings, Inc.  | 525105  |
| 1267  | &nbsp;&nbsp; SVB Financial Group<sup>1</sup>  | 292626  |
|  | &nbsp;&nbsp; **Total Financials**  | **1469359**  |
|  | **INDUSTRIALS (25.4%)**  |  |
| 4978  | &nbsp;&nbsp; Advanced Drainage Systems, Inc.  | 576851  |
| 1780  | AptarGroup, Inc.  | 176487  |
| 7815  | &nbsp;&nbsp; Crown Holdings, Inc.  | 536031  |
| 4016  | Graco, Inc.  | 279433  |
| 3656  | &nbsp;&nbsp; HEICO. Corp. (Class A)  | 465409  |
| 7565  | &nbsp;&nbsp; Mercury Systems, Inc.<sup>1</sup>  | 366146  |
| 1847  | &nbsp;&nbsp; Toro Co.  | 194729  |
| 2896  | &nbsp;&nbsp; Vulcan Materials Co.  | 474075  |
|  | &nbsp;&nbsp; **Total Industrials**  | **3069161**  |

---

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

financial statements october 31, 2022 9

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**BBH SELECT SERIES - MID CAP FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares  |  | Value  |
|  | **COMMON STOCK (97.2%) (continued)**  |  |
|  | **TECHNOLOGY (15.7%)**  |  |
| 1576  | &nbsp;&nbsp; Aspen Technology, Inc.<sup>1</sup>  | $380525  |
| 7578  | &nbsp;&nbsp; Entegris, Inc.  | 601239  |
| 7499  | Guidewire Software, Inc.<sup>1</sup>  | 445516  |
| 3925  | Take-Two Interactive Software, Inc.<sup>1</sup>  | 465034  |
|  | &nbsp;&nbsp; **Total Technology**  | **1892314**  |
|  | &nbsp;&nbsp; **Total Common Stock** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $13,147,650)**  | $**11752677**  |

---

---

| | | |
|:---|:---|:---|
| **TOTAL INVESTMENTS (Cost $13,147,650)**<sup>2</sup>  | **97.2%**  | $**11752677**  |
| &nbsp;&nbsp; **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES**  | **2.8%**  | **344146**  |
| **NET ASSETS**  | **100.00%**  | $**12096823**  |

---

________________

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

<sup>2</sup> The aggregate cost for federal income tax purposes is $13,147,650, the aggregate gross unrealized appreciation is $864,068 and the aggregate gross unrealized depreciation is $2,259,041, resulting in net unrealized depreciation of $1,394,973. 

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

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**BBH SELECT SERIES - MID CAP FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**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 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.*

financial statements october 31, 2022 11

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**BBH SELECT SERIES - MID CAP FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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

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

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

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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, 2022  |
| Common Stock:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | $528279  | $—  | $—  | $528279  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 1741664  | —  | —  | 1741664  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 2636049  | —  | —  | 2636049  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy  | 415851  | —  | —  | 415851  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 1469359  | —  | —  | 1469359  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 3069161  | —  | —  | 3069161  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 1892314  | —  | —  | 1892314  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments, at value**  | $**11752677**  | $**—**  | $**—**  | $**11752677**  |

---

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

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**BBH SELECT SERIES - MID CAP FUND**

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
| **ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $13,147,650)  | $11752677  | 11752677  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 322280  | 322280  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  | 91399  | 91399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver reimbursement  | 24744  | 24744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 1520  | 1520  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 224  | 224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **12192844**  | **12192844**  |
| **LIABILITIES:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 51743  | 51743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 21294  | 21294  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 5886  | 5886  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 913  | 913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 15074  | 15074  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **96021**  | **96021**  |
| **NET ASSETS**  | $**12096823**  | **12096823**  |
| Net Assets Consist of:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $13663688  | 13663688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (1566865  | (1566865 ) |
| &nbsp;&nbsp; **Net Assets**  | $**12096823**  | **12096823**  |
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |  |
| **CLASS I SHARES**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($12,096,823 ÷ 1,366,441 shares outstanding)  |  | **$8.85**  |

---

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

financial statements october 31, 2022 13

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**BBH SELECT SERIES - MID CAP FUND**

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STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | $65559  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 1845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  | 68  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **67472**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 97386  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 57219  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 54702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 35437  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees  | 27264  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 3077  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 21652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **296737**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver and expense reimbursement  | (179874 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | **116863**  |
| **Net Investment Loss**  | **(49391)**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities  | (135918 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (2250174 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | **(2386092)**  |
| &nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations**  | $**(2435483)**  |

---

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

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**BBH SELECT SERIES - MID CAP FUND**

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STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the year ended<br> October 31, 2022  | For the period from<br> May 24, 2021<br> (commencement of<br> operations) to<br> October 31, 2021  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | $(49391 ) | $(22618 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities  | (135918 ) | 12020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (2250174 ) | 855201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (2435483 ) | 844603  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares  | 698453  | 12989250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions  | 698453  | 12989250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | (1737030 ) | 13833853  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year/period  | 13833853  | –  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year/period**  | $**12096823**  | $**13833853**  |

---

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

financial statements october 31, 2022 15

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**BBH SELECT SERIES - MID CAP FUND**

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FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class I share outstanding throughout each year/period.

---

| | | |
|:---|:---|:---|
|  | For the year ended<br> October 31, 2022  | For the period from <br> May 24, 2021 <br> (commencement of <br> operations) to <br> October 31, 2021  |
| &nbsp;&nbsp; Net asset value, beginning of year/period  | $10.68  | $10.00  |
| Income from investment operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.04 ) | (0.02 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (1.79 ) | 0.70  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (1.83 ) | 0.68  |
| Net asset value, end of year/period  | $8.85  | $10.68  |
| &nbsp;&nbsp; Total return<sup>2</sup>  | (17.13 )% | 6.80 %<sup>3</sup>  |
| Ratios/Supplemental data:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year/period (in millions)  | $12  | $14  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 2.29% | 2.46 %<sup>4</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver<sup>5</sup>  | (1.39 )% | (1.56 )%<sup>4</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.90% | 0.90 %<sup>4</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets  | (0.38 )% | (0.40 )%<sup>4</sup>  |
| &nbsp;&nbsp; Portfolio turnover rate  | 23% | 3 %<sup>3</sup>  |

---

____________

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

<sup>2</sup> Assumes the reinvestment of distributions. 

<sup>3</sup> Not annualized. 

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

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

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

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**BBH SELECT SERIES - MID CAP FUND**

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NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. The Fund commenced operations on May 24, 2021 and offers two share classes, Class I and Retail Class. As of October 31, 2022, 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. As of October 31, 2022, there were eight series of the Trust.

**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.* (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (the "Board"); (4) 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" 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. 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.

financial statements october 31, 2022 17

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**BBH SELECT SERIES - MID CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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.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, 2022, 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, 2022, 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. The Fund did not declare any dividends and distributions to shareholders during the year ended October 31, 2022 and the period ended October 31, 2021, respectively.

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**BBH SELECT SERIES - MID CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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)  |
| 2022:  | $—  | $—  | $(135918 ) | $—  | $(35974 ) | $(1394973 ) | $(1566865 ) |
| 2021:  | —  | —  | —  | —  | —  | 855201  | 855201  |

---

The Fund had $135,918 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $42,965 and $92,953, 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 rather than being considered all short-term capital losses.

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.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 ("SID" or "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, 2022, the Fund incurred $97,386 under the Agreement.

financial statements october 31, 2022 19

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**BBH SELECT SERIES - MID CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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, 2023, 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, 2022, the Investment Adviser waived Investment Advisory and Administrative fees in the amount of $97,386 and reimbursed other operating expenses in the amount of $82,488.

&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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net asset value. For the year ended October 31, 2022, the Fund incurred $3,077 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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, 2022 was $1,845. This amount is included in "Interest income from affiliates" in the Statement of Operations. 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 include any such fees in the year ended October 31, 2022. This amount, if any, is included under line item "Custody and fund accounting fees" 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, 2022, the Fund incurred $57,219 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, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $4,045,843 and $2,954,816, respectively.

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**BBH SELECT SERIES - MID CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended <br> October 31, 2022  | For the year ended <br> October 31, 2022  | For the period ended <br> October 31, 2021\*  | For the period ended <br> October 31, 2021\*  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class I**  |  |  |  |  |
| Shares sold  | 71058  | $698453  | 1295383  | $12989250  |
| &nbsp;&nbsp; Net increase  | 71058  | $698453  | 1295383  | $12989250  |

---

\* The period represented is from May 24, 2021 (commencement of operations) to October 31, 2021.

**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 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 foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign 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

financial statements october 31, 2022 21

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**BBH SELECT SERIES - MID CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

allocation decisions made by an investment adviser whose discretionary clients 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. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

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**BBH SELECT SERIES - MID CAP FUND**

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DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution 12b-1 fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 24, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table below provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| Actual  | $1000  | $951  | $4.42  |
| Hypothetical<sup>2</sup>  | $1000  | $1021  | $4.58  |

---

_________________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expense ratio for each class of shares is subtracted from the assumed return before expenses. 

financial statements october 31, 2022 23

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**BBH SELECT SERIES - MID CAP FUND**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

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

BBH, 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, 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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, and compliance with its Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser 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 and the Investment Adviser 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 and the Fund have 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 and the Investment Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH and the Investment Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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

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**BBH SELECT SERIES - MID CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

managed by the Investment Adviser could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund 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 may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH 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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Investment Adviser. The Investment Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

financial statements october 31, 2022 25

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**BBH SELECT SERIES - MID CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases and sales between BBH's or the Investment Adviser's clients ("cross trades"), including the Fund, if BBH or the Investment 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 Fund. BBH or the Investment 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 Fund 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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Investment Adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH 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 the Investment 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 Investment 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 may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

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**BBH SELECT SERIES - MID CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH 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, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client.

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

financial statements october 31, 2022 27

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**BBH SELECT SERIES - MID CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

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**BBH SELECT SERIES - MID CAP FUND**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

financial statements october 31, 2022 29

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**TRUSTEES AND OFFICERS OF BBH SELECT SERIES - MID CAP FUND**

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(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

------

**TRUSTEES AND OFFICERS OF BBH SELECT SERIES - MID CAP FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisors Counsel (2018-Present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

---

financial statements october 31, 2022 31

------

**TRUSTEES AND OFFICERS OF BBH SELECT SERIES - MID CAP FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

------

**TRUSTEES AND OFFICERS OF BBH SELECT SERIES - MID CAP FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English<br> 140 Broadway <br> New York, NY 10005 <br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |

---

financial statements october 31, 2022 33

------

**TRUSTEES AND OFFICERS OF BBH SELECT SERIES - MID CAP FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Brian J. Carroll<br> 50 Post Office Square <br> Boston, MA 02110 <br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. 2014.  |

---

________________

---

| |
|:---|
| *All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.*  |
| *Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.*  |
| *The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.*  |

---

------

**BBH SELECT SERIES - MID CAP FUND**

------

OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification.* The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum.* The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents*. The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

financial statements october 31, 2022 35

------

**BBH SELECT SERIES - MID CAP FUND**

------

OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

------

---

| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

---

**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

------

![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH Partner Fund – International Equity

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The BBH Partner Fund – International Equity ("the Fund" or "BBH International") returned -31.91%, net of fees, for the fiscal year ended October 31, 2022. During the same twelve-month period, the Fund's benchmark, the MSCI Europe, Australasia Far East Index (the "EAFE") returned -23.00%. From the inception of the Fund through October 31, 2022, the Fund has compounded at an annualized rate of 4.60%, net of fees, while the MSCI EAFE has returned 4.14% per year.

Since Select Equity Group ("SEG"), as sub-adviser, began the management of the Fund's portfolio on February 24, 2017, the Fund has returned 3.18% (annualized, net of fees), while the MSCI EAFE returned 2.56% (annualized).

For fiscal 2022, the Fund underperformed its benchmark driven by security selection within the U.K., security selection within Financials, an overweight to Technology, and individual security performance from the following holdings: JD.com Inc, Brookfield Asset Management, Partners Group Holding AG, Grifols SA, and SAP SE. The largest contributors to performance during the same time period include: Thales, Global Payments Inc, Canadian Pacific Railway Ltd, Fiserv Inc, Deutsche Boerse AG, and strong stock selection in the Industrials sector relative to the MSCI EAFE index.

Select Equity Group invests in a concentrated portfolio of predominantly non-U.S. domiciled businesses that are deemed to be "Select Equity pedigree". The key criteria used to evaluate a company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Predictable Growth: SEG typically looks for businesses that are able to grow earnings per share and free cash flow at a double-digit rate per year throughout the cycle. Additionally, the team prefers companies that can achieve this growth in a highly predictable and sustainable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong Returns on Invested Capital (ROIC): the team looks for companies that have strong ROICs, better than average returns on assets, etc. that are achieved through having strong and growing margins and low capital intensity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defensible Competitive Moat(s): the team spends most of their time assessing the nature of a company's "moat". Companies with strong moats and/or natural barriers to entry that protect a company's competitive advantage enable continued earnings per share and ROIC growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital Stewardship: strong management teams with good capital allocation skills are essential to perpetuating the above characteristics of a company.

SEG believes that, with patience, the market will provide an attractive opportunity to invest at what the investment team deems a fair valuation. The Firm has maintained a research-intensive, value-based approach to investing in high-quality businesses.

________________

Portfolio holdings are subject to change. <br> The Fund seeks to generate attractive returns over time but does not attempt to mirror a benchmark or an index. The composition of the MSCI EAFE Index is materially different than the Fund's holdings.

financial statements october 31, 2022 3

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Partner Fund – International Equity** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class I shares of the Fund (Effective February 24, 2017, the Fund's Class N shares were converted into Class I shares) over the ten years ended October 31, 2022 as compared to the MSCI EAFE.

![image provided by client](e1022partnerinternl-line40.jpg)

The annualized gross expense ratio as in the March 1, 2022 prospectus for Class I shares was 0.68%. Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

________________

<sup>1</sup> The Fund's performance assumes the reinvestment of all dividends and distributions. The EAFE has been adjusted to reflect reinvestment of dividends on securities in the index. The EAFE is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. 

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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.

financial statements october 31, 2022 5

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2022, 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 21, 2022

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

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

PORTFOLIO ALLOCATION

October 31, 2022

**COUNTRY DIVERSIFICATION** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Common Stock:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada  | $198720087  | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands  | 61136759  | 3.0  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland  | 10915911  | 0.5  |
| &nbsp;&nbsp;&nbsp;&nbsp; France  | 365098665  | 17.7  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany  | 90567020  | 4.4  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong  | 96239598  | 4.7  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland  | 122909751  | 6.0  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy  | 16166003  | 0.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan  | 168769957  | 8.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey  | 61340121  | 3.0  |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg  | 45177372  | 2.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | 139966196  | 6.9  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain  | 37952682  | 1.9  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden  | 64668710  | 3.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | 158109091  | 7.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan  | 20699482  | 1.0  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | 89135157  | 4.3  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States  | 232630717  | 11.3  |
| Registered Investment Companies:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States  | 28400000  | 1.4  |
| &nbsp;&nbsp; Cash and Other Assets in Excess of Liabilities  | 41809449  | 2.0  |
| **NET ASSETS**  | $**2050412728**  | **100.0%**  |

---

All data as of October 31, 2022. The Fund's 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.*

financial statements october 31, 2022 7

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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PORTFOLIO ALLOCATION (continued)

October 31, 2022

**SECTOR DIVERSIFICATION** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Common Stock:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $18420698  | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | 78355980  | 3.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 144127033  | 7.1  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 571984444  | 27.9  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 344747062  | 16.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 453182218  | 22.1  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 369385844  | 18.0  |
| &nbsp;&nbsp; Registered Investment Companies  | 28400000  | 1.4  |
| &nbsp;&nbsp; Cash and Other Assets in Excess of Liabilities  | 41809449  | 2.0  |
| **NET ASSETS**  | $**2050412728**  | **100.0%**  |

---

All data as of October 31, 2022. 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.*

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares/<br> Units  |  | Value  |
|  | **COMMON STOCK (96.6%)**  |  |
|  | **CANADA (9.7%)**  |  |
|  | CONSUMER CYCLICAL  |  |
| 681429  | &nbsp;&nbsp; Alimentation Couche-Tard, Inc.  | $30478933  |
|  | FINANCIALS  |  |
| 2498646  | &nbsp;&nbsp; Brookfield Asset Management, Inc. (Class A)  | 98842903  |
|  | TECHNOLOGY  |  |
| 48046  | &nbsp;&nbsp; Constellation Software, Inc.  | 69398251  |
|  | **Total Canada**  | **198720087**  |
|  | **CAYMAN ISLANDS (3.0%)**  |  |
|  | COMMUNICATIONS  |  |
| 3274175  | JD.com, Inc. (Class A)  | 61136759  |
|  | **Total Cayman Islands**  | **61136759**  |
|  | **FINLAND (0.5%)**  |  |
|  | INDUSTRIALS  |  |
| 266730  | &nbsp;&nbsp; Kone Oyj (Class B)  | 10915911  |
|  | **Total Finland**  | **10915911**  |
|  | **FRANCE (17.7%)**  |  |
|  | CONSUMER CYCLICAL  |  |
| 69784  | &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE  | 44025054  |
|  | CONSUMER NON-CYCLICAL  |  |
| 111131  | L'Oreal S.A.  | 34891136  |
| 121201  | &nbsp;&nbsp; Sartorius Stedim Biotech  | 38455216  |
| 1076982  | &nbsp;&nbsp; Worldline S.A.<sup>1,2</sup>  | 47102312  |
|  |  | 120448664  |
|  | INDUSTRIALS  |  |
| 885746  | &nbsp;&nbsp; Safran S.A.  | 98481671  |
| 395278  | &nbsp;&nbsp; Schneider Electric SE  | 50024390  |
| 410088  | &nbsp;&nbsp; Thales S.A.  | 52118886  |
|  |  | 200624947  |
|  | &nbsp;&nbsp; **Total France**  | **365098665**  |
|  | **GERMANY (4.4%)**  |  |
|  | CONSUMER NON-CYCLICAL  |  |
| 351790  | Bayer AG  | 18506625  |
|  | TECHNOLOGY  |  |
| 746357  | &nbsp;&nbsp; SAP SE  | 72060395  |
|  | **Total Germany**  | **90567020**  |

---

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

financial statements october 31, 2022 9

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares/<br> Units  |  | Value  |
|  | **COMMON STOCK (continued)**  |  |
|  | **HONG KONG (4.7%)**  |  |
|  | FINANCIALS  |  |
| 10636935  | &nbsp;&nbsp; AIA Group, Ltd.  | $80324879  |
| 599449  | &nbsp;&nbsp; Hong Kong Exchanges & Clearing, Ltd.  | 15914719  |
|  | &nbsp;&nbsp; **Total Hong Kong**  | **96239598**  |
|  | **IRELAND (6.0%)**  |  |
|  | INDUSTRIALS  |  |
| 2473686  | &nbsp;&nbsp; CRH, Plc.  | 89002722  |
|  | TECHNOLOGY  |  |
| 119433  | &nbsp;&nbsp; Accenture, Plc. (Class A)  | 33907029  |
|  | **Total Ireland**  | **122909751**  |
|  | **ITALY (0.8%)**  |  |
|  | CONSUMER NON-CYCLICAL  |  |
| 1862293  | Nexi SpA<sup>1,2</sup>  | 16166003  |
|  | **Total Italy**  | **16166003**  |
|  | **JAPAN (8.2%)**  |  |
|  | CONSUMER CYCLICAL  |  |
| 107100  | &nbsp;&nbsp; Nintendo Co., Ltd.  | 4366364  |
|  | CONSUMER NON-CYCLICAL  |  |
| 1855080  | Olympus Corp.  | 39160094  |
|  | INDUSTRIALS  |  |
| 184944  | Keyence Corp.  | 69734001  |
|  | TECHNOLOGY  |  |
| 369915  | &nbsp;&nbsp; Obic Co., Ltd.  | 55509498  |
|  | &nbsp;&nbsp; **Total Japan**  | **168769957**  |
|  | **JERSEY (3.0%)**  |  |
|  | CONSUMER NON-CYCLICAL  |  |
| 559906  | Clarivate, Plc.<sup>1</sup>  | 5783829  |
| 1741264  | &nbsp;&nbsp; Experian, Plc.  | 55556292  |
|  | &nbsp;&nbsp; **Total Jersey**  | **61340121**  |
|  | **LUXEMBOURG (2.2%)**  |  |
|  | COMMUNICATIONS  |  |
| 213691  | &nbsp;&nbsp; Spotify Technology S.A.<sup>1</sup>  | 17219221  |
|  | CONSUMER NON-CYCLICAL  |  |
| 437202  | Eurofins Scientific SE  | 27958151  |
|  | &nbsp;&nbsp; **Total Luxembourg**  | **45177372**  |

---

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

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares/<br> Units  |  | Value  |
|  | **COMMON STOCK (continued)**  |  |
|  | **NETHERLANDS (6.9%)**  |  |
|  | BASIC MATERIALS  |  |
| 156434  | &nbsp;&nbsp; Koninklijke DSM NV  | $18420698  |
|  | CONSUMER CYCLICAL  |  |
| 1580970  | Universal Music Group NV  | 30980256  |
|  | CONSUMER NON-CYCLICAL  |  |
| 20957  | &nbsp;&nbsp; Adyen NV<sup>1,2</sup>  | 30021266  |
| 111206  | &nbsp;&nbsp; Heineken NV  | 9297074  |
|  |  | 39318340  |
|  | TECHNOLOGY  |  |
| 108708  | ASML Holding NV  | 51246902  |
|  | &nbsp;&nbsp; **Total Netherlands**  | **139966196**  |
|  | **SPAIN (1.9%)**  |  |
|  | CONSUMER NON-CYCLICAL  |  |
| 729075  | &nbsp;&nbsp; Amadeus IT Group S.A.<sup>1</sup>  | 37952682  |
|  | &nbsp;&nbsp; **Total Spain**  | **37952682**  |
|  | **SWEDEN (3.2%)**  |  |
|  | INDUSTRIALS  |  |
| 1681173  | &nbsp;&nbsp; Assa Abloy AB (Class B)  | 33898790  |
| 3117440  | &nbsp;&nbsp; Hexagon AB (Class B)  | 30769920  |
|  | &nbsp;&nbsp; **Total Sweden**  | **64668710**  |
|  | **SWITZERLAND (7.8%)**  |  |
|  | CONSUMER NON-CYCLICAL  |  |
| 1128762  | &nbsp;&nbsp; Alcon, Inc.  | 68664131  |
| 45220  | Sonova Holding AG  | 10679629  |
|  |  | 79343760  |
|  | FINANCIALS  |  |
| 67525  | &nbsp;&nbsp; Partners Group Holding AG  | 60529404  |
|  | INDUSTRIALS  |  |
| 80999  | &nbsp;&nbsp; Sika AG  | 18235927  |
|  | &nbsp;&nbsp; **Total Switzerland**  | **158109091**  |

---

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

financial statements october 31, 2022 11

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares/<br> Units  |  | Value  |
|  | **COMMON STOCK (continued)**  |  |
|  | **TAIWAN (1.0%)**  |  |
|  | TECHNOLOGY  |  |
| 209420  | &nbsp;&nbsp; MediaTek, Inc.  | $3811762  |
| 274374  | &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd. ADR  | 16887720  |
|  | &nbsp;&nbsp; **Total Taiwan**  | **20699482**  |
|  | **UNITED KINGDOM (4.3%)**  |  |
|  | FINANCIALS  |  |
| 551086  | London Stock Exchange Group, Plc.  | 47964849  |
| 30636845  | Melrose Industries, Plc.  | 41170308  |
|  | &nbsp;&nbsp; **Total United Kingdom**  | **89135157**  |
|  | **UNITED STATES (11.3%)**  |  |
|  | CONSUMER CYCLICAL  |  |
| 104171  | &nbsp;&nbsp; Lululemon Athletica, Inc.<sup>1</sup>  | 34276426  |
|  | CONSUMER NON-CYCLICAL  |  |
| 728710  | PerkinElmer, Inc.  | 97341082  |
| 107234  | &nbsp;&nbsp; S&P Global, Inc.  | 34448922  |
|  |  | 131790004  |
|  | TECHNOLOGY  |  |
| 802076  | &nbsp;&nbsp; Fidelity National Information Services, Inc.  | 66564287  |
|  | &nbsp;&nbsp; **Total United States**  | **232630717**  |
|  | **Total Common Stock (Cost $2,210,684,866)**  | **1980203279**  |

---

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

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares/<br> Units  |  | Value  |
|  | **REGISTERED INVESTMENT COMPANIES (1.4%)**  |  |
|  | **UNITED STATES (1.4%)**  |  |
| 28400000  | Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio, Institutional Share Class  | $28400000  |
|  | &nbsp;&nbsp; **Total United States**  | **28400000**  |
|  | &nbsp;&nbsp; **Total Registered Investment Companies (Cost $28,400,000)**  | **28400000**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $2,239,084,866)**<sup>3</sup>  | **98.0%**  | $**2008603279**  |
| &nbsp;&nbsp; **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES**  | **2.0%**  | **41809449**  |
| &nbsp;&nbsp; **NET ASSETS**  | **100.00%**  | $**2050412728**  |

---

______________________

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

<sup>2</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, 2022 was $93,289,581 or 4.5% of net assets. 

<sup>3</sup> The aggregate cost for federal income tax purposes is $2,258,798,166, the aggregate gross unrealized appreciation is $184,174,952 and the aggregate gross unrealized depreciation is $434,369,839, resulting in net unrealized depreciation of $250,194,887. 

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.*

financial statements october 31, 2022 13

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**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.*

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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. 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.*

financial statements october 31, 2022 15

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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> 2022  |
| Common Stock:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada  | $198720087  | $–  | $–  | $198720087  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands  | –  | 61136759  | –  | 61136759  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland  | –  | 10915911  | –  | 10915911  |
| &nbsp;&nbsp;&nbsp;&nbsp; France  | –  | 365098665  | –  | 365098665  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany  | –  | 90567020  | –  | 90567020  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong  | –  | 96239598  | –  | 96239598  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland  | 33907029  | 89002722  | –  | 122909751  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy  | –  | 16166003  | –  | 16166003  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan  | –  | 168769957  | –  | 168769957  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey  | 5783829  | 55556292  | –  | 61340121  |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg  | 17219221  | 27958151  | –  | 45177372  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands  | –  | 139966196  | –  | 139966196  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain  | –  | 37952682  | –  | 37952682  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden  | –  | 64668710  | –  | 64668710  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland  | –  | 158109091  | –  | 158109091  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan  | 16887720  | 3811762  | –  | 20699482  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | –  | 89135157  |  | 89135157  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States  | 232630717  | –  | –  | 232630717  |
| Registered Investment Companies:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States  | 28400000  | –  | –  | 28400000  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments, at value**  | $**533548603**  | $**1475054676**  | $**–**  | $**2008603279**  |

---

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

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
| **ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $2,239,084,866)  | $2008603279  | 2008603279  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 41214355  | 41214355  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency at value (Identified cost $278,999)  | 277466  | 277466  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 3552321  | 3552321  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 810000  | 810000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 52343  | 52343  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 67390  | 67390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **2054577154**  | **2054577154**  |
| **LIABILITIES:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | 2222127  | 2222127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 1033926  | 1033926  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 729902  | 729902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 92768  | 92768  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 64349  | 64349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 6063  | 6063  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 14180  | 14180  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **4164426**  | **4164426**  |
| &nbsp;&nbsp; **NET ASSETS**  | $**2050412728**  | **2050412728**  |
| Net Assets Consist of:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $2483880526  | 2483880526  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (433467798  | (433467798 ) |
| &nbsp;&nbsp; **Net Assets**  | $**2050412728**  | **2050412728**  |
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |  |
| **CLASS I SHARES**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($2,050,412,728 ÷ 161,652,356 shares outstanding)  |  | $**12.68**  |

---

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

financial statements october 31, 2022 17

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT INCOME:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $2,731,344)  | $25939757  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 368645  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  | 6629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **26315031**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 15109754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 378507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 75831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 71122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 36279  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 76106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **15747599**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income**  | **10567432**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities  | (200208894 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign exchange transactions and translations  | (192351 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities and foreign exchange transactions and translations  | (200401245 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (712326316 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on foreign currency translations  | (432271 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations  | (712758587 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | **(913159832)**  |
| **Net Decrease in Net Assets Resulting from Operations**  | $**(902592400)**  |

---

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

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  |
|  | 2022  | 2021  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $10567432  | $16562728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities and foreign exchange transactions and translations  | (200401245 ) | 313366122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and foreign currency translations  | (712758587 ) | 127875518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from <br> operations  | (902592400 ) | 457804368  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (306843011 ) | (64592022 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares  | 800932741  | 459117145  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions  | 11341834  | 2021437  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (270792352 ) | (165132495 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions  | 541482223  | 296006087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | (667953188 ) | 689218433  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 2718365916  | 2029147483  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | $**2050412728**  | $**2718365916**  |

---

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

financial statements october 31, 2022 19

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class I share outstanding throughout each year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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,  |
|  | 2022  | 2021  | 2020  | 2019  | 2018  |
| Net asset value, beginning of year  | $21.10  | $17.73  | $16.15  | $14.90  | $16.75  |
| Income from investment operations:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.07  | 0.14  | 0.04  | 0.10  | 0.18  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (6.14 ) | 3.79  | 1.81  | 2.19  | (0.83 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (6.07 ) | 3.93  | 1.85  | 2.29  | (0.65 ) |
| Dividends and distributions to shareholders:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.13 ) | (0.04 ) | (0.09 ) | (0.16 ) | (0.10 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | (2.22 ) | (0.52 ) | (0.18 ) | (0.88 ) | (1.10 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (2.35 ) | (0.56 ) | (0.27 ) | (1.04 ) | (1.20 ) |
| &nbsp;&nbsp; Net asset value, end of year  | $12.68  | $21.10  | $17.73  | $16.15  | $14.90  |
| &nbsp;&nbsp; Total return<sup>2</sup>  | (31.91 )% | 22.38% | 11.59% | 16.92% | (4.12 )% |
| Ratios/Supplemental data:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in millions)  | $2050  | $2718  | $2029  | $1790  | $1506  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.68% | 0.68% | 0.69% | 0.71% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangement  | — % | — % | — % | (0.01 )% | (0.03 )% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.68% | 0.68% | 0.69% | 0.70% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets  | 0.45% | 0.65% | 0.22% | 0.66% | 1.15% |
| Portfolio turnover rate  | 52% | 86% | 77% | 135% | 124% |

---

______________________

<sup>1</sup> Calculated using average shares outstanding for the year. <br> <sup>2</sup> Assumes reinvestment of distributions.

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

------

**BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. 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. As of October 31, 2022, there were eight series of the Trust.

**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.* (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (the "Board"); (4) for securities traded on international exchanges, if events which may affect the value of the Fund's securities occur after the close of the primary exchange on which such securities trade and before the Fund's net asset value is next determined, then those securities will be fair valued as determined in good faith under supervision of the Board. The Fund currently uses a systematic fair value model provided by an independent third party to adjust the observed values of international securities on a daily basis; (5) 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" 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. 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

financial statements october 31, 2022 21

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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.

&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, 2022, 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 period 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

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

accordance with 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 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, 2022, 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

financial statements october 31, 2022 23

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

unrecognized tax benefits as an income tax expense in the Statement of Operations. During the year ended October 31, 2022, 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 $306,843,011 and $64,592,022 to Class I shares during the years ended October 31, 2022 and October 31, 2021, 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, 2022 and 2021, 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  |
| 2022:  | $114819518  | $192023493  | $306843011  | $—  | $306843011  |
| 2021:  | 37710191  | 26881831  | 64592022  | —  | 64592022  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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)  |
| 2022:  | $10356068  | $—  | $(193247052 ) | $(19713300 ) | $(230863514 ) | $(433467798 ) |
| 2021:  | 114801126  | 192022872  | —  | (12751458 ) | 481895073  | 775967613  |

---

The Fund had $193,247,052 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $127,511,575 and $65,735,477, 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 rather than being considered all short-term capital losses.

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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) is 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.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 ("SID" or "Investment Adviser") provides investment advisory, portfolio management and administrative services to the Fund. BBH employs a "manager-of-managers" investment approach, whereby it allocates the Fund's assets to the Fund's sub-adviser, currently Select Equity Group, L.P. ("Select Equity Group" or the "Sub-adviser"). The Sub-adviser is responsible for investing the assets of the Fund and the Investment Adviser oversees the Sub-adviser and evaluates its performance results. The Fund's investment advisory and administrative services fee is calculated daily and paid monthly at an annual rate equivalent to 0.65% per annum on the first $3 billion of average daily net assets and 0.60% per annum on all average daily net assets over $3 billion. The Investment Adviser pays its Sub-adviser a percentage from its investment advisory and administrative fees. For the year ended October 31, 2022, the Fund incurred $15,109,754 for services 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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net asset value. For the year ended October 31, 2022, the Fund incurred $378,507 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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, 2022 was $368,645. This amount is included in "Interest income from affiliates" in the Statement of Operations. In the event that the Fund is

financial statements october 31, 2022 25

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 2022, was $651. This amount is included under line item "Custody and fund accounting fees" 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, 2022, the Fund incurred $75,831 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, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $1,505,681,710 and $1,164,739,758, 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, 2022  | For the year ended <br> October 31, 2022  | For the year ended <br> October 31, 2021  | For the year ended <br> October 31, 2021  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class I**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 50632813  | $800932741  | 22233203  | $459117145  |
|  Shares issued in connection with reinvestments of dividends  | 642233  | 11341834  | 101682  | 2021437  |
| &nbsp;&nbsp; Shares redeemed  | (18483521 ) | (270792352 ) | (7930765 ) | (165132495 ) |
| &nbsp;&nbsp; Net increase  | 32791525  | $541482223  | 14404120  | $296006087  |

---

**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

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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 (concentrated portfolio holdings risk). There are certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign 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 (shareholder concentration risk). The derivatives held by the Fund including forwards and futures, may be riskier than other types of investments and may increase the volatility of the Fund (derivatives risk). Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund's original investment. Derivatives expose the Fund to counter-party risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). 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.

financial statements october 31, 2022 27

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**7. Subsequent Events.** Effective November 18, 2022, the Board of Trustees approved a reduction in the Fund's investment advisory and administrative service fee to 0.60% per annum on the first $3 billion of average daily net assets and 0.55% per annum on all average net assets over $3 billion.

On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table below provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

financial statements october 31, 2022 29

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class I**  |  |  |  |
| Actual  | $1000  | $866  | $3.15  |
| Hypothetical<sup>2</sup>  | $1000  | $1022  | $3.41  |

---

______________________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.67% for I shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses. 

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

**Description of Potential Material Conflicts of Interest - Investment Adviser and Sub-Adviser** 

BBH, including the Investment Adviser, and the Sub-Adviser provide 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, including the Investment Adviser, and the Sub-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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser and the Sub-Adviser have adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser and the Sub-Adviser monitor a variety of areas, including compliance with fund investment guidelines and compliance with their respective Codes of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund 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-Adviser 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, the Investment Adviser and Sub-Adviser 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-Adviser and the Fund have 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, the Investment Adviser, and the Sub-Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH, the Investment Adviser, and the Sub-Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of

financial statements october 31, 2022 31

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

interest may arise in connection with a portfolio manager's management of the Fund's 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-Adviser could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser and Sub-Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund 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-Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH, the Investment Adviser and Sub-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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Sub-Adviser. The Sub-Adviser, however, is 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 Fund will be charged or credited with the average price. Thus, the

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

effect of the aggregation may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

**Cross Trades.** Under certain circumstances, the Sub-Adviser, on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by the Sub-Adviser. Subject to applicable law and regulation, the Sub-Adviser may (but is not required to) effect purchases and sales between client accounts that it manages ("cross trades"), including the Fund, if the 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 Sub-Adviser's decision to engage in these transactions for the Fund. The Sub-Adviser may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

**Soft Dollars.** The Sub-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 Sub-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 Sub-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 Fund and other accounts managed by the Sub-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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Sub-Adviser uses soft dollars, it will not have to pay for those products and services itself.

The Sub-Adviser 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 the 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 will invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

financial statements october 31, 2022 33

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH 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, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client.

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

financial statements october 31, 2022 35

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

The Fund hereby designates $192,023,493 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

Under Section 854(b)(2) of the Internal Revenue Code (the "Code"), the Fund designates up to a maximum of $114,819,518 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended October 31, 2022. In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. 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  |
| $26815831  | $2731344  |

---

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

financial statements october 31, 2022 37

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018-present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

---

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND – INTERNATIONAL EQUITY**

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(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or Investment Company Directorships held by Trustee During Past 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

financial statements october 31, 2022 39

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |

---

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**TRUSTEES AND OFFICERS OF BBH PARTNER FUND – INTERNATIONAL EQUITY**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Brian J. Carroll<br> 50 Post Office Square<br> Boston, MA 02110 <br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005 <br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. in 2014.  |

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________________

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| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

---

financial statements october 31, 2022 41

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification.* The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum.* The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents.* The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

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**BBH PARTNER FUND – INTERNATIONAL EQUITY**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

financial statements october 31, 2022 43

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| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

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**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

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![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH Limited Duration Fund

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**BBH LIMITED DURATION FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The bond market experienced historic declines as interest rates rose significantly from historically low levels. Nearly every fixed income index, from lower quality credit indexes to traditionally staid short-term, high-quality indexes, experienced declines during this fiscal year. The U.S. Federal Reserve "Fed" increased rates aggressively to combat inflationary pressures, with the lower bound of the fed funds rate target range increasing to 3.00% from 0.00% one year ago. Credit markets offered no reprieve to the rising rate environment, as credit underperformed and spreads widened due to uncertainties involving the looming prospect of recession, the ongoing conflict in Ukraine, large and persistent outflows from fixed income funds, and the beginning of the Fed's quantitative tightening program.

Despite these challenges, the BBH Limited Duration Fund returned -2.12% while the Fund's benchmark, the Bloomberg 1 – 3 Year Treasury Index and Referenced Benchmark, returned -4.85% and -2.21%, respectively. The Fund's outperformance was driven by its more-defensive duration posture than its benchmark and favorable credit selection results. The general spread widening experienced by corporate debt instruments and asset-backed securities detracted from performance over the past year. The Fund avoided emerging market debt securities that suffered either permanent impairments or sharp declines over the past year. The Fund's Class I shares one-year performance ending October 31, 2022 ranked in the 79<sup>th</sup> percentile of its competitive Morningstar fund peer group. 84% of the 235 funds in the Fund's Morningstar fund peer group, the Morningstar Ultrashort Bond category, experienced a negative total return over the trailing one-year period ending October 31, 2022. We believe this demonstrates the broad struggles that active fixed income managers faced in this environment.\*

In last year's letter, we wrote about our concern that credit market valuations made it increasingly challenging to source new opportunities in mainstream bond sectors in the market. Investment-grade and high-yield corporate credit spreads had to decreased to levels not seen since the 1990s, and our valuation framework revealed only 1% of bonds in the investment-grade corporate bond index and 25% of bonds in the high yield corporate bond index screened as a potential "buy" opportunity. The Fund's composition reflected that reality. Holdings of high quality "reserves" (Treasury securities and cash equivalents) increased to 15% of the Fund. The Fund's spread duration, a risk measure we use of how sensitive the portfolio is to changes in "credit spreads" (the additional yield on credit instruments over a comparable-maturity Treasury), was 1.7 years at the start of the fiscal year.

Our concerns regarding the state of credit market valuations proved valid as credit spreads began to widen during the first quarter of 2022. The Fund navigated that turbulent quarter well, as the Fund both avoided the underperformance associated with spreads widening from low levels and the losses from defaults and impairments in emerging market credits. Attractive opportunities also began to emerge as valuations improved, and we began adding credit to the Fund.

________________

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| | |
|:---|:---|
| The Reference Benchmark is comprised of 40% Bloomberg Short-Term Corporate Index; 40% Bloomberg US Aggregate ABS Index; and 20% Bloomberg US Treasury Bills Index.  | The Reference Benchmark is comprised of 40% Bloomberg Short-Term Corporate Index; 40% Bloomberg US Aggregate ABS Index; and 20% Bloomberg US Treasury Bills Index.  |
| \*  | Morningstar rankings are based on total returns.  |

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financial statements october 31, 2022 3

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**BBH LIMITED DURATION FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

As the next few quarters progressed, credit spreads continued to widen, and we continued to find and add attractive credit opportunities for the Fund. This process created some short-term underperformance as those newer credit positions underperformed Treasury alternatives due to the general widening of credit spreads. The Fund's spread duration peaked at 2.1 years on May 31, 2022, and it ended the fiscal year at 2.0 years.

Our outlook for the market is optimistic while also cognizant of emerging risks. Credit valuations have improved, with 64% of the investment grade corporate bond market screening as a "buy" candidate and 42% of the high yield corporate bond market screening as a "buy" candidate according to our valuation framework. There is widespread concern that the Fed's aggressive pace of policy tightening may push the U.S. to recession. However, we continue to find credits that meet our stringent criteria at attractive valuations. These stringent criteria include our analysts' assessments whether each credit evaluated for the Fund can withstand severe stress scenarios – the worst environments experienced by their industries – without impairment of principal or interest. This research process gives us confidence that the credits that comprise the Fund can navigate an economic slowdown triggered by monetary policy tightening.

As mentioned, we actively repositioned the Fund during the past year to capitalize on changing market dynamics. Holdings of "reserves" decreased to 7% from 20% as weights to investment grade corporate bonds, bank loans, asset-backed securities, and commercial mortgage-backed securities increased while we applied our process to opportunities that emerged on a bond-by-bond basis. We purchased corporate bonds issued by banks, life insurers, and business development companies ("BDCs") and bank loans to healthcare and wireline communication companies. In the asset backed security ("ABS") sector, we invested in nontraditional deals that included subprime auto securitizations, personal consumer loan securitizations, large and small ticket equipment securitizations, and collateralized loan obligations. We also identified attractive single asset single borrower (SASB) commercial mortgage backed securities ("CMBS") deals.

The Fund's duration is managed at a level that fosters capital preservation. The Fund's duration is managed to be less than 1.5 years and has ranged between 0.8 year and 0.9 year over the past twelve months. This is done through assessing the Fund's holdings and then purchasing or selling Treasury futures to gain or reduce exposures to various points of the yield curve. The Fund's duration was 0.8 years as of October 31, 2022.

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**BBH LIMITED DURATION FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

We believe the Limited Duration Fund is positioned well heading into the new fiscal year. As the exhibit below shows, elevated credit spreads combine with Treasury-equivalent yields that have not been observed since before the Global Financial Crisis of 2008 to create the highest yields experienced during a non-distressed market. The yield curve implies that the Fed's tightening campaign may end in early 2023, and the end of a tightening cycle may bring a steadier interest rate environment that contrasts from the persistent rises in rates experienced over the past year.

![image provided by client](e1022spy-limitedduration.jpg)

We remain confident that our approach and process will allow us to adapt to changes, capitalize on opportunities, and perform through a variety of environments. Thank you for the trust placed in BBH, and we look forward to engaging with you in 2023 and beyond.

________________

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| |
|:---|
| The BBH Limited Duration Fund was ranked against the following numbers of U.S.-domiciled Ultrashort Bond category funds over the following time periods ending 10/31/2022: 235 funds in the last year, 215 funds in the last three years, 180 funds in the last five years and 95 funds in the last ten years. Class I ranked in the 79<sup>th</sup> percentile, 10<sup>th</sup> percentile, 2<sup>nd</sup> percentile and 4<sup>th</sup> percentile, for the one, three-, five- and ten-year periods respectively. Class N ranked in the 77<sup>th</sup> percentile, 14<sup>th</sup> percentile, 4<sup>th</sup> percentile and 5<sup>th</sup> percentile, for the one, three-, five- and ten-year periods respectively. Past performance does not guarantee future results.  |
| Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  |

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financial statements october 31, 2022 5

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**BBH LIMITED DURATION FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Limited Duration** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class N shares of the Fund over the ten years ended October 31, 2022 as compared to the BCTSY and the Referenced Benchmark.

![image provided by client](e1022limiteddura-line40.jpg)

The annualized gross expense ratios as in the March 1, 2022 prospectus for Class N and Class I shares were 0.49% and 0.27%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

________________

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| | |
|:---|:---|
| <sup>1</sup>  | The Fund's performance assumes the reinvestment of all dividends and distributions. The Barclays Capital U.S. 1-3 Year Treasury Bond Index ("BCTSY") has been adjusted to reflect reinvestment of dividends on securities in the index. The BCTSY is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance.  |
| 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 indexes are not available for direct investment. The Fund does not measure its performance success nor alter its construction in relation to any particular benchmark or index.  | 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 indexes are not available for direct investment. The Fund does not measure its performance success nor alter its construction in relation to any particular benchmark or index.  |

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**BBH LIMITED DURATION FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

Bloomberg<sup>®</sup> and the Bloomberg indexes are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Brown Brothers Harriman & Co (BBH). Bloomberg is not affiliated with BBH, and Bloomberg does not approve, endorse, review, or recommend the BBH strategies. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the fund. <br>

financial statements october 31, 2022 7

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**BBH LIMITED DURATION FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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 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, 2022, 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 21, 2022

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO ALLOCATION

October 31, 2022

**BREAKDOWN BY SECURITY TYPE** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| &nbsp;&nbsp; Asset Backed Securities  | $2119821200  | 25.7% |
| &nbsp;&nbsp; Commercial Mortgage Backed Securities  | 474273218  | 5.8  |
| Corporate Bonds  | 3561951446  | 43.2  |
| &nbsp;&nbsp; Loan Participations and Assignments  | 1126709266  | 13.7  |
| Municipal Bonds  | 151491377  | 1.8  |
| Residential Mortgage Backed Securities  | 78699557  | 1.0  |
| &nbsp;&nbsp; U.S. Government Agency Obligations  | 221412848  | 2.7  |
| &nbsp;&nbsp; U.S. Treasury Bills  | 519635654  | 6.3  |
| Liabilities in Excess of Other Assets  | (14462724 ) | (0.2 ) |
| &nbsp;&nbsp; **NET ASSETS**  | $**8239531842**  | **100.0%**  |

---

All data as of October 31, 2022. The Fund's 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.*

financial statements october 31, 2022 9

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**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **ASSET BACKED SECURITIES (25.7%)**  |  |  |  |
| $10000000  | &nbsp;&nbsp; AGL Core CLO 2, Ltd. 2019-2A (3-Month USD-LIBOR + 1.390%)<sup>1,2</sup>  | 04/20/32  | 5.633% | $9767943  |
| 13823820  | &nbsp;&nbsp; AIM Aviation Finance, Ltd. 2015-1A<sup>1</sup>  | 02/15/40  | 6.213  | 10977627  |
| 3145560  | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust 2021-2  | 11/18/24  | 0.260  | 3135011  |
| 14224371  | &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust 2021-3  | 02/18/25  | 0.410  | 14091294  |
| 937329  | Amur Equipment Finance Receivables VII LLC 2019-1A<sup>1</sup>  | 06/20/24  | 2.630  | 934710  |
| 12374153  | Amur Equipment Finance Receivables X LLC 2022-1A<sup>1</sup>  | 10/20/27  | 1.640  | 11687212  |
| 14300000  | ARI Fleet Lease Trust 2022-A<sup>1</sup>  | 01/15/31  | 3.120  | 13977399  |
| 47238758  | &nbsp;&nbsp; Audax Senior Debt CLO III LLC 2020-1A (3-Month USD-LIBOR + 1.610%)<sup>1,2</sup>  | 01/20/30  | 5.853  | 46331174  |
| 6146230  | Bankers Healthcare Group Securitization Trust 2020-A<sup>1</sup>  | 09/17/31  | 2.560  | 5956098  |
| 31274799  | &nbsp;&nbsp; BHG Securitization Trust 2022-A<sup>1</sup>  | 02/20/35  | 1.710  | 29105622  |
| 12410000  | &nbsp;&nbsp; BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)<sup>1,2</sup>  | 06/15/34  | 5.056  | 11831230  |
| 16467802  | &nbsp;&nbsp; BMW Vehicle Lease Trust 2022-1  | 05/28/24  | 0.670  | 16291575  |
| 10024406  | &nbsp;&nbsp; Business Jet Securities LLC 2020-1A<sup>1</sup>  | 11/15/35  | 2.981  | 9143930  |
| 10459962  | &nbsp;&nbsp; Business Jet Securities LLC 2022-1A<sup>1</sup>  | 06/15/37  | 4.455  | 9511881  |
| 44170000  | &nbsp;&nbsp; California Street CLO IX LP 2012-9A (3-Month USD-LIBOR + 1.100%)<sup>1,2</sup>  | 07/16/32  | 5.179  | 42494809  |
| 29280000  | &nbsp;&nbsp; Carlyle US CLO, Ltd. 2019-2A (3-Month USD-LIBOR + 1.120%)<sup>1,2</sup>  | 07/15/32  | 3.632  | 28276454  |
| 15436286  | CarMax Auto Owner Trust 2022-1  | 02/18/25  | 0.910  | 15209899  |
| 20547756  | &nbsp;&nbsp; CARS-DB4 LP 2020-1A<sup>1</sup>  | 02/15/50  | 3.190  | 19085909  |
| 23297929  | &nbsp;&nbsp; CF Hippolyta Issuer LLC 2020-1<sup>1</sup>  | 07/15/60  | 1.690  | 20481666  |
| 22317  | Chesapeake Funding II LLC 2019-1A<sup>1</sup>  | 04/15/31  | 2.940  | 22300  |
| 12547067  | Chesapeake Funding II LLC 2020-1A<sup>1</sup>  | 08/15/32  | 0.870  | 12224229  |
| 25000000  | &nbsp;&nbsp; Churchill MMSLF CLO-I LP 2021-2A (3-Month USD-LIBOR + 1.450%)<sup>1,2</sup>  | 10/01/32  | 5.198  | 24041528  |
| 12653934  | &nbsp;&nbsp; CIG Auto Receivables Trust 2021-1A<sup>1</sup>  | 04/14/25  | 0.690  | 12381824  |
| 57480000  | &nbsp;&nbsp; Credit Acceptance Auto Loan Trust 2020-3A<sup>1</sup>  | 10/15/29  | 1.240  | 55905876  |
| 12445000  | Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.950%)<sup>1,2</sup>  | 07/15/33  | 5.814  | 12155595  |
| 36940000  | &nbsp;&nbsp; Dell Equipment Finance Trust 2022-1<sup>1</sup>  | 08/23/27  | 2.110  | 36256946  |
| 18286682  | &nbsp;&nbsp; Donlen Fleet Lease Funding 2 LLC 2021-2<sup>1</sup>  | 12/11/34  | 0.560  | 17596162  |
| 3209163  | Drive Auto Receivables Trust 2021-3  | 01/15/25  | 0.520  | 3202853  |
| 17180000  | &nbsp;&nbsp; Dryden 93 CLO, Ltd. 2021-93A (3-Month USD-LIBOR + 1.080%)<sup>1,2</sup>  | 01/15/34  | 5.159  | 16521503  |
| 4594854  | ECAF I, Ltd. 2015-1A<sup>1</sup>  | 06/15/40  | 3.473  | 2848644  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **ASSET BACKED SECURITIES (continued)**  |  |  |  |
| $17170000  | &nbsp;&nbsp; Elm Trust 2020-3A<sup>1</sup>  | 08/20/29  | 2.954% | $16305822  |
| 2318366  | Enterprise Fleet Financing LLC 2019-2<sup>1</sup>  | 02/20/25  | 2.290  | 2312693  |
| 15500000  | Enterprise Fleet Financing LLC 2022-1<sup>1</sup>  | 01/20/28  | 3.030  | 15013027  |
| 17933955  | &nbsp;&nbsp; Exeter Automobile Receivables Trust 2022-1A  | 06/17/24  | 1.150  | 17887167  |
| 16168116  | &nbsp;&nbsp; Exeter Automobile Receivables Trust 2022-2A  | 11/17/25  | 2.190  | 16098923  |
| 5524588  | FCI Funding LLC 2021-1A<sup>1</sup>  | 04/15/33  | 1.130  | 5375021  |
| 30003785  | &nbsp;&nbsp; Finance of America HECM Buyout 2022-HB1<sup>1,2,3</sup>  | 02/25/32  | 2.695  | 28825083  |
| 50300000  | &nbsp;&nbsp; Flexential Issuer 2021-1A<sup>1</sup>  | 11/27/51  | 3.250  | 42965375  |
| 14029229  | &nbsp;&nbsp; FNA LLC 2019-1<sup>4</sup>  | 12/10/31  | 3.000  | 12906891  |
| 1558868  | &nbsp;&nbsp; Foursight Capital Automobile Receivables Trust 2021-2<sup>1</sup>  | 04/15/25  | 0.400  | 1552377  |
| 10869095  | &nbsp;&nbsp; Foursight Capital Automobile Receivables Trust 2022-1<sup>1</sup>  | 09/15/25  | 1.150  | 10625963  |
| 3192012  | &nbsp;&nbsp; FREED ABS Trust 2022-1FP<sup>1</sup>  | 03/19/29  | 0.940  | 3164100  |
| 13523210  | &nbsp;&nbsp; FREED ABS Trust 2022-2CP<sup>1</sup>  | 05/18/29  | 3.030  | 13373202  |
| 22080921  | &nbsp;&nbsp; Global SC Finance VII Srl 2020-1A<sup>1</sup>  | 10/17/40  | 2.170  | 19391620  |
| 22708345  | &nbsp;&nbsp; Global SC Finance VII Srl 2020-2A<sup>1</sup>  | 11/19/40  | 2.260  | 19871596  |
| 12931225  | GM Financial Consumer Automobile Receivables Trust 2022-1  | 02/18/25  | 0.760  | 12702557  |
| 50750000  | &nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd. 2021-2A<sup>1</sup>  | 10/19/29  | 2.944  | 42164562  |
| 24045091  | &nbsp;&nbsp; HPEFS Equipment Trust 2022-1A<sup>1</sup>  | 05/21/29  | 1.020  | 23547370  |
| 21000000  | &nbsp;&nbsp; HTS Fund I LLC 2021-1<sup>1</sup>  | 08/25/36  | 1.411  | 20410349  |
| 19369462  | Hyundai Auto Receivables Trust 2022-A  | 02/18/25  | 1.810  | 19008037  |
| 31940442  | Kubota Credit Owner Trust 2022-1A<sup>1</sup>  | 04/15/25  | 2.340  | 31233079  |
| 18139729  | &nbsp;&nbsp; LCM XXIV, Ltd. 24A (3-Month USD-LIBOR + 0.980%)<sup>1,2</sup>  | 03/20/30  | 5.223  | 17735246  |
| 21117376  | Lendmark Funding Trust 2019-2A<sup>1</sup>  | 04/20/28  | 2.780  | 20426295  |
| 39447759  | &nbsp;&nbsp; Madison Park Funding XXV, Ltd. 2017-25A (3-Month USD-LIBOR + 0.970%)<sup>1,2</sup>  | 04/25/29  | 5.328  | 38512614  |
| 8994515  | &nbsp;&nbsp; Mariner Finance Issuance Trust 2019-AA<sup>1</sup>  | 07/20/32  | 2.960  | 8853997  |
| 16460000  | &nbsp;&nbsp; Mariner Finance Issuance Trust 2020-AA<sup>1</sup>  | 08/21/34  | 2.190  | 15616354  |
| 8450000  | &nbsp;&nbsp; MCF CLO IX Ltd. 2019-1A (3-Month CME Term SOFR + 1.500%)<sup>1,2</sup>  | 07/17/31  | 5.364  | 8301985  |
| 41880000  | &nbsp;&nbsp; Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup>  | 04/30/32  | 4.050  | 36546695  |
| 12410000  | &nbsp;&nbsp; Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.870%)<sup>1,2</sup>  | 05/20/34  | 3.181  | 12092555  |
| 47600000  | &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 34, Ltd. 2019-34A (3- Month CME Term SOFR + 1.240%)<sup>1,2</sup>  | 01/20/35  | 5.203  | 46216158  |
| 40570000  | &nbsp;&nbsp; New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1<sup>1</sup>  | 08/15/53  | 1.426  | 38764818  |

---

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

financial statements october 31, 2022 11

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **ASSET BACKED SECURITIES (continued)**  |  |  |  |
| $30640000  | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust 2020-1A<sup>1</sup>  | 02/15/25  | 1.550% | $30303919  |
| 17690000  | &nbsp;&nbsp; NextGear Floorplan Master Owner Trust 2022-1A<sup>1</sup>  | 03/15/27  | 2.800  | 16566779  |
| 34930000  | &nbsp;&nbsp; NMEF Funding LLC 2022-A<sup>1</sup>  | 10/16/28  | 2.580  | 33716423  |
| 30000000  | &nbsp;&nbsp; Northwoods Capital XVIII, Ltd. 2019-18A (3-Month USD-LIBOR + 1.100%)<sup>1,2</sup>  | 05/20/32  | 4.084  | 29021124  |
| 24700000  | NRZ Advance Receivables Trust 2015-ON1 2020-T2<sup>1</sup>  | 09/15/53  | 1.475  | 23541439  |
| 32920000  | &nbsp;&nbsp; Octagon Investment Partners 20-R, Ltd. 2019-4A (3-Month USD-LIBOR + 1.150%)<sup>1,2</sup>  | 05/12/31  | 4.073  | 31998405  |
| 21250000  | OnDeck Asset Securitization Trust III LLC 2021-1A<sup>1</sup>  | 05/17/27  | 1.590  | 19560922  |
| 13350000  | OneMain Financial Issuance Trust 2022-S1<sup>1</sup>  | 05/14/35  | 4.130  | 12446688  |
| 22648197  | &nbsp;&nbsp; Oportun Funding XIII LLC 2019-A<sup>1</sup>  | 08/08/25  | 3.080  | 22000273  |
| 56210000  | &nbsp;&nbsp; Oportun Issuance Trust 2021-C<sup>1</sup>  | 10/08/31  | 2.180  | 49382205  |
| 25000000  | &nbsp;&nbsp; Oportun Issuance Trust 2022-A<sup>1</sup>  | 06/09/31  | 5.050  | 24000600  |
| 3832354  | OSCAR US Funding XII LLC 2021-1A<sup>1</sup>  | 03/11/24  | 0.400  | 3809190  |
| 9169424  | &nbsp;&nbsp; OSCAR US Funding XIII LLC 2021-2A<sup>1</sup>  | 08/12/24  | 0.390  | 9015304  |
| 32461414  | &nbsp;&nbsp; OSCAR US Funding XIV LLC 2022-1A<sup>1</sup>  | 03/10/25  | 1.600  | 31916959  |
| 25930000  | &nbsp;&nbsp; Oxford Finance Funding LLC 2022-1A<sup>1</sup>  | 02/15/30  | 3.602  | 23665865  |
| 44013376  | &nbsp;&nbsp; Palmer Square Loan Funding, Ltd. 2022-1A (3-Month CME Term SOFR + 1.050%)<sup>1,2</sup>  | 04/15/30  | 4.914  | 42992627  |
| 19490000  | Parliament CLO II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)<sup>1,2</sup>  | 08/20/32  | 4.334  | 19075604  |
| 107585  | Pawnee Equipment Receivables Series LLC 2019-1<sup>1</sup>  | 10/15/24  | 2.290  | 107454  |
| 5100028  | Pawnee Equipment Receivables Series LLC 2020-1<sup>1</sup>  | 11/17/25  | 1.370  | 5018886  |
| 47670000  | &nbsp;&nbsp; PFS Financing Corp. 2022-A<sup>1</sup>  | 02/15/27  | 2.470  | 44045616  |
| 18070000  | &nbsp;&nbsp; Regional Management Issuance Trust 2020-1<sup>1</sup>  | 10/15/30  | 2.340  | 16638955  |
| 16470000  | &nbsp;&nbsp; Republic Finance Issuance Trust 2020-A<sup>1</sup>  | 11/20/30  | 2.470  | 15470643  |
| 56030000  | &nbsp;&nbsp; Republic Finance Issuance Trust 2021-A<sup>1</sup>  | 12/22/31  | 2.300  | 49594725  |
| 26706233  | &nbsp;&nbsp; Santander Drive Auto Receivables Trust 2022-1  | 12/16/24  | 1.360  | 26589703  |
| 34490000  | Santander Revolving Auto Loan Trust 2019-A<sup>1</sup>  | 01/26/32  | 2.510  | 32328632  |
| 33369591  | SCF Equipment Leasing LLC 2022-1A<sup>1</sup>  | 02/22/28  | 2.060  | 32190690  |
| 9421753  | Shenton Aircraft Investment I, Ltd. 2015-1A<sup>1</sup>  | 10/15/42  | 4.750  | 7202369  |
| 22755000  | Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)<sup>1,2</sup>  | 07/20/32  | 5.303  | 21952941  |
| 49919932  | Stack Infrastructure Issuer LLC 2019-1A<sup>1</sup>  | 02/25/44  | 4.540  | 48608006  |
| 19160000  | Stack Infrastructure Issuer LLC 2020-1A<sup>1</sup>  | 08/25/45  | 1.893  | 16979563  |
| 23031495  | SWC Funding LLC 2018-1A<sup>1</sup>  | 08/15/33  | 4.750  | 22583025  |
| 50790000  | Symphony CLO XXI, Ltd. 2019-21A (3-Month USD-LIBOR + 1.060%)<sup>1,2</sup>  | 07/15/32  | 5.139  | 49030055  |
| 12760000  | &nbsp;&nbsp; Synchrony Card Funding LLC 2022-A1  | 04/15/28  | 3.370  | 12286120  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **ASSET BACKED SECURITIES (continued)**  |  |  |  |
| $13172572  | &nbsp;&nbsp; Veros Auto Receivables Trust 2022-1<sup>1</sup>  | 12/15/25  | 3.470% | $12851653  |
| 27005897  | VFI ABS LLC 2022-1A<sup>1</sup>  | 03/24/28  | 2.230  | 26164806  |
| 21309036  | Volkswagen Auto Loan Enhanced Trust 2021-1  | 10/21/24  | 0.490  | 21041320  |
| 5703900  | Westlake Automobile Receivables Trust 2021-1A<sup>1</sup>  | 10/15/24  | 0.390  | 5673157  |
| 16399168  | Westlake Automobile Receivables Trust 2021-2A<sup>1</sup>  | 04/15/25  | 0.320  | 16165048  |
| 18102100  | Westlake Automobile Receivables Trust 2021-3A<sup>1</sup>  | 09/16/24  | 0.570  | 17932141  |
| 27517410  | Westlake Automobile Receivables Trust 2022-1A<sup>1</sup>  | 12/16/24  | 1.970  | 27149758  |
| 41269201  | &nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC 2022-1A<sup>1</sup>  | 10/18/36  | 2.470  | 39951174  |
|  | **Total Asset Backed Securities**<br> **(Cost $2,233,020,314)**  |  |  | **2119821200**  |
|  | **COMMERCIAL MORTGAGE BACKED** <br> &nbsp;&nbsp;&nbsp;&nbsp;**SECURITIES (5.8%)**  |  |  |  |
| 26807000  | BB-UBS Trust 2012-TFT<sup>1,2,3</sup>  | 06/05/30  | 3.678  | 23756985  |
| 20300000  | BPR Trust 2022-OANA (1-Month CME Term SOFR + 1.898%)<sup>1,2</sup>  | 04/15/37  | 5.274  | 19668250  |
| 11716657  | BX Commercial Mortgage Trust 2019-XL (1-Month USD-LIBOR + 0.920%)<sup>1,2</sup>  | 10/15/36  | 4.332  | 11481817  |
| 18100000  | &nbsp;&nbsp; BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 2.115%)<sup>1,2</sup>  | 06/15/27  | 5.490  | 17851634  |
| 51435083  | &nbsp;&nbsp; BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)<sup>1,2</sup>  | 02/15/39  | 4.389  | 49059620  |
| 8088453  | &nbsp;&nbsp; BX Trust 2019-RP (1-Month USD-LIBOR + 1.045%)<sup>1,2</sup>  | 06/15/34  | 4.457  | 7939610  |
| 31314458  | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.014%)<sup>1,2</sup>  | 02/15/38  | 4.390  | 30766455  |
| 20990000  | &nbsp;&nbsp; BXMT, Ltd. 2020-FL3 (30-Day SOFR + 1.514%)<sup>1,2</sup>  | 11/15/37  | 4.306  | 20648732  |
| 17250000  | BXMT, Ltd. 2021-FL4 (1-Month USD-LIBOR + 1.050%)<sup>1,2</sup>  | 05/15/38  | 4.462  | 17025167  |
| 31329000  | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 2.900%)<sup>1,2</sup>  | 11/15/31  | 6.312  | 28145808  |
| 9690000  | &nbsp;&nbsp; Commercial Mortgage Pass Through Certificates 2013-GAM<sup>1,2,3</sup>  | 02/10/28  | 3.417  | 9353418  |
| 18200276  | &nbsp;&nbsp; HPLY Trust 2019-HIT (1-Month USD-LIBOR + 1.000%)<sup>1,2</sup>  | 11/15/36  | 4.412  | 17637873  |
| 23600000  | &nbsp;&nbsp; Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)<sup>1,2</sup>  | 05/15/39  | 4.671  | 22716824  |
| 18040000  | &nbsp;&nbsp; Med Trust 2021-MDLN (1-Month USD-LIBOR + 0.950%)<sup>1,2</sup> .  | 11/15/38  | 4.363  | 17181704  |
| 33690000  | MHC Commercial Mortgage Trust 2021-MHC (1-Month USD-LIBOR + 0.801%)<sup>1,2</sup>  | 04/15/38  | 4.213  | 32276341  |
| 16040000  | &nbsp;&nbsp; MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)<sup>1,2</sup>  | 03/15/39  | 4.773  | 15558832  |
| 8605013  | &nbsp;&nbsp; PFP, Ltd. 2021-7 (1-Month USD-LIBOR + 0.850%)<sup>1,2</sup>  | 04/14/38  | 4.262  | 8465641  |

---

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

financial statements october 31, 2022 13

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES (continued)**  |  |  |  |
| $21560000  | &nbsp;&nbsp; Ready Capital Mortgage Financing 2022-FL8 LLC (30-Day SOFR + 1.650%)<sup>1,2</sup>  | 01/25/37  | 4.675% | $20692488  |
| 46350000  | &nbsp;&nbsp; SPGN 2022-TFLM Mortgage Trust (1-Month CME Term SOFR + 1.550%)<sup>1,2</sup>  | 02/15/39  | 4.926  | 44007012  |
| 16660940  | STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.194%)<sup>1,2</sup>  | 07/15/38  | 4.610  | 16528060  |
| 24300000  | Taubman Centers Commercial Mortgage Trust 2022-DPM (1- Month CME Term SOFR + 2.186%)<sup>1,2</sup>  | 05/15/37  | 5.562  | 23661121  |
| 20000000  | &nbsp;&nbsp; WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)<sup>1,2</sup>  | 11/15/27  | 6.289  | 19849826  |
|  | &nbsp;&nbsp; **Total Commercial Mortgage Backed Securities**<br> **(Cost $493,012,219)**  |  |  | **474273218**  |
|  | **CORPORATE BONDS (43.2%)**  |  |  |  |
|  | **AUTO MANUFACTURERS (0.5%)**  |  |  |  |
| 45590000  | &nbsp;&nbsp; Daimler Trucks Finance North America LLC (SOFR + 0.500%)<sup>1,2</sup>  | 06/14/23  | 3.420  | 45444523  |
|  | **BANKS (10.0%)**  |  |  |  |
| 19530000  | &nbsp;&nbsp; Bank of America Corp. (SOFR + 0.670%)<sup>2</sup>  | 02/04/25  | 1.843  | 18504352  |
| 51125000  | Bank of Montreal  | 01/10/25  | 1.500  | 46882338  |
| 34710000  | Bank of New Zealand<sup>1</sup>  | 02/20/24  | 3.500  | 33941250  |
| 58070000  | Bank of Nova Scotia  | 03/11/24  | 2.440  | 55913253  |
| 32500000  | &nbsp;&nbsp; Bank of Nova Scotia (SOFR + 0.380%)<sup>2</sup>  | 07/31/24  | 3.442  | 32078445  |
| 15015000  | Bank of Nova Scotia  | 01/10/25  | 1.450  | 13742507  |
| 33540000  | Commonwealth Bank of Australia (SOFR + 0.400%)<sup>1,2</sup>  | 07/07/25  | 3.458  | 32987910  |
| 33560000  | &nbsp;&nbsp; DNB Bank ASA<sup>1</sup>  | 12/02/22  | 2.150  | 33498596  |
| 65000000  | DNB Bank ASA (1-Year CMT Index + 0.330%)<sup>1,2</sup>  | 09/30/25  | 0.856  | 58896913  |
| 20810000  | Goldman Sachs Group, Inc.  | 12/06/23  | 1.217  | 19910300  |
| 29665000  | &nbsp;&nbsp; HSBC Holdings, Plc. (SOFR + 0.534%)<sup>2</sup>  | 08/17/24  | 0.732  | 28128946  |
| 33350000  | &nbsp;&nbsp; HSBC Holdings, Plc. (SOFR + 1.929%)<sup>2</sup>  | 06/04/26  | 2.099  | 29333546  |
| 5780000  | &nbsp;&nbsp; HSBC Holdings, Plc. (SOFR + 3.030%)<sup>2</sup>  | 11/03/26  | 7.336  | 5796000  |
| 62235000  | JPMorgan Chase & Co. (SOFR + 0.580%)<sup>2</sup>  | 03/16/24  | 0.697  | 61028204  |
| 33270000  | JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)<sup>2</sup>  | 03/13/26  | 2.005  | 30336515  |
| 33923000  | &nbsp;&nbsp; Lloyds Banking Group, Plc.  | 03/12/24  | 3.900  | 33036878  |
| 24865000  | &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group, Plc. (1-Year CMT Index + <br> 1.600%)<sup>2</sup>  | 03/18/26  | 3.511  | 23009092  |
| 17755000  | &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group, Plc. (1-Year CMT Index + <br> 1.800%)<sup>2</sup>  | 03/18/28  | 3.750  | 15636057  |
| 39660000  | &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc.  | 07/17/25  | 1.412  | 35402499  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **BANKS (continued)**  |  |  |  |
| $42665000  | &nbsp;&nbsp; Morgan Stanley (SOFR + 1.770%)<sup>2</sup>  | 10/16/26  | 6.138% | $42793330  |
| 24915000  | &nbsp;&nbsp; Royal Bank of Canada  | 08/03/27  | 4.240  | 23423133  |
| 16070000  | Santander Holdings USA, Inc.  | 06/07/24  | 3.500  | 15410329  |
| 26360000  | &nbsp;&nbsp; Skandinaviska Enskilda Banken AB<sup>1</sup>  | 09/09/24  | 0.650  | 24129100  |
| 14435000  | &nbsp;&nbsp; Truist Financial Corp. (SOFR + 1.626%)<sup>2</sup>  | 10/28/26  | 5.900  | 14435678  |
| 42990000  | &nbsp;&nbsp; US Bancorp (5-Year CMT Index + 2.541%)<sup>2,5</sup>  |  | 3.700  | 33424725  |
| 22750000  | &nbsp;&nbsp; US Bancorp (SOFR + 1.430%)<sup>2</sup>  | 10/21/26  | 5.727  | 22813078  |
| 14870000  | Wells Fargo & Co. (SOFR + 1.600%)<sup>2</sup>  | 06/02/24  | 1.654  | 14526373  |
| 19370000  | Wells Fargo & Co. (SOFR + 2.000%)<sup>2</sup>  | 04/30/26  | 2.188  | 17625782  |
| 7920000  | Wells Fargo & Co. (SOFR + 1.560%)<sup>2</sup>  | 08/15/26  | 4.540  | 7618853  |
|  |  |  |  | 824263982  |
|  | **BEVERAGES (0.3%)**  |  |  |  |
| 8175000  | Constellation Brands, Inc.  | 05/09/24  | 3.600  | 7998537  |
| 15335000  | &nbsp;&nbsp; Diageo Capital, Plc.  | 10/24/25  | 5.200  | 15385938  |
|  |  |  |  | 23384475  |
|  | **DIVERSIFIED FINANCIAL SERVICES (5.7%)**  |  |  |  |
| 11426000  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust.  | 09/15/23  | 4.500  | 11220891  |
| 47945000  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust.  | 02/15/24  | 3.150  | 45890815  |
| 21450000  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust.  | 10/29/24  | 1.750  | 19438279  |
| 84507000  | &nbsp;&nbsp; AIG Global Funding<sup>1</sup>  | 09/13/23  | 0.400  | 80778551  |
| 35795000  | &nbsp;&nbsp; Air Lease Corp.  | 01/15/23  | 2.250  | 35550699  |
| 29300000  | &nbsp;&nbsp; Air Lease Corp.  | 01/15/23  | 2.750  | 29133568  |
| 14330000  | American Express Co.  | 11/05/27  | 5.850  | 14319682  |
| 33230000  | Aviation Capital Group LLC<sup>1</sup>  | 12/15/24  | 5.500  | 31971948  |
| 33535000  | Avolon Holdings Funding, Ltd.<sup>1</sup>  | 01/15/26  | 5.500  | 30815228  |
| 37385000  | Bread Financial Holdings, Inc.<sup>1</sup>  | 12/15/24  | 4.750  | 32642085  |
| 16045000  | Capital One Financial Corp.  | 05/11/23  | 2.600  | 15831686  |
| 45285000  | &nbsp;&nbsp; Capital One Financial Corp. (SOFR + 0.690%)<sup>2</sup>  | 12/06/24  | 1.343  | 42900528  |
| 14430000  | Credit Acceptance Corp.<sup>1</sup>  | 12/31/24  | 5.125  | 13418179  |
| 2785000  | Credit Acceptance Corp.  | 03/15/26  | 6.625  | 2634332  |
| 48895000  | &nbsp;&nbsp; Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance<sup>1</sup>  | 02/15/26  | 3.875  | 44338411  |
| 25095000  | &nbsp;&nbsp; Strategic Credit Opportunities Partners LLC  | 04/01/26  | 4.250  | 21874082  |
|  |  |  |  | 472758964  |

---

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

financial statements october 31, 2022 15

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **ELECTRIC (4.9%)**  |  |  |  |
| $74190000  | Alexander Funding Trust<sup>1</sup>  | 11/15/23  | 1.841% | $69667406  |
| 16025000  | Constellation Energy Generation LLC  | 06/01/25  | 3.250  | 15194277  |
| 39340000  | &nbsp;&nbsp; Duke Energy Corp. (SOFR + 0.250%)<sup>2</sup>  | 06/10/23  | 3.179  | 39088358  |
| 52851265  | &nbsp;&nbsp; Duke Energy Progress NC Storm Funding LLC  | 07/01/30  | 1.295  | 47148691  |
| 61690000  | &nbsp;&nbsp; Edison International (5-Year CMT Index + 4.698%)<sup>2,5</sup>  |  | 5.375  | 50332871  |
| 10000000  | Edison International  | 03/15/23  | 2.950  | 9921127  |
| 25345000  | New York State Electric & Gas Corp.  | 05/01/23  | 5.750  | 25340577  |
| 88057000  | &nbsp;&nbsp; Public Service Enterprise Group, Inc.  | 11/15/22  | 2.650  | 87987762  |
| 27010000  | &nbsp;&nbsp; Southern Co. (SOFR Index + 0.370%)<sup>2</sup>  | 05/10/23  | 3.040  | 26893078  |
| 36892000  | Vistra Operations Co. LLC<sup>1</sup>  | 09/01/26  | 5.500  | 35416320  |
|  |  |  |  | 406990467  |
|  | **HEALTHCARE-PRODUCTS (0.5%)**  |  |  |  |
| 45636000  | &nbsp;&nbsp; Thermo Fisher Scientific, Inc.  | 10/18/23  | 0.797  | 43791514  |
|  | **HEALTHCARE-SERVICES (0.7%)**  |  |  |  |
| 60630000  | Sutter Health  | 08/15/25  | 1.321  | 54326065  |
|  | **INSURANCE (8.0%)**  |  |  |  |
| 15483000  | &nbsp;&nbsp; Aon Corp.  | 11/15/22  | 2.200  | 15467740  |
| 16760000  | Athene Global Funding<sup>1</sup>  | 01/08/24  | 0.950  | 15825630  |
| 18000000  | Athene Global Funding<sup>1</sup>  | 01/14/25  | 2.500  | 16721540  |
| 14345000  | Athene Global Funding<sup>1</sup>  | 06/29/25  | 2.550  | 13024237  |
| 33775000  | &nbsp;&nbsp; Equitable Financial Life Global Funding<sup>1</sup>  | 11/12/24  | 1.100  | 30945797  |
| 59274000  | F&G Global Funding<sup>1</sup>  | 09/20/24  | 0.900  | 53857339  |
| 64675000  | GA Global Funding Trust<sup>1</sup>  | 12/08/23  | 1.250  | 61527926  |
| 50000000  | &nbsp;&nbsp; GA Global Funding Trust (SOFR + 0.500%)<sup>1,2</sup>  | 09/13/24  | 3.438  | 48462076  |
| 44790000  | &nbsp;&nbsp; Met Tower Global Funding<sup>1</sup>  | 09/14/26  | 1.250  | 38356055  |
| 73445000  | New York Life Global Funding<sup>1</sup>  | 01/14/25  | 1.450  | 67706879  |
| 74165000  | &nbsp;&nbsp; Northwestern Mutual Global Funding<sup>1</sup>  | 03/25/24  | 0.600  | 69564154  |
| 19330000  | Pacific Life Global Funding II<sup>1</sup>  | 06/24/25  | 1.200  | 17297253  |
| 37180000  | Pricoa Global Funding I<sup>1</sup>  | 12/06/24  | 1.150  | 34107445  |
| 47175000  | &nbsp;&nbsp; Principal Life Global Funding II<sup>1</sup>  | 01/10/25  | 1.375  | 43168659  |
| 29855000  | Protective Life Global Funding<sup>1</sup>  | 07/05/24  | 0.781  | 27590342  |
| 42465000  | Protective Life Global Funding<sup>1</sup>  | 01/13/25  | 1.646  | 38858656  |
| 37290000  | &nbsp;&nbsp; Sirius International Group, Ltd.<sup>1</sup>  | 11/01/26  | 4.600  | 33129928  |
| 31750000  | &nbsp;&nbsp; United Insurance Holdings Corp.<sup>4</sup>  | 12/15/27  | 6.250  | 21631275  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **INSURANCE (continued)**  |  |  |  |
| $4205000  | Universal Insurance Holdings, Inc.  | 11/30/26  | 5.625% | $3646896  |
| 11950000  | &nbsp;&nbsp;&nbsp;&nbsp; Vitality Re XIII, Ltd. (3-Month U.S. Treasury Bill +<br> 2.000%)<sup>1,2</sup>  | 01/06/26  | 6.092  | 10605625  |
|  |  |  |  | 661495452  |
|  | **INVESTMENT COMPANIES (7.5%)**  |  |  |  |
| 74580000  | &nbsp;&nbsp; Ares Capital Corp.  | 02/10/23  | 3.500  | 74145751  |
| 41185000  | BlackRock TCP Capital Corp.  | 08/23/24  | 3.900  | 38973411  |
| 46600000  | &nbsp;&nbsp; Blackstone Private Credit Fund  | 09/15/24  | 1.750  | 42622786  |
| 30840000  | &nbsp;&nbsp; Blackstone Private Credit Fund  | 11/22/24  | 2.350  | 28212314  |
| 24645000  | &nbsp;&nbsp; Blackstone Secured Lending Fund  | 07/14/23  | 3.650  | 24307728  |
| 9654000  | &nbsp;&nbsp; Blackstone Secured Lending Fund  | 01/15/26  | 3.625  | 8696860  |
| 35855000  | Franklin BSP Lending Corp.<sup>1</sup>  | 12/30/22  | 4.750  | 35756368  |
| 18375000  | Franklin BSP Lending Corp.<sup>1</sup>  | 12/15/24  | 4.850  | 17114537  |
| 26475000  | Franklin BSP Lending Corp.  | 03/30/26  | 3.250  | 22699765  |
| 28550000  | &nbsp;&nbsp; FS KKR Capital Corp.  | 07/15/24  | 4.625  | 27412547  |
| 18859000  | &nbsp;&nbsp; FS KKR Capital Corp.  | 02/01/25  | 4.125  | 17634400  |
| 42821000  | &nbsp;&nbsp; FS KKR Capital Corp.<sup>1</sup>  | 02/14/25  | 4.250  | 39729232  |
| 39855000  | &nbsp;&nbsp; Golub Capital BDC, Inc.  | 04/15/24  | 3.375  | 37933303  |
| 9329000  | Main Street Capital Corp.  | 12/01/22  | 4.500  | 9311293  |
| 49650000  | Main Street Capital Corp.  | 05/01/24  | 5.200  | 48427255  |
| 33980000  | Main Street Capital Corp.  | 07/14/26  | 3.000  | 28835312  |
| 31201000  | Owl Rock Capital Corp.  | 04/15/24  | 5.250  | 30600195  |
| 10000000  | Owl Rock Capital Corp.  | 03/30/25  | 4.000  | 9290580  |
| 27070000  | &nbsp;&nbsp; Owl Rock Capital Corp. II<sup>1</sup>  | 11/26/24  | 4.625  | 25503484  |
| 18000000  | &nbsp;&nbsp; OWL Rock Core Income Corp.  | 09/23/26  | 3.125  | 15043059  |
| 20015000  | Owl Rock Technology Finance Corp.<sup>1</sup>  | 12/15/25  | 4.750  | 17855169  |
| 17345000  | PennantPark Investment Corp.  | 11/01/26  | 4.000  | 14637346  |
|  |  |  |  | 614742695  |
|  | **OIL & GAS (0.1%)**  |  |  |  |
| 10072000  | Woodside Finance, Ltd.<sup>1</sup>  | 09/15/26  | 3.700  | 9244704  |
|  | **PHARMACEUTICALS (0.7%)**  |  |  |  |
| 57840000  | AbbVie, Inc.  | 11/21/22  | 2.300  | 57762142  |
|  | **PIPELINES (1.5%)**  |  |  |  |
| 16986000  | EnLink Midstream Partners LP  | 06/01/25  | 4.150  | 16005568  |
| 73930000  | &nbsp;&nbsp; Kinder Morgan, Inc.  | 01/15/23  | 3.150  | 73575841  |
| 31985000  | &nbsp;&nbsp; Northriver Midstream Finance LP<sup>1</sup>  | 02/15/26  | 5.625  | 30278920  |
|  |  |  |  | 119860329  |

---

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

financial statements october 31, 2022 17

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS (1.4%)**  |  |  |  |
| $58804000  | &nbsp;&nbsp; American Tower Corp.  | 01/31/23  | 3.500% | $58621406  |
| 25360000  | &nbsp;&nbsp; EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM<sup>1</sup>  | 04/01/27  | 5.875  | 22964845  |
| 23540000  | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup>  | 06/15/26  | 3.375  | 19138491  |
| 19215000  | &nbsp;&nbsp; Scentre Group Trust 1 / Scentre Group Trust 2<sup>1</sup>  | 01/28/26  | 3.625  | 17748505  |
|  |  |  |  | 118473247  |
|  | **RETAIL (1.0%)**  |  |  |  |
| 11000000  | &nbsp;&nbsp; Nordstrom, Inc.  | 04/08/24  | 2.300  | 10323335  |
| 72275000  | &nbsp;&nbsp; Walgreens Boots Alliance, Inc.  | 11/17/23  | 0.950  | 69130519  |
|  |  |  |  | 79453854  |
|  | **SEMICONDUCTORS (0.4%)**  |  |  |  |
| 33545000  | &nbsp;&nbsp; ams-OSRAM AG<sup>1</sup>  | 07/31/25  | 7.000  | 29959033  |
|  | **Total Corporate Bonds**<br> **(Cost $3,800,561,230)**  |  |  | **3561951446**  |
|  | **LOAN PARTICIPATIONS AND** <br> &nbsp;&nbsp;&nbsp;&nbsp;**ASSIGNMENTS (13.7%)**  |  |  |  |
| 36085000  | AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)<sup>2</sup>  | 04/20/28  | 8.993  | 35685539  |
| 21708626  | &nbsp;&nbsp; Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>2</sup>  | 02/10/27  | 9.203  | 18132130  |
| 20833910  | Allspring Buyer LLC (3-Month USD-LIBOR + 3.000%)<sup>2</sup>  | 11/01/28  | 6.688  | 20517027  |
| 6705000  | &nbsp;&nbsp;&nbsp;&nbsp; Allspring Buyer LLC (3-Month CME Term SOFR + <br> 3.750%)<sup>2</sup>  | 11/01/28  | 7.303  | 6612806  |
| 46813400  | &nbsp;&nbsp;&nbsp;&nbsp; Asplundh Tree Expert LLC (1-Month USD-LIBOR +<br> 1.750%)<sup>2</sup>  | 09/07/27  | 5.504  | 46052683  |
| 8835235  | Avantor Funding, Inc. Term B5 (1-Month USD-LIBOR + 2.250%)<sup>2</sup>  | 11/08/27  | 6.004  | 8649960  |
| 20775495  | Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 01/15/25  | 5.239  | 20349598  |
| 14737500  | Avolon TLB Borrower 1 (US) LLC Term B5 (1-Month USD-LIBOR + 2.250%)<sup>2</sup>  | 12/01/27  | 5.739  | 14442750  |
| 55831709  | Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems U.S. Holdings, Inc.) Term B3 (3-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 06/01/24  | 5.424  | 55133813  |
| 10333363  | &nbsp;&nbsp; BCP Renaissance Parent LLC Term B3 (3-Month CME Term SOFR + 3.500%)<sup>2</sup>  | 11/02/26  | 7.053  | 10099002  |
| 35975048  | Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)<sup>2</sup>  | 11/01/26  | 5.365  | 35512049  |
| 36166784  | Charter Communications Operating LLC Term B1 (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 04/30/25  | 5.510  | 35682511  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **LOAN PARTICIPATIONS AND** <br> &nbsp;&nbsp;&nbsp;&nbsp;**ASSIGNMENTS (continued)**  |  |  |  |
| $24491572  | Clarios Global LP (1-Month USD-LIBOR + 3.250%)<sup>2</sup>  | 04/30/26  | 7.004% | $23768336  |
| 36299833  | &nbsp;&nbsp; Clean Harbors, Inc. (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 06/28/24  | 5.504  | 36086027  |
| 19850000  | &nbsp;&nbsp; Clean Harbors, Inc. (1-Month USD-LIBOR + 2.000%)<sup>2</sup>  | 10/08/28  | 5.754  | 19709462  |
| 25891030  | Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 10/06/23  | 5.424  | 25812321  |
| 22402527  | &nbsp;&nbsp; Eastern Power LLC (3-Month USD-LIBOR + 3.750%)<sup>2</sup>  | 10/02/25  | 7.424  | 19066567  |
| 46179254  | &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. (1-Month USD-LIBOR +<br> 1.750%)<sup>2</sup>  | 08/01/27  | 4.878  | 44440143  |
| 21514863  | &nbsp;&nbsp; Genpact, Ltd. (1-Month USD-LIBOR + 1.375%)<sup>2</sup>  | 08/09/23  | 5.129  | 21353501  |
| 19440351  | Icon Plc. (3-Month USD-LIBOR + 2.250%)<sup>2</sup>  | 07/03/28  | 5.938  | 19221647  |
| 6309540  | &nbsp;&nbsp; Iqvia, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 01/17/25  | 5.504  | 6262218  |
| 11310890  | &nbsp;&nbsp; Iqvia, Inc. Term B3 (3-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 06/11/25  | 5.424  | 11247322  |
| 33569116  | Iridium Satellite LLC Term B2 (1-Month USD-LIBOR + 2.500%)<sup>2</sup>  | 11/04/26  | 6.254  | 33013212  |
| 33005845  | &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR +<br> 3.500%)<sup>2</sup>  | 05/05/28  | 7.254  | 32572808  |
| 49855543  | Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)<sup>2</sup>  | 01/31/25  | 5.754  | 48588215  |
| 22643261  | Lumen Technologies, Inc. Term B (1-Month USD-LIBOR + 2.250%)<sup>2</sup>  | 03/15/27  | 6.004  | 21054157  |
| 36417150  | MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)<sup>2</sup>  | 09/01/28  | 7.320  | 33771080  |
| 38405677  | NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)<sup>2</sup>  | 10/01/25  | 6.993  | 37781585  |
| 50000000  | &nbsp;&nbsp;&nbsp;&nbsp; NVA Holdings Parent LLC (1-Month USD-LIBOR +<br> 1.750%)<sup>2,4</sup>  | 12/16/24  | 5.563  | 47785000  |
| 50027638  | &nbsp;&nbsp; Organon & Co. (3-Month USD-LIBOR + 3.000%)<sup>2</sup>  | 06/02/28  | 6.188  | 48714412  |
| 15000000  | Setanta Aircraft Leasing DAC (3-Month USD-LIBOR + 2.000%)<sup>2</sup>  | 11/05/28  | 5.674  | 14768700  |
| 45000000  | SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)<sup>2</sup>  | 10/20/27  | 7.993  | 45365850  |
| 15880000  | &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co. (3-Month Term SOFR + <br> 2.500%)<sup>2</sup>  | 06/22/27  | 6.203  | 15612104  |
| 12886877  | SS&C Technologies Holdings, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 04/16/25  | 5.504  | 12600660  |
| 9695940  | SS&C Technologies Holdings, Inc. Term B4 (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 04/16/25  | 5.504  | 9480593  |
| 8093227  | SS&C Technologies Holdings, Inc. Term B5 (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 04/16/25  | 5.504  | 7906921  |
| 17400488  | &nbsp;&nbsp;&nbsp;&nbsp; UGI Energy Services LLC (1-Month USD-LIBOR + <br> 3.500%)<sup>2</sup>  | 08/13/26  | 7.254  | 17284426  |

---

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

financial statements october 31, 2022 19

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **LOAN PARTICIPATIONS AND** <br> &nbsp;&nbsp;&nbsp;&nbsp;**ASSIGNMENTS (continued)**  |  |  |  |
| $47895625  | United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)<sup>2</sup>  | 04/21/28  | 8.108% | $46658481  |
| 20763820  | Vistra Operations Co. LLC (fka Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 12/31/25  | 5.436  | 20582136  |
| 41357776  | Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 05/30/25  | 5.504  | 41055037  |
| 59465793  | Wynn Resorts, Ltd. Term A (1-Month USD-LIBOR + 1.750%)<sup>2</sup>  | 09/20/24  | 5.510  | 58276477  |
|  | **Total Loan Participations and Assignments**<br> **(Cost $1,152,726,763)**  |  |  | **1126709266**  |
|  | **MUNICIPAL BONDS (1.8%)**  |  |  |  |
| 31000000  | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)<sup>2</sup>  | 08/01/52  | 3.244  | 27913466  |
| 10100000  | New Jersey Turnpike Authority, Revenue Bonds (1-Month USD-LIBOR + 0.700%)<sup>2</sup>  | 01/01/24  | 2.890  | 10086207  |
| 12845000  | &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds  | 12/15/26  | 6.250  | 13305008  |
| 104360000  | &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month<br> USD-LIBOR + 0.690%)<sup>2</sup>  | 09/15/27  | 2.863  | 100186696  |
|  | &nbsp;&nbsp; **Total Municipal Bonds**<br> **(Cost $159,136,209)**  |  |  | **151491377**  |
|  | **RESIDENTIAL MORTGAGE BACKED** <br> &nbsp;&nbsp;&nbsp;&nbsp;**SECURITIES (1.0%)**  |  |  |  |
| 13549839  | Cascade Funding Mortgage Trust 2019-RM3<sup>1,2,3</sup>  | 06/25/69  | 2.800  | 13050097  |
| 12469118  | CFMT LLC 2021-HB5<sup>1,2,3</sup>  | 02/25/31  | 0.801  | 11946554  |
| 2824559  | Pepper Residential Securities Trust No. 23A (1-Month USD-LIBOR + 0.950%)<sup>1,2</sup>  | 08/18/60  | 4.393  | 2817513  |
| 1658580  | Pepper Residential Securities Trust No. 24A (1-Month USD-LIBOR + 0.900%)<sup>1,2</sup>  | 11/18/60  | 4.343  | 1654084  |
| 4841150  | RESIMAC Premier Series 2019-2A (1-Month USD-LIBOR + 0.950%)<sup>1,2</sup>  | 02/10/51  | 4.250  | 4796754  |
| 7225458  | RESIMAC Premier Series 2020-1A (1-Month USD-LIBOR + 1.050%)<sup>1,2</sup>  | 02/07/52  | 4.248  | 7208301  |
| 10512011  | RESIMAC Premier Series 2021-1A (1-Month USD-LIBOR + 0.700%)<sup>1,2</sup>  | 07/10/52  | 4.000  | 10433063  |
| 21282393  | &nbsp;&nbsp; RMF Buyout Issuance Trust 2021-HB1<sup>1,2,3</sup>  | 11/25/31  | 1.259  | 20123490  |
| 7175604  | &nbsp;&nbsp; RMF Proprietary Issuance Trust 2019-1<sup>1,2,3</sup>  | 10/25/63  | 2.750  | 6669701  |
|  | &nbsp;&nbsp; **Total Residential Mortgage Backed** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Securities (Cost $81,483,148)**  |  |  | **78699557**  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **U.S. GOVERNMENT AGENCY OBLIGATIONS (2.7%)**  |  |  |  |
| $15622000  | &nbsp;&nbsp; Federal Farm Credit Banks Funding Corp.  | 08/25/25  | 0.610% | $13933469  |
| 50000000  | Federal Home Loan Bank Discount Notes<sup>6</sup>  | 11/25/22  | 0.000  | 49892500  |
| 36000000  | Federal Home Loan Mortgage Corp.  | 05/19/23  | 0.250  | 35133151  |
| 40168000  | Federal Home Loan Mortgage Corp.  | 10/27/25  | 0.600  | 35657729  |
| 26490000  | Federal Home Loan Mortgage Corp.  | 10/27/25  | 0.625  | 23522934  |
| 40500000  | Federal Home Loan Mortgage Corp.  | 11/12/25  | 0.600  | 35816391  |
| 24040000  | Federal Home Loan Mortgage Corp.  | 11/25/25  | 0.625  | 21216277  |
| 18772  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.775%)<sup>2</sup>  | 04/01/36  | 2.544  | 18720  |
| 12868  | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (6-Month USD-LIBOR + 1.740%)<sup>2</sup>  | 12/01/36  | 2.865  | 12553  |
| 10637  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Non Gold Guaranteed (1-Year USD-LIBOR + 1.745%)<sup>2</sup>  | 01/01/37  | 1.995  | 10405  |
| 2876250  | Federal National Mortgage Association (FNMA)  | 07/01/35  | 5.000  | 2879222  |
| 177005  | Federal National Mortgage Association (FNMA)  | 11/01/35  | 5.500  | 181390  |
| 22123  | Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.955%)<sup>2</sup>  | 07/01/36  | 4.205  | 22651  |
| 33273  | Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.721%)<sup>2</sup>  | 09/01/36  | 3.971  | 33468  |
| 25812  | Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.754%)<sup>2</sup>  | 01/01/37  | 2.089  | 25421  |
| 165981  | Federal National Mortgage Association (FNMA)  | 08/01/37  | 5.500  | 170195  |
| 2018831  | Federal National Mortgage Association (FNMA)  | 08/01/37  | 5.500  | 2061239  |
| 785974  | Federal National Mortgage Association (FNMA)  | 06/01/40  | 6.500  | 820443  |
| 4790  | &nbsp;&nbsp; Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)<sup>2</sup>  | 08/20/29  | 2.625  | 4690  |
|  | &nbsp;&nbsp; **Total U.S. Government Agency Obligations**<br> **(Cost $239,131,506)**  |  |  | **221412848**  |
|  | **U.S. TREASURY BILLS (6.3%)**  |  |  |  |
| 99500000  | U.S. Treasury Bill<sup>6</sup>  | 11/01/22  | 0.000  | 99500000  |
| 111500000  | U.S. Treasury Bill<sup>6</sup>  | 11/08/22  | 0.000  | 111439849  |
| 78000000  | U.S. Treasury Bill<sup>6</sup>  | 11/22/22  | 0.000  | 77863475  |
| 42000000  | U.S. Treasury Bill<sup>6</sup>  | 12/15/22  | 0.000  | 41840610  |
| 61500000  | U.S. Treasury Bill<sup>6</sup>  | 12/20/22  | 0.000  | 61196391  |
| 9000000  | U.S. Treasury Bill<sup>6,7</sup>  | 01/05/23  | 0.000  | 8938412  |
| 120000000  | U.S. Treasury Bill<sup>6</sup>  | 01/26/23  | 0.000  | 118856917  |
|  | &nbsp;&nbsp; **Total U.S. Treasury Bills**<br> **(Cost $519,666,411)**  |  |  | **519635654**  |

---

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

financial statements october 31, 2022 21

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
|  | Interest Rate  | Value  |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $8,678,737,800)**<sup>8</sup>  | **100.2%**  | $**8253994566**  |
| &nbsp;&nbsp; **LIABILITIES IN EXCESS OF OTHER ASSETS**  | **(0.2)%**  | **(14462724)**  |
| **NET ASSETS**  | **100.0%**  | $**8239531842**  |

---

____________

---

| | |
|:---|:---|
| <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, 2022 was $3,936,331,874 or 47.8% of net assets.  |
| <sup>2</sup>  | Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2022 coupon or interest rate.  |
| <sup>3</sup>  | This variable rate security is based on a predetermined schedule and the rate at year end also represents the reference rate at year end.  |
| <sup>4</sup>  | Security that used significant unobservable inputs to determine fair value.  |
| <sup>5</sup>  | Security is perpetual in nature and has no stated maturity date.  |
| <sup>6</sup>  | Security issued with zero coupon. Income is recognized through accretion of discount.  |
| <sup>7</sup>  | All or a portion of this security is held at the broker as collateral for open futures contracts.  |
| <sup>8</sup>  | The aggregate cost of investments and derivatives for federal income tax purposes is $8,700,698,597, the aggregate gross unrealized appreciation is $22,757,675 and the aggregate gross unrealized depreciation is $447,536,257, resulting in net unrealized depreciation of $424,778,582.  |
| Abbreviations:  | Abbreviations:  |
| CMT – Constant Maturity Treasury.  | CMT – Constant Maturity Treasury.  |
| FHLMC – Federal Home Loan Mortgage Corporation.  | FHLMC – Federal Home Loan Mortgage Corporation.  |
| FNMA – Federal National Mortgage Association.  | FNMA – Federal National Mortgage Association.  |
| GNMA – Government National Mortgage Association.  | GNMA – Government National Mortgage Association.  |
| LIBOR – London Interbank Offered Rate.  | LIBOR – London Interbank Offered Rate.  |
| SOFR – Secured Overnight Financing Rate.  | SOFR – Secured Overnight Financing Rate.  |

---

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

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**FINANCIAL FUTURES CONTRACTS** 

The following futures contracts were open at October 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description  | Number <br> of<br> Contracts  | Expiration<br> Date  | Notional<br> Amount  | Market<br> Value  | Unrealized<br> Appreciation /<br> (Depreciation)  |
| Contracts to Sell:  |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury 2-Year Notes  | 1165  | December 2022  | $243048125  | $238105976  | $4942149  |
| &nbsp;&nbsp; U.S. Treasury 5-Year Notes  | 3474  | December 2022  | 386267144  | 370306688  | 15960456  |
| &nbsp;&nbsp; U.S. Treasury 10-Year Notes  | 142  | December 2022  | 16727156  | 15704312  | 1022844  |
|  |  |  |  |  | $21925449  |

---

**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).  |

---

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

financial statements october 31, 2022 23

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**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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

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

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations 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.*

------

**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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, 2022  |
| Asset Backed Securities  | $—  | $2106914309  | $12906891  | $2119821200  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Backed Securities  | —  | 474273218  | —  | 474273218  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  | —  | 3540320171  | 21631275  | 3561951446  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments  | —  | 1078924266  | 47785000  | 1126709266  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds  | —  | 151491377  | —  | 151491377  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage Backed Securities  | —  | 78699557  | —  | 78699557  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations  | —  | 221412848  | —  | 221412848  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills  | —  | 519635654  | —  | 519635654  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment, at**<br> **value**  | $**—**  | $**8171671400**  | $**82323166**  | $**8253994566**  |

---

---

| | | | |
|:---|:---|:---|:---|
| Other Financial Instruments, at value  |  |  |  |
| Financial Futures Contracts  | $21925449  | $—  | $21925449  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments, at value**  | $**21925449**  | $**—**  | $**21925449**  |

---

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

financial statements october 31, 2022 25

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**BBH LIMITED DURATION FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Backed<br> Securities  | Corporate Bonds  | Loan <br> Participations <br> and Assignments  | Total  |
| &nbsp;&nbsp; Balance as of October 31, 2021  | $62676293  | $—  | $—  | $62676293  |
| &nbsp;&nbsp; Purchases  | —  | —  | 49625000  | 49625000  |
| Sales / Paydowns  | (25751558 ) | —  | —  | (25751558 ) |
| &nbsp;&nbsp; Realized gains/(losses)  | —  | —  | —  | —  |
| &nbsp;&nbsp; Change in unrealized appreciation/(depreciation)  | (1434819 ) | —  | (1949173 ) | (3383992 ) |
| Amortization  | —  | —  | 109173  | 109173  |
| Transfers from Level 3  | (22583025 ) | —  | —  | (22583025 ) |
| Transfers to Level 3  | —  | 21631275  | —  | 21631275  |
| &nbsp;&nbsp; Balance as of October 31, 2022  | $12906891  | $21631275  | $47785000  | $82323166  |

---

The Fund's investments classified as Level 3 were valued using a model approach, including the Fund's assumptions in determining their fair value.

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

------

**BBH LIMITED DURATION FUND**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $8,678,737,800)  | $8253994566  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 914717  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 36958936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  | 13994575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 7041064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures variation margin on open contracts  | 1380609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver reimbursement  | 115946  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | 132695  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 151515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **8314684623**  |
| **LIABILITIES:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 53946242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | 18309914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 1767722  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared  | 683822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 226106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 95663  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees  | 77885  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 12593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 31723  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **75152781**  |
| &nbsp;&nbsp; **NET ASSETS**  | $**8239531842**  |
| Net Assets Consist of:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $8665181689  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (425649847 ) |
| **Net Assets**  | $**8239531842**  |

---

---

| | |
|:---|:---|
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |
| **CLASS N SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($490,293,996 ÷ 49,492,351 shares outstanding)  | **$9.91**  |
| **CLASS I SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($7,749,237,846 ÷ 782,661,133 shares outstanding)  | **$9.90**  |

---

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

financial statements october 31, 2022 27

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**BBH LIMITED DURATION FUND**

------

STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT INCOME:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | $2992201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 225398115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 55633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  | 1769070  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **230215019**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 26740221  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees  | 1155945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 1015139  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 141273  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 103022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 60031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 702386  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **29918017**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver  | (797646 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | **29120371**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income**  | **201094648**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities  | (39252927 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on futures contracts  | 80455098  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities and futures contracts  | 41202171  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (495579413 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts  | 12342705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts  | (483236708 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | (**442034537** ) |
| **Net Decrease in Net Assets Resulting from Operations**  | $(**240939889** ) |

---

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

------

**BBH LIMITED DURATION FUND**

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  |
|  | 2022  | 2021  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $201094648  | $155597806  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities and futures contracts  | 41202171  | (5762719 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities and futures contracts  | (483236708 ) | 70872033  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (240939889 ) | 220707120  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N  | (10755212 ) | (8039596 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (189176618 ) | (145689084 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions declared  | (199931830 ) | (153728680 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares<sup>1</sup>  | 4384848010  | 7111674362  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions  | 46841299  | 32811791  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<sup>1</sup>  | (7849015289 ) | (3185266679 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from share transactions  | (3417325980 ) | 3959219474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | (3858197699 ) | 4026197914  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 12097729541  | 8071531627  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | $**8239531842**  | $**12097729541**  |

---

________________

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

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

financial statements october 31, 2022 29

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**BBH LIMITED DURATION FUND**

------

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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,  |
|  | 2022  | 2021  | 2020  | 2019  | 2018  |
| &nbsp;&nbsp; Net asset value, beginning of year  | $10.32  | $10.23  | $10.26  | $10.15  | $10.19  |
| Income from investment operations:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.19  | 0.15  | 0.24  | 0.30  | 0.26  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br> gain/(loss)  | (0.41 ) | 0.09  | (0.03 ) | 0.11  | (0.06 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (0.22 ) | 0.24  | 0.21  | 0.41  | 0.20  |
|  Dividends and distributions to shareholders:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.19 ) | (0.15 ) | (0.24 ) | (0.30 ) | (0.24 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders:  | (0.19 ) | (0.15 ) | (0.24 ) | (0.30 ) | (0.24 ) |
| Net asset value, end of year  | $9.91  | $10.32  | $10.23  | $10.26  | $10.15  |
| &nbsp;&nbsp; Total return<sup>2</sup>  | (2.12 )% | 2.38% | 2.06% | 4.14% | 2.03% |
| Ratios/Supplemental data:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year<br> &nbsp;&nbsp;&nbsp;&nbsp;(in millions)  | $490  | $656  | $461  | $371  | $275  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.49% | 0.49% | 0.49% | 0.51% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver<sup>3</sup>  | (0.14 )% | (0.14 )% | (0.14 )% | (0.16 )% | (0.15 )% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangement  | — % | — % | — % | (0.00 )%<sup>4</sup>  | (0.00 )%<sup>4</sup>  |
| &nbsp;&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;&nbsp; Ratio of net investment income to average net assets  | 1.87% | 1.48% | 2.32% | 2.98% | 2.52% |
| &nbsp;&nbsp; Portfolio turnover rate  | 46% | 34% | 51% | 53% | 48% |

---

____________

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

<sup>2</sup> Assumes the reinvestment of distributions. 

<sup>3</sup> The ratio of expenses to average net assets for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, reflect fees reduced as result of contractual operating expense limitation of the share class to 0.35%. The agreement is effective through March 1, 2023 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2022, 2021, 2020, 2019 and 2018, the waived fees were $797,646, $746,522, $595,975, $538,703 and $242,627, respectively. 

<sup>4</sup> Less than 0.01%. 

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

------

**BBH LIMITED DURATION FUND**

------

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Class I share outstanding throughout each year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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,  |
|  | 2022  | 2021  | 2020  | 2019  | 2018  |
| &nbsp;&nbsp; Net asset value, beginning of year  | $10.32  | $10.23  | $10.25  | $10.15  | $10.19  |
| Income from investment operations:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.19  | 0.16  | 0.24  | 0.31  | 0.25  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized <br> gain/(loss)  | (0.41 ) | 0.09  | (0.02 ) | 0.10  | (0.04 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (0.22 ) | 0.25  | 0.22  | 0.41  | 0.21  |
|  Dividends and distributions to shareholders:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.20 ) | (0.16 ) | (0.24 ) | (0.31 ) | (0.25 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.20 ) | (0.16 ) | (0.24 ) | (0.31 ) | (0.25 ) |
| Net asset value, end of year  | $9.90  | $10.32  | $10.23  | $10.25  | $10.15  |
| Total return<sup>2</sup>  | (2.14 )% | 2.46% | 2.24% | 4.12% | 2.11% |
| Ratios/Supplemental data:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year<br> &nbsp;&nbsp;&nbsp;&nbsp;(in millions)  | $7749  | $11442  | $7610  | $6769  | $6000  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.27% | 0.27% | 0.27% | 0.28% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangement  | — % | — % | — % | (0.00 )%<sup>3</sup>  | (0.00 )%<sup>3</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.27% | 0.27% | 0.27% | 0.28% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets  | 1.92% | 1.55% | 2.40% | 3.04% | 2.47% |
| &nbsp;&nbsp; Portfolio turnover rate  | 46% | 34% | 51% | 53% | 48% |

---

____________

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

<sup>2</sup> Assumes the reinvestment of distributions. 

<sup>3</sup> Less than 0.01%. 

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

financial statements october 31, 2022 31

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**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. The Fund commenced operation 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. As of October 31, 2022, there were eight series of the Trust.

**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.* Bonds and other fixed income securities, including restricted securities (other than short-term obligations but including listed issues) are valued at their most recent bid prices (sales price if the principal market is an exchange) in the principal market in which such securities are normally traded, on the basis of valuations furnished by a pricing service, use of which has been approved by the Board of Trustees (the "Board"). In making such valuations, the pricing service utilizes both dealer supplied valuations and electronic data processing techniques, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted prices, or exchange or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. Futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which it is traded.

Securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. 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" by the Board.

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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.

&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, 2022, are listed in the Portfolio of Investments.

For the year ended October 31, 2022, the average monthly notional amount of open futures contracts was $939,504,321. The range of monthly notional amounts was $646,042,425 to $1,373,921,148.

financial statements october 31, 2022 33

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**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**Fair Values of Derivative Instruments as of October 31, 2022** 

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 Location  | Fair Value  | Statement of Assets<br> and Liabilities Location  | Fair Value  |
| Interest <br> Rate Risk  | Net unrealized<br> appreciation/(depreciation)<br> on investments<br> in securities and<br> futures contracts  | $21925449 <br> \*  | Net unrealized<br> appreciation/(depreciation)<br> on investments<br> in securities and<br> futures contracts  | $—  |
| Total  |  | $21925449  |  | $—  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________

<sup>\*</sup> Includes cumulative appreciation/(depreciation) of futures contracts as reported 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** 

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Derivatives  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $80455098  |
| Net Change in Unrealized Appreciation/(Depreciation) on Derivatives  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $12342705  |

---

&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 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 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.

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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 London Interbank Offered Rate ("LIBOR"). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates.

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 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.

financial statements october 31, 2022 35

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 2022, 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, 2022, 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 $10,755,212 and $189,176,618 to Class N and Class I shareholders, respectively, during the year ended October 31, 2022, and in the amount of $8,039,596 and $145,689,084 to Class N and Class I shareholders, respectively, during the year ended October 31, 2021.

The tax character of distributions paid during the years ended October 31, 2022 and 2021, 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  |
| 2022:  | $199931830  | $—  | $199931830  | $—  | $199931830  |
| 2021:  | 153728680  | —  | 153728680  | —  | 153728680  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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  | Book <br> unrealized <br> appreciation/<br> (depreciation)  | Total <br> retained <br> earnings/<br> (accumulated <br> deficit)  |
| 2022:  | $144719  | $—  | $(1015984 ) | $(21960797 ) | $(402817785 ) | $(425649847 ) |
| 2021:  | —  | —  | (55613992 ) | (9583059 ) | 80418923  | 15221872  |

---

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

The Fund had $1,015,984 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $0 and $1,015,984, 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 rather than being considered all short-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) is 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.

&nbsp;&nbsp;&nbsp;&nbsp;*I.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 ("SID" or "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, 2022, the Fund incurred $26,740,221 for services under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*B.Investment Advisory and Administrative Fee Waivers.* 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, 2023, unless it is renewed by all parties to the agreement. The

financial statements october 31, 2022 37

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

agreement may only be terminated during its term with approval of the Fund's Board of Trustees. For the year ended October 31, 2022, the Investment Adviser waived fees in the amount of $797,646 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, 2022, Class N shares of the Fund incurred $1,155,945 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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net asset value. For the year ended October 31, 2022, the Fund incurred $1,015,139 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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, 2022 was $55,633. This amount is included in "Interest income from affiliates" in the Statement of Operations. 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, 2022, was $2,141. This amount is included under line item "Custody and fund accounting fees" 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, 2022, the Fund incurred $141,273 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.

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**4. Investment Transactions.** For the year ended October 31, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $3,929,820,191 and $4,184,494,062, 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, 2022  | For the year ended<br> October 31, 2022  | For the year ended<br> October 31, 2021  | For the year ended<br> October 31, 2021  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class N**  |  |  |  |  |
| Shares sold  | 25540936  | $259500608  | 37397145  | $386600187  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | 1034691  | 10416727  | 754073  | 7791895  |
| &nbsp;&nbsp; Shares redeemed  | (40597352 ) | (411405769 ) | (19724527 ) | (203824235 ) |
| Net increase/(decrease)  | (14021725 ) | $(141488434 ) | 18426691  | $190567847  |
| **Class I**  |  |  |  |  |
| Shares sold  | 406100699  | $4125347402  | 650852091  | $6725074175  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | 3619691  | 36424572  | 2421793  | 25019896  |
| &nbsp;&nbsp; Shares redeemed  | (735947402 ) | (7437609520 ) | (288574356 ) | (2981442444 ) |
| Net increase/(decrease)  | (326227012 ) | $(3275837546 ) | 364699528  | $3768651627  |

---

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2022 and October 31, 2021. Specifically:

During the year ended October 31, 2022, 262,809 shares of Class N were exchanged for 263,024 shares of Class I valued at $2,665,672 and 644,524 shares of Class I were exchanged for 644,524 shares of Class N valued at $6,632,150.

During the year ended October 31, 2021, 245,206 shares of Class N were exchanged for 245,372 shares of Class I valued at $2,536,380 and 1,144 shares of Class I were exchanged for 1,144 shares of Class N valued at $11,815.

financial statements october 31, 2022 39

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**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**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 securities risk), or certain risks associated with investing in foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign investment 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 Fund invests in asset-backed 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). 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 United

------

**BBH LIMITED DURATION FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

Kingdom's Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates were phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. The unavailability and/ or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than June 2023 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund's investments resulting from a substitute reference rate may also adversely affect the fund's performance and/or net asset value (LIBOR transition 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. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

financial statements october 31, 2022 41

------

**BBH LIMITED DURATION FUND**

------

DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

------

**BBH LIMITED DURATION FUND**

------

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class N**  |  |  |  |
| Actual  | $1000  | $994  | $1.76  |
| Hypothetical<sup>2</sup>  | $1000  | $1023  | $1.79  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class I**  |  |  |  |
| Actual  | $1000  | $994  | $1.36  |
| Hypothetical<sup>2</sup>  | $1000  | $1024  | $1.38  |

---

________________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.35% and 0.27% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses. 

financial statements october 31, 2022 43

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**BBH LIMITED DURATION FUND**

------

CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

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

BBH, 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, 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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, and compliance with its Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser 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 and the Investment Adviser 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 and the Fund have 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 and the Investment Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH and the Investment Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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 could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might

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**BBH LIMITED DURATION FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH 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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management services through the SID, BBH provides administrative, custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Investment Adviser. The Investment Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund 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 Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases and sales between BBH's or the Investment Adviser's clients ("cross trades"), including the Fund, if BBH or

financial statements october 31, 2022 45

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**BBH LIMITED DURATION FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

the Investment 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 Fund. BBH or the Investment 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 Fund 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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Investment Adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH 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 the Investment 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 Investment 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 may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

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

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**BBH LIMITED DURATION FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

there may be unaffiliated investment companies that may be more appropriate or that have superior performance. BBH, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client.

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

financial statements october 31, 2022 47

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**BBH LIMITED DURATION FUND**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

The qualified investment income ("QII") percentage for the year ended October 31, 2022 was 79.67%. In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

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**TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND**

------

(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

financial statements october 31, 2022 49

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**TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018- present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

---

------

**TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

financial statements october 31, 2022 51

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**TRUSTEES AND OFFICERS OF BBH LIMITED DURATION FUND**

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(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1981  | Anti-Money Laundering<br> Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |
| Brian J. Carroll<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. in 2014.  |

---

________________

---

| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

---

------

**BBH LIMITED DURATION FUND**

------

OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification*. The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum*. The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents*. The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

financial statements october 31, 2022 53

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**BBH LIMITED DURATION FUND**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

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---

| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

---

**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

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![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH Income Fund

------

**BBH INCOME FUND**

------

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The bond market experienced historic declines as interest rates rose significantly from historically low levels. Nearly every fixed income index, from lower quality credit indexes to traditionally staid short-term, high-quality indexes, experienced declines during this fiscal year. The U.S. Federal Reserve "Fed" increased rates aggressively to combat inflationary pressures, with the lower bound of the fed funds rate target range increasing to 3.00% from 0.00% one year ago. Credit markets offered no reprieve to the rising rate environment, as credit underperformed and spreads widened due to uncertainties involving the looming prospect of recession, the ongoing conflict in Ukraine, large and persistent outflows from fixed income funds, and the beginning of the Fed's quantitative tightening program.

Despite these challenges, the BBH Income Fund returned -15.93% while the Fund's benchmark, the Bloomberg U.S. Aggregate Index, returned -15.68%. The Fund's underperformance was driven by the general spread widening experienced by corporate debt instruments and asset-backed securities. Fund holdings in bonds issued by business development companies (BDC's) and property and casualty (P&C) insurers underperformed corporate bond alternatives and detracted from results. Despite the Fund's underperformance, the Fund avoided emerging market debt securities that suffered either permanent impairments or sharp declines over the past year. The Fund's one-year performance ending October 31, 2022 ranked in the 40<sup>th</sup> percentile out of 616 funds of its competitive Morningstar Intermediate Core-Plus Bond fund peer group and demonstrated the broad struggles that active fixed income managers faced in this environment.\*

In last year's letter, we wrote about our concern that credit market valuations made it increasingly challenging to source new opportunities in mainstream bond sectors in the market. Investment-grade and high-yield corporate credit spreads had to decreased to levels not seen since the 1990s, and our valuation framework revealed only 1% of bonds in the investment-grade corporate bond index and 25% of bonds in the high yield corporate bond index screened as a potential "buy" opportunity. The Fund's composition reflected that reality. Holdings of high quality "reserves" (Treasury securities and cash equivalents) increased to 15% of the Fund. The Fund's spread duration, a risk measure we use of how sensitive the portfolio is to changes in "credit spreads" (the additional yield on credit instruments over a comparable-maturity Treasury), was 3.6 years at the start of the fiscal year and declined to 3.4 years by December 31, 2021.

Our concerns regarding the state of credit market valuations proved valid as credit spreads began to widen during the first quarter of 2022. The Fund navigated that turbulent quarter well, as the Fund both avoided the underperformance associated with spreads widening from low levels and the losses from defaults and impairments in emerging market credits. Attractive opportunities also began to emerge as valuations improved, and we began adding credit to the Fund.

As the next few quarters progressed, credit spreads continued to widen, and we continued to find and add attractive credit opportunities for the Fund. This process created some short-term underperformance as those newer credit positions underperformed Treasury alternatives due to the general widening of credit spreads. The Fund's spread duration peaked at 4.2 years on July 31, 2022, and it ended the fiscal year at 4.1 years.

_______________

<sup>\*</sup> Morningstar rankings are based on total returns. 

financial statements october 31, 2022 3

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**BBH INCOME FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

Our outlook for the market is optimistic while also cognizant of emerging risks. Credit valuations have improved, with 64% of the investment grade corporate bond market screening as a "buy" candidate and 42% of the high yield corporate bond market screening as a "buy" candidate according to our valuation framework. There is widespread concern that the Fed's aggressive pace of policy tightening may push the U.S. to recession. However, we continue to find credits that meet our stringent criteria at attractive valuations. These stringent criteria include our analysts' assessments whether each credit evaluated for the Fund can withstand severe stress scenarios – the worst environments experienced by their industries – without impairment of principal or interest. This research process gives us confidence that the credits that comprise the Fund can navigate an economic slowdown triggered by monetary policy tightening.

As mentioned, we actively repositioned the Fund during the past year to capitalize on changing market dynamics. Holdings of "reserves" decreased to 5% from 15% as weights to investment grade corporate bonds, bank loans, asset-backed securities, and commercial mortgage-backed securities increased while we applied our process to opportunities that emerged on a bond-by-bond basis. We purchased corporate bonds issued by banks, P&C insurers, and BDCs and bank loans to technology and healthcare companies. In the asset-backed securities (ABS) sector, we invested in nontraditional deals that included personal consumer loan securitizations, collateralized fund obligations, small business loan securitizations, venture debt securitizations, and collateralized loan obligations. We also identified attractive single asset single borrower (SASB) commercial mortgage-backed securities (CMBS) deals.

The Fund's duration is managed to approximate that of the Bloomberg U.S. Aggregate Index. This is done through assessing the Fund's holdings and then purchasing or selling Treasury futures to gain or reduce exposures to various points of the yield curve. The Fund's duration was 6.1 years as of October 31, 2022. We expect this positioning will minimize the impact that active interest rate decisions will have on the Fund's performance versus its performance benchmark, and instead allow the Fund's performance to be driven by capturing the above-market yields offered by the carefully selected credits that comprise the Fund.

We believe the Income Fund is positioned well heading into the new fiscal year. As the exhibit below shows, elevated credit spreads combine with Treasury-equivalent yields that have not been observed since before the Global Financial Crisis of 2008 to create the highest yields experienced during a non-distressed market. The yield curve implies that the Fed's tightening campaign may end in early 2023, and the end of a tightening cycle may bring a steadier interest rate environment that contrasts from the persistent rises in rates experienced over the past year.

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**BBH INCOME FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

![image provided by client](e1022spy-incomefund40.jpg)

We remain confident that our approach and process will allow us to adapt to changes, capitalize on opportunities, and perform through a variety of environments. Thank you for the trust placed in BBH, and we look forward to engaging with you in 2023 and beyond.

________________

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| |
|:---|
| The BBH Income Fund was ranked against the following numbers of Intermediate Core-Plus Bond category funds over the following time periods ending 10/31/2022: 616 funds in the last year and 566 funds in the last three years. Class I ranked in the 40th percentile and 7th percentile for the one- and three-year periods respectively. Past performance does not guarantee future results. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  |
| Traditional ABS include prime auto backed loans, credit cards and student loans (FFELP). Non-traditional ABS include ABS backed by other collateral types.  |

---

financial statements october 31, 2022 5

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**BBH INCOME FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Income** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class I shares of the Fund since inception (June 27, 2018) to October 31, 2022 as compared to the Bloomberg Barclays U.S. Aggregate Bond Index.

![image provided by client](e1022incomefund-line40.jpg)

The annualized gross expense ratio as shown in the March 1, 2022 prospectus for Class I shares was 0.47%. Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

_______________

<sup>1</sup> The Fund's performance assumes the reinvestment of all dividends and distributions. The Bloomberg Barclays U.S. Aggregate Bond Index has been adjusted to reflect reinvestment of dividends on securities in the index. The Bloomberg Barclays U.S. Aggregate Bond Index is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged. Investments cannot be made in the index. 

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**BBH INCOME FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

financial statements october 31, 2022 7

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**BBH INCOME FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of BBH Trust and Shareholders of BBH Income Fund:

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period ended and for the period from June 27, 2018 (commencement of operations) through October 31, 2018, and the related notes. 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, 2022, 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 June 27, 2018 (commencement of operations) through October 31, 2018, 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.

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**BBH INCOME FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2022, 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 21, 2022

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

financial statements october 31, 2022 9

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**BBH INCOME FUND**

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PORTFOLIO ALLOCATION

October 31, 2022

**BREAKDOWN BY SECURITY TYPE** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Asset Backed Securities  | $97558583  | 17.8% |
| Commercial Mortgage Backed Securities  | 44264063  | 8.1  |
| &nbsp;&nbsp; Corporate Bonds  | 250276821  | 45.7  |
| Loan Participations and Assignments  | 102956759  | 18.8  |
| &nbsp;&nbsp; Municipal Bonds  | 5163049  | 0.9  |
| &nbsp;&nbsp; Preferred Stock  | 16704731  | 3.1  |
| &nbsp;&nbsp; Residential Mortgage Backed Securities  | 1495264  | 0.3  |
| &nbsp;&nbsp; U.S. Government Agency Obligations  | 3000000  | 0.5  |
| U.S. Treasury Bonds and Notes  | 25973162  | 4.8  |
| Liabilities in Excess of Other Assets  | (124816 ) | (0.0 ) |
| **NET ASSETS**  | $**547267616**  | **100.0%**  |

---

All data as of October 31, 2022. The Fund's 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.*

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**BBH INCOME FUND**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **ASSET BACKED SECURITIES (17.8%)**  |  |  |  |
| $2640000  | ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A<sup>1</sup>  | 12/20/30  | 3.199% | $2379767  |
| 2270000  | ABPCI Direct Lending Fund ABS II LLC 2022-2A<sup>1</sup>  | 03/01/32  | 4.987  | 2001784  |
| 1209886  | Adams Outdoor Advertising LP 2018-1<sup>1</sup>  | 11/15/48  | 4.810  | 1139878  |
| 1480000  | Ares PBN Finance Co. LLC<sup>1,2</sup>  | 09/15/36  | 6.000  | 1383800  |
| 3123060  | BHG Securitization Trust 2022-A<sup>1</sup>  | 02/20/35  | 1.710  | 2906449  |
| 779391  | Business Jet Securities LLC 2020-1A<sup>1</sup>  | 11/15/35  | 2.981  | 710935  |
| 1430000  | CARS-DB4 LP 2020-1A<sup>1</sup>  | 02/15/50  | 4.170  | 1306166  |
| 1042372  | CF Hippolyta Issuer LLC 2020-1<sup>1</sup>  | 07/15/60  | 2.280  | 894388  |
| 2413786  | CF Hippolyta Issuer LLC 2022-1A<sup>1</sup>  | 08/15/62  | 5.970  | 2349278  |
| 1750000  | &nbsp;&nbsp; CFG Investments, Ltd. 2021-1<sup>1</sup>  | 05/20/32  | 5.820  | 1650448  |
| 2000000  | Credit Acceptance Auto Loan Trust 2020-2A<sup>1</sup>  | 09/17/29  | 1.930  | 1929480  |
| 2850000  | &nbsp;&nbsp; DigitalBridge Issuer LLC 2021-1A<sup>1</sup>  | 09/25/51  | 3.933  | 2373754  |
| 1070000  | Elm Trust 2020-3A<sup>1</sup>  | 08/20/29  | 2.954  | 1016146  |
| 2490000  | Elm Trust 2020-4A<sup>1</sup>  | 10/20/29  | 2.286  | 2323256  |
| 36137  | &nbsp;&nbsp; FCI Funding LLC 2019-1A<sup>1</sup>  | 02/18/31  | 3.630  | 36103  |
| 4460000  | Flexential Issuer 2021-1A<sup>1</sup>  | 11/27/51  | 3.250  | 3809654  |
| 802140  | FNA LLC 2019-1<sup>2</sup>  | 12/10/31  | 3.000  | 737969  |
| 1670000  | FREED ABS Trust 2022-2CP<sup>1</sup>  | 05/18/29  | 4.490  | 1607808  |
| 1398791  | Global SC Finance VII Srl 2020-1A<sup>1</sup>  | 10/17/40  | 2.170  | 1228428  |
| 1315304  | Global SC Finance VII Srl 2020-2A<sup>1</sup>  | 11/19/40  | 2.260  | 1150995  |
| 4270000  | Golub Capital Partners ABS Funding, Ltd. 2021-1A<sup>1</sup>  | 04/20/29  | 2.773  | 3826565  |
| 1089427  | &nbsp;&nbsp; Lendmark Funding Trust 2019-2A<sup>1</sup>  | 04/20/28  | 2.780  | 1053775  |
| 493769  | &nbsp;&nbsp; LIAS Administration Fee Issuer LLC 2018-1A  | 07/25/48  | 5.956  | 478018  |
| 491776  | Mariner Finance Issuance Trust 2019-AA<sup>1</sup>  | 07/20/32  | 2.960  | 484093  |
| 1070000  | Mariner Finance Issuance Trust 2020-AA<sup>1</sup>  | 08/21/34  | 2.190  | 1015158  |
| 1260000  | &nbsp;&nbsp; Monroe Capital ABS Funding, Ltd. 2021-1A<sup>1</sup>  | 04/22/31  | 2.815  | 1119870  |
| 1790000  | Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup>  | 04/30/32  | 5.150  | 1544091  |
| 2700000  | Neuberger Berman Loan Advisers CLO 40 Ltd. 2021-40A (3-Month USD-LIBOR + 1.060%)<sup>1,3</sup>  | 04/16/33  | 5.139  | 2606183  |
| 2520000  | &nbsp;&nbsp; New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1<sup>1</sup>  | 08/15/53  | 1.426  | 2407871  |
| 280330  | &nbsp;&nbsp;&nbsp;&nbsp; Newtek Small Business Loan Trust 2018-1<br> (U.S. Prime Rate - 0.550%)<sup>1,3</sup>  | 02/25/44  | 5.700  | 274963  |

---

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

financial statements october 31, 2022 11

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**BBH INCOME FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **ASSET BACKED SECURITIES (continued)**  |  |  |  |
| $132977  | &nbsp;&nbsp;&nbsp;&nbsp; Newtek Small Business Loan Trust 2018-1<br> (U.S. Prime Rate + 0.750%)<sup>1,3</sup>  | 02/25/44  | 7.000% | $131020  |
| 3550000  | NextGear Floorplan Master Owner Trust 2022-1A<sup>1</sup>  | 03/15/27  | 2.800  | 3324594  |
| 1660000  | NFAS2 LLC 2022-1<sup>1</sup>  | 09/15/28  | 6.860  | 1645737  |
| 3960000  | &nbsp;&nbsp; Niagara Park CLO, Ltd. 2019-1A (3-Month USD-LIBOR + 1.000%)<sup>1,3</sup>  | 07/17/32  | 5.079  | 3815460  |
| 2180000  | OnDeck Asset Securitization Trust III LLC 2021-1A<sup>1</sup>  | 05/17/27  | 1.590  | 2006721  |
| 891104  | &nbsp;&nbsp; OneMain Financial Issuance Trust 2020-1A<sup>1</sup>  | 05/14/32  | 3.840  | 880041  |
| 2930000  | &nbsp;&nbsp; OneMain Financial Issuance Trust 2022-S1<sup>1</sup>  | 05/14/35  | 4.130  | 2731745  |
| 5630000  | &nbsp;&nbsp; Oportun Issuance Trust 2021-C<sup>1</sup>  | 10/08/31  | 2.180  | 4946127  |
| 487161  | Oxford Finance Funding LLC 2019-1A<sup>1</sup>  | 02/15/27  | 4.459  | 481931  |
| 1839768  | Oxford Finance Funding LLC 2020-1A<sup>1</sup>  | 02/15/28  | 3.101  | 1817827  |
| 593843  | &nbsp;&nbsp; ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)<sup>1,3</sup>  | 12/27/44  | 5.750  | 564367  |
| 5150000  | &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust <br> 2022-1<sup>1</sup>  | 03/15/32  | 3.070  | 4642483  |
| 2060000  | &nbsp;&nbsp; Republic Finance Issuance Trust 2020-A<sup>1</sup>  | 11/20/30  | 2.470  | 1935005  |
| 2130000  | &nbsp;&nbsp; Sabey Data Center Issuer LLC 2020-1<sup>1</sup>  | 04/20/45  | 3.812  | 1995807  |
| 1175875  | &nbsp;&nbsp; Santander Drive Auto Receivables Trust 2020-1  | 12/15/25  | 4.110  | 1168140  |
| 1940000  | &nbsp;&nbsp;&nbsp;&nbsp; Santander Revolving Auto Loan Trust <br> 2019-A<sup>1</sup>  | 01/26/32  | 2.510  | 1818427  |
| 2310000  | &nbsp;&nbsp; Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)<sup>1,3</sup>  | 07/20/32  | 5.303  | 2228578  |
| 2148233  | Stack Infrastructure Issuer LLC 2019-1A<sup>1</sup>  | 02/25/44  | 4.540  | 2091776  |
| 448593  | SWC Funding LLC 2018-1A<sup>1</sup>  | 08/15/33  | 4.750  | 439858  |
| 1468747  | &nbsp;&nbsp;&nbsp;&nbsp; Textainer Marine Containers VII, Ltd. <br> 2020-1A<sup>1</sup>  | 08/21/45  | 2.730  | 1319987  |
| 4732997  | &nbsp;&nbsp; Thrust Engine Leasing DAC 2021-1A<sup>1</sup>  | 07/15/40  | 4.163  | 3440923  |
| 5807754  | &nbsp;&nbsp; VC 3 LS LP 2021-B<sup>1,2</sup>  | 10/15/41  | 4.750  | 4739127  |
| 1838208  | &nbsp;&nbsp; VCP RRL ABS I Ltd. 2021-1A<sup>1</sup>  | 10/20/31  | 2.152  | 1645829  |
|  | &nbsp;&nbsp; **Total Asset Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $107,156,248)**  | &nbsp;&nbsp; **Total Asset Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $107,156,248)**  | &nbsp;&nbsp; **Total Asset Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $107,156,248)**  | **97558583**  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES (8.1%)**  |  |  |  |
| $1390000  | &nbsp;&nbsp; BPR Trust 2022-OANA (1-Month CME Term SOFR + 2.697%)<sup>1,3</sup>  | 04/15/37  | 6.073% | $1294142  |
| 4740000  | &nbsp;&nbsp; BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 3.889%)<sup>1,3</sup>  | 06/15/27  | 7.264  | 4621753  |
| 1737048  | &nbsp;&nbsp;&nbsp;&nbsp; BXMT, Ltd. 2020-FL2 (1-Month CME Term<br> SOFR + 1.014%)<sup>1,3</sup>  | 02/15/38  | 4.390  | 1706650  |
| 1250000  | &nbsp;&nbsp;&nbsp;&nbsp; BXMT, Ltd. 2020-FL3 (30-Day<br> SOFR + 2.664%)<sup>1,3</sup>  | 11/15/37  | 5.456  | 1169219  |
| 146085  | &nbsp;&nbsp; CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)<sup>1,2,3</sup>  | 11/15/31  | 7.412  | 124975  |
| 786000  | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)<sup>1,3</sup>  | 11/15/31  | 7.412  | 616184  |
| 1375473  | &nbsp;&nbsp; CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.750%)<sup>1,2,3</sup>  | 11/15/31  | 8.162  | 977823  |
| 890000  | &nbsp;&nbsp; Citigroup Commercial Mortgage Trust 2019-SMRT<sup>1</sup>  | 01/10/36  | 4.149  | 863697  |
| 3540000  | &nbsp;&nbsp; CSMC 2018-SITE<sup>1,3,7</sup>  | 04/15/36  | 4.782  | 3309036  |
| 5870000  | &nbsp;&nbsp; DFVI 2021-1A<sup>1,2</sup>  | 12/15/29  | 2.982  | 5600462  |
| 1000000  | &nbsp;&nbsp; Hudsons Bay Simon JV Trust 2015-HB10<sup>1,3,4</sup>  | 08/05/34  | 5.629  | 778203  |
| 3150000  | &nbsp;&nbsp; Intown Mortgage Trust 2022-STAY (1-Month CME Term SOFR + 4.134%)<sup>1,3</sup>  | 08/15/39  | 7.510  | 3042591  |
| 240000  | &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust 2014-C24<sup>1,3,4</sup>  | 11/15/47  | 3.884  | 166828  |
| 2691735  | Morgan Stanley Capital I Trust 2019-BPR (1-Month USD-LIBOR + 1.650%)<sup>1,3</sup>  | 05/15/36  | 5.062  | 2576643  |
| 5860000  | &nbsp;&nbsp; MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)<sup>1,3</sup>  | 03/15/39  | 5.271  | 5612683  |
| 1084417  | &nbsp;&nbsp; NADG NNN Operating LP 2019-1<sup>1</sup>  | 12/28/49  | 3.368  | 1007409  |
| 3960933  | Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month USD-LIBOR + 1.200%)<sup>1,3</sup>  | 11/25/36  | 4.786  | 3788211  |
| 2270000  | &nbsp;&nbsp; SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)<sup>1,3</sup>  | 02/15/39  | 6.026  | 2132807  |
| 1310000  | &nbsp;&nbsp; SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)<sup>1,3</sup>  | 02/15/39  | 6.876  | 1222685  |
| 890000  | &nbsp;&nbsp; STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR + 1.714%)<sup>1,3</sup>  | 07/15/38  | 5.130  | 860728  |

---

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

financial statements october 31, 2022 13

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES (continued)**  |  |  |  |
| $9507  | &nbsp;&nbsp; UBS-BAMLL Trust 2012-WRM<sup>1</sup>  | 06/10/30  | 3.663% | $9485  |
| 2915000  | Wells Fargo Commercial Mortgage Trust 2020-SDAL (1-Month USD-LIBOR + 1.340%)<sup>1,3</sup>  | 02/15/37  | 4.752  | 2781849  |
|  | **Total Commercial Mortgage Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $46,946,717)**  | **Total Commercial Mortgage Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $46,946,717)**  | **Total Commercial Mortgage Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $46,946,717)**  | **44264063**  |
|  | **CORPORATE BONDS (45.7%)**  |  |  |  |
|  | **AEROSPACE/DEFENSE (0.8%)**  |  |  |  |
| 2220000  | &nbsp;&nbsp; BAE Systems, Plc<sup>1</sup>  | 04/15/30  | 3.400  | 1903322  |
| 2700000  | Boeing Co.  | 02/01/28  | 3.250  | 2339450  |
|  |  |  |  | 4242772  |
|  | **AGRICULTURE (0.3%)**  |  |  |  |
| 1890000  | &nbsp;&nbsp; Cargill, Inc.<sup>1</sup>  | 10/11/32  | 5.125  | 1842874  |
|  | **AIRLINES (0.1%)**  |  |  |  |
| 880000  | &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP, Ltd.<sup>1</sup>  | 10/20/28  | 4.750  | 818652  |
|  | **AUTO MANUFACTURERS (0.4%)**  |  |  |  |
| 2230000  | General Motors Co.  | 10/15/29  | 5.400  | 2066973  |
|  | **BANKS (7.4%)**  |  |  |  |
| 2790000  | &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank Ltd. (5-Year CMT Index +<br> 2.250%)<sup>1,3</sup>  | 06/17/32  | 5.284  | 2562837  |
| 1635000  | &nbsp;&nbsp; Bank Leumi Le-Israel BM<sup>1</sup>  | 07/27/27  | 5.125  | 1584205  |
| 5910000  | Bank of America Corp. (5-Year CMT Index + 2.760%)<sup>3,5</sup>  |  | 4.375  | 4742775  |
| 3095000  | &nbsp;&nbsp; Bank of Nova Scotia  | 03/11/27  | 2.951  | 2772054  |
| 2920000  | Comerica Bank (SOFR + 2.610%)<sup>3</sup>  | 08/25/33  | 5.332  | 2666609  |
| 2710000  | DNB Bank ASA (SOFR + 1.950%)<sup>1,3</sup>  | 10/09/26  | 5.896  | 2669673  |
| 2470000  | Goldman Sachs Group, Inc. (SOFR + 1.725%)<sup>3</sup>  | 08/23/28  | 4.482  | 2293841  |
| 2140000  | HSBC Holdings, Plc (SOFR + 3.350%)<sup>3</sup>  | 11/03/28  | 7.390  | 2141823  |
| 1735000  | HSBC Holdings, Plc  | 03/31/30  | 4.950  | 1553305  |
| 1140000  | HSBC Holdings, Plc (SOFR + 2.387%)<sup>3</sup>  | 06/04/31  | 2.848  | 846586  |
| 2020000  | &nbsp;&nbsp; JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)<sup>3</sup>  | 03/13/26  | 2.005  | 1841892  |
| 2000000  | &nbsp;&nbsp; Morgan Stanley (SOFR + 1.610%)<sup>3</sup>  | 04/20/28  | 4.210  | 1851792  |
| 2055000  | &nbsp;&nbsp; Morgan Stanley (SOFR + 2.560%)<sup>3</sup>  | 10/18/33  | 6.342  | 2083822  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **BANKS (continued)**  |  |  |  |
| $1525000  | &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (1-Year CMT Index +<br> 1.750%)<sup>1,3</sup>  | 05/12/28  | 4.751% | $1397492  |
| 6100000  | &nbsp;&nbsp; US Bancorp (5-Year CMT Index + 2.541%)<sup>3,5</sup>  |  | 3.700  | 4742750  |
| 1245000  | Wells Fargo & Co. (SOFR + 2.000%)<sup>3</sup>  | 04/30/26  | 2.188  | 1132891  |
| 1165000  | Wells Fargo & Co. (SOFR + 2.100%)<sup>3</sup>  | 06/02/28  | 2.393  | 995132  |
| 3020000  | Wells Fargo & Co. (SOFR + 1.500%)<sup>3</sup>  | 03/02/33  | 3.350  | 2434563  |
|  |  |  |  | 40314042  |
|  | **BEVERAGES (0.4%)**  |  |  |  |
| 1310000  | &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc.  | 01/23/39  | 5.450  | 1230702  |
| 1180000  | &nbsp;&nbsp; Diageo Capital, Plc  | 01/24/33  | 5.500  | 1191495  |
|  |  |  |  | 2422197  |
|  | **BUILDING MATERIALS (0.4%)**  |  |  |  |
| 2530000  | &nbsp;&nbsp; James Hardie International Finance DAC<sup>1</sup>  | 01/15/28  | 5.000  | 2288048  |
|  | **DIVERSIFIED FINANCIAL SERVICES (5.4%)**  |  |  |  |
| 2160000  | &nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 10/29/24  | 1.750  | 1957421  |
| 485000  | &nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 10/15/27  | 4.625  | 436080  |
| 1265000  | &nbsp;&nbsp; American Express Co.  | 03/04/27  | 2.550  | 1111465  |
| 1250000  | &nbsp;&nbsp; American Express Co. (SOFR + 2.255%)<sup>3</sup>  | 05/26/33  | 4.989  | 1134089  |
| 2330000  | Aviation Capital Group LLC<sup>1</sup>  | 12/15/24  | 5.500  | 2241789  |
| 2685000  | Avolon Holdings Funding, Ltd.<sup>1</sup>  | 07/01/24  | 3.950  | 2513739  |
| 925000  | Avolon Holdings Funding, Ltd.<sup>1</sup>  | 01/15/26  | 5.500  | 849980  |
| 3055000  | Bread Financial Holdings, Inc.<sup>1</sup>  | 12/15/24  | 4.750  | 2667422  |
| 2338000  | Brightsphere Investment Group, Inc.  | 07/27/26  | 4.800  | 2092510  |
| 2345000  | &nbsp;&nbsp; Capital One Financial Corp.  | 05/11/27  | 3.650  | 2120971  |
| 2485000  | &nbsp;&nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP /<br> Drawbridge Special Opportunities <br> Finance<sup>1</sup>  | 02/15/26  | 3.875  | 2253420  |
| 2550000  | &nbsp;&nbsp; GCM Grosvenor Diversified Alternatives Issuer LLC<sup>1,2</sup>  | 11/15/41  | 6.000  | 1961970  |
| 2050000  | &nbsp;&nbsp; Oxford Finance LLC / Oxford Finance<br> Co.-Issuer II, Inc.<sup>1</sup>  | 02/01/27  | 6.375  | 1875750  |
| 4620000  | Sculptor Alternative Solutions LLC<sup>1,2</sup>  | 05/15/37  | 6.000  | 3772230  |
| 2655000  | Strategic Credit Opportunities Partners LLC  | 04/01/26  | 4.250  | 2314233  |
|  |  |  |  | 29303069  |

---

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

financial statements october 31, 2022 15

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **ELECTRIC (2.0%)**  |  |  |  |
| $1840000  | Alabama Power Co.  | 03/15/32  | 3.050% | $1544506  |
| 1635000  | &nbsp;&nbsp; Avista Corp.  | 04/01/52  | 4.000  | 1206817  |
| 5065000  | Edison International (5-Year CMT Index + 4.698%)<sup>3,5</sup>  |  | 5.375  | 4132533  |
| 2095000  | &nbsp;&nbsp; Narragansett Electric Co.<sup>1</sup>  | 04/09/30  | 3.395  | 1827303  |
| 2120000  | &nbsp;&nbsp; Nevada Power Co.  | 05/01/53  | 5.900  | 2092792  |
|  |  |  |  | 10803951  |
|  | **HEALTHCARE-SERVICES (0.7%)**  |  |  |  |
| 2545000  | &nbsp;&nbsp; PeaceHealth Obligated Group  | 11/15/50  | 3.218  | 1569546  |
| 490000  | &nbsp;&nbsp; Sutter Health  | 08/15/30  | 2.294  | 385880  |
| 1880000  | &nbsp;&nbsp; UnitedHealth Group, Inc.  | 02/15/53  | 5.875  | 1918717  |
|  |  |  |  | 3874143  |
|  | **INSURANCE (10.3%)**  |  |  |  |
| 4175000  | &nbsp;&nbsp; Aegon NV (6-Month USD-LIBOR + 3.540%)<sup>3</sup>  | 04/11/48  | 5.500  | 3690700  |
| 2880000  | Ascot Group, Ltd.<sup>1</sup>  | 12/15/30  | 4.250  | 2388360  |
| 2035000  | Athene Global Funding<sup>1</sup>  | 06/29/25  | 2.550  | 1847635  |
| 5715000  | &nbsp;&nbsp; AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)<sup>3</sup>  | 01/15/40  | 4.900  | 4629150  |
| 2920000  | Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)<sup>1,3</sup>  | 12/15/52  | 6.875  | 2631831  |
| 4210000  | &nbsp;&nbsp; Doctors Co. An Interinsurance Exchange<sup>1</sup>  | 01/18/32  | 4.500  | 3326406  |
| 1600000  | Enstar Finance LLC (5-Year CMT Index + 5.468%)<sup>3</sup>  | 09/01/40  | 5.750  | 1418211  |
| 4100000  | Enstar Finance LLC (5-Year CMT Index + 4.006%)<sup>3</sup>  | 01/15/42  | 5.500  | 3221534  |
| 2195000  | Fairfax Financial Holdings, Ltd.  | 04/29/30  | 4.625  | 1929811  |
| 4765000  | &nbsp;&nbsp; Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)<sup>1,3</sup>  | 04/01/41  | 6.625  | 4514838  |
| 2283000  | &nbsp;&nbsp; First American Financial Corp.  | 08/15/31  | 2.400  | 1591831  |
| 1690000  | Metropolitan Life Global Funding I<sup>1</sup>  | 03/21/29  | 3.300  | 1471630  |
| 1580000  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (5-Year CMT Index + 3.982%)<sup>1,3</sup>  | 05/23/42  | 5.875  | 1504786  |
| 1180000  | New York Life Insurance Co.<sup>1</sup>  | 05/15/50  | 3.750  | 832864  |
| 3708000  | PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)<sup>3</sup>  | 10/01/50  | 4.500  | 3028710  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **INSURANCE (continued)**  |  |  |  |
| $2995000  | &nbsp;&nbsp; Sirius International Group, Ltd.<sup>1</sup>  | 11/01/26  | 4.600% | $2660878  |
| 3125000  | &nbsp;&nbsp; Stewart Information Services Corp.  | 11/15/31  | 3.600  | 2348686  |
| 4830000  | &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance Luxembourg S.A. (5-Year<br> CMT Index + 3.582%)<sup>1,3</sup>  | 04/02/49  | 5.000  | 4193937  |
| 2520000  | Teachers Insurance & Annuity Association of America<sup>1</sup>  | 05/15/50  | 3.300  | 1620210  |
| 2660000  | &nbsp;&nbsp; United Insurance Holdings Corp.<sup>2</sup>  | 12/15/27  | 6.250  | 1812258  |
| 6280000  | &nbsp;&nbsp; Universal Insurance Holdings, Inc.  | 11/30/26  | 5.625  | 5446494  |
|  |  |  |  | 56110760  |
|  | **INVESTMENT COMPANIES (8.3%)**  |  |  |  |
| 2490000  | &nbsp;&nbsp; Capital Southwest Corp.  | 01/31/26  | 4.500  | 2265900  |
| 1635000  | CION Investment Corp.<sup>2</sup>  | 02/11/26  | 4.500  | 1461170  |
| 5725000  | &nbsp;&nbsp; Fairfax India Holdings Corp.<sup>1</sup>  | 02/26/28  | 5.000  | 5123875  |
| 200000  | Franklin BSP Lending Corp.<sup>1</sup>  | 12/30/22  | 4.750  | 199450  |
| 2930000  | Franklin BSP Lending Corp.<sup>1</sup>  | 12/15/24  | 4.850  | 2729012  |
| 1370000  | FS KKR Capital Corp.  | 02/01/25  | 4.125  | 1281040  |
| 3450000  | &nbsp;&nbsp; FS KKR Capital Corp.<sup>1</sup>  | 02/14/25  | 4.250  | 3200903  |
| 2330000  | Gladstone Capital Corp.  | 01/31/26  | 5.125  | 2143600  |
| 2580000  | &nbsp;&nbsp; Golub Capital BDC, Inc.  | 04/15/24  | 3.375  | 2455599  |
| 1965000  | &nbsp;&nbsp; Main Street Capital Corp.  | 05/01/24  | 5.200  | 1916607  |
| 2960000  | MidCap Financial Investment Corp.  | 07/16/26  | 4.500  | 2543107  |
| 3185000  | &nbsp;&nbsp; Morgan Stanley Direct Lending Fund  | 02/11/27  | 4.500  | 2857025  |
| 2095000  | &nbsp;&nbsp; OFS Capital Corp.  | 02/10/26  | 4.750  | 1872672  |
| 1445000  | &nbsp;&nbsp; Owl Rock Capital Corp. II<sup>1</sup>  | 11/26/24  | 4.625  | 1361379  |
| 2560000  | Owl Rock Technology Finance Corp.<sup>1</sup>  | 06/30/25  | 6.750  | 2425019  |
| 2535000  | PennantPark Floating Rate Capital, Ltd.  | 04/01/26  | 4.250  | 2232870  |
| 3025000  | Saratoga Investment Corp.  | 02/28/26  | 4.375  | 2635909  |
| 3050000  | Silver Point Specialty Credit Fund, L.P.<sup>2</sup>  | 11/04/26  | 4.000  | 2616234  |
| 1775000  | Stellus Capital Investment Corp.  | 03/30/26  | 4.875  | 1568069  |
| 3165000  | &nbsp;&nbsp; Trinity Capital, Inc.  | 12/15/26  | 4.250  | 2658499  |
|  |  |  |  | 45547939  |
|  | **OIL & GAS (0.6%)**  |  |  |  |
| 860000  | &nbsp;&nbsp; Equinor ASA  | 05/22/30  | 2.375  | 710891  |
| 2610000  | Exxon Mobil Corp.  | 03/19/30  | 3.482  | 2365287  |
|  |  |  |  | 3076178  |

---

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

financial statements october 31, 2022 17

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **PACKAGING & CONTAINERS (0.2%)**  |  |  |  |
| $1465000  | &nbsp;&nbsp; AptarGroup, Inc.  | 03/15/32  | 3.600% | $1180551  |
|  | **PHARMACEUTICALS (0.4%)**  |  |  |  |
| 455000  | &nbsp;&nbsp; AbbVie, Inc.  | 05/14/35  | 4.500  | 403339  |
| 450000  | &nbsp;&nbsp; AbbVie, Inc.  | 05/14/36  | 4.300  | 389219  |
| 730000  | Bausch Health Cos., Inc.<sup>1</sup>  | 06/01/28  | 4.875  | 447125  |
| 1630000  | Bristol-Myers Squibb Co.  | 03/15/52  | 3.700  | 1208975  |
|  |  |  |  | 2448658  |
|  | **PIPELINES (2.9%)**  |  |  |  |
| 4045000  | Energy Transfer LP (3-Month USD-LIBOR + 4.028%)<sup>3,5</sup>  |  | 6.250  | 3364365  |
| 2230000  | &nbsp;&nbsp; EnLink Midstream LLC<sup>1</sup>  | 01/15/28  | 5.625  | 2137343  |
| 1725000  | &nbsp;&nbsp; EnLink Midstream LLC<sup>1</sup>  | 09/01/30  | 6.500  | 1694813  |
| 887000  | EnLink Midstream Partners, LP  | 06/01/25  | 4.150  | 835802  |
| 2430000  | &nbsp;&nbsp; Harvest Midstream I LP<sup>1</sup>  | 09/01/28  | 7.500  | 2329691  |
| 4400000  | MPLX LP (3-Month USD-LIBOR + 4.652%)<sup>3,5</sup>  |  | 6.875  | 4290000  |
| 1150000  | &nbsp;&nbsp; Northriver Midstream Finance LP<sup>1</sup>  | 02/15/26  | 5.625  | 1088659  |
|  |  |  |  | 15740673  |
|  | **PRIVATE EQUITY (0.3%)**  |  |  |  |
| 2095000  | &nbsp;&nbsp; Apollo Management Holdings LP (5-Year CMT Index + 3.266%)<sup>1,3</sup>  | 01/14/50  | 4.950  | 1759800  |
|  | **REAL ESTATE INVESTMENT** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TRUSTS (3.3%)**  |  |  |  |
| 4140000  | &nbsp;&nbsp; Arbor Realty SR, Inc.<sup>1</sup>  | 10/15/27  | 8.500  | 4074722  |
| 5075000  | &nbsp;&nbsp;&nbsp;&nbsp; EF Holdco / EF Cayman Hold / Ellington Finance<br> REIT Cayman/TRS / EF Cayman<br> Non-MTM<sup>1</sup>  | 04/01/27  | 5.875  | 4595686  |
| 2065000  | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup>  | 06/15/26  | 3.375  | 1678886  |
| 2300000  | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup>  | 09/15/30  | 3.750  | 1587000  |
| 1380000  | &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1/Scentre Group <br> Trust 2<sup>1</sup>  | 02/12/25  | 3.500  | 1307936  |
| 1945000  | &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1/Scentre Group <br> Trust 2<sup>1</sup>  | 01/28/26  | 3.625  | 1796557  |
| 1345000  | Scentre Group Trust 2 (5-Year CMT Index + 4.685%)<sup>1,3</sup>  | 09/24/80  | 5.125  | 1027849  |
| 2065000  | &nbsp;&nbsp; Starwood Property Trust, Inc.<sup>1</sup>  | 01/15/27  | 4.375  | 1823952  |
|  |  |  |  | 17892588  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **CORPORATE BONDS (continued)**  |  |  |  |
|  | **RETAIL (1.1%)**  |  |  |  |
| $3450000  | Nordstrom, Inc.  | 04/01/30  | 4.375% | $2647875  |
| 3390000  | Target Corp.  | 09/15/32  | 4.500  | 3197068  |
|  |  |  |  | 5844943  |
|  | **SEMICONDUCTORS (0.3%)**  |  |  |  |
| 2100000  | &nbsp;&nbsp; ams-OSRAM AG<sup>1</sup>  | 07/31/25  | 7.000  | 1875510  |
|  | **TELECOMMUNICATIONS (0.1%)**  |  |  |  |
| 875000  | &nbsp;&nbsp; Connect Finco S.a r.l. / Connect US <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finco LLC<sup>1</sup>  | 10/01/26  | 6.750  | 822500  |
|  | &nbsp;&nbsp; **Total Corporate Bonds** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $285,625,393)**  | &nbsp;&nbsp; **Total Corporate Bonds** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $285,625,393)**  | &nbsp;&nbsp; **Total Corporate Bonds** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $285,625,393)**  | **250276821**  |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS (18.8%)**  |  |  |  |
| 5110000  | AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)<sup>3</sup>  | 04/20/28  | 8.993  | 5053432  |
| 3325021  | &nbsp;&nbsp; AHP Health Partners, Inc. (1-Month USD-LIBOR + 3.500%)<sup>3</sup>  | 08/24/28  | 7.254  | 3154614  |
| 4548600  | &nbsp;&nbsp;&nbsp;&nbsp; Air Canada (3-Month USD-LIBOR <br> + 3.500%)<sup>3</sup>  | 08/11/28  | 6.421  | 4434885  |
| 2329812  | AL NGPL Holdings LLC (3-Month USD-LIBOR + 3.750%)<sup>3</sup>  | 04/14/28  | 7.534  | 2304766  |
| 3026886  | Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>3</sup>  | 02/10/27  | 9.203  | 2528206  |
| 2308159  | Allspring Buyer LLC (3-Month USD-LIBOR + 3.000%)<sup>3</sup>  | 11/01/28  | 6.688  | 2273052  |
| 955000  | &nbsp;&nbsp;&nbsp;&nbsp; Allspring Buyer LLC (3-Month CME Term<br> SOFR + 3.750%)<sup>3</sup>  | 11/01/28  | 7.303  | 941869  |
| 397101  | &nbsp;&nbsp; Athenahealth Group, Inc. (3-Month USD-LIBOR + 3.500%)<sup>3</sup>  | 02/15/29  | 3.500  | 362026  |
| 2337041  | &nbsp;&nbsp; Athenahealth Group, Inc. (1-Month CME Term SOFR + 3.500%)<sup>3</sup>  | 02/15/29  | 6.967  | 2130610  |
| 1180745  | Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)<sup>3</sup>  | 01/15/25  | 5.239  | 1156540  |
| 1935975  | &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV Term B3 (3-Month USD-LIBOR <br> + 1.750%)<sup>3</sup>  | 06/01/24  | 5.424  | 1911776  |
| 2350250  | &nbsp;&nbsp; Bausch Health Companies, Inc. (1-Month CME Term SOFR + 5.250%)<sup>3</sup>  | 02/01/27  | 8.624  | 1752511  |

---

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

financial statements october 31, 2022 19

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**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)**  |  |  |  |
| $2796365  | &nbsp;&nbsp; BCP Renaissance Parent LLC Term B3 (3-Month CME Term SOFR + 3.500%)<sup>3</sup>  | 11/02/26  | 7.053% | $2732943  |
| 1379811  | Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)<sup>3</sup>  | 11/01/26  | 5.365  | 1362053  |
| 3630000  | &nbsp;&nbsp; Central Parent, Inc. (3-Month CME Term SOFR + 4.500%)<sup>3</sup>  | 07/06/29  | 8.112  | 3549087  |
| 1916239  | Clarios Global LP (1-Month USD-LIBOR + 3.250%)<sup>3</sup>  | 04/30/26  | 7.004  | 1859652  |
| 3850758  | Connect Finco S.a.r.l. (1-Month USD-LIBOR + 3.500%)<sup>3</sup>  | 12/11/26  | 7.260  | 3715981  |
| 2500000  | Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)<sup>3</sup>  | 10/06/23  | 5.424  | 2492400  |
| 2365253  | Eastern Power LLC (3-Month USD-LIBOR + 3.750%)<sup>3</sup>  | 10/02/25  | 7.424  | 2013044  |
| 2361624  | Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)<sup>3</sup>  | 08/01/27  | 4.878  | 2272685  |
| 1915650  | Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month USD-LIBOR + 4.500%)<sup>3</sup>  | 08/18/28  | 8.174  | 1850192  |
| 1779455  | GIP II Blue Holding, LP (3-Month USD-LIBOR + 4.500%)<sup>3</sup>  | 09/29/28  | 8.174  | 1761216  |
| 1563742  | Global Medical Responce, Inc. (1-Month USD-LIBOR + 4.250%)<sup>3</sup>  | 03/14/25  | 8.004  | 1203112  |
| 730612  | Icon Plc. (3-Month USD-LIBOR + 2.250%)<sup>3</sup>  | 07/03/28  | 5.938  | 722392  |
| 2932410  | Icon Plc. (3-Month USD-LIBOR + 2.250%)<sup>3</sup>  | 07/03/28  | 5.938  | 2899421  |
| 4958263  | ILPEA Parent, Inc. (1-Month USD-LIBOR + 4.500%)<sup>3</sup>  | 06/22/28  | 8.260  | 4561602  |
| 1776777  | Iridium Satellite LLC Term B2 (1-Month USD-LIBOR + 2.500%)<sup>3</sup>  | 11/04/26  | 6.254  | 1747353  |
| 2556383  | &nbsp;&nbsp; Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR + 3.500%)<sup>3</sup>  | 05/05/28  | 7.254  | 2522843  |
| 2274300  | &nbsp;&nbsp; LendingTree, Inc. Term B (1-Month USD-LIBOR + 3.750%)<sup>3</sup>  | 09/15/28  | 7.510  | 2058242  |
| 2872125  | Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)<sup>3</sup>  | 01/31/25  | 5.754  | 2799116  |
| 3034750  | Medline Borrower, LP (1-Month USD-LIBOR + 3.250%)<sup>3</sup>  | 10/23/28  | 7.004  | 2786902  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)**  |  |  |  |
| $3054650  | MIP V Waste LLC (1-Month USD-LIBOR + 3.250%)<sup>3</sup>  | 12/08/28  | 7.004% | $2957909  |
| 3044250  | MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)<sup>3</sup>  | 09/01/28  | 7.320  | 2823055  |
| 2673914  | NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)<sup>3</sup>  | 10/01/25  | 6.993  | 2630463  |
| 5574438  | &nbsp;&nbsp; OCM System One Buyer CTB LLC (3-Month CME Term SOFR + 4.000%)<sup>3</sup>  | 03/02/28  | 7.703  | 5334068  |
| 2592371  | Organon & Co. (3-Month USD-LIBOR + 3.000%)<sup>3</sup>  | 06/02/28  | 6.188  | 2524321  |
| 3080000  | &nbsp;&nbsp; Propulsion (BC) Newco LLC (3-Month CME Term SOFR + 4.000%)<sup>3</sup>  | 09/14/29  | 7.182  | 2979900  |
| 2110000  | SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)<sup>3</sup>  | 10/20/27  | 7.993  | 2127154  |
| 3733150  | United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)<sup>3</sup>  | 04/21/28  | 8.108  | 3636723  |
| 1131536  | Verscend Holding Corp. Term B1 (1-Month USD-LIBOR + 4.000%)<sup>3</sup>  | 08/27/25  | 7.754  | 1115977  |
| 1799109  | Vistra Operations Company LLC (fka Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)<sup>3</sup>  | 12/31/25  | 5.436  | 1783367  |
| 2145000  | Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)<sup>3</sup>  | 05/30/25  | 5.504  | 2129299  |
|  | **Total Loan Participations and Assignments** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $107,636,091)**  | **Total Loan Participations and Assignments** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $107,636,091)**  | **Total Loan Participations and Assignments** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $107,636,091)**  | **102956759**  |
|  | **MUNICIPAL BONDS (0.9%)**  |  |  |  |
| 1645000  | &nbsp;&nbsp; Indiana Finance Authority, Revenue Bonds  | 03/01/51  | 3.313  | 1093872  |
| 5605000  | Port Authority of New York & New Jersey, Revenue Bonds  | 10/01/33  | 2.000  | 4069177  |
|  | &nbsp;&nbsp; **Total Municipal Bonds** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $7,332,657)**  | &nbsp;&nbsp; **Total Municipal Bonds** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $7,332,657)**  | &nbsp;&nbsp; **Total Municipal Bonds** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $7,332,657)**  | **5163049**  |
|  | **PREFERRED STOCK (3.1%)**  |  |  |  |
| 178600  | Eagle Point Credit Co., Inc.  | 01/31/29  | 5.375  | 3721577  |
| 99600  | &nbsp;&nbsp; First Eagle Alternative Capital BDC, Inc.  | 05/25/26  | 5.000  | 2344584  |

---

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

financial statements october 31, 2022 21

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**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **PREFERRED STOCK (continued)**  |  |  |  |
| $132600  | Gladstone Investment Corp.  | 11/01/28  | 4.875% | $2746146  |
| 93600  | &nbsp;&nbsp; Horizon Technology Finance Corp.  | 03/30/26  | 4.875  | 2190240  |
| 130800  | &nbsp;&nbsp; Oxford Lane Capital Corp.  | 01/31/27  | 5.000  | 2874984  |
| 114000  | &nbsp;&nbsp; Trinity Capital, Inc.  | 01/16/25  | 7.000  | 2827200  |
|  | &nbsp;&nbsp; **Total Preferred Stock** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $18,770,836)**  | &nbsp;&nbsp; **Total Preferred Stock** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $18,770,836)**  | &nbsp;&nbsp; **Total Preferred Stock** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $18,770,836)**  | **16704731**  |
|  | **RESIDENTIAL MORTGAGE BACKED SECURITIES (0.3%)**  |  |  |  |
| 505952  | &nbsp;&nbsp; Cascade Funding Mortgage Trust 2018-RM2<sup>1,3,4</sup>  | 10/25/68  | 4.000  | 484244  |
| 697391  | &nbsp;&nbsp; Cascade Funding Mortgage Trust 2019-RM3<sup>1,3,4</sup>  | 06/25/69  | 2.800  | 671671  |
| 365089  | &nbsp;&nbsp; RMF Proprietary Issuance Trust 2019-1<sup>1,3,4</sup>  | 10/25/63  | 2.750  | 339349  |
|  | &nbsp;&nbsp; **Total Residential Mortgage Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,564,001)**  | &nbsp;&nbsp; **Total Residential Mortgage Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,564,001)**  | &nbsp;&nbsp; **Total Residential Mortgage Backed Securities** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,564,001)**  | **1495264**  |
|  | **U.S. GOVERNMENT AGENCY OBLIGATIONS (0.5%)**  |  |  |  |
| 3000000  | Federal Home Loan Bank Discount Notes<sup>6</sup>  | 11/01/22  | 0.000  | 3000000  |
|  | &nbsp;&nbsp; **Total U.S. Government Agency Obligations**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,000,000)**  | &nbsp;&nbsp; **Total U.S. Government Agency Obligations**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,000,000)**  | &nbsp;&nbsp; **Total U.S. Government Agency Obligations**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,000,000)**  | **3000000**  |
|  | **U.S. TREASURY BONDS AND NOTES (4.8%)**  |  |  |  |
| 11925000  | &nbsp;&nbsp; U.S. Treasury Bond<sup>7</sup>  | 08/15/41  | 1.750  | 7782926  |
| 2250000  | &nbsp;&nbsp; U.S. Treasury Bond  | 08/15/46  | 2.250  | 1522793  |
| 700000  | U.S. Treasury Note<sup>7</sup>  | 02/15/23  | 2.000  | 695602  |
| 1200000  | U.S. Treasury Note<sup>7</sup>  | 10/31/23  | 1.625  | 1164656  |
| 2000000  | &nbsp;&nbsp; U.S. Treasury Note  | 07/31/24  | 3.000  | 1946641  |
| 300000  | U.S. Treasury Note<sup>7</sup>  | 08/15/26  | 1.500  | 269976  |
| 500000  | U.S. Treasury Note<sup>7</sup>  | 08/31/28  | 1.125  | 419512  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **U.S. TREASURY BONDS AND NOTES (continued)**  |  |  |  |
| $150000  | U.S. Treasury Note<sup>7</sup>  | 12/31/28  | 1.375% | $127072  |
| 15500000  | U.S. Treasury Note<sup>7</sup>  | 05/15/30  | 0.625  | 12043984  |
|  | &nbsp;&nbsp; **Total U.S. Treasury Bonds and Notes** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $27,644,563)**  | &nbsp;&nbsp; **Total U.S. Treasury Bonds and Notes** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $27,644,563)**  | &nbsp;&nbsp; **Total U.S. Treasury Bonds and Notes** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost $27,644,563)**  | **25973162**  |

---

---

| | | |
|:---|:---|:---|
| **TOTAL INVESTMENTS (Cost $605,676,506)**<sup>8</sup>  | **100.0%**  | $**547392432**  |
| &nbsp;&nbsp; **LIABILITIES IN EXCESS OF OTHER ASSETS**  | **(0.0)%**  | **(124816)**  |
| **NET ASSETS**  | **100.0%**  | $**547267616**  |

---

____________

<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, 2022 was $248,045,531 or 45.3% of net assets. 

<sup>2</sup> Security that used significant unobservable inputs to determine fair value. 

<sup>3</sup> Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2022 coupon or interest rate. 

<sup>4</sup> This variable rate security is based on a predetermined schedule and the rate at year end also represents the reference rate at year end. 

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

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

<sup>7</sup> All or a portion of this security is held at the broker as collateral for open futures contracts. 

<sup>8</sup> The aggregate cost of investments and derivatives for federal income tax purposes is $592,267,223, the aggregate gross unrealized appreciation is $16,862,342 and the aggregate gross unrealized depreciation is $78,105,805, resulting in net unrealized depreciation of $61,243,463. 

Abbreviations:

CME – Chicago Mercantile Exchange.

CMT – Constant Maturity Treasury.

LIBOR – London Interbank Offered Rate.

SOFR – Secured Overnight Financing Rate.

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

financial statements october 31, 2022 23

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**BBH INCOME FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**FINANCIAL FUTURES CONTRACTS** 

The following futures contracts were open at October 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of  | Expiration  | Notional  | Market  | Unrealized<br> Appreciation /  |
| Description  | Contracts  | Date  | Amount  | Value  | (Depreciation)  |
| **Contracts to Buy:**  |  |  |  |  |  |
| U.S. Long Bond  | 100  | December 2022  | $13600000  | $12050000  | $(1550000 ) |
| U.S. Treasury 5-Year Notes  | 446  | December 2022  | 49649610  | 47540813  | (2108797 ) |
| U.S. Treasury 10-Year Notes  | 756  | December 2022  | 88722835  | 83608875  | (5113960 ) |
| &nbsp;&nbsp; U.S. Ultra 10-Year Notes  | 164  | December 2022  | 20635970  | 19021438  | (1614532 ) |
| U.S. Ultra Bond  | 318  | December 2022  | 46834844  | 40594688  | (6240156 ) |
|  |  |  |  |  | $(16627445 ) |
| **Contracts to Sell:**  |  |  |  |  |  |
| U.S. Treasury 2-Year Notes  | 61  | December 2022  | $12726125  | $12467352  | $258773  |
| &nbsp;&nbsp; Net Unrealized (Loss) on Open Futures Contracts  |  |  |  |  | $(16368672 ) |

---

**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).  |

---

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

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**BBH INCOME FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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

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

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations 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.*

financial statements october 31, 2022 25

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**BBH INCOME FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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> 2022  |
| &nbsp;&nbsp; Asset Backed Securities  | $—  | $90697687  | $6860896  | $97558583  |
|  Commercial Mortgage Backed Securities  | —  | 37560803  | 6703260  | 44264063  |
| &nbsp;&nbsp; Corporate Bonds  | —  | 238652959  | 11623862  | 250276821  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and<br> Assignments  | —  | 102956759  | —  | 102956759  |
| &nbsp;&nbsp; Municipal Bonds  | —  | 5163049  | —  | 5163049  |
| &nbsp;&nbsp; Preferred Stock  | 16704731  | —  | —  | 16704731  |
|  Residential Mortgage Backed Securities  | —  | 1495264  | —  | 1495264  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency <br> Obligations  | —  | 3000000  | —  | 3000000  |
| &nbsp;&nbsp; U.S. Treasury Bonds and Notes  | —  | 25973162  | —  | 25973162  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment, at value**  | $**16704731**  | $**505499683**  | $**25188018**  | $**547392432**  |
| Other Financial Instruments, at value  |  |  |  |  |
| &nbsp;&nbsp; Financial Futures Contracts  | $(16368672 ) | $—  | $—  | $(16368672 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments,** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**at value**  | $**(16368672)**  | $**—**  | $**—**  | $**(16368672)**  |

---

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

------

**BBH INCOME FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Backed Securities  | Commercial Mortgage<br> Backed Securities  | Corporate Bonds  | Total  |
| Balance as of October 31, 2021  | $11932402  | $1309688  | $4687961  | $17930051  |
| Purchases  | —  | 5870000  | 7170000  | 13040000  |
| &nbsp;&nbsp; Sales / Paydowns  | (3392073 ) | —  | —  | (3392073 ) |
| Realized gains/(losses)  | 3  | —  | —  | 3  |
|  Change in unrealized appreciation/(depreciation)  | (1239575 ) | (477198 ) | (2046357 ) | (3763130 ) |
| &nbsp;&nbsp; Amortization  | (3 ) | 770  | —  | 767  |
| &nbsp;&nbsp; Transfers from Level 3  | (439858 ) | —  | —  | (439858 ) |
| &nbsp;&nbsp; Transfers to Level 3  | —  | —  | 1812258  | 1812258  |
| Balance as of October 31, 2022  | $6860896  | $6703260  | $11623862  | $25188018  |

---

The Fund's investments classified as Level 3 were either single broker quoted or valued using a model approach, including the Fund's assumptions in determining their fair value.

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

financial statements october 31, 2022 27

------

**BBH INCOME FUND**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | | |
|:---|:---|:---|
| **ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $605,676,506)  | $547392432  | 547392432  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 1647637  | 1647637  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency at value (Cost $226)  | 228  | 228  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 3562750  | 3562750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 63733  | 63733  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 40402  | 40402  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 580  | 580  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **552707762**  | **552707762**  |
| **LIABILITIES:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 3737850  | 3737850  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures variation margin on open contracts  | 1131141  | 1131141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 173949  | 173949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | 156545  | 156545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared  | 102524  | 102524  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 78963  | 78963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 33407  | 33407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 5974  | 5974  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 18682  | 18682  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **5440146**  | **5440146**  |
| &nbsp;&nbsp; **NET ASSETS**  | $**547267616**  | **547267616**  |
| Net Assets Consist of:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $657128898  | 657128898  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (109861282  | (109861282 ) |
| &nbsp;&nbsp; **Net Assets**  | $**547267616**  | **547267616**  |
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |  |
| **CLASS I SHARES**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($547,267,616 ÷ 64,481,118 shares outstanding)  |  | **$8.49**  |

---

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

------

**BBH INCOME FUND**

------

STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT INCOME:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | $881519  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 23611505  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 6682  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  | 204854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **24704560**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 2333246  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 128226  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 86322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 61723  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 35585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 94825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **2739927**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income**  | **21964633**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities  | (12191827 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on futures contracts  | (24406174 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities and futures contracts  | (36598001 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (72404525 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on futures contracts  | (14401094 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on foreign currency translations  | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities, futures contracts and foreign currency translations  | (86805617 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | **(123403618)**  |
| &nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations**  | $**(101438985)**  |

---

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

financial statements october 31, 2022 29

------

**BBH INCOME FUND**

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  |
|  | 2022  | 2021  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $21964633  | $17430111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities and futures contracts  | (36598001 ) | (132131 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities, futures contracts and foreign currency translations  | (86805617 ) | 6465042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (101438985 ) | 23763022  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (21910553 ) | (36718571 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares  | 141932385  | 216267575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions  | 2974846  | 3100657  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term redemption fees  | 1609  | 2369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (86537595 ) | (62053028 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions  | 58371245  | 157317573  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | (64978293 ) | 144362024  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 612245909  | 467883885  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | $**547267616**  | $**612245909**  |

---

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

------

**BBH INCOME FUND**

------

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class I share outstanding throughout each year/period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 period from<br> June 27, 2018<br> (commencement<br> of operations) to<br> October 31, 2018  |
|  | 2022  | 2021  | 2020  | 2019  | For the period from<br> June 27, 2018<br> (commencement<br> of operations) to<br> October 31, 2018  |
| Net asset value, beginning of year/period  | $10.49  | $10.77  | $10.61  | $9.83  | $10.00  |
| Income from investment operations:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.36  | 0.34  | 0.34  | 0.36  | 0.10  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (2.00 ) | 0.15  | 0.46  | 0.78  | (0.17 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations  | (1.64 ) | 0.49  | 0.80  | 1.14  | (0.07 ) |
| Dividends and distributions to shareholders:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.36 ) | (0.33 ) | (0.34 ) | (0.36 ) | (0.10 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | –  | (0.44 ) | (0.30 ) | –  | –  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.36 ) | (0.77 ) | (0.64 ) | (0.36 ) | (0.10 ) |
| &nbsp;&nbsp; Short-term redemptions 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>  | –  |
| &nbsp;&nbsp; Net asset value, end of year/period  | $8.49  | $10.49  | $10.77  | $10.61  | $9.83  |
| Total return<sup>3</sup>  | (15.93 )% | 4.64% | 7.87% | 11.76% | (0.75 )%<sup>4</sup>  |
| Ratios/Supplemental data:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of<br> year/period (in millions)  | $547  | $612  | $468  | $406  | $147  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.47% | 0.47% | 0.48% | 0.52% | 0.67 %<sup>5</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver<sup>6</sup>  | – % | – % | – % | (0.02 )% | (0.17 )%<sup>5</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.47% | 0.47% | 0.48% | 0.50% | 0.50 %<sup>5</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets  | 3.77% | 3.19% | 3.24% | 3.49% | 3.12 %<sup>5</sup>  |
| Portfolio turnover rate  | 56% | 69% | 116% | 77% | 94 %<sup>4</sup>  |

---

---

| | |
|:---|:---|
| ____________  | ____________  |
| <sup>1</sup>  | Calculated using average shares outstanding for the year/period.  |
| <sup>2</sup>  | Less than $0.01.  |
| <sup>3</sup>  | Assumes the reinvestment of distributions.  |
| <sup>4</sup>  | Not annualized.  |
| <sup>5</sup>  | Annualized with the exception of audit fees, legal fees and registration fees.  |
| <sup>6</sup>  | The ratio of expenses to average net assets for the years ended October 31, 2022, 2021, 2020, 2019 and the period ended October 31, 2018 reflect fees reduced as result of a contractual operating expense limitation of the Fund to 0.50%. The agreement is effective through March 1, 2023 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2022, 2021, 2020, 2019 and the period from June 27, 2018 to October 31, 2018, the waived fees were $–, $–, $–, $55,757 and $94,185, respectively.  |

---

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

financial statements october 31, 2022 31

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. The Fund commenced operations on June 27, 2018 and offers two share classes, Class N and Class I. As of October 31, 2022, 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. As of October 31, 2022, there were eight series of the Trust.

**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.* Bonds and other fixed income securities, including restricted securities (other than short-term obligations but including listed issues) are valued at their most recent bid prices (sales price if the principal market is an exchange) in the principal market in which such securities are normally traded, on the basis of valuations furnished by a pricing service, use of which has been approved by the Board of Trustees (the "Board"). In making such valuations, the pricing service utilizes both dealer supplied valuations and electronic data processing techniques, which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted prices, or exchange or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. Futures contracts held by the Fund are valued daily at the official settlement price of the exchange on which it is traded.

Securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. 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" by the Board.

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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.

&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, 2022, are listed in the Portfolio of Investments.

For the year ended October 31, 2022, the average monthly notional amount of open futures contracts was $204,761,393. The range of monthly notional amounts was $165,430,266 to $232,169,383.

financial statements october 31, 2022 33

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**Fair Values of Derivative Instruments as of October 31, 2022** 

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<br> Rate Risk  | Net unrealized<br> appreciation/<br> (depreciation) on<br> futures contracts  | $258773 <br> \*  | Net unrealized<br> appreciation/<br> (depreciation) on<br> futures contracts  | $(16627445  |
| Total  |  | $258773  |  | $(16627445  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________

<sup>\*</sup> Includes cumulative appreciation/(depreciation) of futures contracts as reported 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 Rate Risk  |
| Net Realized Loss on Derivatives  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(24406174 ) |
| Net Change in Unrealized Appreciation/(Depreciation) on Derivatives  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(14401094 ) |

---

&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 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.

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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 London Interbank Offered Rate ("LIBOR"). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates.

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 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

financial statements october 31, 2022 35

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 2022, 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, 2022, 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 $21,910,553 and $36,718,571 to Class I shares during the years ended October 31, 2022 and October 31, 2021, 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, 2022 and 2021, 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  |
| 2022:  | $21910553  | $—  | $21910553  | $—  | $21910553  |
| 2021:  | 30192596  | 6525975  | 36718571  | —  | 36718571  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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)  |
| 2022:  | $28575  | $—  | $(48543872 ) | $13306759  | $(74652744 ) | $(109861282 ) |
| 2021:  | 114713  | —  | (257363 ) | 1478034  | 12152873  | 13488257  |

---

The Fund had $48,543,872 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $24,444,322 and $24,099,550, is attributable to short-term and long-term capital losses, respectively.

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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 rather than being considered all short-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) is 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.

&nbsp;&nbsp;&nbsp;&nbsp;*I.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 ("SID" or "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. For the year ended October 31, 2022, the Fund incurred $2,333,246 for services under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*B.Investment Advisory and Administrative Fee Waivers.* 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, 2023, 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, 2022, the Investment Adviser waived fees in the amount of $0 for Class I.

financial statements october 31, 2022 37

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net asset value. For the year ended October 31, 2022, the Fund incurred $128,226 in custody and fund accounting fees. The Fund receives 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, 2022 was $6,682. This amount is included in "Interest income from affiliates" in the Statement of Operations. 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, 2022, was $473. This amount is included under line item "Custody and fund accounting fees" 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, 2022, the Fund incurred $61,723 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, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $339,707,190 and $323,326,221, respectively.

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**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  | For the year ended  | For the year ended  | For the year ended  |
|  | October 31, 2022  | October 31, 2022  | October 31, 2021  | October 31, 2021  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class I**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 14985215  | $141932385  | 20537274  | $216267575  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | 315033  | 2974846  | 293453  | 3100657  |
|  Proceeds from short-term redemption fees  | N/A  | 1609  | N/A  | 2369  |
| Shares redeemed  | (9170419 ) | (86537595 ) | (5908472 ) | (62053028 ) |
| &nbsp;&nbsp; Net increase  | 6129829  | $58371245  | 14922255  | $157317573  |

---

**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 foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign 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

financial statements october 31, 2022 39

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 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 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 SEC. These securities may be subject to contractual restrictions which prohibit or limit their resale (private placement risk). The United Kingdom's Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates were phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The unavailability and/or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than June 2023 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund's investments resulting from a substitute reference rate may also

------

**BBH INCOME FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

adversely affect the fund's performance and/or net asset value (LIBOR transition 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 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. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

financial statements october 31, 2022 41

------

**BBH INCOME FUND**

------

DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2022, to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

------

**BBH INCOME FUND**

------

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class I**  |  |  |  |
| &nbsp;&nbsp; Actual  | $1000  | $916  | $2.27  |
| &nbsp;&nbsp; Hypothetical<sup>2</sup>  | $1000  | $1023  | $2.40  |

---

________________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.47% for Class I shares, multiplied by the average account value over the period and multiplied by 184/365 (to reflect the one-half year period). 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses. 

financial statements october 31, 2022 43

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**BBH INCOME FUND**

------

CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

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

BBH, 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, 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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, and compliance with its Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser 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 and the Investment Adviser 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 and the Fund have 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, and the Investment Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH and the Investment Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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 could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might

------

**BBH INCOME FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

be desirable for more than one account or funds, possible conflicts could arise in determining how to allocate them because the Investment Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH 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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Investment Adviser. The Investment Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund 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 Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases and sales between BBH's or the Investment Adviser's clients ("cross trades"), including the Fund, if BBH or

financial statements october 31, 2022 45

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**BBH INCOME FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

the Investment 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 Fund. BBH or the Investment 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 Fund 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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Investment Adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH 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 the Investment 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 Investment 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 may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times. Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH 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, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client. BBH reserves the right to redeem at any time some

------

**BBH INCOME FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

or all of the shares of the Fund acquired for its discretionary investment advisory clients' accounts. A large redemption of shares of the Fund by BBH on behalf of its discretionary investment advisory clients could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund's investment flexibility, portfolio diversification and expense ratio.

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH seeks to determine the price that a Fund might reasonably expect to receive from the current sale of that asset in an arms-length transaction. The price generally may not be determined based on what the Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

financial statements october 31, 2022 47

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**BBH INCOME FUND**

------

ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

The qualified investment income ("QII") percentage for the year ended October 31, 2022 was 84.18%. In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

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**TRUSTEES AND OFFICERS OF BBH INCOME FUND**

------

(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

financial statements october 31, 2022 49

------

**TRUSTEES AND OFFICERS OF BBH INCOME FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018-present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

---

------

**TRUSTEES AND OFFICERS OF BBH INCOME FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past<br> 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

financial statements october 31, 2022 51

------

**TRUSTEES AND OFFICERS OF BBH INCOME FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English <br> 140 Broadway <br> New York, NY 10005<br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |
| Brian J. Carroll<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |

---

------

**TRUSTEES AND OFFICERS OF BBH INCOME FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. 2014.  |

---

________________

---

| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

---

financial statements october 31, 2022 53

------

**BBH INCOME FUND**

------

OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification*. The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum*. The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents*. The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

------

**BBH INCOME FUND**

------

OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

financial statements october 31, 2022 55

------

---

| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

---

**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

------

![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH Select Series — Large Cap Fund

------

**BBH SELECT SERIES – LARGE CAP FUND**

------

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The investment objective of BBH Select Series-Large Cap Fund (the "Fund") is to provide investors with long-term growth of capital. The Fund seeks to provide attractive compounded returns over full market cycles and outperform in down markets. We employ a bottom-up, fundamental process that seeks to invest in competitively advantaged, well-managed, cash generative businesses that provide essential products and services. With reducing the likelihood of permanent loss of capital on any single investment being one of our key goals, we work to identify risks outside of company management's control so we can consider the range of potential outcomes for each business. Our portfolio construction decisions are driven by an approach that considers the quality of the businesses, its long-term growth prospects, and valuation relative to our appraisals of intrinsic value<sup>1</sup>. We invest with a long-term ownership perspective and an expectation that our returns will be driven by the underlying earnings power of the businesses, its effectiveness at deploying capital, and its operational and financial resilience during periods of economic stress. We do not prioritize benchmark sensitivity in managing the Fund – neither in terms of sector exposures nor individual position weights. As a result, we expect our active share<sup>2</sup> will remain relatively high, and performance of the Fund may differ meaningfully from major indexes at various points within a market cycle as we maintain our independent perspective and focus on long-term compounding.

For the fiscal year ending October 31<sup>st</sup>, 2022, the Fund declined -18.93% net of fees. During the same period, the benchmark S&P 500 Index ("S&P 500") declined -14.61%. Both the Fund and Index were negatively impacted by a sharp rise in inflation, higher interest rates, supply chain disruptions, and geopolitical conflicts. Underperformance of the Fund relative to the Index was primarily due to security selection in the Health Care sector and an absence of exposure to the Energy sector which gained approximately 65% for the period.

Since its inception on September 9<sup>th</sup>, 2019, the Fund returned 4.52% net of fees on an annualized basis, compared to 10.50% for the S&P 500. The Fund's underperformance for the period primarily resulted from underexposure to a small group of Technology and Internet companies that drove a substantial share of the Index's returns. Nevertheless, our portfolio companies have executed well and have produced solid growth and fundamental performance while maintaining appropriately conservative capital structures. These achievements are evident at the aggregate portfolio level, where we have observed attractive growth in revenue, cash flow and earnings, superior profit margins, returns on capital, and healthy balance sheets.

The Fund's top contributors during fiscal 2022 were concentrated in the Financial Services sector. These holdings included Progressive Corp. (PGR), A.J. Gallagher (AJG), and Berkshire Hathaway (BRK.B) - all benefiting from the higher interest rate environment and strong pricing power. Value-based retail holdings such as Dollar General (DG) and Costco (COST) also were among the top contributors for the period as consumers grew increasingly price conscious and prioritized non-discretionary spending. The Fund's largest detractors during the period were Alphabet (GOOG), Amazon.com (AMZN), and NIKE (NKE). While there were specific circumstances affecting the fundamental performance of each of these companies during the year, they all shared a common attribute of economic sensitivity, particularly with respect to consumer sentiment.

________________

<sup>1</sup> BBH's estimate of the present value of the cash that a business can generate and distribute to shareholders over its remaining life. 

<sup>2</sup> Active Share is defined as the percentage of a portfolio's holding that differs from its benchmark index. 

financial statements october 31, 2022 3

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**BBH SELECT SERIES – LARGE CAP FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

During fiscal 2022, the Fund initiated five new investments: Microsoft (MSFT), Pool Corp. (POOL), Signature Bank (SBNY), Adobe (ADBE), and Texas Instruments (TXN), all of which we view as being well-positioned leaders in attractive market segments with durable growth characteristics. The Fund exited seven positions during the period: Visa (V), Brown-Forman (BF.B), Colgate-Palmolive (CL), Baxter International (BAX), Starbucks (SBUX), Sherwin-Williams (SHW), and Pool Corp. (POOL). Exit decisions were generally based on our assessments of relative attractiveness to other investment opportunities as they evolved in an unusually dynamic market. Sales of recently purchased Pool Corp. and Sherwin-Williams were based on the observation of a rapidly deteriorating U.S. housing market where both companies have material exposure. Turnover for the 12-month period was 25.34%.

As of October 31st, 2022, the Fund held positions in 29 companies, with 46.5% of the assets held in the 10 largest holdings and 6.3% in cash. The Fund ended the fiscal year trading at roughly 74% of our underlying intrinsic value estimates on a weighted average basis.

________________

Portfolio holdings are subject to change. <br>

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**BBH SELECT SERIES – LARGE CAP FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Select Series - Large Cap Fund** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class I shares of the Fund since inception (September 9, 2019) to October 31, 2022 as compared to the S&P 500.

![image provided by client](e1022largecap-line40.jpg)

The annualized gross expense ratios as shown in the March 1, 2022 prospectus for Class I and Retail Class shares were 0.70% and 2.68%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Fund shares redeemed within 30 days of purchase are subject to a redemption fee of 2.00%. Returns do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

________________

<sup>1</sup> The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities. The S&P 500 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The S&P 500 is an unmanaged weighted index of 500 stocks providing a broad indicator of stock price movements. The composition of the index is materially different than the Fund's holdings. The index is unmanaged. Investments cannot be made in an index. 

financial statements october 31, 2022 5

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**BBH SELECT SERIES – LARGE CAP FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from September 9, 2019 (commencement of operations) through October 31, 2019, and the related notes. 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, 2022, 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 three years in the period then ended and for the period from September 9, 2019 (commencement of operations) through October 31, 2019, 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.

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**BBH SELECT SERIES – LARGE CAP FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 21, 2022

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

financial statements october 31, 2022 7

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**BBH SELECT SERIES – LARGE CAP FUND**

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PORTFOLIO ALLOCATION

October 31, 2022

**SECTOR DIVERSIFICATION** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Common Stock:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $24137826  | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | 39031322  | 10.5  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 45946350  | 12.3  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 71203252  | 19.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 84806037  | 22.9  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 32892519  | 8.8  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 50319433  | 13.5  |
| &nbsp;&nbsp; Cash and Other Assets in Excess of Liabilities  | 23496533  | 6.3  |
| **NET ASSETS**  | $**371833272**  | **100.0%**  |

---

All data as of October 31, 2022. 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.*

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**BBH SELECT SERIES – LARGE CAP FUND**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares  |  | Value  |
|  | **COMMON STOCK (93.7%)**  |  |
|  | **BASIC MATERIALS (6.5%)**  |  |
| 68882  | &nbsp;&nbsp; Celanese Corp. (Series A)  | $6620938  |
| 58910  | Linde, Plc. (Ireland)  | 17516888  |
|  | &nbsp;&nbsp; **Total Basic Materials**  | **24137826**  |
|  | **COMMUNICATIONS (10.5%)**  |  |
| 239940  | &nbsp;&nbsp; Alphabet, Inc. (Class C)<sup>1</sup>  | 22712720  |
| 60989  | &nbsp;&nbsp; Amazon.com, Inc.<sup>1</sup>  | 6247713  |
| 5387  | Booking Holdings, Inc.<sup>1</sup>  | 10070889  |
|  | &nbsp;&nbsp; **Total Communications**  | **39031322**  |
|  | **CONSUMER CYCLICAL (12.3%)**  |  |
| 89526  | &nbsp;&nbsp; Copart, Inc.<sup>1</sup>  | 10297280  |
| 27786  | &nbsp;&nbsp; Costco Wholesale Corp.  | 13934679  |
| 46597  | Dollar General Corp.  | 11884565  |
| 106062  | NIKE, Inc. (Class B)  | 9829826  |
|  | &nbsp;&nbsp; **Total Consumer Cyclical**  | **45946350**  |
|  | **CONSUMER NON-CYCLICAL (19.2%)**  |  |
| 75152  | &nbsp;&nbsp; Abbott Laboratories  | 7435539  |
| 228765  | &nbsp;&nbsp; Alcon, Inc. (Switzerland)  | 13881460  |
| 46508  | &nbsp;&nbsp; Diageo, Plc. ADR (United Kingdom)  | 7765441  |
| 58505  | &nbsp;&nbsp; Nestle S.A. ADR (Switzerland)  | 6360079  |
| 28416  | &nbsp;&nbsp; S&P Global, Inc.  | 9128640  |
| 24964  | &nbsp;&nbsp; Thermo Fisher Scientific, Inc.  | 12830747  |
| 91533  | Zoetis, Inc. (Class A)  | 13801346  |
|  | &nbsp;&nbsp; **Total Consumer Non-Cyclical**  | **71203252**  |
|  | **FINANCIALS (22.9%)**  |  |
| 95170  | Arthur J Gallagher & Co.  | 17804404  |
| 54  | &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class A)<sup>1</sup>  | 24032700  |
| 59807  | Mastercard, Inc. (Class A)  | 19627461  |
| 123257  | Progressive Corp  | 15826199  |
| 47406  | &nbsp;&nbsp; Signature Bank  | 7515273  |
|  | &nbsp;&nbsp; **Total Financials**  | **84806037**  |

---

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

financial statements october 31, 2022 9

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**BBH SELECT SERIES – LARGE CAP FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| Shares  |  | Value  |
|  | **COMMON STOCKS (continued)**  |  |
|  | **INDUSTRIALS (8.8%)**  |  |
| 153229  | &nbsp;&nbsp; AO Smith Corp.  | 8393885  |
| 152098  | Graco, Inc.  | 10582979  |
| 87868  | &nbsp;&nbsp; Waste Management, Inc.  | 13915655  |
|  | &nbsp;&nbsp; **Total Industrials**  | **32892519**  |
|  | **TECHNOLOGY (13.5%)**  |  |
| 20107  | Adobe, Inc.<sup>1</sup>  | 6404079  |
| 35353  | &nbsp;&nbsp; KLA Corp.  | 11187457  |
| 59343  | &nbsp;&nbsp; Microsoft Corp.  | 13775291  |
| 136288  | &nbsp;&nbsp; Oracle Corp.  | 10640004  |
| 51750  | Texas Instruments, Inc.  | 8312602  |
|  | &nbsp;&nbsp; **Total Technology**  | **50319433**  |
|  | **Total Common Stock**  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $294,567,110)**  | **348336739**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $294,567,110)**<sup>2</sup>  | **93.7%**  | $**348336739**  |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES**  | **6.3%**  | **23496533**  |
| **NET ASSETS**  | **100.00%**  | $**371833272**  |

---

____________

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

<sup>2</sup> The aggregate cost for federal income tax purposes is $294,567,568, the aggregate gross unrealized appreciation is $71,896,931 and the aggregate gross unrealized depreciation is $18,127,760, resulting in net unrealized appreciation of $53,769,171. 

Abbreviation:

ADR - American Depositary Receipt.

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

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**BBH SELECT SERIES – LARGE CAP FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**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 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.*

financial statements october 31, 2022 11

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**BBH SELECT SERIES – LARGE CAP FUND**

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PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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

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

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

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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, 2022  |
| Common Stock:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials  | $24137826  | $—  | $—  | $24137826  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications  | 39031322  | —  | —  | 39031322  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical  | 45946350  | —  | —  | 45946350  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical  | 71203252  | —  | —  | 71203252  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials  | 84806037  | —  | —  | 84806037  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 32892519  | —  | —  | 32892519  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology  | 50319433  | —  | —  | 50319433  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments, at value**  | $**348336739**  | $**—**  | $**—**  | $**348336739**  |

---

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

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**BBH SELECT SERIES – LARGE CAP FUND**

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $294,567,110)  | $348336739  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 23317938  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 456275  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 56549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 11487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver reimbursement  | 5205  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 6664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **372190857**  |
| **LIABILITIES:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 189385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | 80640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 58503  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 7453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 7230  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees  | 156  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 13107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **357585**  |
| **NET ASSETS**  | $**371833272**  |
| Net Assets Consist of:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $312634941  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings  | 59198331  |
| &nbsp;&nbsp; **Net Assets**  | $**371833272**  |

---

---

| | |
|:---|:---|
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |
| **CLASS I SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($371,023,222 ÷ 33,473,293 shares outstanding)  | **$11.08**  |
| **RETAIL CLASS SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($810,050 ÷ 73,874 shares outstanding)  | **$10.97**  |

---

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

financial statements october 31, 2022 13

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STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT INCOME:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $32,181)  | $3734513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 66216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **3800744**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 2712036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 65862  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 60457  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 43368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 30760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees  | 3356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 82908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **2998747**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver  | (31413 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | **2967334**  |
| **Net Investment Income**  | **833410**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities  | 6011951  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (91844873 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | **(85832922)**  |
| **Net Decrease in Net Assets Resulting from Operations**  | $**(84999512)**  |

---

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

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**BBH SELECT SERIES – LARGE CAP FUND**

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STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the year ended October 31,  | For the year ended October 31,  |
|  | 2022  | 2021  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $833410  | $1329279  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments in securities  | 6011951  | 24792983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (91844873 ) | 117074293  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (84999512 ) | 143196555  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (15461745 ) | (1483494 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Class  | (57689 ) | (5835 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions declared  | (15519434 ) | (1489329 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares\*  | 69625181  | 70848905  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions  | 2698512  | 296987  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term redemption fees  | 2  | 40  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed\*  | (68824127 ) | (132867067 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from share transactions  | 3499568  | (61721135 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | (97019378 ) | 79986091  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 468852650  | 388866559  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | $**371833272**  | $**468852650**  |

---

_______________________

\* Includes share exchanges. See Note 5 in Notes to Financial Statements.

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

financial statements october 31, 2022 15

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**BBH SELECT SERIES – LARGE CAP FUND**

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FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class I share outstanding throughout each year/period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  | For the years ended October 31,  | For the period from <br> September 9, 2019 <br> (commencement of <br> operations) to <br> October 31, 2019  |
|  | 2022  | 2021  | 2020  | For the period from <br> September 9, 2019 <br> (commencement of <br> operations) to <br> October 31, 2019  |
| Net asset value, beginning of year/period  | $14.12  | $10.30  | $10.12  | $10.00  |
| Income from investment operations:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.03  | 0.04  | 0.03  | 0.01  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (2.60 ) | 3.82 <br><sup>2</sup>  | 0.15  | 0.11  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (2.57 ) | 3.86 <br><sup>2</sup>  | 0.18  | 0.12  |
| Dividends and distributions to shareholders:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From investment income  | (0.04 ) | (0.04 )<sup>2</sup>  | (0.00 )<sup>3</sup>  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | (0.43 ) | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.47 ) | (0.04 )<sup>2</sup>  | (0.00 )<sup>3</sup>  | —  |
| &nbsp;&nbsp; Short-term redemption fees<sup>1</sup>  | —  | 0.00 <br><sup>3</sup>  | 0.00 <br><sup>3</sup>  | —  |
| &nbsp;&nbsp; Net asset value, end of year/period  | $11.08  | $14.12  | $10.30  | $10.12  |
| Total return<sup>4</sup>  | (18.93 )% | 37.56% | 1.82% | 1.20 %<sup>5</sup>  |
| Ratios/Supplemental data:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year/period (in millions)  | $371  | $467  | $387  | $397  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.71% | 0.70% | 0.74% | 0.75 %<sup>6</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver  | — %<sup>7</sup>  | — %<sup>7</sup>  | — %<sup>7</sup>  | (0.01 )%<sup>6,7</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.71% | 0.70% | 0.74% | 0.74 %<sup>6</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets  | 0.20% | 0.29% | 0.34% | 0.52 %<sup>6</sup>  |
| &nbsp;&nbsp; Portfolio turnover rate  | 26% | 18% | 38% | 0 %<sup>5</sup>  |

---

---

| | |
|:---|:---|
| ____________  | ____________  |
| <sup>1</sup>  | Calculated using average shares outstanding for the year/period.  |
| <sup>2</sup>  | Amounts previously presented incorrectly have been revised to reflect the proper per share amounts. The amounts have been revised from previously reported $3.74, $3.78, $0.04 and $0.04 per share for Net realized and unrealized gain/(loss), Total income/(loss) from investment operations, From investment income and Total dividends and distributions, respectively.  |
| <sup>3</sup>  | Less than $0.01.  |
| <sup>4</sup>  | Assumes the reinvestment of distributions.  |
| <sup>5</sup>  | Not annualized.  |

---

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

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**BBH SELECT SERIES – LARGE CAP FUND**

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FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Class I share outstanding throughout each year/period.

<sup>6</sup> Annualized with the exception of audit fees, legal fees and registration fees. 

<sup>7</sup> The ratio of expenses to average net assets for the years ended October 31, 2022, 2021, 2020 and the period ended October 31, 2019 reflect fees reduced as result of a contractual operating expense limitation of the share class of 0.80%. The Agreement is effective through March 1, 2023 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2022, 2021, 2020 and the period from September 9, 2019 to October 31, 2019 the waived fees were $0, $0, $0 and $27,976, respectively. 

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

financial statements october 31, 2022 17

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**BBH SELECT SERIES – LARGE CAP FUND**

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FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Retail Class share outstanding throughout each year/period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  | For the years ended October 31,  | For the period from <br> September 9, 2019 <br> (commencement of <br> operations) to <br> October 31, 2019  |
|  | 2022  | 2021  | 2020  | For the period from <br> September 9, 2019 <br> (commencement of <br> operations) to <br> October 31, 2019  |
| Net asset value, beginning of year/period  | $13.99  | $10.24  | $10.09  | $10.00  |
| Income from investment operations:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup>  | (0.02 ) | (0.01 ) | 0.00 <br><sup>2</sup>  | 0.01  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (2.57 ) | 3.80 <br><sup>3</sup>  | 0.15  | 0.08  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (2.59 ) | 3.79 <br><sup>3</sup>  | 0.15  | 0.09  |
| Dividends and distributions to shareholders:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From investment income  | —  | (0.04 )<sup>3</sup>  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | (0.43 ) | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.43 ) | (0.04 )<sup>3</sup>  | —  | —  |
| &nbsp;&nbsp; Short-term redemption fees<sup>1</sup>  | 0.00 <br><sup>2</sup>  | —  | —  | 0.00 <br><sup>2</sup>  |
| &nbsp;&nbsp; Net asset value, end of year/period  | $10.97  | $13.99  | $10.24  | $10.09  |
| Total return<sup>4</sup>  | (19.17 )% | 37.10% | 1.49% | 0.90 %<sup>5</sup>  |
| Ratios/Supplemental data:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year/period (in millions)  | $1  | $2  | $2  | $2  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 3.39% | 2.68% | 3.48% | 5.79 %<sup>6</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver  | (2.34 )%<sup>7</sup>  | (1.63 )%<sup>7</sup>  | (2.43 )%<sup>7</sup>  | (4.74 )%<sup>6,7</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 1.05% | 1.05% | 1.05% | 1.05 %<sup>6</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets  | (0.14 )% | (0.06 )% | 0.03% | 0.46 %<sup>6</sup>  |
| Portfolio turnover rate  | 26% | 18% | 38% | 0 %<sup>5</sup>  |

---

---

| | |
|:---|:---|
| ____________  | ____________  |
| <sup>1</sup>  | Calculated using average shares outstanding for the year/period.  |
| <sup>2</sup>  | Less than $0.01.  |
| <sup>3</sup>  | Amounts previously presented incorrectly have been revised to reflect the proper per share amounts. The amounts have been revised from previously reported $3.72, $3.71, $0.04 and $0.04 per share for Net realized and unrealized gain/(loss), Total income/(loss) from investment operations, From investment income and Total dividends and distributions, respectively.  |
| <sup>4</sup>  | Assumes the reinvestment of distributions.  |

---

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

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**BBH SELECT SERIES – LARGE CAP FUND**

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FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Retail Class share outstanding throughout each year/period.

<sup>5</sup> Not annualized. 

<sup>6</sup> Annualized with the exception of audit fees, legal fees and registration fees. 

<sup>7</sup> The ratio of expenses to average net assets for the years ended October 31, 2022, 2021, 2020 and the period ended October 31, 2019 reflect fees reduced as result of a contractual operating expense limitation of the share class of 1.05%. The Agreement is effective through March 1, 2023 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the years ended October 31, 2022, 2021, 2020 and the period from September 9, 2019 to October 31, 2019 the waived fees were $31,413, $27,841, $47,750 and $8,357, respectively. 

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

financial statements October 31, 2022 19

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. The Fund commenced operations on September 9, 2019 and offers two share classes, Class I and Retail Class. Neither Class I shares nor Retail Class shares automatically convert to any other share class of the Fund. 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. The investment objective of the Fund is to provide investors with long-term growth of capital. As of October 31, 2022, there were eight series of the Trust.

**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.* (1) The value of investments listed on a securities exchange is based on the last sale price on that exchange prior to the time when assets are valued, or in the absence of recorded sales, at the average of readily available closing bid and asked prices on such exchange; (2) securities not traded on an exchange are valued at the average of the quoted bid and asked prices in the over-the-counter market; (3) securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board of Trustees (the "Board"); (4) 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" 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. 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.

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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, 2022, 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, 2022, 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.

&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 $15,461,745 and $57,689 to Class I shares and Retail Class shareholders, respectively, during the year ended October 31, 2022 and the amount of $1,483,494 and $5,835 to Class I shares and Retail Class shareholders, respectively, during the year ended October 31, 2021.

financial statements october 31, 2022 21

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

The tax character of distributions paid during the years ended October 31, 2022 and 2021, 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  |
| 2022:  | $1201040  | $14318394  | $15519434  | $—  | $15519434  |
| 2021:  | 1489329  | —  | 1489329  | —  | 1489329  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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)  |
| 2022:  | $826333  | $4602828  | $—  | $(458 ) | $53769628  | $59198331  |
| 2021:  | 1114173  | 14316835  | —  | (458 ) | 145694290  | 161124840  |

---

The Fund did not have a net capital loss carryforward at October 31, 2022.

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 rather than being considered all short-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.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.

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**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 ("SID" or "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 year ended October 31, 2022, the Fund incurred $2,712,036 under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*B.Investment Advisory and Administrative Fee Waivers.* 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 and for Retail Class, amounts payable pursuant to any plan adopted in accordance with Rule 12b-1) of Class I and Retail Class to 0.80%. The agreement will terminate on March 1, 2023, 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, 2022, the Investment Adviser waived fees in the amount of $0 and $31,413 for Class I and Retail Class, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;*C.Distribution (12b-1) Fees.* The Fund has adopted a distribution plan pursuant to Rule 12b-1 for Retail Class shares that allows the Fund to pay distribution and other fees for the sale of its shares and for distribution-related services provided to shareholders. Because these fees are paid out of the Fund's assets continuously, over time these fees will increase the cost of investment in Retail Class shares and may cost the Retail Class shareholder more than paying other types of sales charges. The maximum annual distribution fee for Retail Class shares is 0.25% of the average daily net assets of the Retail Class shares of the Fund. With this agreement along with the investment advisory and waiver agreements above, it is anticipated that total operating expenses for Retail Class shares will be no greater than 1.05% of the average daily net assets. For the year ended October 31, 2022, Retail Class shares of the Fund incurred $3,356 for Distribution (12b-1) Fees. This amount is presented under line item "Distribution fees" in the Statement of Operations.

&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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net assets value. For the year ended October 31, 2022, the Fund incurred $30,760 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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

financial statements october 31, 2022 23

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

interest earned by the Fund for the year ended October 31, 2022 was $66,216. This amount is included in "Interest income from affiliates" in the Statement of Operations. 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, 2022, was $0. This amount is included under line item "Custody and fund accounting fees" 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, 2022, the Fund incurred $60,457 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, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, were $105,688,474 and $130,618,629, 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. Transactions in Class I and Retail Class shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended October 31, 2022  | For the year ended October 31, 2022  | For the year ended October 31, 2021  | For the year ended October 31, 2021  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class I**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 5522010  | $69601637  | 5766662  | $70599590  |
|  Shares issued in connection with reinvestments of dividends  | 186763  | 2640823  | 25428  | 291152  |
| &nbsp;&nbsp; Proceeds from short-term redemption fees  | N/A  | —  | N/A  | 40  |
| &nbsp;&nbsp; Shares redeemed  | (5303439 ) | (68011770 ) | (10274265 ) | (131739744 ) |
| &nbsp;&nbsp; Net increase/(decrease)  | 405334  | $4230690  | (4482175 ) | $(60848962 ) |
| **Retail Class**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 1770  | $23544  | 20099  | $249315  |
|  Shares issued in connection with reinvestments of dividends  | 4112  | 57689  | 513  | 5835  |
| &nbsp;&nbsp; Proceeds from short-term redemption fees  | N/A  | 2  | N/A  | —  |
| &nbsp;&nbsp; Shares redeemed  | (66106 ) | (812357 ) | (98352 ) | (1127323 ) |
| &nbsp;&nbsp; Net decrease  | (60224 ) | $(731122 ) | (77740 ) | $(872173 ) |

---

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2022 and 2021. Specifically:

During the year ended October 31, 2022, there were no exchanges between Class I and Retail Class.

During the year ended October 31, 2021, 357 shares of Retail Class were exchanged for 354 shares of Class I valued at $4,518**.** 

**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 foreign securities not present in domestic investments, including, but not limited to, recovery of tax withheld by foreign jurisdictions (foreign 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). 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

financial statements october 31, 2022 25

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**BBH SELECT SERIES – LARGE CAP FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

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**BBH SELECT SERIES – LARGE CAP FUND**

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DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution 12b-1 fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table below provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

financial statements october 31, 2022 27

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**BBH SELECT SERIES – LARGE CAP FUND**

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DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class I**  |  |  |  |
| Actual  | $1000  | $904  | $3.45  |
| Hypothetical<sup>2</sup>  | $1000  | $1022  | $3.67  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Retail Class**  |  |  |  |
| Actual  | $1000  | $903  | $5.04  |
| Hypothetical<sup>2</sup>  | $1000  | $1020  | $5.35  |

---

_____________________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.72% and 1.05% for Class I and Retail Class shares, respectively, multiplied by the average account value over the period, multiplied by 184/365. 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expense ratio for each class of shares is subtracted from the assumed return before expenses. 

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**BBH SELECT SERIES – LARGE CAP FUND**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

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

BBH, 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, 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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, and compliance with its Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser 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 and the Investment Adviser 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 and the Fund have 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 and the Investment Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH and the Investment Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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 could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might

financial statements october 31, 2022 29

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**BBH SELECT SERIES – LARGE CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH 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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Investment Adviser. The Investment Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund 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 Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases and sales between BBH's or the Investment Adviser's clients ("cross trades"), including the Fund, if BBH or

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**BBH SELECT SERIES – LARGE CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

the Investment 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 Fund. BBH or the Investment 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 Fund 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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Investment Adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH 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 the Investment 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 Investment 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 may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH 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

financial statements october 31, 2022 31

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**BBH SELECT SERIES – LARGE CAP FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

performance. BBH, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client.

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

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**BBH SELECT SERIES – LARGE CAP FUND**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

The Fund hereby designates $15,725,957 as an approximate amount of capital gain dividend for the purpose of dividends paid deduction.

In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

financial statements october 31, 2022 33

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**TRUSTEES AND OFFICERS OF BBH SELECT SERIES – LARGE CAP FUND**

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(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022, is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past <br> 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

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**TRUSTEES AND OFFICERS OF BBH SELECT SERIES – LARGE CAP FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past <br> 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018-present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

---

financial statements october 31, 2022 35

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**TRUSTEES AND OFFICERS OF BBH SELECT SERIES – LARGE CAP FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past<br> 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

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**TRUSTEES AND OFFICERS OF BBH SELECT SERIES – LARGE CAP FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English<br> 140 Broadway<br> New York, NY 10005 <br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |
| Brian J. Carroll<br> 50 Post Office Square <br> Boston, MA 02110 <br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |

---

financial statements october 31, 2022 37

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**TRUSTEES AND OFFICERS OF BBH SELECT SERIES – LARGE CAP FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. 2014.  |

---

________________

---

| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

---

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**BBH SELECT SERIES – LARGE CAP FUND**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification.* The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum.* The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions.* During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions.* During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents.* The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

financial statements october 31, 2022 39

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**BBH SELECT SERIES – LARGE CAP FUND**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

------

---

| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

---

**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

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![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH Intermediate Municipal Bond Fund

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

The BBH Intermediate Municipal Bond Fund (the "Fund") Class I produced a total return of -9.74% (net of fees and expenses) for the twelve-month period ending October 31, 2022, as compared to its benchmark, The Bloomberg 1-15 Year Municipal Index<sup>1</sup>, which had a return of -8.94% over the same period. Throughout the measurement period, the bond market struggled under the weight of the Federal Reserve's most aggressive inflation-fighting campaign in decades.

The objective of the Intermediate Municipal Bond Fund is to protect our investors' capital and generate attractive risk-adjusted returns. We seek to achieve this objective by investing in a limited number of durable credits that provide attractive yields or return potential. Our objective and strategy have remained the same since we launched the Fund on April 1, 2014. The Fund's net assets declined from both net outflows and negative returns, ending October at just over $650 million.

In the Municipal market, valuations are often disconnected from their underlying fundamentals, particularly during periods of heightened market volatility. We entered the fiscal year with elevated valuations that we viewed as heavily dependent on fiscal and monetary stimulus measures as well as record inflows into industry funds. These market supports crumbled as the Fed pivoted to contain the 40-year high in domestic inflation. Yields increased to their highest levels since the Global Financial Crisis, credit valuations normalized, and fund redemptions hit record levels. We view volatility constructively and actively engaged throughout the year as our opportunity set expanded.

For the twelve-month period, intermediate and long-term tax-exempt interest rates increased by 250 basis points<sup>2</sup>, while short maturity yields climbed 300 basis points. During this time, the credit-sensitive portions of the Municipal market underperformed significantly. Relative to an equal-weighted blend of AAA- and AA-rated securities, BBB-rated debt trailed by 400 basis points and Municipal High Yield lagged by over 500 basis points during the year. The Fund's exposure to BBB-rated bonds has been modest, at around 3%, and it has zero high-yield exposure. The Fund owns a portfolio of resilient, higher-quality credits which provided us flexibility to take advantage of many opportunities that emerged during the last twelve months.

We invest our portfolios from the bottom-up and have continued to identify more opportunities in Revenue Bonds than in General Obligation issues (GO). As of October 31, 2022, the Fund held approximately 82% of its net assets in Revenue Bonds and the balance in GOs. Within the Revenue sector, the Fund's largest exposure was to State Housing Finance Authority (HFA) sub-sector, which comprised 24% of Fund net assets at the end of the fiscal year, up 8% versus the prior year end. We also increased the Fund's exposure to the Prepaid Natural Gas and Airport sectors by approximately 5% each. The combination of higher base yields, wider credit spreads and rampant forced selling helped generate a wide range of opportunities. Consequently, portfolio turnover for the fiscal year was elevated.

The Fund continued to hold large exposures to bonds with non-standard coupons such as zero-coupon bonds and floating-rate notes. As of October 31st, these two types of bonds comprised 15% and 11% of the fund's net assets, respectively. The magnitude of rate increases also materially extended the duration of the Fund's benchmark. Consistent with our strategy, we executed many purchases in ten- to fifteen-year maturities to keep the Fund's duration relatively in-line.

financial statements october 31, 2022 3

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

Despite the performance headwinds from rising interest rates, municipal market valuations have improved significantly. We believe the Fund is well-positioned going forward with its holdings of high-quality credits that are providing attractive yields.

Thank you for your continued confidence.

________________

---

| | |
|:---|:---|
| There is no assurance the objective will be achieved. Holdings are subject to change.  | There is no assurance the objective will be achieved. Holdings are subject to change.  |
| <sup>1</sup>  | Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index is a sub-index of the Barclays Capital Municipal Bond Index, a rules-based market value-weighted index of bonds with maturities of one year to 17 years engineered for the tax-exempt bond market. One cannot invest directly in an index. Bloomberg® and the Bloomberg indexes are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Brown Brothers Harriman & Co (BBH). Bloomberg is not affiliated with BBH, and Bloomberg does not approve, endorse, review, or recommend the BBH strategies. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the fund.  |
| <sup>2</sup>  | One "basis point" or "bp" is 1/100th of a percent (0.01% or 0.0001).  |
|  | Credit ratings reflect the credit quality of the underlying issues in the portfolio and not of the portfolio itself. Issues with credit ratings of BBB or better are considered to be investment grade, with adequate capacity to meet financial commitments. Issues with credit ratings below BBB are considered speculative in nature and are vulnerable to the possibility of issuer failure or business interruption.  |
|  | Portfolio holdings and characteristics are subject to change.  |

---

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (continued)

October 31, 2022

**Growth of $10,000 Invested in BBH Intermediate Municipal Bond** 

The graph below illustrates the hypothetical investment of $10,000<sup>1</sup> in the Class N shares of the Fund since inception (April 1, 2014) to October 31, 2022 as compared to the BMBB.

![image provided by client](e1022intermuni-line.jpg)

The annualized gross expense ratios as shown in the March 1, 2022 prospectus for Class N and Class I shares were 0.69% and 0.45%, respectively.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance changes over time and current performance may be lower or higher than what is stated. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For performance current to the most recent month-end please call 1-800-575-1265.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. No one shareholder has actually achieved these results and no representation is being made that any actual shareholder achieved, or is likely to achieve, similar results to those shown. Hypothetical performance does not represent actual trading and may not reflect the impact of material economic and market factors. Undue reliance should not be placed on hypothetical performance results in making an investment decision.

________________

<sup>1</sup> The Fund's performance assumes the reinvestment of all dividends and distributions. The Barclays Municipal Bond 1-15 Year Blend (1-17) Index ("BMBB") has been adjusted to reflect reinvestment of dividends on securities in the index. The BMBB is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged. Investments cannot be made in the index. 

financial statements october 31, 2022 5

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of BBH Trust and Shareholders of BBH Intermediate Municipal Bond Fund:

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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 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, 2022, 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 21, 2022

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

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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PORTFOLIO ALLOCATION

October 31, 2022

**BREAKDOWN BY SECURITY TYPE** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| Municipal Bonds  | $671121117  | 102.9% |
| &nbsp;&nbsp; Liabilities in Excess of Other Assets  | (19211379 ) | (2.9 ) |
| &nbsp;&nbsp; **NET ASSETS**  | $**651909738**  | **100.0%**  |

---

All data as of October 31, 2022. BBH Intermediate Municipal Bond Fund's (the "Fund") security type diversification is expressed as a percentage of net assets and may vary over time.

**CREDIT QUALITY** 

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| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of<br> Total Investments  |
| &nbsp;&nbsp; AAA  | $139637874  | 20.8 % |
| &nbsp;&nbsp; AA  | 281383495  | 41.9  |
| A  | 185148963  | 27.6  |
| BBB  | 64865556  | 9.7  |
| Not rated  | 85229  | 0.0 <br> \*  |
| **TOTAL INVESTMENTS**  | $**671121117**  | **100.0%**  |

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| | |
|:---|:---|
| _______________________  | _______________________  |
| <sup>\*</sup>  | Less than 0.05%.  |

---

All data as of October 31, 2022. 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.*

financial statements october 31, 2022 7

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (102.9%)**  |  |  |  |
|  | **Arizona (0.8%)**  |  |  |  |
| $3000000  | County of Yavapai Industrial Development Authority, Revenue Bonds  | 06/01/27  | 1.300% | $2566080  |
| 205000  | &nbsp;&nbsp; Salt Verde Financial Corp., Revenue Bonds  | 12/01/22  | 5.250  | 205181  |
| 2300000  | &nbsp;&nbsp; Salt Verde Financial Corp., Revenue Bonds  | 12/01/37  | 5.000  | 2267271  |
|  | &nbsp;&nbsp; **Total Arizona**  |  |  | **5038532**  |
|  | **California (9.2%)**  |  |  |  |
| 3750000  | &nbsp;&nbsp; Allan Hancock Joint Community College District, General Obligation Bonds<sup>1</sup>  | 08/01/42  | 0.000  | 2591850  |
| 1000000  | &nbsp;&nbsp; Anaheim City School District, General Obligation Bonds, NPFG<sup>1</sup>  | 08/01/26  | 0.000  | 862218  |
| 1040000  | Anaheim City School District, General Obligation Bonds, AGM, NPFG<sup>1</sup>  | 08/01/28  | 0.000  | 826807  |
| 2140000  | Anaheim City School District, General Obligation Bonds, AGM, NPFG<sup>1</sup>  | 08/01/29  | 0.000  | 1627362  |
| 3195000  | Anaheim Public Financing Authority, Revenue Bonds, AGM<sup>1</sup>  | 09/01/30  | 0.000  | 2285952  |
| 1185000  | California Pollution Control Financing Authority, Revenue Bonds<sup>2,3</sup>  | 11/01/40  | 3.125  | 1138743  |
| 2000000  | Center Unified School District, General Obligation Bonds, BAM<sup>1</sup>  | 08/01/31  | 0.000  | 1392359  |
| 1040000  | &nbsp;&nbsp; Chaffey Joint Union High School District, General Obligation Bonds<sup>1</sup>  | 08/01/33  | 0.000  | 651517  |
| 1000000  | &nbsp;&nbsp; Chaffey Joint Union High School District, General Obligation Bonds<sup>1</sup>  | 02/01/34  | 0.000  | 612694  |
| 1450000  | &nbsp;&nbsp; Chino Valley Unified School District, General Obligation Bonds<sup>1</sup>  | 08/01/34  | 0.000  | 855064  |
| 2200000  | &nbsp;&nbsp; Chino Valley Unified School District, General Obligation Bonds<sup>1</sup>  | 08/01/35  | 0.000  | 1225189  |
| 1015000  | &nbsp;&nbsp; Downey Unified School District, General Obligation Bonds<sup>1</sup>  | 08/01/33  | 0.000  | 630530  |
| 1000000  | &nbsp;&nbsp; Downey Unified School District, General Obligation Bonds<sup>1</sup>  | 08/01/35  | 0.000  | 554827  |
| 2000000  | &nbsp;&nbsp; Glendale Community College District, General Obligation Bonds<sup>1</sup>  | 08/01/32  | 0.000  | 1284677  |
| 2500000  | &nbsp;&nbsp; Glendale Community College District, General Obligation Bonds<sup>1</sup>  | 08/01/33  | 0.000  | 1515951  |
| 3350000  | &nbsp;&nbsp; Glendale Community College District, General Obligation Bonds<sup>1</sup>  | 08/01/35  | 0.000  | 1806205  |
| 5240000  | &nbsp;&nbsp; Glendale Community College District, General Obligation Bonds<sup>1</sup>  | 08/01/36  | 0.000  | 2663671  |
| 1900000  | &nbsp;&nbsp; Glendale Community College District, General Obligation Bonds<sup>1</sup>  | 08/01/37  | 0.000  | 907177  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **California (continued)**  |  |  |  |
| $1000000  | Grossmont Healthcare District, General Obligation Bonds, AMBAC<sup>1</sup>  | 07/15/30  | 0.000% | $731746  |
| 1100000  | &nbsp;&nbsp; La Mesa-Spring Valley School District, General Obligation Bonds, NPFG<sup>1</sup>  | 08/01/26  | 0.000  | 950184  |
| 1660000  | &nbsp;&nbsp; Lake Tahoe Unified School District, General Obligation Bonds, NPFG<sup>1</sup>  | 08/01/27  | 0.000  | 1367653  |
| 1110000  | &nbsp;&nbsp; Lake Tahoe Unified School District, General Obligation Bonds, NPFG<sup>1</sup>  | 08/01/30  | 0.000  | 799055  |
| 725000  | Long Beach Bond Finance Authority, Revenue Bonds  | 11/15/22  | 5.250  | 725323  |
| 755000  | Long Beach Bond Finance Authority, Revenue Bonds (3-Month USD-LIBOR + 1.450%)<sup>3</sup>  | 11/15/27  | 3.396  | 717055  |
| 2790000  | Long Beach Community College District, General Obligation Bonds, AGM<sup>1</sup>  | 06/01/30  | 0.000  | 2078647  |
| 1255000  | &nbsp;&nbsp; Mount Diablo Unified School District, General Obligation Bonds  | 08/01/36  | 4.000  | 1202077  |
| 8365000  | Northern California Gas Authority No 1, Revenue Bonds (3-Month USD-LIBOR + 0.720%)<sup>3</sup>  | 07/01/27  | 3.228  | 8072463  |
| 1725000  | &nbsp;&nbsp; Oak Grove School District, General Obligation Bonds<sup>1</sup>  | 08/01/31  | 0.000  | 1180070  |
| 1030000  | &nbsp;&nbsp; Oak Grove School District, General Obligation Bonds<sup>1</sup>  | 08/01/32  | 0.000  | 700387  |
| 1050000  | Oak Park Unified School District, General Obligation Bonds, AGM<sup>1</sup>  | 08/01/28  | 0.000  | 829134  |
| 1310000  | Palmdale Elementary School District, General Obligation Bonds, AGM<sup>1</sup>  | 08/01/36  | 0.000  | 687716  |
| 975000  | Placer Union High School District, General Obligation Bonds, AGM<sup>1</sup>  | 08/01/30  | 0.000  | 708829  |
| 775000  | Roseville Joint Union High School District, General Obligation Bonds, AGM<sup>1</sup>  | 08/01/30  | 0.000  | 568585  |
| 1035000  | &nbsp;&nbsp; Roseville Joint Union High School District, General Obligation Bonds<sup>1</sup>  | 08/01/33  | 0.000  | 645663  |
| 1385000  | &nbsp;&nbsp; Rowland Unified School District, General Obligation Bonds<sup>1</sup>  | 08/01/33  | 0.000  | 832720  |
| 2415000  | &nbsp;&nbsp; San Diego Unified School District, General Obligation Bonds<sup>1</sup>  | 07/01/34  | 0.000  | 1444039  |
| 3000000  | &nbsp;&nbsp; San Diego Unified School District, General Obligation Bonds<sup>1</sup>  | 07/01/37  | 0.000  | 1523145  |
| 1065000  | &nbsp;&nbsp; San Mateo Union High School District, General Obligation Bonds<sup>1</sup>  | 09/01/41  | 0.000  | 934867  |
| 1095000  | &nbsp;&nbsp; Santa Rita Union School District, General Obligation Bonds, AGM<sup>1</sup>  | 08/01/33  | 0.000  | 681061  |

---

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

financial statements october 31, 2022 9

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **California (continued)**  |  |  |  |
| $2540000  | State of California, General Obligation Bonds  | 12/01/32  | 2.850% | $2254131  |
| 5700000  | &nbsp;&nbsp; University of California, Revenue Bonds<sup>4</sup>  | 05/15/31  | 5.000  | 6247539  |
| 1040000  | &nbsp;&nbsp; Windsor Unified School District, General Obligation Bonds<sup>1</sup>  | 08/01/33  | 0.000  | 635956  |
|  | &nbsp;&nbsp; **Total California**  |  |  | **59950838**  |
|  | **Colorado (1.1%)**  |  |  |  |
| 1800000  | &nbsp;&nbsp; Colorado Health Facilities Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.640  | 1800000  |
| 1750000  | Colorado Health Facilities Authority, Revenue Bonds  | 01/01/38  | 4.000  | 1638788  |
| 696269  | &nbsp;&nbsp; Colorado Housing & Finance Authority, Revenue Bonds, GNMA  | 11/01/48  | 4.200  | 694623  |
| 1900000  | E-470 Public Highway Authority, Revenue Bonds, NPFG<sup>1</sup>  | 09/01/25  | 0.000  | 1698041  |
| 1750000  | E-470 Public Highway Authority, Revenue Bonds, NPFG<sup>1</sup>  | 09/01/27  | 0.000  | 1431384  |
|  | **Total Colorado**  |  |  | **7262836**  |
|  | **Connecticut (3.6%)**  |  |  |  |
| 165000  | Connecticut Housing Finance Authority, Revenue Bonds  | 05/15/30  | 2.000  | 141672  |
| 450000  | Connecticut Housing Finance Authority, Revenue Bonds  | 11/15/30  | 2.050  | 383691  |
| 400000  | Connecticut Housing Finance Authority, Revenue Bonds  | 05/15/31  | 2.100  | 339271  |
| 2565000  | &nbsp;&nbsp; Connecticut Housing Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 05/15/42  | 4.250  | 2541585  |
| 6030000  | Connecticut Housing Finance Authority, Revenue Bonds  | 11/15/45  | 3.500  | 5789739  |
| 100000  | &nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.330  | 100000  |
| 400000  | &nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.370  | 400000  |
| 3800000  | &nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>2,3</sup>  | 07/01/35  | 0.375  | 3552110  |
| 10000000  | &nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Revenue Bonds<sup>2,3</sup>  | 07/01/49  | 1.100  | 9262163  |
| 1085000  | &nbsp;&nbsp; State of Connecticut Special Tax Revenue, Revenue Bonds  | 05/01/36  | 4.000  | 1033035  |
|  | &nbsp;&nbsp; **Total Connecticut**  |  |  | **23543266**  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **District of Columbia (1.4%)**  |  |  |  |
| $3000000  | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds  | 10/01/28  | 5.000% | $3110908  |
| 2000000  | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds  | 10/01/29  | 5.000  | 2070418  |
| 3055000  | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds  | 10/01/30  | 5.000  | 3146341  |
| 1000000  | Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds  | 10/01/34  | 5.000  | 1006077  |
|  | **Total District of Columbia**  |  |  | **9333744**  |
|  | **Florida (4.0%)**  |  |  |  |
| 2600000  | City of Jacksonville, Revenue Bonds  | 10/01/31  | 5.000  | 2851405  |
| 2660000  | &nbsp;&nbsp; County of Broward Airport System Revenue, Revenue Bonds  | 10/01/27  | 5.000  | 2739752  |
| 3050000  | &nbsp;&nbsp; County of Broward Airport System Revenue, Revenue Bonds  | 10/01/31  | 5.000  | 3115032  |
| 3315000  | &nbsp;&nbsp; Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/50  | 4.000  | 3258887  |
| 3000000  | Florida Housing Finance Corp., Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/54  | 5.500  | 3102957  |
| 1000000  | Greater Orlando Aviation Authority, Revenue Bonds  | 10/01/32  | 5.000  | 1023618  |
| 2500000  | Greater Orlando Aviation Authority, Revenue Bonds  | 10/01/36  | 5.000  | 2480740  |
| 5850000  | Greater Orlando Aviation Authority, Revenue Bonds  | 10/01/36  | 5.000  | 5793428  |
| 1080000  | &nbsp;&nbsp; Greater Orlando Aviation Authority, Revenue Bonds  | 10/01/38  | 5.000  | 1070710  |
| 500000  | &nbsp;&nbsp; Hillsborough County Industrial Development Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.600  | 500000  |
|  | &nbsp;&nbsp; **Total Florida**  |  |  | **25936529**  |
|  | **Georgia (3.6%)**  |  |  |  |
| 5000000  | &nbsp;&nbsp; Development Authority of Burke County, Revenue Bonds<sup>2,3</sup>  | 01/01/40  | 1.500  | 4616293  |
| 1200000  | &nbsp;&nbsp; Development Authority of Burke County, Revenue Bonds<sup>2,3</sup>  | 11/01/45  | 3.000  | 1196010  |
| 2715000  | &nbsp;&nbsp; Development Authority of Burke County, Revenue Bonds<sup>2,3</sup>  | 11/01/45  | 3.250  | 2641779  |
| 650000  | &nbsp;&nbsp; Development Authority of Burke County, Revenue Bonds<sup>2,3</sup>  | 12/01/49  | 1.700  | 618138  |
| 345000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/25  | 5.000  | 353368  |

---

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

financial statements october 31, 2022 11

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Georgia (continued)**  |  |  |  |
| $1265000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/26  | 5.000% | $1307671  |
| 800000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/27  | 5.000  | 829967  |
| 990000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/29  | 5.000  | 1029013  |
| 2700000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/29  | 5.000  | 2797970  |
| 1140000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/31  | 5.000  | 1173252  |
| 1000000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/33  | 5.000  | 1017752  |
| 500000  | Georgia Municipal Electric Authority, Revenue Bonds  | 01/01/34  | 5.000  | 505752  |
| 1750000  | Monroe County Development Authority, Revenue Bonds  | 07/01/25  | 2.250  | 1638883  |
| 3850000  | &nbsp;&nbsp; Monroe County Development Authority, Revenue Bonds<sup>2,3</sup>  | 01/01/39  | 1.500  | 3554546  |
|  | **Total Georgia**  |  |  | **23280394**  |
|  | **Hawaii (0.3%)**  |  |  |  |
| 1600000  | State of Hawaii Airports System Revenue, Revenue Bonds  | 07/01/32  | 5.000  | 1634778  |
|  | &nbsp;&nbsp; **Total Hawaii**  |  |  | **1634778**  |
|  | **Illinois (3.2%)**  |  |  |  |
| 800000  | &nbsp;&nbsp; Illinois Finance Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.650  | 800000  |
| 3130000  | Illinois Finance Authority, Revenue Bonds  | 07/15/32  | 3.000  | 2713851  |
| 1340000  | Illinois Finance Authority, Revenue Bonds  | 08/15/32  | 5.000  | 1407269  |
| 2090000  | Illinois Finance Authority, Revenue Bonds  | 08/15/34  | 5.000  | 2173021  |
| 2660000  | Illinois Finance Authority, Revenue Bonds  | 02/15/36  | 5.000  | 2696600  |
| 2470000  | Illinois Finance Authority, Revenue Bonds  | 08/15/36  | 4.000  | 2258734  |
| 2135000  | &nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Revenue Bonds  | 07/01/26  | 7.000  | 2296595  |
| 985000  | Railsplitter Tobacco Settlement Authority, Revenue Bonds  | 06/01/26  | 5.000  | 1019430  |
| 4300000  | Railsplitter Tobacco Settlement Authority, Revenue Bonds  | 06/01/27  | 5.000  | 4442013  |
| 870000  | Railsplitter Tobacco Settlement Authority, Revenue Bonds  | 06/01/28  | 5.000  | 897895  |
|  | &nbsp;&nbsp; **Total Illinois**  |  |  | **20705408**  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Indiana (1.9%)**  |  |  |  |
| $400000  | Indiana Finance Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.620% | $400000  |
| 3160000  | Indiana Housing & Community Development Authority, Revenue Bonds  | 01/01/49  | 3.750  | 3081820  |
| 2280000  | Indiana Housing & Community Development Authority, Revenue Bonds, GNMA  | 07/01/49  | 3.250  | 2199648  |
| 7000000  | &nbsp;&nbsp; Indiana Housing & Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/52  | 4.750  | 6993585  |
|  | &nbsp;&nbsp; **Total Indiana**  |  |  | **12675053**  |
|  | **Iowa (1.6%)**  |  |  |  |
| 2020000  | &nbsp;&nbsp; Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/30  | 1.800  | 1677392  |
| 255000  | &nbsp;&nbsp; Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/46  | 4.000  | 253689  |
| 420000  | &nbsp;&nbsp; Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/49  | 3.500  | 402515  |
| 3225000  | &nbsp;&nbsp; Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/50  | 3.750  | 3144535  |
| 5435000  | Iowa Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/52  | 3.000  | 5032864  |
|  | &nbsp;&nbsp; **Total Iowa**  |  |  | **10510995**  |
|  | **Kentucky (2.6%)**  |  |  |  |
| 5000000  | &nbsp;&nbsp; County of Trimble, Revenue Bonds  | 11/01/27  | 1.350  | 4217987  |
| 7355000  | &nbsp;&nbsp; Kentucky Public Energy Authority, Revenue Bonds<sup>2,3</sup>  | 12/01/49  | 4.000  | 7165359  |
| 6500000  | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)<sup>3</sup>  | 08/01/52  | 3.244  | 5852824  |
|  | **Total Kentucky**  |  |  | **17236170**  |
|  | **Maryland (0.7%)**  |  |  |  |
| 2250000  | State of Maryland Department of Transportation, Revenue Bonds<sup>4</sup>  | 12/01/28  | 5.000  | 2448936  |
| 2125000  | State of Maryland Department of Transportation, Revenue Bonds<sup>4</sup>  | 12/01/29  | 5.000  | 2336053  |
|  | &nbsp;&nbsp; **Total Maryland**  |  |  | **4784989**  |
|  | **Massachusetts (1.1%)**  |  |  |  |
| 5000000  | Massachusetts Clean Water Trust, Revenue Bonds (U.S. Consumer Price Index + 0.990%)  | 08/01/23  | 7.775  | 5017311  |
| 1180000  | Massachusetts Development Finance Agency, Revenue Bonds  | 07/01/35  | 4.000  | 1112254  |
| 370000  | &nbsp;&nbsp; Massachusetts Housing Finance Agency, Revenue Bonds  | 06/01/34  | 3.300  | 323860  |

---

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

financial statements october 31, 2022 13

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Massachusetts (continued)**  |  |  |  |
| $485000  | &nbsp;&nbsp; Massachusetts Housing Finance Agency, Revenue Bonds  | 12/01/36  | 3.450% | $417954  |
| 500000  | &nbsp;&nbsp; Massachusetts Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 12/01/37  | 4.150  | 453058  |
|  | **Total Massachusetts**  |  |  | **7324437**  |
|  | **Michigan (1.2%)**  |  |  |  |
| 65000  | &nbsp;&nbsp; Detroit City School District, General Obligation Bonds, BHAC, FGIC  | 05/01/25  | 5.250  | 66698  |
| 325000  | Detroit City School District, General Obligation Bonds, AGM  | 05/01/27  | 5.250  | 347523  |
| 1550000  | Detroit City School District, General Obligation Bonds, AGM  | 05/01/30  | 5.250  | 1712788  |
| 3940000  | Detroit City School District, General Obligation Bonds, AGM  | 05/01/32  | 5.250  | 4285146  |
| 1240000  | &nbsp;&nbsp; Pontiac School District, General Obligation Bonds  | 05/01/31  | 5.000  | 1349338  |
|  | &nbsp;&nbsp; **Total Michigan**  |  |  | **7761493**  |
|  | **Minnesota (4.8%)**  |  |  |  |
| 1400000  | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup>  | 02/01/32  | 0.000  | 939935  |
| 3420000  | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup>  | 02/01/34  | 0.000  | 2070207  |
| 2770000  | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup>  | 02/01/35  | 0.000  | 1577437  |
| 2000000  | Becker Independent School District No 726, General Obligation Bonds<sup>1</sup>  | 02/01/36  | 0.000  | 1079531  |
| 1300000  | Duluth Independent School District No 709, General Obligation Bonds<sup>1</sup>  | 02/01/31  | 0.000  | 892892  |
| 1050000  | Duluth Independent School District No 709, General Obligation Bonds<sup>1</sup>  | 02/01/32  | 0.000  | 681757  |
| 1035000  | Duluth Independent School District No 709, General Obligation Bonds<sup>1</sup>  | 02/01/33  | 0.000  | 634379  |
| 740000  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/28  | 1.750  | 663956  |
| 1445000  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/28  | 1.300  | 1243648  |
| 1945000  | &nbsp;&nbsp; Minnesota Housing Finance Agency, Revenue Bonds  | 01/01/31  | 2.200  | 1640783  |
| 742794  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 03/01/47  | 2.930  | 699378  |
| 578533  | &nbsp;&nbsp; Minnesota Housing Finance Agency, Revenue Bonds, FHA, FHLMC, FNMA, GNMA  | 01/01/49  | 3.600  | 557847  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Minnesota (continued)**  |  |  |  |
| $1555216  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 03/01/49  | 3.450% | $1493803  |
| 650413  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 06/01/49  | 3.150  | 619875  |
| 3606321  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/50  | 2.470  | 3350953  |
| 1740000  | Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/50  | 3.750  | 1699354  |
| 1865000  | &nbsp;&nbsp; Minnesota Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/51  | 3.000  | 1769390  |
| 3500000  | Minnesota Housing Finance Agency, Revenue Bonds  | 07/01/53  | 5.000  | 3535389  |
| 1000000  | Sartell-St Stephen Independent School District No 748, General Obligation Bonds<sup>1</sup>  | 02/01/33  | 0.000  | 628461  |
| 5155000  | &nbsp;&nbsp; Shakopee Independent School District No 720, General Obligation Bonds<sup>1</sup>  | 02/01/29  | 0.000  | 3985574  |
| 2250000  | &nbsp;&nbsp; St Paul Independent School District No 625, Certificates of Participation  | 02/01/32  | 2.000  | 1767913  |
|  | &nbsp;&nbsp; **Total Minnesota**  |  |  | **31532462**  |
|  | **Mississippi (0.1%)**  |  |  |  |
| 1000000  | &nbsp;&nbsp; Mississippi Business Finance Corp., Revenue Bonds<sup>2,3</sup>  | 03/01/27  | 2.200  | 963524  |
|  | **Total Mississippi**  |  |  | **963524**  |
|  | **Missouri (0.5%)**  |  |  |  |
| 3000000  | Missouri Housing Development Commission, Revenue Bonds, FHLMC, FNMA, GNMA  | 11/01/52  | 4.750  | 2998500  |
|  | &nbsp;&nbsp; **Total Missouri**  |  |  | **2998500**  |
|  | **Montana (1.0%)**  |  |  |  |
| 915000  | &nbsp;&nbsp; Montana Board of Housing, Revenue Bonds  | 12/01/43  | 4.000  | 903478  |
| 2295000  | &nbsp;&nbsp; Montana Board of Housing, Revenue Bonds  | 12/01/51  | 3.000  | 2156947  |
| 2000000  | &nbsp;&nbsp; Montana Board of Housing, Revenue Bonds  | 06/01/52  | 3.000  | 1865092  |
| 1620000  | &nbsp;&nbsp; Montana Board of Housing, Revenue Bonds  | 12/01/52  | 5.000  | 1635866  |
|  | **Total Montana**  |  |  | **6561383**  |
|  | **Nebraska (2.3%)**  |  |  |  |
| 3060000  | Central Plains Energy Project, Revenue Bonds<sup>2,3</sup>  | 03/01/50  | 5.000  | 3061642  |
| 10000000  | Central Plains Energy Project, Revenue Bonds<sup>2,3</sup>  | 05/01/53  | 5.000  | 9808448  |
| 2205000  | &nbsp;&nbsp; Nebraska Investment Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 09/01/49  | 4.000  | 2161610  |
|  | &nbsp;&nbsp; **Total Nebraska**  |  |  | **15031700**  |

---

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

financial statements october 31, 2022 15

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **New Hampshire (0.1%)**  |  |  |  |
| $1000000  | &nbsp;&nbsp; New Hampshire Business Finance Authority, Revenue Bonds  | 08/01/24  | 3.125% | $975299  |
|  | **Total New Hampshire**  |  |  | **975299**  |
|  | **New Jersey (4.4%)**  |  |  |  |
| 3830000  | New Jersey Economic Development Authority, Revenue Bonds (SIFMA Municipal Swap Index Yield + 1.550%)<sup>3</sup>  | 09/01/27  | 3.790  | 3832209  |
| 2485000  | &nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup>  | 12/15/28  | 0.000  | 1896132  |
| 7000000  | New Jersey Transportation Trust Fund Authority, Revenue Bonds  | 06/15/30  | 5.000  | 7272553  |
| 4405000  | &nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup>  | 12/15/30  | 0.000  | 3028526  |
| 11325000  | &nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup>  | 12/15/31  | 0.000  | 7355883  |
| 3535000  | &nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Revenue Bonds, AGM<sup>1</sup>  | 12/15/33  | 0.000  | 2056857  |
| 1265000  | &nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Revenue Bonds<sup>1</sup>  | 12/15/34  | 0.000  | 681694  |
| 1375000  | &nbsp;&nbsp; Rumson Boro School District, General Obligation Bonds  | 07/15/33  | 2.000  | 1026295  |
| 1750000  | Township of Ewing, General Obligation Bonds  | 08/01/29  | 2.000  | 1481295  |
|  | &nbsp;&nbsp; **Total New Jersey**  |  |  | **28631444**  |
|  | **New Mexico (0.6%)**  |  |  |  |
| 1145000  | &nbsp;&nbsp; New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/49  | 4.000  | 1126711  |
| 2570000  | &nbsp;&nbsp; New Mexico Mortgage Finance Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/51  | 3.500  | 2480135  |
|  | &nbsp;&nbsp; **Total New Mexico**  |  |  | **3606846**  |
|  | **New York (6.1%)**  |  |  |  |
| 3360000  | City of New York, General Obligation Bonds  | 08/01/37  | 4.000  | 3107133  |
| 2000000  | Metropolitan Transportation Authority, Revenue Bonds (1-Month USD-LIBOR + 0.550%)<sup>3</sup>  | 11/01/30  | 3.074  | 2000000  |
| 9760000  | Metropolitan Transportation Authority, Revenue Bonds (SOFR + 0.330%)<sup>3</sup>  | 11/01/35  | 2.374  | 9472976  |
| 500000  | &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue<br> Bonds<sup>3,5</sup>  | 11/01/22  | 1.590  | 500000  |
| 750000  | &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue <br> Bonds  | 02/01/38  | 4.000  | 690260  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **New York (continued)**  |  |  |  |
| $3300000  | &nbsp;&nbsp; New York City Water & Sewer System, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.590% | $3300000  |
| 3055000  | New York State Dormitory Authority, Revenue Bonds  | 03/15/35  | 4.000  | 2918391  |
| 3750000  | New York State Dormitory Authority, Revenue Bonds  | 03/15/36  | 4.000  | 3543984  |
| 3440000  | &nbsp;&nbsp; Port Authority of New York & New Jersey, Revenue Bonds  | 08/01/31  | 5.000  | 3592536  |
| 5655000  | &nbsp;&nbsp; Port Authority of New York & New Jersey, Revenue Bonds  | 10/01/31  | 2.000  | 4402963  |
| 1320000  | &nbsp;&nbsp; Port Authority of New York & New Jersey, Revenue Bonds  | 10/15/34  | 5.000  | 1313067  |
| 1500000  | &nbsp;&nbsp; Port Authority of New York & New Jersey, Revenue Bonds  | 07/15/35  | 5.000  | 1488208  |
| 2725000  | &nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>1</sup>  | 11/15/30  | 0.000  | 1915899  |
| 3500000  | &nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Revenue Bonds<sup>1</sup>  | 11/15/36  | 0.000  | 1759259  |
|  | &nbsp;&nbsp; **Total New York**  |  |  | **40004676**  |
|  | **North Carolina (3.0%)**  |  |  |  |
| 500000  | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.640  | 500000  |
| 800000  | Charlotte-Mecklenburg Hospital Authority, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.640  | 800000  |
| 3700000  | &nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, Revenue Bonds  | 01/15/37  | 4.000  | 3408572  |
| 520000  | &nbsp;&nbsp; North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/23  | 2.800  | 515665  |
| 1570000  | &nbsp;&nbsp; North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 01/01/28  | 1.100  | 1358101  |
| 4675000  | &nbsp;&nbsp; North Carolina Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 07/01/48  | 4.000  | 4605639  |
| 3910000  | &nbsp;&nbsp; North Carolina Housing Finance Agency, Revenue Bonds, FNMA, GNMA  | 01/01/50  | 4.000  | 3841342  |
| 2290000  | North Carolina Housing Finance Agency, Revenue Bonds  | 07/01/50  | 4.000  | 2246205  |
| 2035000  | &nbsp;&nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority, Revenue <br> Bonds  | 05/01/34  | 5.000  | 2053978  |
|  | &nbsp;&nbsp; **Total North Carolina**  |  |  | **19329502**  |
|  | **North Dakota (1.6%)**  |  |  |  |
| 1000000  | North Dakota Housing Finance Agency, Revenue Bonds  | 01/01/29  | 1.650  | 860800  |

---

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

financial statements october 31, 2022 17

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **North Dakota (continued)**  |  |  |  |
| $1985000  | North Dakota Housing Finance Agency, Revenue Bonds  | 07/01/32  | 2.800% | $1714540  |
| 1015000  | North Dakota Housing Finance Agency, Revenue Bonds  | 01/01/49  | 4.250  | 1005746  |
| 3435000  | North Dakota Housing Finance Agency, Revenue Bonds  | 07/01/49  | 4.250  | 3401147  |
| 3500000  | North Dakota Housing Finance Agency, Revenue Bonds  | 01/01/53  | 4.000  | 3393838  |
|  | &nbsp;&nbsp; **Total North Dakota**  |  |  | **10376071**  |
|  | **Ohio (1.5%)**  |  |  |  |
| 200000  | County of Montgomery, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.620  | 200000  |
| 6000000  | &nbsp;&nbsp; Ohio Air Quality Development Authority, Revenue Bonds<sup>2,3</sup>  | 11/01/39  | 4.250  | 5853550  |
| 300000  | Ohio Higher Educational Facility Commission, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.600  | 300000  |
| 2000000  | Ohio Turnpike & Infrastructure Commission, Revenue Bonds<sup>4</sup>  | 02/15/32  | 5.000  | 2203917  |
| 500000  | State of Ohio, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.620  | 500000  |
| 1000000  | &nbsp;&nbsp; State of Ohio, Revenue Bonds  | 01/01/36  | 4.000  | 939328  |
|  | &nbsp;&nbsp; **Total Ohio**  |  |  | **9996795**  |
|  | &nbsp;&nbsp; **Oklahoma (0.9%)**  |  |  |  |
| 3175000  | &nbsp;&nbsp; Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 09/01/49  | 4.000  | 3115391  |
| 2645000  | &nbsp;&nbsp; Oklahoma Housing Finance Agency, Revenue Bonds, FHLMC, FNMA, GNMA  | 09/01/50  | 3.250  | 2519725  |
|  | &nbsp;&nbsp; **Total Oklahoma**  |  |  | **5635116**  |
|  | **Oregon (3.6%)**  |  |  |  |
| 7600000  | &nbsp;&nbsp; Clackamas & Washington Counties School District No 3, General Obligation Bonds<sup>1</sup>  | 06/15/35  | 0.000  | 4207102  |
| 1020000  | &nbsp;&nbsp; Clackamas County School District No 115, General Obligation Bonds<sup>1</sup>  | 06/15/27  | 0.000  | 857564  |
| 1670000  | &nbsp;&nbsp; Lane County School District No 1 Pleasant Hill, General Obligation Bonds<sup>1</sup>  | 06/15/27  | 0.000  | 1370961  |
| 1445000  | &nbsp;&nbsp; Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, General Obligation Bonds<sup>1</sup>  | 06/15/32  | 0.000  | 955529  |
| 5000000  | &nbsp;&nbsp; Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup>  | 06/15/27  | 0.000  | 4192328  |
| 1500000  | &nbsp;&nbsp; Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup>  | 06/15/28  | 0.000  | 1202077  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Oregon (continued)**  |  |  |  |
| $2745000  | &nbsp;&nbsp; Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup>  | 06/15/28  | 0.000% | $2203440  |
| 1045000  | &nbsp;&nbsp; Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup>  | 06/15/31  | 0.000  | 727612  |
| 1000000  | &nbsp;&nbsp; Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup>  | 06/15/33  | 0.000  | 626602  |
| 1045000  | &nbsp;&nbsp; Salem-Keizer School District No 24J, General Obligation Bonds<sup>1</sup>  | 06/15/35  | 0.000  | 587824  |
| 5000000  | &nbsp;&nbsp; Umatilla County School District No 8R Hermiston, General Obligation Bonds<sup>1</sup>  | 06/15/32  | 0.000  | 3306330  |
| 2225000  | &nbsp;&nbsp; Washington & Multnomah Counties School District No 48J Beaverton, General Obligation Bonds<sup>1</sup>.  | 06/15/33  | 0.000  | 1395639  |
| 1500000  | &nbsp;&nbsp; Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>1</sup>  | 06/15/31  | 0.000  | 1030415  |
| 1055000  | &nbsp;&nbsp; Washington Clackamas & Yamhill Counties School District No 88J, General Obligation Bonds<sup>1</sup>  | 06/15/33  | 0.000  | 650172  |
|  | &nbsp;&nbsp; **Total Oregon**  |  |  | **23313595**  |
|  | **Other Territory (0.1%)**  |  |  |  |
| 970000  | FHLMC Multifamily VRD Certificates, Revenue Bonds  | 05/15/27  | 2.304  | 894335  |
|  | &nbsp;&nbsp; **Total Other Territory**  |  |  | **894335**  |
|  | **Pennsylvania (4.9%)**  |  |  |  |
| 85000  | Allegheny County Airport Authority, Revenue Bonds, FGIC  | 01/01/23  | 5.000  | 85229  |
| 5780000  | Bethlehem Area School District Authority, Revenue Bonds (SOFR + 0.350%)<sup>3</sup>  | 07/01/31  | 2.387  | 5554948  |
| 1000000  | &nbsp;&nbsp; New Kensington-Arnold School District, General Obligation Bonds, BAM  | 05/15/28  | 2.500  | 913581  |
| 10700000  | &nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Revenue Bonds<sup>2,3</sup>  | 08/01/37  | 0.580  | 9983930  |
| 1610000  | School District of Philadelphia, General Obligation Bonds  | 09/01/28  | 5.000  | 1681551  |
| 1090000  | School District of Philadelphia, General Obligation Bonds  | 09/01/34  | 5.000  | 1122421  |
| 2500000  | School District of Philadelphia, General Obligation Bonds  | 09/01/34  | 5.000  | 2573779  |
| 1470000  | School District of Philadelphia, General Obligation Bonds  | 09/01/36  | 4.000  | 1340977  |

---

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

financial statements october 31, 2022 19

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Pennsylvania (continued)**  |  |  |  |
| $2210000  | State Public School Building Authority, Revenue Bonds, AGM  | 06/01/32  | 5.000% | $2271311  |
| 6255000  | State Public School Building Authority, Revenue Bonds, AGM  | 06/01/33  | 5.000  | 6397947  |
|  | **Total Pennsylvania**  |  |  | **31925674**  |
|  | **South Carolina (1.2%)**  |  |  |  |
| 865000  | &nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, Revenue Bonds  | 07/01/34  | 2.650  | 730292  |
| 7500000  | &nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, Revenue Bonds  | 01/01/52  | 4.000  | 7272771  |
|  | &nbsp;&nbsp; **Total South Carolina**  |  |  | **8003063**  |
|  | **South Dakota (2.8%)**  |  |  |  |
| 1500000  | &nbsp;&nbsp; South Dakota Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 11/01/32  | 3.400  | 1382347  |
| 215000  | South Dakota Housing Development Authority, Revenue Bonds  | 11/01/44  | 4.000  | 213990  |
| 1660000  | South Dakota Housing Development Authority, Revenue Bonds  | 11/01/46  | 3.500  | 1634480  |
| 1920000  | South Dakota Housing Development Authority, Revenue Bonds  | 11/01/48  | 4.500  | 1912202  |
| 2780000  | South Dakota Housing Development Authority, Revenue Bonds  | 11/01/49  | 4.000  | 2729518  |
| 5385000  | South Dakota Housing Development Authority, Revenue Bonds  | 11/01/50  | 3.750  | 5251898  |
| 5000000  | South Dakota Housing Development Authority, Revenue Bonds  | 05/01/53  | 5.000  | 5048968  |
|  | **Total South Dakota**  |  |  | **18173403**  |
|  | **Tennessee (2.1%)**  |  |  |  |
| 4000000  | &nbsp;&nbsp; New Memphis Arena Public Building Authority, Revenue Bonds<sup>1</sup>  | 04/01/29  | 0.000  | 3482537  |
| 1750000  | &nbsp;&nbsp; New Memphis Arena Public Building Authority, Revenue Bonds<sup>1</sup>  | 04/01/33  | 0.000  | 1051046  |
| 3000000  | &nbsp;&nbsp; New Memphis Arena Public Building Authority, Revenue Bonds<sup>1</sup>  | 04/01/35  | 0.000  | 1592840  |
| 1000000  | &nbsp;&nbsp; Tennessee Energy Acquisition Corp., Revenue Bonds  | 11/01/28  | 5.000  | 1004285  |
| 1430000  | &nbsp;&nbsp; Tennessee Housing Development Agency, Revenue Bonds  | 01/01/43  | 4.000  | 1410060  |
| 1315000  | &nbsp;&nbsp; Tennessee Housing Development Agency, Revenue Bonds  | 07/01/48  | 4.000  | 1298276  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Tennessee (continued)**  |  |  |  |
| $1115000  | &nbsp;&nbsp; Tennessee Housing Development Agency, Revenue Bonds  | 07/01/49  | 4.250% | $1104665  |
| 3000000  | &nbsp;&nbsp; Tennessee Housing Development Agency, Revenue Bonds  | 01/01/53  | 5.000  | 3029373  |
|  | &nbsp;&nbsp; **Total Tennessee**  |  |  | **13973082**  |
|  | **Texas (18.6%)**  |  |  |  |
| 1000000  | &nbsp;&nbsp; Alvarado Independent School District, General Obligation Bonds  | 02/15/36  | 4.000  | 947098  |
| 1000000  | &nbsp;&nbsp; Alvarado Independent School District, General Obligation Bonds  | 02/15/37  | 4.000  | 938348  |
| 1350000  | &nbsp;&nbsp; Belton Independent School District, General Obligation Bonds  | 02/15/38  | 4.000  | 1282229  |
| 1395000  | &nbsp;&nbsp; City of Austin Airport System Revenue, Revenue Bonds  | 11/15/31  | 5.000  | 1434435  |
| 1120000  | &nbsp;&nbsp; City of Houston Airport System Revenue, Revenue Bonds  | 07/01/24  | 5.000  | 1136332  |
| 1170000  | &nbsp;&nbsp; City of Houston Airport System Revenue, Revenue Bonds  | 07/01/25  | 5.000  | 1196042  |
| 3820000  | &nbsp;&nbsp; City of Houston Airport System Revenue, Revenue Bonds  | 07/01/28  | 5.000  | 3937433  |
| 8000000  | &nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds<sup>2,3</sup>  | 02/01/49  | 2.000  | 7247216  |
| 3720000  | &nbsp;&nbsp; Fort Bend Independent School District, General Obligation Bonds<sup>2,3</sup>  | 08/01/51  | 0.720  | 3225328  |
| 1750000  | Goose Creek Consolidated Independent School District, General Obligation Bonds<sup>2,3</sup>  | 02/15/35  | 0.600  | 1557041  |
| 2000000  | &nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Revenue Bonds  | 10/01/37  | 4.000  | 1845034  |
| 5570000  | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds<sup>2,3</sup>  | 06/01/50  | 5.000  | 5856139  |
| 3380000  | &nbsp;&nbsp; Little Elm Independent School District, General Obligation Bonds<sup>2,3</sup>  | 08/15/48  | 0.680  | 2998711  |
| 1025000  | &nbsp;&nbsp; Love Field Airport Modernization Corp., Revenue Bonds  | 11/01/25  | 5.000  | 1050403  |
| 5900000  | &nbsp;&nbsp; Medina Valley Independent School District, General Obligation Bonds<sup>2,3</sup>  | 02/15/51  | 0.820  | 5215696  |
| 7800000  | &nbsp;&nbsp; Northside Independent School District, General Obligation Bonds<sup>2,3</sup>  | 06/01/50  | 0.700  | 6949824  |

---

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

financial statements october 31, 2022 21

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Texas (continued)**  |  |  |  |
| $5000000  | &nbsp;&nbsp; Northside Independent School District, General Obligation Bonds<sup>2,3</sup>  | 06/01/52  | 2.000% | $4470939  |
| 3955000  | State of Texas, General Obligation Bonds  | 08/01/30  | 4.500  | 4076134  |
| 590000  | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA  | 09/01/35  | 2.150  | 468648  |
| 2100000  | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA  | 07/01/37  | 2.150  | 1510503  |
| 800000  | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA  | 07/01/37  | 4.400  | 783335  |
| 9712386  | &nbsp;&nbsp; Texas Department of Housing & Community Affairs, Revenue Bonds, FHLMC, FNMA, GNMA  | 09/01/47  | 2.835  | 9151066  |
| 1330000  | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA  | 03/01/50  | 4.000  | 1297355  |
| 1935000  | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA  | 03/01/51  | 3.500  | 1848172  |
| 2500000  | Texas Department of Housing & Community Affairs, Revenue Bonds, GNMA  | 01/01/53  | 5.750  | 2618168  |
| 14300000  | &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds (3-Month USD-LIBOR + 0.700%)<sup>3</sup>  | 12/15/26  | 2.906  | 13962436  |
| 10095000  | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds  | 12/15/26  | 6.250  | 10456524  |
| 3300000  | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (SIFMA Municipal Swap Index Yield + 0.550%)<sup>3</sup>  | 09/15/27  | 2.790  | 3194242  |
| 10745000  | &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)<sup>3</sup>  | 09/15/27  | 2.863  | 10315313  |
| 10365000  | &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.870%)<sup>3</sup>  | 09/15/27  | 3.076  | 10021459  |
|  | **Total Texas**  |  |  | **120991603**  |
|  | **Utah (0.8%)**  |  |  |  |
| 2260000  | &nbsp;&nbsp; Utah State Building Ownership Authority, Revenue Bonds  | 05/15/33  | 5.000  | 2444261  |
| 2300000  | &nbsp;&nbsp; Utah State Building Ownership Authority, Revenue Bonds  | 05/15/35  | 5.000  | 2462164  |
|  | **Total Utah**  |  |  | **4906425**  |
|  | **MUNICIPAL BONDS (continued)**  |  |  |  |
|  | **Virginia (2.3%)**  |  |  |  |
| $2750000  | Amelia County Industrial Development Authority, Revenue Bonds  | 04/01/27  | 1.450% | $2381436  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity<br> Date  | Interest<br> Rate  | Value  |
| 1445000  | Virginia Housing Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 12/01/31  | 1.900  | 1179244  |
| 3525000  | Virginia Public Building Authority, Revenue Bonds  | 08/01/37  | 4.000  | 3415332  |
| 8700000  | &nbsp;&nbsp; Wise County Industrial Development Authority, Revenue Bonds<sup>2,3</sup>  | 10/01/40  | 0.750  | 7929942  |
|  | &nbsp;&nbsp; **Total Virginia**  |  |  | **14905954**  |
|  | **Washington (0.3%)**  |  |  |  |
| 425000  | Port of Seattle, Revenue Bonds  | 06/01/27  | 3.750  | 414927  |
| 1345000  | &nbsp;&nbsp; State of Washington, General Obligation Bonds, NPFG<sup>1</sup>  | 06/01/30  | 0.000  | 990226  |
| 35000  | Washington State Housing Finance Commission, Revenue Bonds  | 06/01/44  | 3.500  | 34824  |
| 690000  | &nbsp;&nbsp; Washington State Housing Finance Commission, Revenue Bonds, FHLMC, FNMA, GNMA  | 12/01/47  | 4.000  | 688199  |
|  | **Total Washington**  |  |  | **2128176**  |
|  | **Wisconsin (2.5%)**  |  |  |  |
| 300000  | &nbsp;&nbsp; County of Milwaukee Airport Revenue, Revenue Bonds  | 12/01/28  | 5.250  | 302688  |
| 5000000  | &nbsp;&nbsp; Public Finance Authority, Revenue Bonds<sup>2,3</sup>  | 10/01/46  | 3.700  | 4776027  |
| 7000000  | State of Wisconsin, General Obligation Bonds<sup>4</sup>  | 05/01/27  | 5.000  | 7366384  |
| 800000  | &nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Revenue Bonds<sup>3,5</sup>  | 11/01/22  | 1.590  | 800000  |
| 3000000  | &nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Revenue Bonds  | 08/15/36  | 4.000  | 2771344  |
|  | &nbsp;&nbsp; **Total Wisconsin**  |  |  | **16016443**  |
|  | **Wyoming (0.5%)**  |  |  |  |
| 2055000  | Wyoming Community Development Authority, Revenue Bonds  | 12/01/48  | 4.000  | 2022360  |
| 1305000  | &nbsp;&nbsp; Wyoming Community Development Authority, Revenue Bonds, FHLMC, FNMA, GNMA  | 06/01/50  | 3.000  | 1244224  |
|  | &nbsp;&nbsp; **Total Wyoming**  |  |  | **3266584**  |
|  | **Total Municipal Bonds**  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **(Identified cost $726,670,471)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Identified cost $726,670,471)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(Identified cost $726,670,471)**  | **671121117**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Identified cost $726,670,471)**<sup>6</sup>  | **102.9%**  | $**671121117**  |
| **LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS**  | **(2.9)%**  | **(19211379)**  |
| &nbsp;&nbsp; **NET ASSETS**  | **100.00%**  | $**651909738**  |

---

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

financial statements october 31, 2022 23

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | |
|:---|:---|
| <sup>1</sup>  | Security issued with zero coupon. Income is recognized through accretion of discount.  |
| <sup>2</sup>  | This variable rate security is based on a predetermined schedule and the rate at year end also represents the reference rate at year end.  |
| <sup>3</sup>  | Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the October 31, 2022 coupon or interest rate.  |
| <sup>4</sup>  | Represent a security purchased on a when-issued basis.  |
| <sup>5</sup>  | 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, 2022.  |
| <sup>6</sup>  | The aggregate cost for federal income tax purposes is $726,735,960, the aggregate gross unrealized appreciation is $125,730 and the aggregate gross unrealized depreciation is $55,740,573, resulting in net unrealized depreciation of $55,614,843.  |
| Abbreviations:  | Abbreviations:  |
| AGM - Assured Guaranty Municipal Corporation.  | AGM - Assured Guaranty Municipal Corporation.  |
| AMBAC - AMBAC Financial Group, Inc.  | AMBAC - AMBAC Financial Group, Inc.  |
| BAM - Build America Mutual.  | BAM - Build America Mutual.  |
| BHAC - Berkshire Hathaway Assurance Corporation.  | BHAC - Berkshire Hathaway Assurance Corporation.  |
| FGIC - Financial Guaranty Insurance Company.  | FGIC - Financial Guaranty Insurance Company.  |
| FHA - Federal Housing Administration.  | FHA - Federal Housing Administration.  |
| FHLMC - Federal Home Loan Mortgage Corporation.  | FHLMC - Federal Home Loan Mortgage Corporation.  |
| FNMA - Federal National Mortgage Association.  | FNMA - Federal National Mortgage Association.  |
| GNMA - Government National Mortgage Association.  | GNMA - Government National Mortgage Association.  |
| LIBOR - London Interbank Offered Rate.  | LIBOR - London Interbank Offered Rate.  |
| NPFG - National Public Finance Guarantee Corporation.  | NPFG - National Public Finance Guarantee Corporation.  |
| SIFMA - Securities Industry and Financial Markets Association.  | SIFMA - Securities Industry and Financial Markets Association.  |
| SOFR - Secured Overnight Financing Rate.  | SOFR - Secured Overnight Financing Rate.  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**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.*

financial statements october 31, 2022 25

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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 following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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> 2022  |
| &nbsp;&nbsp; Municipal Bonds\*  | $—  | $671121117  | $—  | $671121117  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment, at value**  | $**—**  | $**671121117**  | $**—**  | $**671121117**  |

---

_______________________ <br> <sup>\*</sup> For geographical breakdown of municipal bond investments, refer to the Portfolio of Investments.

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (Cost $726,670,471)  | $671121117  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 4245  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  | 14810510  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 5336853  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 286010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver reimbursement  | 3558  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 2076  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **691564369**  |
| **LIABILITIES:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 38358525  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | 886163  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 215816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 75393  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared  | 46778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 36395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees  | 8802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 7224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 18424  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **39654631**  |
| &nbsp;&nbsp; **NET ASSETS**  | $**651909738**  |
| Net Assets Consist of:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $717732221  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit  | (65822483 ) |
| &nbsp;&nbsp; **Net Assets**  | $**651909738**  |

---

---

| | |
|:---|:---|
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**  |  |
| **CLASS N SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($54,650,877 ÷ 5,638,017 shares outstanding)  | **$9.69**  |
| **CLASS I SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($597,258,861 ÷ 61,677,342 shares outstanding)  | **$9.68**  |

---

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

financial statements october 31, 2022 27

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT INCOME:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | $16783269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 14620  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **16797889**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 3131766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 149755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees  | 130582  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 82752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 63384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 43151  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 132357  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **3733747**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver  | (31643 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | **3702104**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income**  | **13095785**  |
| **NET REALIZED AND UNREALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments in securities  | (10290517 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (82490952 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Realized and Unrealized Loss**  | **(92781469)**  |
| &nbsp;&nbsp; **Net Decrease in Net Assets Resulting from Operations**  | $**(79685684)**  |

---

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  |
|  | 2022  | 2021  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $13095785  | $11519424  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments in securities  | (10290517 ) | 621594  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments in securities  | (82490952 ) | (3779387 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | (79685684 ) | 8361631  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N  | (1010867 ) | (1254792 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (12703639 ) | (11067676 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions declared  | (13714506 ) | (12322468 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Share transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares<sup>\*</sup>  | 237067693  | 278506756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued to shareholders for reinvestment of dividends and distributions  | 5126456  | 5195409  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from short-term redemption fees  | 6231  | 4901  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed<sup>\*</sup>  | (367070691 ) | (157456767 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from<br> share transactions  | (124870311 ) | 126250299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | (218270501 ) | 122289462  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 870180239  | 747890777  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | $**651909738**  | $**870180239**  |

---

_______________________ <br> <sup>\*</sup> Includes share exchanges. See Note 5 in Notes to Financial Statements.

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

financial statements october 31, 2022 29

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for a Class N share outstanding throughout each year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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,  |
|  | 2022  | 2021  | 2020  | 2019  | 2018  |
| &nbsp;&nbsp; Net asset value, beginning of year  | $10.93  | $10.96  | $10.76  | $10.15  | $10.48  |
| Income from investment operations:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.15  | 0.13  | 0.17  | 0.21  | 0.21  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (1.22 ) | (0.02 ) | 0.25  | 0.62  | (0.23 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (1.07 ) | 0.11  | 0.42  | 0.83  | (0.02 ) |
| Dividends and distributions to shareholders:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.16 ) | (0.13 ) | (0.17 ) | (0.21 ) | (0.21 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | (0.01 ) | (0.01 ) | (0.05 ) | (0.01 ) | (0.10 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.17 ) | (0.14 ) | (0.22 ) | (0.22 ) | (0.31 ) |
| &nbsp;&nbsp; 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  | $9.69  | $10.93  | $10.96  | $10.76  | $10.15  |
| Total return<sup>3</sup>  | (9.91 )% | 1.01% | 4.00% | 8.21% | (0.26 )% |
| Ratios/Supplemental data:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in millions)  | $55  | $82  | $92  | $54  | $34  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.70% | 0.69% | 0.71% | 0.77% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver<sup>4</sup>  | (0.05 )% | (0.04 )% | (0.06 )% | (0.12 )% | (0.26 )% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangement  | – % | – % | – % | (0.00 )%<sup>5</sup>  | (0.00 )%<sup>5</sup>  |
| &nbsp;&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;&nbsp; Ratio of net investment income to average net assets  | 1.46% | 1.18% | 1.58% | 2.01% | 2.07% |
| &nbsp;&nbsp; Portfolio turnover rate  | 135% | 45% | 32% | 104% | 146% |
| &nbsp;&nbsp; Portfolio turnover rate<sup>6</sup>  | 73% | 23% | 19% | 32% | 52% |

---

____________

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

<sup>2</sup> Less than $0.01. 

<sup>3</sup> Assumes the reinvestment of distributions. 

<sup>4</sup> The ratio of expenses to average net assets for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, reflect fees reduced as result of a contractual operating expense limitation of the share class to 0.65%. The agreement is effective for period beginning on April 1, 2014 and will terminate on March 1, 2023, unless it is renewed by all parties to the agreement. For the years ended October 31, 2022, 2021, 2020, 2019 and 2018, the waived fees were $31,643, $35,002, $41,531, $55,422 and $63,024, respectively. 

<sup>5</sup> Less than 0.01%. 

<sup>6</sup> The portfolio turnover rate excludes variable rate demand notes. 

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

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

FINANCIAL HIGHLIGHTS (continued)

Selected per share data and ratios for a Class I share outstanding throughout each year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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,  |
|  | 2022  | 2021  | 2020  | 2019  | 2018  |
| &nbsp;&nbsp; Net asset value, beginning of year  | $10.92  | $10.95  | $10.75  | $10.14  | $10.47  |
| Income from investment operations:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.18  | 0.15  | 0.19  | 0.23  | 0.23  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (1.23 ) | (0.02 ) | 0.25  | 0.61  | (0.24 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | (1.05 ) | 0.13  | 0.44  | 0.84  | (0.01 ) |
| Dividends and distributions to shareholders:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.18 ) | (0.15 ) | (0.19 ) | (0.22 ) | (0.22 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains  | (0.01 ) | (0.01 ) | (0.05 ) | (0.01 ) | (0.10 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.19 ) | (0.16 ) | (0.24 ) | (0.23 ) | (0.32 ) |
| &nbsp;&nbsp; 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>  | —  |
| Net asset value, end of year  | $9.68  | $10.92  | $10.95  | $10.75  | $10.14  |
| Total return<sup>3</sup>  | (9.74 )% | 1.21% | 4.18% | 8.38% | (0.12 )% |
| Ratios/Supplemental data:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (in millions)  | $597  | $788  | $656  | $334  | $129  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.46% | 0.45% | 0.47% | 0.50% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver<sup>4</sup>  | – % | – % | – % | (0.00 )%<sup>5</sup>  | (0.12 )% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangement  | – % | – % | – % | (0.00 )%<sup>5</sup>  | (0.00 )%<sup>5</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.46% | 0.45% | 0.47% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets  | 1.69% | 1.38% | 1.75% | 2.17% | 2.23% |
| &nbsp;&nbsp; Portfolio turnover rate  | 135% | 45% | 32% | 104% | 146% |
| &nbsp;&nbsp; Portfolio turnover rate<sup>6</sup>  | 73% | 23% | 19% | 32% | 52% |

---

____________

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

<sup>2</sup> Less than $0.01. 

<sup>3</sup> Assumes the reinvestment of distributions. 

<sup>4</sup> The ratio of expenses to average net assets for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, reflect fees reduced as result of a contractual operating expense limitation of the share class to 0.50%. The agreement is effective for period beginning on April 1, 2014 and will terminate on March 1, 2023, unless it is renewed by all parties to the agreement. For the years ended October 31, 2022, 2021, 2020, 2019 and 2018, the waived fees were $-, $-, $-, $6,608, and $111,441, respectively. 

<sup>5</sup> Less than 0.01%. 

<sup>6</sup> The portfolio turnover rate excludes variable rate demand notes. 

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

financial statements october 31, 2022 31

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**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. 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). As of October 31, 2022, there were eight series of the Trust.

**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.* Prices of municipal bonds are provided by an external pricing service approved by the Fund's Board of Trustees (the "Board"). These securities are generally classified as Level 2. The evaluated vendor pricing is based on methods that may include consideration of the following: yields or prices of municipal securities of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant.

Securities or other assets for which market quotations are not readily available are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. 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" 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 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

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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.

&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, 2022, 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, 2022, 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;*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 $1,010,867 and $12,703,639 to Class N

financial statements october 31, 2022 33

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

and Class I shareholders, respectively, during the year ended October 31, 2022, and in the amount of $1,254,792 and $11,067,676 to Class N and Class I shareholders, respectively, during the year ended October 31, 2021. In addition, the Fund designated a portion of the payment made to redeeming shareholders as a distribution for income tax purpose.

The tax character of distributions paid during the years ended October 31, 2022 and 2021, 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  | Net<br> long-term<br> capital gain  | Total<br> taxable<br> distributions  | Tax exempt<br> income  | Tax return<br> of capital  | Total <br> distributions <br> paid  |
| 2022:  | $733210  | $—  | $733210  | $12981296  | $—  | $13714506  |
| 2021:  | 276002  | 602567  | 878569  | 11443899  | —  | 12322468  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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)  |
| 2022:  | $—  | $—  | $23756  | $(10231396 ) | $(65489 ) | $(55549354 ) | $(65822483 ) |
| 2021:  | 614979  | —  | 22207  | —  | (3640 ) | 26941598  | 27575144  |

---

The Fund had $10,231,396 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $8,563,669 and $1,667,727, 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 rather than being considered all short-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.

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

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;*F.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 ("SID" or "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% of the Fund's average daily net assets. For the year ended October 31, 2022, the Fund incurred $3,131,766 under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*B. Investment Advisory and Administrative Fee Waiver.* 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, 2023, 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, 2022, the Investment Adviser waived fees in the amount of $31,643 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, 2022, Class N shares of the Fund incurred $130,582 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 incurred monthly. BBH holds all of the Fund's cash and investments and calculates the Fund's daily net asset value. The custody fee is an asset and transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of the Fund's net asset value. For the year ended October 31, 2022, the Fund incurred $149,755 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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 under the revised agreement for the year ended October 31, 2022 was $14,620. This amount is included in "Interest income from affiliates" in the Statement of Operations. In the event that

financial statements october 31, 2022 35

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 2022 was $8,837. This amount is included under line item "Custody and fund accounting fees" 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, 2022, the Fund incurred $63,384 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, 2022, the cost of purchases and the proceeds of sales of investment securities, other than short-term investments, was $1,153,432,571 and $1,336,508,185, 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, 2022  | For the year ended<br> October 31, 2022  | For the year ended<br> October 31, 2021  | For the year ended<br> October 31, 2021  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Class N**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 2781950  | $28567253  | 3040169  | $33549002  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | 98378  | 1012544  | 113559  | 1252118  |
| &nbsp;&nbsp; Proceeds from short-term redemption fees  | N/A  | 179  | N/A  | 511  |
| &nbsp;&nbsp; Shares redeemed  | (4724453 ) | (48680636 ) | (4036559 ) | (44522443 ) |
| &nbsp;&nbsp; Net decrease  | (1844125 ) | $(19100660 ) | (882831 ) | $(9720812 ) |
| **Class I**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 20229459  | $208500440  | 22224702  | $244957754  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | 399708  | 4113912  | 358044  | 3943291  |
| &nbsp;&nbsp; Proceeds from short-term redemption fees  | N/A  | 6052  | N/A  | 4390  |
| &nbsp;&nbsp; Shares redeemed  | (31176617 ) | (318390055 ) | (10256469 ) | (112934324 ) |
| Net increase/(decrease)  | (10547450 ) | $(105769651 ) | 12326277  | $135971111  |

---

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

Included in Shares Sold and Shares Redeemed are shareholder exchanges during the years ended October 31, 2022 and 2021. Specifically:

During the year ended 2022, 1,958 shares of Class N were exchanged for 1,958 shares of Class I valued at $19,950.

During the year ended 2021, 243 shares of Class N were exchanged for 244 shares of Class I valued at $2,688, and 106,612 shares of Class I were exchanged for 106,515 shares of Class N valued at $1,172,702.

**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 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

financial statements october 31, 2022 37

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

Fund's shareholders (large shareholder risk). The United Kingdom's Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates were phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The unavailability and/or discontinuation of LIBOR may affect the value, liquidity or return on certain fund investments that mature later than June 2023 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the fund's investments resulting from a substitute reference rate may also adversely affect the fund's performance and/or net asset value (LIBOR Transition 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. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

financial statements october 31, 2022 39

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class N**  |  |  |  |
| &nbsp;&nbsp; Actual  | $1000  | $969  | $3.23  |
| &nbsp;&nbsp; Hypothetical<sup>2</sup>  | $1000  | $1022  | $3.31  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Class I**  |  |  |  |
| &nbsp;&nbsp; Actual  | $1000  | $970  | $2.28  |
| &nbsp;&nbsp; Hypothetical<sup>2</sup>  | $1000  | $1023  | $2.35  |

---

________________

<sup>1</sup> Expenses are equal to the Fund's annualized expense ratio of 0.65% and 0.46% for Class N and I shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

<sup>2</sup> Assumes a return of 5% before expenses. For the purposes of the calculation, the applicable annualized expenses ratio for each class of shares is subtracted from the assumed return before expenses. 

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

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

BBH, 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, 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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, and compliance with its Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser 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 and the Investment Adviser 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 and the Fund have 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 and the Investment Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH and the Investment Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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 could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might

financial statements october 31, 2022 41

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH 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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Investment Adviser. The Investment Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with an aggregated order.

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

**Cross Trades.** Under certain circumstances, the Investment Adviser, on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases and sales between BBH's or the Investment Adviser's clients ("cross trades"), including the Fund, if BBH or the Investment 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 Fund. BBH or the Investment 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 Fund 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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Investment Adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH 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 the Investment 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 Investment 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 may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary

financial statements october 31, 2022 43

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH 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, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client.

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

financial statements october 31, 2022 45

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

In January 2023, shareholders will receive Form 1099-DIV, which will include their share of qualified dividends distributed during the calendar year 2022. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their individual income tax returns.

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**TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

(unaudited)

Information pertaining to the Trustees and executive officers of the Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past <br> 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

financial statements october 31, 2022 47

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**TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past <br> 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018-Present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

---

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**TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past<br> 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

financial statements october 31, 2022 49

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**TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |
| Nicole English<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |

---

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**TRUSTEES AND OFFICERS OF BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Brian J. Carroll<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1985  | Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. in 2014.  |

---

________________

---

| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

---

financial statements october 31, 2022 51

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**BBH INTERMEDIATE MUNICIPAL BOND FUND**

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OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2022 (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule") to promote effective liquidity risk management throughout the open-end investment company industry in order to reduce the risk that funds will be unable to meet their redemption obligations and mitigate dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of BBH Trust met on March 8, 2022 to review the liquidity risk management program (the "Program") for the funds of BBH Trust (the "Funds") pursuant to the Liquidity Rule. The Board has appointed three members of the Brown Brothers Harriman & Co. Mutual Fund Advisory Department, the Investment Adviser to the Funds, as the Program Administrator for each Fund's Program. The Program Administrator provided the Board with a report (the "Report") that addressed the operations of the Program and assessed its adequacy and effectiveness of the Program. The Report covered the period from February 1, 2021 through January 31, 2022 (the "Reporting Period").

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund's liquidity risk, including the following points.

*Liquidity classification*. The Report described the Program's liquidity classification methodology for categorizing the Funds' investments into one of four liquidity buckets.

*Highly Liquid Investment Minimum*. The Report noted that one aspect of the Liquidity Rule is a requirement that funds that are expected to have less than 50% of assets classified as other than "highly liquid" should establish a minimum percentage of highly liquid assets that the fund is expected to hold on an on-going basis. The Program Administrator monitors the percentages of assets in each category on an ongoing basis and, given that no Fund has approached the 50% threshold, has made the determination that it is not necessary to assign a Highly Liquid Investment Minimum as provided for in the Liquidity Rule to any of the Funds.

*The Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed whether each Fund's investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets and factored a Fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

*Short-term and long-term cash flow projections during normal and reasonably foreseeable stressed market conditions*. During the Reporting Period, the Program Administrator reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size. The Program Administrator also took into consideration other factors such as shareholder ownership concentration, applicable distribution channels and the degree of certainty associated with a Fund's short-term and long-term cash flow projections.

*Holdings of cash and cash equivalents*. The Program Administrator considered the degree to which each Fund held cash and cash equivalents as a component of each Fund's ability to meet redemption requests.

------

**BBH INTERMEDIATE MUNICIPAL BOND FUND**

------

OPERATION AND EFFECTIVENESS OF THE FUND'S LIQUIDITY RISK MANAGEMENT PROGRAM (continued)

October 31, 2022 (unaudited)

There were no material changes to the Program during the Reporting Period. The Program Administrator has informed the Board that it believes that the Fund's Program is adequately designed, has been implemented as intended, and has operated effectively since its implementation. No material exceptions have been noted since the implementation of the Program, and there were no liquidity events that impacted the Fund or its ability to meet redemption requests on a timely basis during the Reporting Period.

financial statements october 31, 2022 53

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---

| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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  | Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department <br> 140 Broadway <br> New York, NY 10005  |

---

**To obtain information or make shareholder inquiries:** 

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.** 

**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.** 

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.

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 web site at http://www.bbhfunds.com.

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** 

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![image provided by client](bbhcover916.jpg)

**OCTOBER 31, 2022** 

BBH U.S. Government Money Market Fund

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

October 31, 2022

For the 12-month period ended October 31, 2022, the BBH U.S. Government Money Market Fund (the "Fund") returned 0.75%. We believe the performance of the Fund remains competitive with industry peers, while maintaining a high degree of quality and liquidity throughout the period.

The Fund seeks to maximize income while attempting to preserve capital and maintain liquidity by investing in securities issued or guaranteed as to principal and interest by the U.S. Government or its Agencies and repurchase agreements fully backed by such instruments.

At the start of the reporting period the Federal Reserve ("Fed") maintained an accommodative monetary policy leaving the Federal Funds Rate target unchanged at a range of 0% to 0.25%. After inflation surprised on the upside, the Fed acknowledged that "transitory" was no longer an appropriate description of inflation. The Fed adopted a more hawkish stance, increased the size of reductions of asset purchases, and signaled that policy rate increases might arrive sooner than previously thought. In the first quarter of 2022, the Fed raised the target rate 25 basis points\* for the first time since 2018 to a range of 0.25% to 0.50% as the Fed acknowledged inflationary pressures could be exacerbated by ongoing geopolitical tensions, such as those surrounding Russia's invasion of Ukraine.

In the face of persistently higher-than-forecasted inflation, the Fed's hopes for gradual tightening of monetary policy gave way to more aggressive action. The Fed raised the target rate 50 basis points in May followed by four consecutive 75 basis point increases, bringing the target rate to a range of 3.75% to 4.00%. Futures markets predict a rise of 100 basis points by early 2023 before the Fed pauses. However, the outlook for the economy remains uncertain and reasonable concerns over a Fed-induced recession has contributed to market expectations of rate cuts in the second half of 2023.

The investment team for the BBH Money Market Fund maintained what it believed to be a prudent investment strategy throughout the period, with a weighted average maturity typically between 15 and 30 days. The increase in short-term interest rates pushed the Fund's yield meaningfully higher during the reporting period helping deliver on the Fund's goal of maximizing income while attempting to preserve capital.

________________

\*One basis point or "bp" is 1/100th of a percent (0.01% or 0.0001). <br>

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of BBH Trust and Shareholders of BBH U.S. Government Money Market Fund:

**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, one of the funds within BBH Trust (the "Fund"), as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, the period from July 1, 2019 through October 31, 2019 and for each of the two years in the period ended June 30, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, financial position of the Fund as of October 31, 2022, and the results of 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 three years in the period then ended, the period from July 1, 2019 through October 31, 2019 and for each of the two years ended June 30, 2019, 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.

financial statements october 31, 2022 57

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

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, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 21, 2022

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

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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PORTFOLIO ALLOCATION

October 31, 2022

**BREAKDOWN BY SECURITY TYPE** 

---

| | | |
|:---|:---|:---|
|  | U.S. $ Value  | Percent of <br> Net Assets  |
| &nbsp;&nbsp; U.S. Government Agency Obligations  | $542904818  | 11.3% |
| &nbsp;&nbsp; U.S. Treasury Bills  | 3844234328  | 80.2  |
| Repurchase Agreements  | 375000000  | 7.8  |
| Cash and Other Assets in Excess of Liabilities  | 32882309  | 0.7  |
| &nbsp;&nbsp; **NET ASSETS**  | $**4795021455**  | **100.0%**  |

---

All data as of October 31, 2022. The Fund's 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.*

financial statements october 31, 2022 59

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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PORTFOLIO OF INVESTMENTS

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **U.S. GOVERNMENT AGENCY OBLIGATIONS (11.3%)**  |  |  |  |
| $50000000  | Federal Home Loan Bank Discount Notes<sup>1</sup>  | 11/01/22  | 2.500% | $50000000  |
| 100000000  | Federal Home Loan Bank Discount Notes<sup>1</sup>  | 11/14/22  | 3.155  | 99886611  |
| 179000000  | Federal Home Loan Bank Discount Notes<sup>1,2</sup>  | 11/18/22  | 3.107  | 178738790  |
| 120000000  | Federal Home Loan Bank Discount Notes<sup>1,2</sup>  | 11/25/22  | 3.379  | 119730667  |
| 95000000  | Federal Home Loan Bank Discount Notes<sup>1</sup>  | 12/21/22  | 3.448  | 94548750  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br> **(Cost $542,904,818)**  |  |  | **542904818**  |
|  | **U.S. TREASURY BILLS (80.2%)**  |  |  |  |
| 200000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/01/22  | 2.660  | 200000000  |
| 250000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/03/22  | 2.457  | 249966028  |
| 425000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/08/22  | 2.766  | 424772323  |
| 450000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/15/22  | 2.886  | 449496768  |
| 175000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/17/22  | 2.665  | 174793828  |
| 420000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/22/22  | 2.953  | 419279556  |
| 200000000  | U.S. Treasury Bill<sup>1,2</sup>  | 11/29/22  | 3.188  | 199505878  |
| 100000000  | U.S. Treasury Bill<sup>1</sup>  | 12/01/22  | 2.899  | 99760208  |
| 355000000  | U.S. Treasury Bill<sup>1,2</sup>  | 12/06/22  | 3.329  | 353856479  |
| 105000000  | U.S. Treasury Bill<sup>1,2</sup>  | 12/08/22  | 3.028  | 104675600  |
| 200000000  | U.S. Treasury Bill<sup>1,2</sup>  | 12/13/22  | 3.509  | 199185725  |
| 100000000  | U.S. Treasury Bill<sup>1</sup>  | 12/15/22  | 3.168  | 99615917  |
| 250000000  | U.S. Treasury Bill<sup>1,2</sup>  | 12/20/22  | 3.638  | 248768909  |
| 150000000  | U.S. Treasury Bill<sup>1</sup>  | 12/22/22  | 3.224  | 149320531  |
| 75000000  | U.S. Treasury Bill<sup>1</sup>  | 01/05/23  | 3.316  | 74554682  |
| 150000000  | U.S. Treasury Bill<sup>1,2</sup>  | 01/12/23  | 3.648  | 148915650  |
| 150000000  | U.S. Treasury Bill<sup>1,2</sup>  | 01/19/23  | 3.935  | 148717621  |
| 100000000  | U.S. Treasury Bill<sup>1</sup>  | 01/26/23  | 4.021  | 99048625  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Bills** <br> **(Cost $3,844,234,328)**  |  |  | **3844234328**  |

---

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

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount  |  | Maturity <br> Date  | Interest <br> Rate  | Value  |
|  | **REPURCHASE AGREEMENTS (7.8%)**  |  |  |  |
| $125000000  | BNP Paribas (Agreement dated 10/31/22 collateralized by FHLMC 2.000%-5.000%, due 01/01/31-10/01/52, original par $1,237,517, value $1,192,468, FNMA 1.500%-6.500%, due 06/01/23-10/01/52, original par $1,754,491, value $1,167,076, GNMA 2.000%-6.000%, due 04/20/26-10/20/52, original par $178,778,038, value $123,179,749, U.S. Treasury Securities 0.125%-4.250%, due 09/30/23-10/15/25, original par $1,964,200, value $1,960,720)  | 11/01/22  | 3.000% | $125000000  |
| 125000000  | &nbsp;&nbsp; National Australia Bank Ltd. (Agreement dated 10/31/22 collateralized by U.S. Treasury Notes 2.625%, due 04/15/25, original par $132,985,000, value $127,500,000)  | 11/01/22  | 3.000  | 125000000  |
| 125000000  | &nbsp;&nbsp; Societe Generale (Agreement dated 10/31/22 collateralized by U.S. Treasury Securities 0.375%, due 09/30/27, original par $153,383,100, value $127,500,065)  | 11/01/22  | 3.000  | 125000000  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements**<br> **(Cost $375,000,000)**  |  |  | **375000000**  |

---

---

| | | |
|:---|:---|:---|
| **TOTAL INVESTMENTS (Cost $4,762,139,146)**<sup>3</sup>  | **99.3%**  | $**4762139146**  |
| &nbsp;&nbsp; **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES**  | **0.7%**  | **32882309**  |
| **NET ASSETS**  | **100.0%**  | $**4795021455**  |

---

_______________________

<sup>1</sup> Coupon represents a yield to maturity. <br> <sup>2</sup> Coupon represents a weighted average yield. <br> <sup>3</sup> 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.*

financial statements october 31, 2022 61

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

**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.*

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

PORTFOLIO OF INVESTMENTS (continued)

October 31, 2022

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, 2022, 100% of the Fund's investments 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 following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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> 2022  |
| &nbsp;&nbsp; U.S. Government Agency Obligations  | $—  | $542904818  | $—  | $542904818  |
| &nbsp;&nbsp; U.S. Treasury Bills  | —  | 3844234328  | —  | 3844234328  |
| Repurchase Agreements  | —  | 375000000  | —  | 375000000  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment, at value**  | $**—**  | $**4762139146**  | $**—**  | $**4762139146**  |

---

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

financial statements october 31, 2022 63

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at cost which approximates fair value  | $4387139146  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements (Cost $375,000,000)  | 375000000  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 34112004  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 65767  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 33071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets**  | **4796349988**  |
| **LIABILITIES:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables for:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 788026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared  | 380976  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 86948  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 56337  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 4664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 1111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 10471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **1328533**  |
| **NET ASSETS**  | **$4795021455**  |
| Net Assets Consist of:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $4795022889  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions in excess of net investment income  | (1434 ) |
| &nbsp;&nbsp; **Net Assets**  | **$4795021455**  |

---

---

| | |
|:---|:---|
| **NET ASSET VALUE AND OFFERING PRICE PER SHARE**<br> **INSTITUTIONAL SHARES**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($4,795,021,455 ÷ 4,795,028,907 shares outstanding)  | **$1.00**  |

---

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

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

STATEMENT OF OPERATIONS

For the year ended October 31, 2022

---

| | |
|:---|:---|
| **NET INVESTMENT INCOME:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | $42358747  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliates  | 249063  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  | 38  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | **42607848**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 10201296  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees  | 413218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees' fees  | 93714  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 64392  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 30627  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses  | 135428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | **10938675**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and administrative fee waiver  | (3724415 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses**  | **7214260**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income**  | **35393588**  |
| **NET REALIZED LOSS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments  | (948 ) |
| &nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations**  | $**35392640**  |

---

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

financial statements october 31, 2022 65

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the years ended October 31,  | For the years ended October 31,  |
|  | 2022  | 2021  |
| **INCREASE IN NET ASSETS FROM:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $35393588  | $392672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  | (948 ) | 16860  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations  | 35392640  | 409532  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions declared:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular Shares\*  | —  | (2579 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares  | (35394673 ) | (371165 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions declared  | (35394673 ) | (373744 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Share Transactions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold and fund shares issued in connection with reinvestments of dividends  | 10783214063  | 8901851221  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased  | (10215607377 ) | (8210017012 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from fund share transactions  | 567606686  | 691834209  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets  | 567604653  | 691869997  |
| **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year  | 4227416802  | 3535546805  |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | $**4795021455**  | $**4227416802**  |

---

_______________________________

<sup>\*</sup> Effective February 26, 2021, the Fund's Regular Share Class was converted to the Fund's Institutional Share Class.

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

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for an Institutional Share outstanding throughout each year/period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the years <br> ended October 31,  | For the years <br> ended October 31,  | For the years <br> ended October 31,  | For the<br> period from July 1, <br> 2019 to<br> October 31,  | For the years <br> ended June 30,  | For the years <br> ended June 30,  |
|  | 2022  | 2021  | 2020  | 2019  | 2019  | 2018  |
| &nbsp;&nbsp; Net asset value, beginning of year/period  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Income from investment operations:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.01  | 0.00 <br><sup>2</sup>  | 0.01  | 0.01  | 0.02  | 0.01  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | 0.00 <br><sup>2</sup>  | (0.00 )<sup>2</sup>  | 0.00 <br><sup>2</sup>  | 0.00 <br><sup>2</sup>  | 0.00 <br><sup>2</sup>  | (0.00 )<sup>2</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income/(loss) from investment operations  | 0.01  | 0.00 <br><sup>2</sup>  | 0.01  | 0.01  | 0.02  | 0.01  |
| Dividends and distributions to shareholders:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income  | (0.01 ) | (0.00 )<sup>2</sup>  | (0.01 ) | (0.01 ) | (0.02 ) | (0.01 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (0.01 ) | (0.00 )<sup>2</sup>  | (0.01 ) | (0.01 ) | (0.02 ) | (0.01 ) |
| &nbsp;&nbsp; Net asset value, end of year/period  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| Total return<sup>3</sup>  | 0.75% | 0.01% | 0.59% | 0.63 %<sup>4</sup>  | 2.02% | 1.06% |
| Ratios/Supplemental data:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year/period (in millions)  | $4795  | $4227  | $3475  | $2040  | $2126  | $1710  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets before reductions  | 0.23% | 0.23% | 0.24% | 0.24 %<sup>5</sup>  | 0.24% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement<sup>6</sup>  | (0.08 )% | (0.19 )% | (0.05 )% | – % | – % | – % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangement  | – % | – % | – % | – % | (0.01 )% | (0.02 )% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets after reductions  | 0.15% | 0.04% | 0.19% | 0.24 %<sup>5</sup>  | 0.23% | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets  | 0.73% | 0.01% | 0.48% | 1.86 %<sup>5</sup>  | 2.02% | 1.07% |

---

---

| | |
|:---|:---|
| ____________  | ____________  |
| <sup>1</sup>  | Calculated using average shares outstanding for the year/period.  |
| <sup>2</sup>  | Less than $0.01 per share.  |
| <sup>3</sup>  | Assumes the reinvestment of distributions.  |
| <sup>4</sup>  | Not Annualized.  |
| <sup>5</sup>  | Annualized with the exception of audit fees.  |
| <sup>6</sup>  | During the years ended October 31, 2022, 2021, 2020, the period from July 1, 2019 to October 31, 2019, and the years ended June 30, 2019 and 2018, the investment advisory and administrative fee/shareholder servicing fee waivers, as a result of a minimum yield agreement, were $3,724,415, $7,060,486, $1,299,428, $-, $-, and $-, respectively.  |

---

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

financial statements october 31, 2022 67

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS

October 31, 2022

**1. Organization.** The Fund is a separate series of BBH Trust (the "Trust"), which is registered under 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. The Fund commenced operations on December 12, 1983. The Declaration of Trust permits the Board of Trustees of the Trust (the "Board") to create an unlimited number of series, each of which may issue a separate class of shares. As of the close of business on February 26, 2021, shares of the Fund's Regular Share class were converted to the Fund's Institutional Share class. The Regular Share class ceased operation at this time. 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. At October 31, 2022, there were eight series of the Trust. Effective July 1, 2019, the Fund changed its fiscal year end from June 30 to October 31.

**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 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.

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

&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 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 are disclosed on a gross basis 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 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.

financial statements october 31, 2022 69

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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, 2022, 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, 2022, 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;*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 amount of $35,394,673 to Institutional shareholders during the year ended October 31, 2022 and in the amounts of $2,579 and $371,165 to Regular and Institutional shareholders, respectively, during the year ended October 31, 2021.

The tax character of distributions paid during the years ended October 31, 2022 and 2021, 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  |
| 2022:  | $35394673  | $—  | $35394673  | $35394673  |
| 2021:  | 373744  | —  | 373744  | 373744  |

---

As of October 31, 2022 and 2021, respectively, the components of retained earnings/(accumulated deficit) 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)  |
| 2022:  | $380489  | $—  | $(948 ) | $(380975 ) | $—  | $(1434 ) |
| 2021:  | 4073  | —  | —  | (3474 ) | —  | 599  |

---

The Fund had $948 of post-December 22, 2010 net capital loss carryforwards as of October 31, 2022, of which $948 and $0, is attributable to short-term and long-term capital losses, respectively.

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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 rather than being considered all short-term capital losses.

Total distributions paid may differ from the amounts shown 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. 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 income and expense 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 ("SID" or "Investment Adviser") provides investment advisory and portfolio management services to the Fund. BBH also provides 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 the first $1,000,000,000 of the Fund's average daily net assets and 0.20% of the Fund's average daily net assets in excess of $1,000,000,000. For the year ended October 31, 2022, the Fund incurred $10,201,296 for services under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*B.Investment Advisory and Administrative Fee Waiver.* BBH has voluntarily agreed to waive its Investment Advisory and Administrative Fee and credit daily to the Fund an amount necessary to maintain the minimum annualized yield of the Fund at 0.01%. The amount credited each day will offset the daily accrual of the Investment Advisory and Administrative Fee. This is a voluntary waiver that can be changed at any time at the sole discretion of BBH. For the year ended October 31, 2022, BBH waived fees in the amount of $3,724,415 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 an asset and

financial statements october 31, 2022 71

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

transaction-based fee. The fund accounting fee is an asset-based fee calculated at 0.004% per annum of average daily net assets. For the year ended October 31, 2022, the Fund incurred $413,218 in custody and fund accounting fees. As per agreement with the Fund's custodian, the Fund receives 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 under the agreement for the year ended October 31, 2022 was $249,063. This amount is included in "Interest income from affiliates" in the Statement of Operations. 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, 2022 was $66,821. This amount is included in the "Custody and fund accounting fees" 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, 2022, the Fund incurred $93,714 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.

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

**4. Shares of Beneficial Interest.** The Trust is permitted to issue an unlimited number of Regular Shares and Institutional Shares of beneficial interest, at no par value. Effective February 26, 2021, the Fund's Regular Share Class was converted to the Fund's Institutional Share Class. Transactions in Regular Shares and Institutional Shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended <br> October 31, 2022  | For the year ended <br> October 31, 2022  | For the year ended <br> October 31, 2021  | For the year ended <br> October 31, 2021  |
|  | Shares  | Dollars  | Shares  | Dollars  |
| **Regular Shares**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | –  | $–  | 107428914  | $107428914  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | –  | –  | 7  | 7  |
| Shares redeemed  | –  | –  | (168383442 ) | (168383442 ) |
| Net decrease  | –  | $–  | (60954521 ) | $(60954521 ) |
| **Institutional Shares**  |  |  |  |  |
| &nbsp;&nbsp; Shares sold  | 10783210361  | $10783210361  | 8794422278  | $8794422278  |
| &nbsp;&nbsp; Shares issued in connection with reinvestments of dividends  | 3702  | 3702  | 22  | 22  |
| Shares redeemed  | (10215607377 ) | (10215607377 ) | (8041633570 ) | (8041633570 ) |
| &nbsp;&nbsp; Net increase  | 567606686  | $567606686  | 752788730  | $752788730  |

---

**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 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

financial statements october 31, 2022 73

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

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). 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 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, government securities, and/or repurchase agreements that are collateralized fully by cash or government securities.

**7. Subsequent Events.** On November 30, 2022, BBH and State Street Corporation ("State Street") decided to terminate the agreement under which State Street would have acquired BBH's Investor Services business.

------

**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

NOTES TO FINANCIAL STATEMENTS (continued)

October 31, 2022

Management has evaluated events and transactions that have occurred since October 31, 2022 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.

financial statements october 31, 2022 75

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

DISCLOSURE OF FUND EXPENSES

October 31, 2022 (unaudited)

**EXAMPLE** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested distributions, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).

**ACTUAL EXPENSES** 

The first line of the table below provides information about actual account values and actual expenses. You may use information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid during the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% Hypothetical Example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

DISCLOSURE OF FUND EXPENSES (continued)

October 31, 2022 (unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> May 1, 2022  | Ending <br> Account Value <br> October 31, 2022  | Expenses Paid <br> During Period <br> May 1, 2022 to <br> October 31, 2022<sup>1</sup>  |
| **Institutional Shares**  |  |  |  |
| &nbsp;&nbsp; Actual  | $1000  | $1007  | $1.15  |
| &nbsp;&nbsp; Hypothetical<sup>2</sup>  | $1000  | $1024  | $1.16  |

---

___________________

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratio of 0.23% for Institutional Shares, multiplied by 184/365 (to reflect the one half-year period). 

<sup>2</sup> Assumes a return of 5% before expenses. For the purpose of the calculation, the applicable annualized expense ratio for each class of shares is subtracted from the assumed return before expenses. 

financial statements october 31, 2022 77

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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CONFLICTS OF INTEREST

October 31, 2022 (unaudited)

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

BBH, 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, 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 Fund. In addition, certain of such clients (including the Fund) utilize the services of BBH for which they will pay to BBH customary fees and expenses that will not be shared with the Fund.

The Investment Adviser has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, the Investment Adviser monitors a variety of areas, including compliance with fund investment guidelines, and compliance with its Code of Ethics.

The Trust also manages these conflicts of interest. For example, the Trust has designated a Chief Compliance Officer ("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 Fund's operations in such a way as to safeguard the Fund from being negatively affected as a result of any such potential conflicts. From time to time, the Trustees receive reports from the Investment Adviser 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 and the Investment Adviser 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 and the Fund have 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 and the Investment Adviser manage funds and accounts of clients other than the Fund ("Other Clients"). In general, BBH and the Investment Adviser 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 Fund and Other Clients. Investments made by the Fund 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 Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's 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 could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. From time to time, the Investment Adviser sponsor funds and other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because the Investment Adviser may have an incentive to allocate investment opportunities to certain accounts or funds. However, BBH 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 Fund and its affiliated and unaffiliated service providers (e.g., conflicting duties of loyalty). In addition to providing investment management and administrative services through the SID, BBH provides custody, shareholder servicing and fund accounting services to the Fund. BBH may have conflicting duties of loyalty while servicing the Fund and/or opportunities to further its own interest to the detriment of the Fund. For example, in negotiating fee arrangements with affiliated service providers, BBH may have an incentive to agree to higher fees than it would in the case of unaffiliated providers. BBH acting in its capacity as the Fund's administrator is the primary valuation agent of the Fund. BBH values securities and assets in the Fund according to the Fund's valuation policies. Because the Investment Adviser's advisory and administrative fees are calculated by reference to a Fund's net assets, BBH 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 Fund may be aggregated with orders for other client accounts managed by the Investment Adviser. The Investment Adviser, however, is 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 Fund 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 Fund. In addition, under certain circumstances, the Fund 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 Fund, may seek to buy from or sell securities to another fund or account advised by BBH or the Investment Adviser. Subject to applicable law and regulation, BBH or the Investment Adviser may (but is not required to) effect purchases and sales between BBH's or the Investment Adviser's clients ("cross trades"), including the Fund, if BBH or

financial statements october 31, 2022 79

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

the Investment 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 Fund. BBH or the Investment 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 Fund 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 Fund based on the amount of brokerage commissions paid by the Fund and such other accounts. To the extent that the Investment Adviser uses soft dollars, it will not have to pay for those products and services itself.

BBH 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 the Investment 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 Investment 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 may invest a portion of the assets of its discretionary investment advisory clients in the Fund. That investment by BBH on behalf of its discretionary investment advisory clients in the Fund may be significant at times.

Increasing the Fund's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Fund's expense ratio. In selecting the Fund for its discretionary investment advisory clients, BBH may limit its selection to funds managed by BBH or the Investment Adviser. BBH 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

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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CONFLICTS OF INTEREST (continued)

October 31, 2022 (unaudited)

performance. BBH, the Investment Adviser and their affiliates providing services to the Fund benefit from additional fees when the Fund is included as an investment for a discretionary investment advisory client.

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

**Valuation.** When market quotations are not readily available or are believed by BBH to be unreliable, the Fund's investments will be valued at fair value by BBH pursuant to procedures adopted by the Fund's Board of Trustees in accordance with Rule 2a-5 under the 1940 Act. When determining an asset's "fair value," BBH 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 Fund 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 deems relevant at the time of the determination and may be based on analytical values determined by BBH 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 Fund's net asset value. As a result, the Fund's sale or redemption of its shares at net asset value, at a time when a holding or holdings are valued by BBH (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 may enter into advisory and/or referral arrangements with third parties. Such arrangements may include compensation paid by BBH to the third party. BBH may pay a solicitation fee for referrals and/or advisory or incentive fees. BBH may benefit from increased amounts of assets under management.

**Personal Trading.** BBH, 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 Fund, which could have an adverse effect on the Fund. However, BBH, including the Investment Adviser, has implemented policies and procedures concerning personal trading by BBH Partners and employees. The policies and procedures are intended to prevent BBH Partners and employees with access to Fund material non-public information from trading in the same securities as the Fund.

**Gifts and Entertainment.** From time to time, employees of BBH, 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 Fund or BBH, 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. BBH, including the Investment Adviser, has implemented policies and procedures concerning gifts and entertainment to mitigate any impact on the judgment of BBH Partners and employees.

financial statements october 31, 2022 81

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**BBH U.S. GOVERNMENT MONEY MARKET FUND**

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ADDITIONAL FEDERAL TAX INFORMATION

October 31, 2022 (unaudited)

In January 2023, the Fund will report on Form 1099 the tax status of all distributions made during the calendar year 2022. Shareholders should use the information on Form 1099 for their income tax returns.

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**TRUSTEES AND OFFICERS OF BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

(unaudited)

Information pertaining to the Trustees and executive officers of BBH Trust as of October 31, 2022 is set forth below. The mailing address for each Trustee is c/o BBH Trust, 140 Broadway, New York, NY 10005.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| H. Whitney Wagner <br> Birth Year: 1956  | Chairman of the Board and Trustee  | Chairman Since 2014; Trustee Since 2007 and 2006-2007 with the Predecessor Trust  | President, Clear Brook Advisors, a registered investment adviser.  | 8  | None.  |
| Andrew S. Frazier<br> Birth Year: 1948  | Trustee  | Since 2010  | Retired.  | 8  | None.  |
| Mark M. Collins<br> Birth Year: 1956  | Trustee  | Since 2011  | Partner of Brown Investment Advisory Incorporated, a registered investment adviser.  | 8  | Chairman of Dillon Trust Company.  |
| John M. Tesoro<br> Birth Year: 1952  | Trustee  | Since 2014  | Retired.  | 8  | Independent Trustee, Bridge Builder Trust (11 funds) and Edward Jones Money Market Fund; Director, Teton Advisers, Inc. (a registered investment adviser) (2014 – 2021).  |

---

financial statements october 31, 2022 83

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**TRUSTEES AND OFFICERS OF BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

(unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and <br> Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex<br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by<br> Trustee During Past<br> 5 Years  |
| Joan A. Binstock<br> Birth Year: 1954  | Trustee  | Since 2019  | Partner, Chief Financial and Operations Officer, Lord Abbett & Co. LLC (1999-2018); Lovell Minnick Partners, Advisers Counsel (2018-present).  | 8  | Independent Director, Morgan Stanley Direct Lending Fund; KKR Real Estate Interval Fund.  |

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**TRUSTEES AND OFFICERS OF BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

(unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) <br> During Past 5 Years  | Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee^  | Other Public Company or<br> Investment Company<br> Directorships held by <br> Trustee During Past<br> 5 Years  |
| **Interested Trustees**  |  |  |  |  |  |
| Susan C. Livingston+<br> 50 Post Office Square<br> Boston, MA 02110<br> Birth Year: 1957  | Trustee  | Since 2011  | Partner (since 1998) and Senior Client Advocate (since 2010) for BBH&Co.  | 8  | None.  |
| John A. Gehret+ <br> 140 Broadway<br> New York, NY 10005 <br> Birth Year: 1959  | Trustee  | Since 2011  | Limited Partner of BBH&Co. (2012-present).  | 8  | None.  |

---

financial statements october 31, 2022 85

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**TRUSTEES AND OFFICERS OF BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

(unaudited)

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| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| **Officers**  |  |  |  |
| Jean-Pierre Paquin<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1973  | President and Principal Executive Officer  | Since 2016  | Partner of BBH&Co. since 2015; joined BBH&Co. in 1996.  |
| Daniel Greifenkamp<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1969  | Vice President  | Since 2016  | Managing Director of BBH&Co. since 2014; joined BBH&Co. in 2011.  |
| Charles H. Schreiber<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1957  | Treasurer and Principal Financial Officer  | Since 2007<br> 2006-2007 with the Predecessor Trust  | Senior Vice President of BBH&Co. since 2001; joined BBH&Co. in 1999.  |
| Paul F. Gallagher<br> 140 Broadway<br> New York, NY 10005<br> Birth Year: 1959  | Chief Compliance Officer ("CCO")  | Since 2015  | Senior Vice President of BBH&Co. since 2015.  |

---

------

**TRUSTEES AND OFFICERS OF BBH U.S. GOVERNMENT MONEY MARKET FUND**

------

(unaudited)

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| | | | |
|:---|:---|:---|:---|
| Name, Address <br> and Birth Year  | Position(s) <br> Held with <br> the Trust  | Term of <br> Office and <br> Length of <br> Time <br> Served#  | Principal Occupation(s) During <br> Past 5 Years  |
| Nicole English<br> 140 Broadway<br> New York, NY 10005 <br> Birth Year: 1981  | Anti-Money Laundering Officer ("AMLO")  | Since 2022  | Vice President of BBH&Co. since 2019; joined BBH&Co. in 2016.  |
| Brian J. Carroll<br> 50 Post Office Square<br> Boston, MA 02110 <br> Birth Year: 1985 <br>| Secretary  | Since 2021  | Assistant Vice President of BBH&Co. since 2022; joined BBH&Co. in 2014.  |
| Crystal Cheung<br> 140 Broadway<br> New York, NY 10005 <br> Birth Year: 1974  | Assistant Treasurer  | Since 2018  | Assistant Vice President of BBH&Co. since 2016; joined BBH&Co. 2014.  |

---

________________________

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| |
|:---|
| All officers of the Trust hold office for one year and until their respective successors are chosen and qualified (subject to the ability of the Trustees to remove any officer in accordance with the Trust's By-laws). Mr. Wagner previously served on the Board of Trustees of the Predecessor Trust.  |
| Ms. Livingston and Mr. Gehret are "interested persons" of the Trust as defined in the 1940 Act because of their positions as Partner and Limited Partner of BBH&Co., respectively.  |
| The Fund Complex consists of the Trust, which has eight series, and each is counted as one "Portfolio" for purposes of this table.  |

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financial statements october 31, 2022 87

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| | |
|:---|:---|
| Administrator <br> Brown Brothers Harriman & Co. <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 | &nbsp;&nbsp;&nbsp; Investment Adviser <br> Brown Brothers Harriman <br> Mutual Fund Advisory<br> Department <br> 140 Broadway <br> New York, NY 10005 |

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**To obtain information or make shareholder inquiries:**

By telephone: Call 1-800-575-1265 <br> By E-mail send your request to: bbhfunds@bbh.com <br> On the internet: 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.**

**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.**

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.

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 web site at http://www.bbhfunds.com.

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**

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| |
|:---|
| **Item 2. Code of Ethics.**  |
| As of the period ended October 31, 2022 (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.  |

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| |
|:---|
| **Item 3. Audit Committee Financial Expert.**  |
| The Board of Trustees of the Registrant has determined that Andrew S. Frazier, John M. Tesoro, Mark M. Collins and Joan A. Binstock 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 Andrew S. Frazier, John M. Tesoro and Joan A. Binstock as the Registrant's audit committee financial experts. Messrs. Frazier, Tesoro and Collins and Ms. Binstock are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

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| | |
|:---|:---|
| **Item 4. Principal Accountant Fees and Services.**  | **Item 4. Principal Accountant Fees and Services.**  |
| (a)  | <u>Audit Fees</u> <br> 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 $391,860 for 2022 and $416,000 for 2021.  |
| (b)  | <u>Audit Related Fees</u> <br> 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 2022 and $0 for 2021.  |
| (c)  | <u>Tax Fees</u><br> 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 $61,000 for 2022 and $53,000 for 2021. 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.  |

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| | |
|:---|:---|
| (d)  | <u>All Other Fees</u> <br> 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 $80,000 for 2022 and $93,000 for 2021. <br> 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%.  |
| (f)  | Not applicable.  |
| (g)  | 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 $1,092,000 for 2022 and $1,549,000 for 2021.  |
| (h)  | 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.  |

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| | |
|:---|:---|
| **Item 5. Audit Committee of Listed Registrants.**  | **Item 5. Audit Committee of Listed Registrants.**  |
|  | Not Applicable  |

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| | |
|:---|:---|
| **Item 6. Investments.**  | **Item 6. Investments.**  |
| (a)  | A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.  |
| (b)  | Not applicable.  |

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| | |
|:---|:---|
| **Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  | **Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |
|  | Not applicable.  |

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| | |
|:---|:---|
| **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**  | **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**  |
|  | Not applicable.  |

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---

| | |
|:---|:---|
| **Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  | **Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |
|  | Not applicable.  |

---

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| | |
|:---|:---|
| **Item 10. Submission of Matters to a Vote of Security Holders.**  | **Item 10. Submission of Matters to a Vote of Security Holders.**  |
|  | Not applicable.  |

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| | |
|:---|:---|
| **Item 11. Controls and Procedures.**  | **Item 11. Controls and Procedures.**  |
| (a)  | 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").  |
| (b)  | 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.  |

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| | |
|:---|:---|
| **Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  | **Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |
|  | Not applicable.  |

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| | |
|:---|:---|
| **Item 13. Exhibits.**  | **Item 13. Exhibits.**  |
| (a)(1)  | Not applicable.  |
| (a)(2)  | 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 13(a)(2) to this Form N-CSR.  |
| (a)(3)  | Not applicable.  |
| (a)(4)  | 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 13(b) to this Form N-CSR.  |

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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.

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| |
|:---|
| (Registrant) BBH Trust  |
| By: (Signature and Title)  |
| /s/ Jean-Pierre Paquin  |
| Jean-Pierre Paquin  |
| Title: President (Principal Executive Officer)  |
| Date: January 9, 2023  |

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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.

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| |
|:---|
| By: (Signature and Title)  |
| /s/ Jean-Pierre Paquin  |
| Jean-Pierre Paquin  |
| Title: President (Principal Executive Officer)  |
| Date: January 9, 2023  |

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| |
|:---|
| By: (Signature and Title)  |
| /s/ Charles H. Schreiber  |
| Charles H. Schreiber  |
| Title: Treasurer (Principal Financial Officer)  |
| Date: January 9, 2023  |

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## Ex-13

Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Jean-Pierre Paquin, 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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the second fiscal quarter of 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;&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;&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 9, 2023 | <u>/s/Jean-Pierre Paquin</u> |
|  | Jean-Pierre Paquin, President |
|  | (Principal Executive Officer) |

---

Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Charles H. Schreiber, 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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the second fiscal quarter of 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;&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;&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 9, 2023 | <u>/s/Charles H. Schreiber</u> |
|  | Charles H. Schreiber, Treasurer |
|  | (Principal Financial Officer) |

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## Ex-13

Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

I, Jean-Pierre Paquin, 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 Partner Fund-Small Cap Equity, 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, 2022 (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 9, 2023 | <u>/s/ Jean-Pierre Paquin</u> |
|  | Jean-Pierre Paquin, President |
|  | (Principal Executive Officer) |

---

Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

I, Charles H. Schreiber, 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 Partner Fund-Small Cap Equity, 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, 2022 (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 9, 2023 | <u>/s/Charles H. Schreiber</u> |
|  | Charles H. Schreiber, Treasurer |
|  | (Principal Financial Officer) |

---