# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001213900-25-087283
**Filing Date:** 2025-9
**Character Count:** 325107
**Document Hash:** bff9d4f8d01ac60c3fd529ace4c1b5fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-087283.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001213900-25-087283

**CONFORMED SUBMISSION TYPE**: N-14

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-14
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290236
- **FILM NUMBER:** 251312378

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

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
**CENTRAL INDEX KEY**: 0001342947

**CENTRAL INDEX KEY**: 0001342947

**CENTRAL INDEX KEY**: 0001342947

**CENTRAL INDEX KEY**: 0001342947

## Series and Classes Contracts Data

### BBH Select Large Cap ETF (Series ID: S000095660)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000264397 | BBH Select Large Cap ETF |  |

### 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 Mid Cap ETF (Series ID: S000095661)

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

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

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

**Securities Act File No. 333-_____**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Pre-Effective Amendment No. __**

**Post-Effective Amendment No. __**

**BBH TRUST**

**(Exact Name of Registrant as Specified in Charter)**

140 Broadway

New York, NY 10005

**(Address of Principal Executive Offices)**

**Registrant's Telephone Number, including Area Code: (800) 575-1265**

Corporation Services Company

251 Little Falls Drive

Wilmington, DE 19808

**(Name and address of agent for service)**

Copies to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004

**Approximate Date of Proposed Public Offering:** 

As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933. It is proposed that the filing will become effective on October 12, 2025, pursuant to Rule 488 under the Securities Act of 1933.

**Title of Securities Being Registered**:

Shares of BBH Select Large Cap ETF and BBH Select Mid Cap ETF, each a series of the Registrant.

No filing fee is due because the Registrant has registered an indefinite amount of securities pursuant to Rule 24f-2 under the Investment Company Act of 1940.

**BBH TRUST**

**BBH Select Large Cap ETF**

**BBH Select Mid Cap ETF**

140 Broadway

New York, NY 10005

October __, 2025

Dear Shareholder:

Enclosed is important information about your investment in BBH Select Series – Large Cap Fund and/or BBH Select Series – Mid Cap Fund (each a "Target Fund"), which are mutual fund series of BBH Trust (the "Trust"). The Board of Trustees of the Trust has approved a Plan of Reorganization (the "Plan") that provides for the reorganization of the Target Funds with and into BBH Select Large Cap ETF and BBH Select Mid Cap ETF (each an "Acquiring Fund") (collectively, the "Funds") as set forth below (each a "Reorganization"):

---

| | | |
|:---|:---|:---|
| **Target Fund** |  | **Acquiring Fund** |
| BBH Select Series – Large Cap Fund | 🡪 | BBH Select Large Cap ETF |
| BBH Select Series – Mid Cap Fund | 🡪 | BBH Select Mid Cap ETF |

---

Each Acquiring Fund is a newly created series of the Trust that will operate as an exchange-traded fund ("ETF") and has the same investment objective, investment policies, and investment adviser as the corresponding Target Fund and substantially the same investment strategies. As a result of the Reorganizations, shareholders of a Target Fund will receive shares of the corresponding Acquiring Fund, and cash in lieu of any fractional shares, equal in aggregate value to the net asset value of their shares of the Target Fund and become shareholders of the Acquiring Fund. Each Reorganization currently is expected to close after the end of business on November __, 2025.

The Funds' investment adviser, Brown Brothers Harriman & Co. through a separately identifiable department, expects the Reorganizations to result in the following benefits for shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;· *Trading Flexibility.* Unlike shares of a Target Fund,
which can only be purchased or sold once per day based on the Target Fund's net asset value generally determined as of 4:00 p.m.
Eastern Time, shares of an Acquiring Fund can be purchased or sold on an exchange throughout the trading day based on market prices,
which can give shareholders more flexibility over their investment allocations.

&nbsp;&nbsp;&nbsp;&nbsp;· *Increased Transparency.* Shareholders of an Acquiring
Fund will gain the benefit of full daily transparency into the portfolio holdings of the Acquiring Fund whereas a Target Fund does not
provide full daily transparency into its portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;· *Potentially Lower Expenses.* The Acquiring Funds are
expected to have lower portfolio transactions costs because the ETF structure relies on in-kind creation and redemption baskets, which
may reduce certain operational and administrative expenses. In addition, the Acquiring Funds are expected to have slightly lower transfer
agency expenses.

&nbsp;&nbsp;&nbsp;&nbsp;· *Enhanced Tax Efficiency.* Reorganizing the Target Funds
into the Acquiring Funds has the potential to reduce capital gains distributions and improve tax efficiency due to the ETF structure.

&nbsp;&nbsp;&nbsp;&nbsp;· *Continuity of Portfolio Management.* Each Acquiring Fund will have the same investment adviser and
portfolio manager as its corresponding Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Tax-Free Reorganization.* Each Reorganization is expected to be a tax-free reorganization under
the Internal Revenue Code of 1986, as amended. Shareholders of a Target Fund generally will not recognize a taxable gain or loss for U.S.
federal income tax purposes as a result of the Reorganization (except with respect to cash received in lieu of fractional shares, if applicable).

The Board of Trustees of the Trust unanimously approved each Reorganization based on a determination that it is in the best interest of each Fund and that the interests of shareholders will not be diluted as a result of the Reorganization.

**Shareholder approval of each Reorganization is not required and we are not asking you for a proxy and you are requested not to send a proxy**. Details regarding the terms of each Reorganization are discussed in the enclosed Prospectus/Information Statement. Please read the Prospectus/Information Statement and keep it for future reference.

**If you do not wish to participate in a Reorganization, you can redeem your shares of the applicable Target Fund before the Reorganization occurs. Prior to doing so, however, you should consider any associated tax consequences.**

**If you hold shares of a Target Fund in an account directly with the Target Fund at its transfer agent or in a brokerage account that cannot hold ETF shares, to participate in the Reorganization you will need to transfer those shares to a brokerage account that can hold ETF shares. We will attempt to contact you with respect to the required timing of the transfer before the Reorganization occurs. If your shares are not redeemed or transferred prior to the Reorganization, you will receive cash equal in value to the aggregate net asset value of your shares before the Reorganization, which may be subject to tax. Please consult your tax advisor to determine the tax impact of any such event.**

We encourage you to carefully review the enclosed materials, which explain the Reorganizations in more detail. If you have any questions or need additional information, please contact the Trust by calling 1-800-575-1265.

---

| |
|:---|
| Sincerely, |
| /s/ Daniel Greifenkamp |
| President and Principal Executive Officer of the Trust |

---

THE INFORMATION IN THIS DOCUMENT IS NOT COMPLETE AND MAY CHANGE. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS DOCUMENT IS NOT AN OFFER TO SELL OR SOLICITING AN OFFER TO BUY IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

**BBH TRUST**

**PROSPECTUS/INFORMATION STATEMENT**

**Dated October __, 2025**

***RELATING TO THE ACQUISITION OF THE ASSETS OF***

**BBH Select Series – Large Cap Fund**

**BBH Select Series – Mid Cap Fund**

***BY AND IN EXCHANGE FOR SHARES OF***

**BBH Select Large Cap ETF**

**BBH Select Mid Cap ETF**

This Prospectus/Information Statement is an information statement for BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund (each a "Target Fund") and a prospectus for BBH Select Large Cap ETF and BBH Select Mid Cap ETF (each an "Acquiring Fund") (collectively, the "Funds"), each a series of BBH Trust (the "Trust"). The address of the Trust is 140 Broadway, New York, NY 10005, and the telephone number is 1-800-575-1265. This Prospectus/Information Statement was first mailed to shareholders of each Target Fund beginning on or about October __, 2025.

**THIS PROSPECTUS/INFORMATION STATEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND YOU DO NOT NEED TO DO ANYTHING IN RESPONSE TO RECEIVING IT. WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.**

The Board of Trustees of the Trust (the "Board") has approved a Plan of Reorganization (the "Plan") that provides for the reorganization of the Target Funds with and into the Acquiring Funds as set forth below (each a "Reorganization"):

---

| | | |
|:---|:---|:---|
| **Target Fund** |  | **Acquiring Fund** |
| BBH Select Series – Large Cap Fund | 🡪 | BBH Select Large Cap ETF |
| BBH Select Series – Mid Cap Fund | 🡪 | BBH Select Mid Cap ETF |

---

Each Target Fund is a currently operating mutual fund series of the Trust. Each Acquiring Fund is a newly created series of the Trust that will operate as an exchange-traded fund ("ETF") and has the same investment objective, investment policies, and investment adviser as the corresponding Target Fund and substantially the same investment strategies. Each Acquiring Fund was created specifically for the purpose of acquiring the assets and assuming the liabilities of the corresponding Target Fund and will not commence operations until the applicable Reorganization is consummated. As a result of the Reorganizations, each Acquiring Fund will adopt the accounting and performance history of the corresponding Target Fund. In addition, shareholders of a Target Fund will receive shares of the corresponding Acquiring Fund, and cash in lieu of any fractional shares, equal in aggregate value to the net asset value of their shares of the Target Fund and become shareholders of the Acquiring Fund. Each Reorganization currently is expected to close after the end of business on November __, 2025.

This Prospectus/Information Statement includes information about the Funds and the Reorganizations. You should retain this Prospectus/Information Statement for future reference. Additional information about the Funds has been filed with the U.S. Securities and Exchange Commission ("SEC") and can be found in the following documents, which are incorporated by reference into this Prospectus/Information Statement:

● [Prospectus of the BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025018737/ea0230900-01_485bpos.htm) , dated February 28, 2025, as may be supplemented or amended (File No. 811-21829)

● [Statement of Additional Information of the BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025018737/ea0230900-01_485bpos.htm) dated February 28, 2025, as may be supplemented or amended (File No. 811-21829)

● [Semi-Annual Report of BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025062230/ea0244692-01_ncsrs.htm) for the fiscal period ended April 30, 2025 (File No. 811-21829)

● [Annual Report of BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025001221/ea0223226-09_ncsr.htm) for the fiscal year ended October 31, 2024 (File No. 811-21829)

● Statement of Additional Information dated October __, 2025, relating to this Prospectus/Information Statement

You may request a copy of the Statement of Additional Information relating to this Prospectus/Information Statement or a Fund's Prospectus or Annual or Semi-Annual Report without charge by calling the Trust at 1-800-575-1265 or by writing to the Trust at 140 Broadway, New York, NY 10005.

**THE U.S. SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS/INFORMATION STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

ii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [**SUMMARY**](#a_001) | ***1*** |
|  | **** |
| &nbsp;&nbsp;&nbsp;[***Why am I receiving a combined Prospectus/Information Statement?***](#a_002) | ***1*** |
| &nbsp;&nbsp;&nbsp;[***Why are the Reorganizations occurring?***](#a_003) | ***1*** |
| &nbsp;&nbsp;&nbsp;[***What are some other features of ETFs that differ from mutual funds?***](#a_004) | ***2*** |
| &nbsp;&nbsp;&nbsp;[***Has the Board approved the Reorganizations?***](#a_005) | ***2*** |
| &nbsp;&nbsp;&nbsp;[***What will happen if the Reorganizations occur?***](#a_006) | ***2*** |
| &nbsp;&nbsp;&nbsp;[***How will the Reorganizations affect me as a shareholder?***](#a_007) | ***3*** |
| &nbsp;&nbsp;&nbsp;[***How will the number of shares of the Acquiring Fund that I receive be determined?***](#a_008) | ***3*** |
| &nbsp;&nbsp;&nbsp;[***Will the Reorganizations affect the way my investments are managed?***](#a_009) | ***3*** |
| &nbsp;&nbsp;&nbsp;[***Are there any differences in risks between the Target Funds and the Acquiring Funds?***](#a_010) | ***3*** |
| &nbsp;&nbsp;&nbsp;[***Will each Acquiring Fund have the same management fee as its corresponding Target Fund?***](#a_011) | ***4*** |
| &nbsp;&nbsp;&nbsp;[***How will the total expense ratio of each Acquiring Fund compare to that of its corresponding Target Fund?***](#a_012) | ***4*** |
| &nbsp;&nbsp;&nbsp;[***Who will pay the costs in connection with the Reorganizations?***](#a_013) | ***4*** |
| &nbsp;&nbsp;&nbsp;[***What are the federal income tax consequences of the Reorganizations?***](#a_014) | ***4*** |
| &nbsp;&nbsp;&nbsp;[***What is the anticipated timing of the Reorganizations?***](#a_015) | ***4*** |
| &nbsp;&nbsp;&nbsp;[***What if I do not want to hold ETF shares?***](#a_016) | ***5*** |
| &nbsp;&nbsp;&nbsp;[***Will I have to pay any sales load, commission, or other similar fee in connection with the Reorganizations?***](#a_017) | ***5*** |
| &nbsp;&nbsp;&nbsp;[***Whom do I contact for further information?***](#a_018) | ***5*** |
|  | **** |
| [**COMPARISON OF IMPORTANT FEATURES OF THE FUNDS**](#a_019) | ***6*** |
|  | **** |
| &nbsp;&nbsp;&nbsp;[***Are there any significant differences between the investment objectives, strategies, and policies of the Funds?***](#a_020) | ***6*** |
| &nbsp;&nbsp;&nbsp;[***How do the principal investment risks of the Funds compare?***](#a_021) | ***7*** |
| &nbsp;&nbsp;&nbsp;[***Who manages the Funds?***](#a_022) | ***12*** |
| &nbsp;&nbsp;&nbsp;[***What are the Funds' investment advisory and administrative fee rates?***](#a_023) | ***12*** |
| &nbsp;&nbsp;&nbsp;[***What are the fees and expenses of each Fund and what are they expected to be after the Reorganization?***](#a_024) | ***13*** |
| &nbsp;&nbsp;&nbsp;[***How do the performance records of the Funds compare?***](#a_025) | ***14*** |
| &nbsp;&nbsp;&nbsp;[***How do the Funds' portfolio turnover rates compare?***](#a_026) | ***14*** |
| &nbsp;&nbsp;&nbsp;[***Where can I find more financial and performance information about the Target Funds?***](#a_027) | ***15*** |
|  | **** |
| [**COMPARISON OF OTHER KEY FEATURES OF THE FUNDS**](#a_028) | ***15*** |
|  | **** |
| &nbsp;&nbsp;&nbsp;[***What are the purchase and sale procedures of the Target Funds and Acquiring Funds?***](#a_029) | ***15*** |
| &nbsp;&nbsp;&nbsp;[***What are the distribution arrangements for the Target Funds and Acquiring Funds?***](#a_030) | ***17*** |
| &nbsp;&nbsp;&nbsp;[***What is the difference in portfolio holdings disclosure policy?***](#a_031) | ***17*** |
| &nbsp;&nbsp;&nbsp;[***What are the differences in business structure, shareholders rights, and applicable law?***](#a_032) | ***17*** |
| &nbsp;&nbsp;&nbsp;[***What are other key features of the Funds?***](#a_033) | ***17*** |
|  | **** |
| [**CONSIDERATIONS OF THE BOARD IN APPROVING THE REORGANIZATIONS**](#a_034) | ***18*** |
|  | **** |
| [**INFORMATION ABOUT THE REORGANIZATIONS**](#a_035) | ***19*** |
|  | **** |
| &nbsp;&nbsp;&nbsp;[***How will the Reorganizations be carried out?***](#a_036) | ***19*** |
| &nbsp;&nbsp;&nbsp;[***Who will pay the expenses of the Reorganizations?***](#a_037) | ***20*** |
| &nbsp;&nbsp;&nbsp;[***What are the capitalizations of the Target Funds and what might the Acquiring Funds' capitalizations be after the Reorganizations?***](#a_038) | ***20*** |
|  | **** |

---

iii

---

| | |
|:---|:---|
| [**FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATIONS**](#a_039) | ***21*** |
|  | **** |
| [**INFORMATION ABOUT THE FUNDS**](#a_040) | ***23*** |
|  | **** |
| [**PRINCIPAL HOLDERS OF SHARES**](#a_041) | ***23*** |
|  | **** |
| [**EXHIBITS TO PROSPECTUS/INFORMATION STATEMENT**](#a_042) | ***24*** |
|  | **** |
| [**EXHIBIT A - AGREEMENT AND PLAN OF REORGANIZATION**](#a_043) | ***25*** |
| [**EXHIBIT B - FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT POLICIES**](#a_044) | ***30*** |
| [**EXHIBIT C - FINANCIAL HIGHLIGHTS**](#a_045) | ***32*** |

---

iv

**SUMMARY**

This is a summary of certain information contained in this Prospectus/Information Statement. You should read the more complete information in the rest of this Prospectus/Information Statement and in the Plan (which is included as Exhibit A to this Prospectus/Information Statement).

***Why am I receiving a combined Prospectus/Information Statement?***

You are receiving a combined Prospectus/Information Statement because you own shares of a Target Fund. It is proposed that each Target Fund, which is currently operating as a mutual fund, will be converted into an ETF through a Reorganization with and into the corresponding Acquiring Fund. Each Acquiring Fund is a newly organized series of the Trust and currently has no assets or liabilities. Each Acquiring Fund was created specifically for the purpose of acquiring the assets and assuming the liabilities of the corresponding Target Fund and will not commence operations until the applicable Reorganization is consummated.

Each Reorganization will be accomplished in accordance with the Plan. Among other things, the Plan provides that (i) each Target Fund will transfer all of its assets to the corresponding Acquiring Fund solely in exchange for (a) the Acquiring Fund's assumption of all of the liabilities of the Target Fund and (b) shares of beneficial interest of the Acquiring Fund ("Acquiring Fund Shares") and cash in lieu of fractional shares, with such shares and cash having an aggregate value equal to the value of the net assets of the Target Fund, and (ii) each Target Fund subsequently will distribute the Acquiring Fund Shares and cash in lieu of fractional shares to its shareholders pro rata in liquidation and termination of the Target Fund.

***Why are the Reorganizations occurring?***

The Funds' investment adviser, Brown Brothers Harriman & Co. through a separately identifiable department (the "Adviser"), and the Board believe that operating the Target Funds as ETFs is in the best interests of the Target Funds and their shareholders. After each Reorganization, shareholders of each Target Fund will still be invested in an open-end fund with the same investment objective, investment policies, investment adviser, and portfolio manager as their Target Fund and substantially the same investment strategies. In addition, the ETF structure is expected to offer a number of benefits to shareholders following the Reorganizations, including:

· *Trading Flexibility.* Unlike shares of a Target Fund,
which can only be purchased or sold once per day based on the Target Fund's net asset value generally determined as of 4:00 p.m.
Eastern Time, shares of an Acquiring Fund can be purchased or sold on an exchange throughout the trading day based on market prices,
which can give shareholders more flexibility over their investment allocations.

· *Increased Transparency.* Shareholders of an Acquiring
Fund will gain the benefit of full daily transparency into the portfolio holdings of the Acquiring Fund whereas a Target Fund does not
provide full daily transparency into its portfolio holdings.

· *Potentially Lower Expenses.* The Acquiring Funds are
expected to have lower portfolio transactions costs because the ETF structure relies on in-kind creation and redemption baskets, which
may reduce certain operational and administrative expenses. In addition, the Acquiring Funds are expected to have slightly lower transfer
agency expenses.

· *Enhanced Tax Efficiency.* Reorganizing the Target Funds
into the Acquiring Funds has the potential to reduce capital gains distributions and improve tax efficiency due to the ETF structure.
In a mutual fund, when portfolio securities are sold, including in order to rebalance holdings or to raise cash for redemptions, the
sale can create capital gains that impact all taxable shareholders of the mutual fund. In contrast, many ETFs create and redeem their
shares in-kind, which enables them to distribute appreciated securities in a redemption transaction without recognizing gain on those
securities. As a result, shareholders in an ETF that creates and redeems its shares in-kind are largely only subject to capital gains
on their investment in the ETF after they sell their ETF shares. The Acquiring Funds intend to create and redeem its shares primarily
in-kind and take advantage of the potential for greater tax efficiency offered by the ETF structure.

***What are some other features of ETFs that differ from mutual funds?***

The following are some unique features of ETFs that differ from mutual funds:

· *Sales only through a Broker.* While a mutual fund's shares may be directly purchased or redeemed
from the fund at net asset value, individual shares of ETFs, like the Acquiring Funds, may only be purchased and sold on a stock exchange
through a broker at market prices. Shares of an Acquiring Fund may be purchased or redeemed directly from the Acquiring Fund only in large
blocks of shares called Creation Units, and only an authorized participant, which is typically large financial institutions that agrees
to facilitate the secondary market for an ETF's shares through the creation and redemption process, may engage in purchase or redemption
transactions directly with the Acquiring Fund. Once created, shares of an Acquiring Fund may be purchased and sold through a broker at
market prices. When buying and selling shares through a financial intermediary, a shareholder may incur brokerage or other charges determined
by the financial intermediary, although ETFs trade with no transaction fees (NTF) on many platforms. In addition, a shareholder of an
ETF, such as an Acquiring Fund, may incur costs attributable to the difference between the highest price a buyer is willing to pay to
purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary
market (the "bid-ask spread"). Because ETF shares trade at market prices rather than at net asset value, shares of an ETF
may trade at a price less than (discount) or greater than (premium) the then-current pro rata value of an Acquiring Fund's net assets.
The trading prices of an ETF's shares in the secondary market will fluctuate continuously throughout trading hours based on the
supply and demand for the ETF's shares and shares of the underlying securities held by the ETF, economic conditions and other factors.

· *Transparency*. Currently, each Target Fund only provides periodic disclosure of its complete portfolio
holdings (typically quarterly on a lag). Each Acquiring Fund will be a transparent ETF that operates with full transparency for its portfolio
holdings. Following the Reorganizations, the Acquiring Funds, like other transparent ETFs, will make their portfolio holdings public each
day. This holdings information, along with other information about the Acquiring Funds, will be available on the Acquiring Funds'
website at www.bbhfunds.com.

In addition, the Acquiring Funds are subject to certain risks unique to operating as ETFs. For more information, see "Are there any differences in risks between the Target Funds and the Acquiring Funds?" below.

***Has the Board approved the Reorganizations?***

Yes, the Board approved each Reorganization after carefully reviewing the terms of the Reorganization. For the reasons set forth in the "CONSIDERATIONS OF THE BOARD IN APPROVING THE REORGANIZATIONS" section of this Prospectus/Information Statement, the Board, including the Trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940 (the "1940 Act"), has determined that participation in the Reorganizations is in the best interests of the Funds and that the interests of shareholders will not be diluted as a result of the Reorganizations.

***What will happen if the Reorganizations occur?***

If the Reorganizations are consummated, shareholders of each Target Fund will become shareholders of the corresponding Acquiring Fund and will no longer be shareholders of the Target Fund. Shareholders of the Target Fund will receive shares of the corresponding Acquiring Fund, and cash in lieu of fractional shares, if any, having a total dollar value equal to the total dollar value of the shares such shareholder held in the Target Fund immediately prior to the effectiveness of the Reorganization as determined pursuant to the Plan. Shareholders of a Target Fund will receive cash equal to the net asset value of any fractional shares of the Target Fund held by the shareholder because ETFs do not issue fractional shares.

In particular, the Plan provides that (i) each Target Fund will transfer all of its assets to the corresponding Acquiring Fund solely in exchange for (a) the Acquiring Fund's assumption of all of the liabilities of the Target Fund and (b) Acquiring Fund Shares and cash in lieu of fractional shares, with such shares and cash having an aggregate value equal to the value of the net assets of the Target Fund, and (ii) each Target Fund subsequently will distribute the Acquiring Fund Shares and cash in lieu of fractional shares to its shareholders pro rata in liquidation and termination of the Target Fund.

***How will the Reorganizations affect me as a shareholder?***

If a Reorganization is completed with respect to your Target Fund, you will cease to be a shareholder of that Target Fund and will become a shareholder of the corresponding Acquiring Fund. Upon completion of a Reorganization, Target Fund shareholders will own shares of the corresponding Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of such Target Fund that were owned immediately before the Reorganization minus any cash provided instead of fractional shares. Shares of ETFs, like the Acquiring Funds, are not issued in fractional shares. As a result, the Target Funds will redeem any fractional shares held by shareholders at net asset value as part of the Reorganizations. Such redemption will result in a cash payment, which will be a taxable sale of shares for shareholders who hold fractional shares in a taxable account. Shareholders should consult their tax advisors to determine the effect of the redemption of fractional shares.

After the Reorganizations, individual shares of each Acquiring Fund may only be purchased and sold on the floor of NYSE Arca, Inc. (the "Exchange"), other national securities exchanges, electronic crossing networks, and other alternative trading systems. Should a former Target Fund shareholder decide to purchase or sell shares in an Acquiring Fund after a Reorganization, the shareholder will need to place a trade through a broker who will execute the trade on an exchange at prevailing market prices. Because Acquiring Fund Shares trade at market prices rather than at net asset value, Acquiring Fund Shares may trade at a price less than (discount) or greater than (premium) the then-current pro rata value of an Acquiring Fund's net assets. As with all ETFs, your broker may charge a commission for purchase and sale transactions, although ETFs trade with no transaction fees (NTF) on many platforms.

 ****

***How will the number of shares of the Acquiring Fund that I receive be determined?***

As a Target Fund shareholder, you will receive your pro rata share of the corresponding Acquiring Fund Shares received by the Target Fund in the applicable Reorganization as well as cash equal to the net asset value of any fractional shares of a Target Fund you held. As ETFs, the Acquiring Funds do not issue fractional shares. The number of shares that each Target Fund's shareholders will receive will be based on the relative net asset value of such Target Fund and its corresponding Acquiring Fund as of the regular close of business of the New York Stock Exchange ("NYSE") (normally 4:00 pm Eastern Time) on the business day immediately preceding the date the Reorganizations close. Each Target Fund's assets will be valued pursuant to the Trust's valuation procedures. The total value of your holdings (plus any cash received in lieu of fractional shares) is not expected to change as a result of the Reorganizations because both the Target Funds and Acquiring Funds utilize the same procedures for valuing their portfolio.

***Will the Reorganizations affect the way my investments are managed?***

No. Each Acquiring Fund will be managed using the same investment objective, policies, and restrictions as those of its corresponding Target Fund and substantially the same investment strategies. The Adviser serves as the investment adviser to each Target Fund and will also serve as investment adviser to each Acquiring Fund. In addition, the portfolio manager of each Acquiring Fund will be the same as the portfolio manager of its corresponding Target Fund.

For a more complete discussion, please see the sections "COMPARISON OF IMPORTANT FEATURES OF THE FUNDS" ‒ "*Are there any significant differences between the investment objectives, strategies, and policies of the Funds?"* and *"How do the principal investment risks of the Funds compare?"*

***Are there any differences in risks between the Target Funds and the Acquiring Funds?***

The principal risks for each Target Fund and its corresponding Acquiring Fund, with respect to each Fund's investment strategy, are substantially the same, except that, as a shareholder of an Acquiring Fund, you would also be subject to risks related to the Acquiring Fund's ETF structure.

For example, you will be subject to the risk that shares of an Acquiring Fund will trade at market prices that are above (premium) or below (discount) the Acquiring Fund's net asset value per share, whereas shares of a Target Fund are purchased and sold at prices based on their net asset value as next determined after an order is received. You will also be subject to the risk that an Acquiring Fund's authorized participants, which are the only entities that are permitted to engage in creation or redemption transactions directly with an Acquiring Fund, do not engage in such transactions, which could cause the Acquiring Fund's shares to trade at a discount to net asset value and possibly face trading halts and/or delisting.

For a more complete discussion of the risks of each Target Fund and the corresponding Acquiring Fund, please see the section *"*COMPARISON OF IMPORTANT FEATURES OF THE FUNDS" ‒ *"How do the principal investment risks of the Funds compare?"*

***Will each Acquiring Fund have the same investment advisory and administrative fee as its corresponding Target Fund?***

Yes. Each Acquiring Fund will have the same investment advisory and administrative fee as its corresponding Target Fund.

***How will the total expense ratio of each Acquiring Fund compare to that of its corresponding Target Fund?***

The total expense ratio of each Acquiring Fund initially is estimated to be the same as the total expense ratio of its corresponding Target Fund with the potential for slightly lower total expense ratios over time.

For a more detailed comparison of the Funds' fees and expenses, please see the sections "COMPARISON OF IMPORTANT FEATURES OF THE FUNDS" ‒ "*What are the Funds' investment advisory and administrative fee rates?*" and "*What are the fees and expenses of each Fund and what are they expected to be after the Reorganizations?*"

***Who will pay the costs in connection with the Reorganizations?***

The Adviser will bear and pay all costs and expenses associated with the Reorganizations including legal and accounting expenses and the costs of preparing, filing, printing, and mailing this Prospectus/Information Statement.

While currently not expected, the Target Funds will bear any portfolio repositioning costs in connection with the Reorganizations.

***What are the federal income tax consequences of the Reorganizations?***

Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes and each Target Fund anticipates receiving a legal opinion to that effect, although there can be no assurance that the Internal Revenue Service ("IRS") will adopt a similar position. Provided each Reorganization is so treated, shareholders of the applicable Target Fund will recognize no gain or loss for federal income tax purposes upon the exchange of all of their shares in the Target Fund for shares in the Acquiring Fund, other than with respect to cash paid in lieu of fractional shares. Shareholders should consult their tax adviser about state and local tax consequences of the Reorganization, if any, because the information about tax consequences in this Prospectus/Information Statement relates only to the federal income tax consequences of the Reorganization.

In addition, the tax basis and holding period of a shareholder's Target Fund shares are expected to carry over to the Acquiring Fund Shares the shareholder receives in the Reorganization. At any time prior to the consummation of the Reorganization, Target Fund shareholders may redeem their Target Fund shares. Redemption of shares either before or after the Reorganization will generally result in the recognition of gain or loss to such shareholders for U.S. federal income tax purposes.

For more information, please see the section "FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATION."

***What is the anticipated timing of the Reorganizations?***

The Reorganizations are currently expected to close intermediately prior to the opening of regular trading on the New York Stock Exchange on November __, 2025 (the "Closing Date").

***What if I do not want to hold ETF shares or do not have a brokerage account that can hold ETF shares?***

If you do not want to receive ETF shares in connection with a Reorganization, you may redeem your shares of the applicable Target Fund up until the business day prior to the Closing Date. If you redeem your Target Fund shares and such shares are held in a taxable account, you will recognize a taxable gain or loss based on the difference between the tax basis in the shares and the amount that you receive for them.

**If you hold shares of a Target Fund in an account directly with the Target Fund at its transfer agent or in a brokerage account that cannot hold ETF shares, to participate in the Reorganization you will need to transfer those shares to a brokerage account that can hold ETF shares. We will attempt to contact you with respect to the required timing of the transfer before the Reorganization occurs. If your shares are not redeemed or transferred prior to the Reorganization, you will receive cash equal in value to the aggregate net asset value of your shares before the Reorganization, which may be subject to tax. Please consult your tax advisor to determine the tax impact of any such event.**

***Will I have to pay any sales load, commission, or other similar fee in connection with the Reorganizations?***

No. The full value of shares of each Target Fund will be exchanged for shares of the Acquiring Fund without any sales load, commission, redemption fee or other transactional fee being imposed.

The Adviser will bear and pay all costs and expenses associated with the Reorganizations including legal and accounting expenses and the costs of preparing, filing, printing, and mailing this Prospectus/Information Statement. While currently not expected, the Target Funds will bear any portfolio repositioning costs in connection with the Reorganizations.

 ****

***Whom do I contact for further information?***

Please contact the Trust for further information by calling 1-800-575-1265 or by writing to BBH Trust, 140 Broadway, New York, NY 10005.

**COMPARISON OF IMPORTANT FEATURES OF THE FUNDS**

***Are there any significant differences between the investment objectives, strategies, and policies of the Funds?***

*Investment Objectives*

Each Acquiring Fund has the same investment objective as its corresponding Target Fund. Each Fund seeks to provide investors with long-term growth of capital. The investment objective of each Fund may be changed by the Board without shareholder approval.

*Principal Investment Strategies*

Each Acquiring Fund has substantially the same principal investment strategies as its corresponding Target Fund as set forth below.

<u>BBH Select Series – Large Cap Fund / BBH Select Large Cap Equity ETF</u>

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. Commonly referred to as large cap stocks, such securities will be issued by domestic and non-U.S. issuers both directly and in the form of certificates issued by U.S. bank that represent shares of non-U.S. stock, called depositary receipts. The Fund may invest in sponsored and unsponsored depositary receipts, consisting of American Depositary Receipts ("ADRs"). The Fund primarily seeks to buy common stock and may also invest in preferred stock. The Investment Adviser considers large cap securities to be securities that at the time of purchase have a market capitalization within the range of companies included in the S&P 500 Index.

The Fund's strategy is based on fundamental business analysis and a long-term orientation. The Investment Adviser selects companies based on their qualitative merits, competitive profile and prospective value creation potential. Investments may be sold if they appreciate to levels at or near the higher end of the Investment Adviser's estimated ranges of intrinsic value.

The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than would a diversified fund. The Fund seeks to invest in approximately 25-50 different companies that meet the Investment Adviser's prescriptive fundamental criteria.

<u>BBH Select Series – Mid Cap Fund / BBH Select Mid Cap ETF</u>

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in publicly traded mid capitalization (mid cap) equity securities. Domestic securities include companies that are incorporated or headquartered in the U.S. Such securities may be issued by domestic or foreign issuers. The Fund may invest in the securities of foreign issuers both directly and in the form of depository receipts, including both sponsored and unsponsored American Depository Receipts ("ADRs") and Global Depository Receipts ("GDRs"), each of which represent an interest in foreign securities. Securities of foreign issuers, or foreign securities, include companies that are neither incorporated nor headquartered in the U.S. The Fund primarily seeks to buy common stock and may also invest in preferred stock. The Fund may also invest in large cap and small cap publicly traded equity securities. From time to time the Fund may invest in shares of companies through "new issues" or initial public offerings ("IPOs"). Subject to applicable statutory and regulatory limitations, the Fund may invest in shares of other investment companies, consisting of mutual funds and exchange-traded funds ("ETFs"). The Fund may also purchase other securities with equity characteristics, including securities convertible into common stock. Brown Brothers Harriman & Co. ("BBH&Co."), through a separately identifiable department ("Investment Adviser"), considers mid cap securities to be securities that at the time of purchase have a market capitalization within the range of companies included in the Russell Midcap Index.

The Fund's strategy is based on fundamental business analysis and a long-term orientation. The Investment Adviser selects companies based on their qualitative merits, competitive profile and prospective value creation potential. The Fund follows a "buy and own" approach that does not make use of short-term trades in pursuit of small gains. The Investment Adviser believes that its long-term orientation can benefit the Fund's net performance results. Investments may be sold if they appreciate to levels at or near the higher end of the Investment Adviser's estimated ranges of intrinsic value.

The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than would a diversified fund.

<u>Difference in Strategy Disclosure of the Target Funds and Acquiring Funds</u>

The only difference between the Target Funds' and the Acquiring Funds' principal investment strategies disclosure is that the second paragraph of the principal investment strategies of the Target Funds includes the following statements, which are not included in the principal investment strategies of the Acquiring Funds:

As part of the Fund's investment process, the Investment Adviser may consider environmental, social and governance ("ESG") factors for equity investments in the portfolio. ESG factors may include the environmental and social risks of the issuer as well as the issuer's instituted governance programs.

The disclosure difference is not due to a substantive difference in the strategies, but, rather, to the fact that the ESG factors are not principal to the Funds' strategies and, therefore, the disclosure is being moved to the Statement of Additional Information.

*Investment Policies and Restrictions*

The fundamental and non-fundamental investment policies of each Acquiring Fund are identical to those of its corresponding Target Fund. The Funds' fundamental investment policies and non-fundamental policies are set forth in Exhibit B. Fundamental investment policies may not be changed without shareholder approval. Non-fundamental policies may be changed without shareholder approval.

Further information about each Target Fund's investment objectives, strategies, policies, and limitations is contained in its prospectus and Statement of Additional Information, which are on file with the SEC.

***How do the principal investment risks of the Funds compare?***

The principal risks for each Target Fund and its corresponding Acquiring Fund, with respect to each Fund's investment program, are the same except that, as a shareholder of an Acquiring Fund, you would also be subject to risks related to the Acquiring Fund's ETF structure. The following tables compare the principal risks of investing in the Target Funds, as identified in each Target Fund's summary section of its prospectus, with the principal risks of its corresponding Acquiring Fund.

<u>BBH Select Series – Large Cap Fund / BBH Select Large Cap Equity ETF</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;***Investment Risk.*** Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Market Risk.*** The price of a security 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. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Equity Securities Risk.*** Equity securities risk is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Preferred 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 may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities may pay dividends only after the company makes required payments on bonds and other debt. If a company experiences actual or perceived changes in its financial condition or prospects, the value of preferred securities may be more greatly affected than the value of bonds and other debt. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Large Cap Company Risk.*** Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund's large cap securities are out of favor. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp; ***ETF Risk.*** The Fund is an ETF and is subject to the following risks:<br>*Trading Issues*. Shares of the Fund trade on an exchange at market prices and may trade above (premium) or below (discount) their net asset value ("NAV"). An active trading market for the Fund's shares may not develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. In addition, there can be no assurance that shares will continue to meet the listing requirements of the Exchange.<br>*Market Price Variance*. The market price of the Fund's shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly and shares may trade at a premium or discount to NAV.<br>*Limited Authorized Participant, Market Makers, and Liquidity Providers*. There may be a limited number of market makers and/or liquidity providers in the marketplace and the Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). Only an authorized participant who has entered into an agreement with the Fund's distributor may engage in creation or redemption transactions directly with the Fund, and none of those authorized participants is obligated to engage in creation and/or redemption transactions. To the extent that authorized participants, market makers, and liquidity providers exit the business or are unable to provide their services with respect to the Fund and no other entities are able to step forward to perform their functions, the Fund's shares may trade at a premium or discount to NAV and possibly face trading halts or delisting. | No comparable risk | &nbsp;&nbsp;✔ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;***Non-Diversification Risk.*** Because a non-diversified fund under the federal securities laws may invest in a relatively small number of issuers compared to a diversified fund, changes in the financial condition of individual issuers, as well as political, regulatory or economic occurrences affecting such issuers may cause greater fluctuation in the value of a non-diversified fund's shares. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Non-U.S. Investment Risk.*** Investing in securities of companies based outside of the United States, including ADRs, involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. These factors can make non-U.S. investments more volatile and potentially less liquid than U.S. investments. Unsponsored ADRs do not trade on an exchange and therefore may be difficult to sell and investors do not have the benefits and voting rights that are extended to other shareholders. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Management Risk.*** The Fund is actively managed, and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund's investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Large Shareholder Risk.*** Asset allocation decisions, particularly large redemptions, made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders may adversely impact remaining Fund shareholders. | ✔ | &nbsp;&nbsp;✔ |

---

<u>BBH Select Series – Mid Cap Fund / BBH Select Mid Cap ETF</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;***Mid Cap Company 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 companies may also have limited management experience or depth, limited ability to generate or borrow capital needed for growth, limited products or services, or operate in less established markets. Therefore, mid cap securities may be subject to changing economic, market, and industry conditions and experience more volatility and less liquidity over short periods. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Investment Risk.*** Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or long periods of time. | ✔ | &nbsp;&nbsp;✔ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;***Market Risk.*** The price of a security 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. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Equity Securities Risk.*** Equity securities risk is the risk that prices of equity securities rise and fall daily. 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. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp; ***ETF Risk.*** The Fund is an ETF and is subject to the following risks:<br>*Trading Issues*. Shares of the Fund trade on an exchange at market prices and may trade above (premium) or below (discount) their net asset value ("NAV"). An active trading market for the Fund's shares may not develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. In addition, there can be no assurance that shares will continue to meet the listing requirements of the Exchange.<br>*Market Price Variance*. The market price of the Fund's shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly and shares may trade at a premium or discount to NAV.<br>*Limited Authorized Participant, Market Makers, and Liquidity Providers*. There may be a limited number of market makers and/or liquidity providers in the marketplace and the Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). Only an authorized participant who has entered into an agreement with the Fund's distributor may engage in creation or redemption transactions directly with the Fund, and none of those authorized participants is obligated to engage in creation and/or redemption transactions. To the extent that authorized participants, market makers, and liquidity providers exit the business or are unable to provide their services with respect to the Fund and no other entities are able to step forward to perform their functions, the Fund's shares may trade at a premium or discount to NAV and possibly face trading halts or delisting. | No comparable risk | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Non-Diversification Risk.*** Because a non-diversified fund under the federal securities laws may invest in a relatively small number of issuers compared to a diversified fund, changes in the financial condition of individual issuers, as well as political, regulatory or economic occurrences affecting such issuers may cause greater fluctuation in the value of a non-diversified fund's shares. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). | ✔ | &nbsp;&nbsp;✔ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;***Large Shareholder Risk.*** Asset allocation decisions, particularly large redemptions, made by an investment adviser whose discretionary clients make up a large percentage of the Fund's shareholders may adversely impact remaining Fund shareholders. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Management Risk.*** The Fund is actively managed, and its success depends upon the investment skills and analytical abilities of the Investment Adviser to develop and effectively implement strategies that achieve the Fund's investment objective. Subjective decisions made by the Investment Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Large Cap Company Risk.*** Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund's large cap securities are out of favor. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Small Cap Company Risk.*** Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies and may depend on a more limited management group than larger capitalized companies. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Non-U.S. Investment Risk.*** Investing in securities of companies based outside of the United States, including ADRs, involves risks not typically associated with investing in securities of companies organized and operated in the United States. These risks include adverse political, social and economic developments abroad, different kinds and levels of market and issuer regulations, and the different characteristics of overseas economies and markets. These factors can make non-U.S. investments more volatile and potentially less liquid than U.S. investments. Additionally, investments in non-U.S. securities may be denominated in currencies, other than the U.S. dollar, which are subject to changes in currency exchange rates. These fluctuations could offset investment gains or add to investment losses. Unsponsored ADRs do not trade on an exchange and therefore may be difficult to sell and investors do not have the benefits and voting rights that are extended to other shareholders. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Investments In Other Investment Companies 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. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. The shares of an investment company that trade on an exchange (for example, an ETF) may trade below their net asset value at a discount, which may adversely affect the Fund's performance. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***IPO Risk.*** IPOs are new issues of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. | ✔ | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;***Preferred 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 may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities may pay dividends only after the company makes required payments to holders of its bonds and other debt. If a company experiences actual or perceived changes in its financial condition or prospects, the value of preferred securities may be more greatly affected than the value of bonds and other debt. | ✔ | &nbsp;&nbsp;✔ |

---

***Who manages the Funds?***

 ****

Each Acquiring Fund has the same investment adviser and portfolio manager as its corresponding Target Fund.

*Investment Adviser.* BBH&Co., a New York limited partnership, located at 140 Broadway, New York, NY 10005 and established in 1818, serves as the investment adviser to the Funds through a separately identifiable department. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. Subject to the general supervision of the Board, the Adviser makes the day-to-day investment decisions for the Funds, places the purchase and sale orders for the portfolio transactions of the Funds, and generally manages the Funds' portfolio of investments. BBH&Co. provides a broad range of investment management services for customers in the United States and abroad. As of August 31, 2025, BBH&Co. managed total assets of approximately $108.4 billion.

In addition to providing a continuous investment program, BBH&Co. serves as the Funds' administrator, which provides administrative services to the Funds such as shareholder communications and tax services.

*Portfolio Manager*. Each Acquiring Fund will have the same portfolio manager as its corresponding Target Fund. The portfolio manager of each Fund is set forth below.

<u>BBH Select Series – Large Cap Fund / BBH Select Large Cap ETF</u>

Scott Hill has served as portfolio manager of the Target Fund since 2024. He is a Principal of BBH&Co., with 23 years of investment experience. Mr. Hill holds a BA from the University of Utah and a JD from Boston University School of Law. He joined BBH&Co. in 2003. From 2003 to 2007 Mr. Hill served as a Senior Vice President. From 2007 to 2022, Mr. Hill served as a Managing Director. Mr. Hill has been a Principal since 2023.

<u>BBH Select Series – Mid Cap Fund / BBH Select Mid Cap ETF</u>

Timothy Harris has served as portfolio manager to the Target Fund since 2021. He is a Managing Director of BBH&Co. with 24 years of investment experience. Mr. Harris holds a B.A. from Tufts University, Summa Cum Laude, and an M.B.A from the MIT Sloan School of Business. He joined BBH&Co. in 2017.

***What are the Funds' investment advisory and administrative fee rates?***

Each Acquiring Fund will have the same investment advisory and administrative fee as its corresponding Target Fund.

<u>BBH Select Series – Large Cap Fund / BBH Select Large Cap ETF</u>

For investment advisory and administrative services, the Adviser receives a combined fee, computed daily and payable monthly, equal to 0.65% per annum for the first $3 billion and 0.60% per annum for amounts over $3 billion of average daily net assets.

<u>BBH Select Series – Mid Cap Fund / BBH Select Mid Cap ETF</u>

For investment advisory and administrative services, the Investment Adviser receives a combined fee, computed daily and payable monthly, equal to 0.75% per annum for the first $3 billion and 0.70% per annum for amounts over $3 billion of the average daily net assets.

***What are the fees and expenses of each Fund and what are they expected to be after the Reorganizations?***

 ****

Following each Reorganization, the total expense ratio of each Acquiring Fund is expected to be the same as the total expense ratio of its corresponding Target Fund immediately prior to its Reorganization.

Shareholders of the Funds pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy, hold and sell shares of each Fund, including pro forma expenses of the Acquiring Funds after giving effect to the Reorganizations, based on operating expenses of the Target Funds as of April 30, 2025. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense examples below.

<u>BBH Select Series – Large Cap Fund / BBH Select Large Cap ETF</u>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp; ***Pro Forma*** <br> **Acquiring Fund** |
| &nbsp;&nbsp;**Annual Fund Operating Expenses (*expenses that you pay each year as a % of the value of your investment*)** |  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;0.06%\* |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;0.71% |

---

<sup>\*</sup> Based on estimated amounts for the current fiscal year.

Example

This example is intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund. The Example assumes that you invest $10,000 in each Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Target Fund | $73 | $228 | $396 | $882 |
| *Pro Forma* - Acquiring Fund | $73 | $228 | $396 | $882 |

---

While the Adviser has contractually agreed to limit the Target Fund's annual fund operating expenses to 0.80% (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Target Fund's business), the Target Fund's annual operating expenses have been below 0.80% and, therefore, the Adviser has not been waiving fees or reimbursing expenses and the expense limit has not been shown in the Target Fund's fee table or expense example. Because the Acquiring Fund's total annual operating expenses are expected to be the same as those of the Target Fund, the Acquiring Fund will not have an expense limit.

<u>BBH Select Series – Mid Cap Fund / BBH Select Mid Cap ETF</u>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp; ***Pro Forma***<br> **Acquiring Fund** |
| &nbsp;&nbsp;**Annual Fund Operating Expenses (*expenses that you pay each year as a % of the value of your investment*)** |  |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;0.06%\* |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;0.81% |

---

<sup>\*</sup> Based on estimated amounts for the current fiscal year.

Example

This example is intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund. The Example assumes that you invest $10,000 in each Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Target Fund | $83 | $259 | $450 | $1003 |
| *Pro Forma* - Acquiring Fund | $83 | $259 | $450 | $1003 |

---

While the Adviser has contractually agreed to limit the Target Fund's annual fund operating expenses to 0.90% (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Target Fund's business), the Target Fund's annual operating expenses have been below 0.90% and, therefore, the Adviser has not been waiving fees or reimbursing expenses and the expense limit has not been shown in the Target Fund's fee table or expense example. Because the Acquiring Fund's total annual operating expenses are expected to be the same as those of the Target Fund, the Acquiring Fund will not have an expense limit.

***How do the performance records of the Funds compare?***

Each Acquiring Fund is a newly formed "shell" fund that has not yet commenced operations, and, therefore, will have no performance history prior to each Reorganization. Each Acquiring Fund has been organized solely in connection with each Reorganization to acquire all of the assets and liabilities of its corresponding Target Fund and continue the business of the Target Fund. Therefore, after each Reorganization, the Target Fund will remain the accounting and performance survivor. This means that each Acquiring Fund will continue to show the historical investment performance and returns of the corresponding Target Fund (even after liquidation of each Target Fund).

The historical performance of each Target Fund, as it is to be adopted by its corresponding Acquiring Fund, is included in the Target Funds' Prospectus, which is incorporated herein by reference.

***How do the Funds' portfolio turnover rates compare?***

Each Target Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Target Fund's performance. Because the Acquiring Funds have not yet commenced operations, no portfolio turnover rate is available for the Acquiring Funds.

For the fiscal year ended October 31, 2024, the portfolio turnover rates were 9% for BBH Select Series – Large Cap Fund and 6% for BBH Select Series – Mid Cap Fund.

***Where can I find more financial and performance information about the Target Funds?***

Attached as Exhibit C below are the financial highlights tables of each Target Fund. Additional information is available in each Target Fund's prospectus, Statement of Additional Information, and the most recent annual and semi-annual reports. Because the Acquiring Funds have not yet commenced operations, financial reports for the Acquiring Funds are not available.

Each Target Fund's prospectus is incorporated herein by reference and is legally deemed to be part of this Prospectus/Information Statement. The Target Funds' Statement of Additional Information is also incorporated herein by reference.

The Acquiring Funds' Statement of Additional Information is provided in Part B to this Prospectus/Information Statement and is legally deemed to be part of this Prospectus/Information Statement.

Each of these documents has been filed with the SEC and is available, free of charge, by calling 1-800-575-1265 or writing to the Trust at 140 Broadway, New York, NY 10005. In addition, these documents may be obtained from the EDGAR database on the SEC's Internet site at http://www.sec.gov. You also may obtain this information upon payment of a duplicating fee, by e-mailing the SEC at <u>publicinfo@sec.gov.</u>

**COMPARISON OF OTHER KEY FEATURES OF THE FUNDS**

***What are the purchase and sale procedures of the Target Funds and Acquiring Funds?***

The Target Funds and the Acquiring Funds have different procedures for purchasing and redeeming (or selling) shares, which are summarized below.

<u>Target Funds</u>

*Purchasing Shares* 

Each Target Fund offer its shares on a continuous basis at current net asset value ("NAV") without a sales charge. Investors may purchase shares on any day the Target Fund's NAV is calculated. The Target Fund executes purchases of its shares at the NAV next determined after it receives the purchase order in good order. Generally, a purchase order is considered to be in good order when the purchase payment is converted to federal funds. The Target Fund reserves the right to determine the purchase orders for Fund shares that it will accept.

An investor may place purchase orders for Target Fund shares directly through the transfer agent or through a financial intermediary. Such orders will be priced at the NAV next calculated after the Target Fund receives the payment, through the transfer agent, in good order. Such orders that are placed directly through the transfer agent are held directly in the investor's name on the books of the Target Fund and the investor is responsible for arranging for payment of the purchase price of shares.

Those investors who buy shares of a Target Fund through a financial intermediary that is authorized to place trades in shares for their customers will have such shares held in the financial intermediary's name pursuant to arrangements made with that customer. Each financial intermediary arranges payment of shares on behalf of its customers and may charge a transaction fee payable to the financial intermediary on the purchase of shares. Payment for an order must be made in federal funds or other immediately available funds by the time specified by your financial intermediary, but in no event later than 4:00 p.m. Eastern Time on the first business day following the Target Fund's receipt of the order.

The minimum investment in a Target Fund is $10,000 for initial purchases and $1,000 for subsequent purchases. The Target Fund may change these investment minimums from time to time. A financial intermediary may also establish and amend, from time to time, minimum initial and/or subsequent purchase requirements for its customers. The Target Fund may waive the initial and subsequent investment minimums for purchases by financial intermediaries. The Target Fund has waived the investment minimums for all Brown Brothers Harriman & Co. partners and employees and for members of the Board, as well as their respective family members.

*Redeeming Shares*

Each Target Fund executes a redemption request at the NAV next calculated after the Target Fund receives the redemption request in good order. The Target Fund normally determines its NAV daily at 4:00 p.m. Eastern Time on each day that the equity markets of the NYSE are open for a regular day of trading. Under normal market conditions, redemption requests received in good order by 4:00 p.m. Eastern Time on any business day will be executed at that day's NAV. Orders received after 4:00 p.m. Eastern Time will be executed at the next day's NAV. Redemption requests received before 4:00 p.m. Eastern Time on any business day will typically be paid on the business day following the date on which the redemption request was received in good order. Redemption requests will be paid by federal funds wire transfer to the shareholder's designated account. In order to meet the redemption request, the Target Fund typically expects to use available cash (or cash equivalents) or to sell portfolio securities. These methods may be used during both normal and stressed market conditions. While the Target Fund typically makes payments of redemption requests in cash, it has reserved the right to pay redemption proceeds by a distribution in-kind of portfolio securities when it deems appropriate.

Target Fund shares that are redeemed within 30 days from the date of purchase will be subject to a redemption fee of 2.00% of the total redemption proceeds. The 30-day period shall commence on the next business day following the date your purchase order is received in good order by the Target Fund and shall apply to any redemption made on or before the 30th day from that date. The redemption fee is payable to the Target Fund and is intended to reduce the impact on remaining investors of the costs incurred by the Target Fund in meeting redemption requests from investors who are not long-term investors. For purposes of determining whether the redemption fee applies, shares held the longest will be redeemed first.

<u>Acquiring Funds</u>

An Acquiring Fund issues and redeems its shares at NAV only in Creation Units in transactions with authorized participants. Most investors buy and sell shares of an Acquiring Fund in secondary market transactions through a broker at market prices. Shares of the Acquiring Funds are listed for trading on the NYSE Arca, Inc. and can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Acquiring Fund shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction. Share prices are reported in dollars and cents per share.

The price of an Acquiring Fund's shares is based on market price, which may differ from the Acquiring Fund's daily NAV per share and can be affected by market forces of supply and demand, economic conditions, and other factors. Information showing the number of days that the market price of an Acquiring Fund's shares was greater than its NAV per share (i.e., at a premium) and the number of days the market price was less than its NAV per share (i.e., at a discount) for various time periods will be available on the Trust's website at www.bbhfunds.com.

Investors purchasing or selling shares of an Acquiring Fund in the secondary market may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Acquiring (the "bid") and the lowest price a seller is willing to accept for shares of the Acquiring Fund (the "ask"). The bid-ask spread varies over time for shares based on trading volume and market liquidity and is generally less if the Acquiring Fund has more trading volume and market liquidity and more if the Acquiring Fund has less trading volume and market liquidity. Information regarding the Fund's bid-ask spread over various periods of time will be available on the Trust's website at www.bbhfunds.com.

Unlike mutual funds, frequent trading of an Acquiring Fund's shares generally does not disrupt portfolio management, increase trading costs, lead to realization of capital gains, or otherwise harm shareholders. Because the vast majority of trading occurs on the secondary market, these trades do not involve the Acquiring Fund and do not harm the Acquiring Fund or its shareholders. A few institutional investors, referred to as authorized participants, are authorized to purchase and redeem shares directly with the Acquiring Fund. Most ETFs typically effect these trades in kind (i.e., for securities and not for cash), and, therefore, they do not cause any of the harmful effects to the issuing fund that may result from frequent cash trades. Although the Acquiring Fund typically redeems its shares on an in-kind basis, the Acquiring Fund may issue Creation Units in exchange for cash, thereby potentially subjecting the Acquiring Fund and its shareholders to those harmful effects. As a result, the Acquiring Fund requires authorized participants to pay transaction fees to cover brokerage and certain related costs when purchasing or redeeming Creation Units. Those fees are designed to protect the Acquiring Fund and its shareholders from the dilutive costs associated with frequent creation and redemption activity.

***What are the distribution arrangements for the Target Funds and Acquiring Funds?***

 ****

ALPS Distributors, Inc. (the "Distributor"), located at 1290 Broadway, Suite 1000, Denver, CO 80203, serves as the distributor and principal underwriter for the Funds. The Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Association. The Distributor has no role in determining the investment policies of the Funds or the securities that are purchased or sold by the Funds.

For the Acquiring Funds, the Distributor or its agent distributes Creation Units on an agency basis. Pursuant to a written agreement with the Trust, the Distributor, as agent, reviews and approves orders by authorized participants to create and redeem shares in Creation Units. The Distributor does not maintain a secondary market in shares of the Acquiring Funds. The Distributor may also enter into agreements with securities dealers who will assist in the distribution of shares of the Acquiring Funds. The Distributor will only enter into agreements with firms wishing to purchase Creation Units if the firm qualifies as an authorized participant or DTC participant.

***What is the difference in portfolio holdings disclosure policy?***

 

Shareholders will gain the benefit of full daily transparency into the portfolio holdings of the Acquiring Funds.

Currently, the Target Funds are required to disclose their complete portfolio holdings quarterly within 60 days of the end of each fiscal quarter. The Target Funds also are required to disclose their portfolio holdings using Form N-CSR, which is filed with the SEC not later than 10 days after the transmission to shareholders of annual and semi-annual reports required within 60 days of the end of the second and fourth quarter of each fiscal year. In addition, portfolio holdings are disclosed on a monthly basis on the Trust's website approximately 15 days after each month end.

Following the Reorganization, Acquiring Fund will provide its complete portfolio holdings on the Trust's website on each business day prior to the opening of regular trading on the listing exchange.

 ****

***What is the difference in business structure, shareholder rights, and applicable law?***

Each Target Fund and Acquiring Fund is a series of the Trust, an open-end management investment company organized as a Delaware statutory trust and governed by its Amended and Restated Agreement and Declaration of Trust and By-laws. Copies of these documents are available to shareholders without charge upon written request to the Funds. The Trust also must adhere to the 1940 Act, the rules and regulations promulgated by the Commission thereunder, and any applicable state securities laws. Shareholders of the Acquiring Funds have the same rights as shareholders of the Target Funds, except that shareholders of an Acquiring Fund may only purchase and redeem shares directly with the Acquiring Fund in Creation Units, and thus shareholders that are not or do not act through authorized participants are generally limited to purchasing and selling shares of an Acquiring Fund in secondary market transactions.

***What are other key features of the Funds?***

<u>Other Service Providers</u>

*Administrator and Custodian.* In addition to serving as the Funds' investment adviser through its separately identifiable department, Brown Brothers Harriman & Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Funds' administrator and custodian.

*Transfer Agent.* ALPS Fund Services, Inc., located at P.O. Box 9699, Providence, Rhode Island 02940-9699, serves as the transfer agent for the Target Funds.

Brown Brothers Harriman & Co., located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the transfer agent for the Acquiring Funds.

*Independent Registered Public Accounting Firm.* Deloitte & Touche LLP, 115 Federal Street, Boston, Massachusetts, 02110, serves as the independent registered public accounting firm for the Funds.

 

<u>Fiscal Year</u>

The fiscal year end of the Funds is October 31.

<u>Dividends and Distributions</u>

Each Fund distributes its net investment income and makes distributions of net realized capital gains, if any, at least annually.

<u>Tax</u>

Each Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as regulated investment companies for purposes of the Internal Revenue Code of 1986, as amended (the "Code"). The Acquiring Funds, as ETFs, may present certain tax efficiencies for investors as compared to the Target Funds, as mutual funds. ETFs typically redeem their shares with in-kind distributions of assets, and they typically do not recognize capital gain on the in-kind distribution of appreciated property to satisfy a redemption request of their shares. The Acquiring Funds will typically create and redeem Creation Units on an in-kind basis, thereby minimizing each Acquiring Fund's recognition of gain with respect to any appreciated securities it redeems in kind. In contrast, when portfolio securities are sold within a mutual fund, the sale can cause the recognition of capital gains within such fund that generally would cause a taxable distribution to all of its shareholders, even if the shareholders may have an unrealized loss on their overall investment in such fund. As a result, shareholders of the Acquiring Funds may receive less distributions subject to current taxation while they hold shares of the Acquiring Funds than they would if holding similar investments in a Target Fund.

For more information about the tax implications of investments in the Funds, see the tax information sections in the Funds' prospectuses and Statements of Additional Information.

**CONSIDERATIONS OF THE BOARD IN APPROVING THE REORGANIZATIONS**

At a meeting held on September 10, 2025, the Board considered the Reorganizations with the advice and assistance of counsel. At prior meetings and in preparation for the September meeting, the Adviser provided background materials, analyses and other information in connection with the Board's considerations of the Reorganizations. At the September meeting, the Board reviewed the materials and the terms of the Plan with the Adviser and the Adviser responded to questions raised by the Board.

After the Board reviewed, evaluated and discussed the materials, analyses and information that it deemed relevant to its deliberations, the Board, including the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act (the "Independent Trustees"), unanimously approved the Reorganizations. The Board determined that participation by each Fund in the applicable Reorganization would be in the best interests of such Fund and that the interests of shareholders would not be diluted as a result of the Reorganization.

In making these determinations, the Board, including all of the Independent Trustees, did not identify any particular factor or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and individual Trustees may have attributed different weights to various factors. These considerations included the following:

· Each Acquiring Fund is expected to have the same investment objective, policies, restrictions, and risks,
and substantially the same investment strategies, as the corresponding Target Fund, other than certain principal risks inherent to operating
as an ETF.

· Current shareholders of each Target Fund will experience continuity as the Adviser will serve as the investment
adviser to each Acquiring Fund and the portfolio manager of each Target Fund will serve as the portfolio manager of the corresponding
Acquiring Fund.

· The Adviser's expectation that the Reorganizations could result in benefits to shareholders such
as trading flexibility, increased transparency, potentially lower expenses, and enhanced tax efficiency.

· Each Acquiring Fund will have the same investment advisory and administrative fee as its corresponding
Target Fund

· Following each Reorganization, the total expense ratio of each Acquiring Fund is expected to be the same
as the total expense ratio of its corresponding Target Fund immediately prior to the Reorganization.

· The reasonableness of the terms and conditions of the Plan.

· Because the Acquiring Funds do not issue fractional shares, the Plan provides that Target Fund shareholders
will receive the cash value of their fractional Target Fund shares at the net asset value of the Target Fund determined on the date of
the redemption of any fractional Target Fund shares, which may be a taxable event for shareholders.

· Except with respect to cash received in lieu of fractional shares (i) shareholders of each Target Fund
will become shareholders of the corresponding Acquiring Fund without realizing any gain or loss on the transfer of shares for U.S. federal
income tax purposes and (ii) each Reorganization is intended to be tax-free for each Target Fund and Acquiring Fund.

· The Adviser will bear the costs associated with the Reorganizations.

**INFORMATION ABOUT THE REORGANIZATIONs**

***How will the Reorganizations be carried out?***

The terms and conditions under which each Reorganization may be consummated are set forth in the Plan. Significant provisions of the Plan are summarized below; however, this summary is qualified in its entirety by reference to the Plan, which is included as Exhibit A to this Prospectus/Information Statement.

The Reorganization of each Target Fund into its corresponding Acquiring Fund is expected to take place after the close of trading on the New York Stock Exchange on November __, 2025 (the "Closing Date"). The Acquiring Funds are expected to commence operations and open for trading on November __, 2025.

The Plan provides that (i) each Target Fund will transfer all of its assets to the corresponding Acquiring Fund solely in exchange for (a) the Acquiring Fund's assumption of all of the liabilities of the Target Fund and (b) Acquiring Fund Shares and cash in lieu of fractional shares, with such shares and cash having an aggregate value equal to the value of the net assets of the Target Fund, and (ii) each Target Fund subsequently will distribute the Acquiring Fund Shares and cash in lieu of fractional shares to its shareholders pro rata in liquidation and termination of the Target Fund, all upon the terms and conditions set forth in the Plan.

The value of the assets of each Target Fund shall be the value of such assets computed immediately after the close of trading on the NYSE on the business day immediately preceding the Closing Date. In determining the value of the securities transferred by a Target Fund to the corresponding Acquiring Fund, each security shall be priced in accordance with the Trust's valuation policies and procedures.

The Plan contains conditions precedent that must occur before the Trust is obligated to proceed with the Reorganizations including that (1) the Acquiring Funds' registration statement on Form N-14 under the Securities Act of 1933, of which this Prospectus/Information Statement is a part, shall have been filed with the SEC and such registration statement shall have become effective and (2) the Trust receives from Morgan, Lewis & Bockius LLP the tax opinion discussed below under "Federal Income Tax Consequences of the Reorganizations."

The Board may abandon the Plan and the Reorganizations at any time at or prior to the Closing Date. The Plan also provides that the Plan may be amended upon authorization of the Board.

Target Fund shareholders who do not wish to have their Target Fund shares exchanged for shares of an Acquiring Fund as part of the Reorganizations should consider redeeming their shares prior to the consummation of the Reorganizations. If you redeem your shares, you may recognize a taxable gain or loss based on the difference between your tax basis in the shares and the amount you receive for them.

***Who will pay the expenses of the Reorganizations?***

The Adviser will bear and pay all costs and expenses associated with the Reorganizations including legal and accounting expenses and the costs of preparing, filing, printing, and mailing this Prospectus/Information Statement.

While currently not expected, the Target Funds will bear any portfolio repositioning costs in connection with the Reorganizations.

 ****

***What are the capitalizations of the Target Funds and what might the Acquiring Funds' capitalizations be after the Reorganizations?***

The following tables set forth as of August 31, 2025, the capitalizations of the Target Funds and the pro forma capitalization of the Acquiring Funds estimated to give effect to the Reorganizations as of that date. At the closing of each Reorganization, shareholders of the Target Funds will receive the applicable Acquiring Fund Shares (less the amount of cash in lieu of fractional shares, if any) based on the relative net asset value per share of the applicable Funds on the Closing Date.

<u>BBH Select Series – Large Cap Fund / BBH Select Large Cap ETF</u>

---

| | | |
|:---|:---|:---|
| | **Target Fund** | ***Pro Forma*** <br> **Acquiring Fund** |
| Net assets ($) | $510386305.75 | $510386302.16 |
| Shares outstanding | 292882102.21 | 29882102 |
| Net asset value per share ($) | $17.08 | $17.08 |

---

<u>BBH Select Series – Mid Cap Fund / BBH Select Mid Cap ETF</u>

---

| | | |
|:---|:---|:---|
| | **Target Fund** | ***Pro Forma*** <br> **Acquiring Fund** |
| Net assets ($) | $528874145.83 | $528874139.10 |
| Shares outstanding | 44744005.569 | 44744005 |
| Net asset value per share ($) | $11.82 | $11.82 |

---

The tables above assume that the Reorganizations occurred on August 31, 2025. The tables are for informational purposes only. No assurance can be given as to how many Acquiring Fund Shares will be received by shareholders of a Target Fund on the date that the Reorganizations take place, and the foregoing should not be relied upon to reflect the number of shares of an Acquiring Fund that actually will be received as a result of the Reorganizations.

**FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATIONs**

The following is a general summary of some of the important U.S. federal income tax consequences of the Reorganizations and is based upon the current provisions of the Code, the existing U.S. Treasury Regulations thereunder, current administrative rulings of the IRS, and published judicial decisions, all of which are subject to change, possibly with retroactive effect. These considerations are general in nature and individual shareholders should consult their own tax advisers as to the federal, state, local, and foreign tax considerations applicable to them and their individual circumstances. These same considerations generally do not apply to shareholders who hold their shares in a tax-advantaged account such as an individual retirement account (IRA) or qualified retirement plan.

Each Fund has qualified since its inception, or if newly organized, intends to qualify for treatment as a "regulated investment company" under Subchapter M of the Code.

As a condition to closing, Morgan, Lewis & Bockius LLP will render an opinion to the Funds substantially to the effect that, for federal income tax purposes:

(i) The acquisition by an Acquiring Fund of all of the assets of the corresponding Target Fund, as provided
for in the Plan, solely in exchange for Acquiring Fund Shares and the assumption by the
Acquiring Fund of all of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the
Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a reorganization
within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization"
within the meaning of Section 368(b) of the Code.

(ii) No gain or loss will be recognized by a Target Fund upon the transfer of all of its assets to the corresponding
Acquiring Fund in exchange solely for (a) Acquiring Fund Shares and (b) the assumption
by the Acquiring Fund of all of the Target Fund's liabilities pursuant to Section 361(a) and Section 357(a) of the Code, except
for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the
Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section
1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an asset regardless
of whether such transfer would otherwise be a non-recognition transaction under the Code.

(iii) No gain or loss will be recognized by an Acquiring Fund upon the receipt by it of all of the assets of
the corresponding Target Fund in exchange solely for the assumption of all of the liabilities of the Target Fund and issuance of Acquiring
Fund Shares (and cash in lieu of fractional shares, if any) pursuant to Section 1032(a) of the Code.

(iv) No gain or loss will be recognized by a Target Fund upon the distribution of corresponding Acquiring Fund
Shares by the Target Fund to shareholders of the Target Fund in complete liquidation of
the Target Fund pursuant to Section 361(c)(1) of the Code.

(v) The tax basis of the assets of a Target Fund received by the corresponding Acquiring Fund will be the
same as the tax basis of such assets in the hands of such Target Fund immediately prior to the transfer of such assets, increased by the
amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer pursuant to Section 362(b)
of the Code.

(vi) The holding periods of the assets of a Target Fund in the hands of the corresponding Acquiring Fund will
include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with
respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring Fund have the effect
of reducing or eliminating the holding period with respect to an asset.

(vii) No gain or loss will be recognized by the shareholders of a Target Fund upon the exchange of all of their
shares of the Target Fund solely for corresponding Acquiring Fund Shares pursuant to Section
354(a) of the Code.

(viii) The aggregate tax basis of Acquiring Fund Shares received by a shareholder of the corresponding Target
Fund will be the same as the aggregate tax basis of the shares of the Target Fund exchanged therefor pursuant to Section 358(a)(1) of
the Code.

(ix) The holding period of Acquiring Fund Shares received by a shareholder of the corresponding Target Fund
will include the holding period of the shares of the Target Fund exchanged therefor, provided that the shareholder held the shares of
the Target Fund as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

(x) The consummation of the Reorganization will not terminate the taxable year of a Target Fund.

Such opinion will be conditioned upon, among other things, the accuracy, as of the Closing Date, of certain representations of the Target Funds and the Acquiring Funds upon which Morgan, Lewis & Bockius LLP will rely in rendering its opinion. Such opinion of counsel may state that no opinion is expressed with respect to shareholders whose shares (including fractional shares) are redeemed, in whole or in part, in connection with the Reorganizations. Such opinion will be conditioned upon the performance by the Target Funds and the Acquiring Funds of their respective undertakings in the Plan and upon the representation letters provided by officers of the Funds to Morgan, Lewis & Bockius LLP. A copy of the opinion will be filed with the SEC and will be available for public inspection.

Neither the Target Funds nor the Acquiring Funds has requested or will request an advance ruling from the IRS as to the U.S. federal tax consequences of the Reorganizations. Opinions of counsel are not binding upon the IRS or the courts. If the Reorganizations are consummated but the IRS or the courts determine that a Reorganization does not qualify as a tax-free reorganization under the Code, and thus is taxable, the applicable Target Fund would recognize gain or loss on the transfer of its assets to the corresponding Acquiring Fund and each shareholder of the Target Fund would recognize a taxable gain or loss equal to the difference between its tax basis in the Target Fund shares and the fair market value of the shares of the Acquiring Fund it receives.

Significant holders of shares of the Target Funds (generally, those holders that own at least 1% of the total outstanding stock (by vote or value) of a Target Fund or that own Target Fund securities with an aggregate basis of $1 million or more immediately prior to the Reorganization) generally will be required to attach a statement to their U.S. federal income tax return for the year in which the applicable Reorganization occurs that contains the information listed in U.S. Treasury Regulation § 1.368-3(b).

If you acquired different blocks of shares of a Target Fund at different times or for different prices, you should consult your tax adviser concerning the treatment of the basis and holding period for the different blocks of stock in the applicable Reorganization.

This discussion is only a general summary of certain federal income tax consequences. The foregoing consequences may not apply to certain classes of taxpayers who are subject to special circumstances, such as shareholders who are not citizens or residents of the United States, insurance companies, tax-exempt organizations, financial institutions, dealers in securities or foreign currencies, or persons who hold their shares as part of a straddle or conversion transaction. This discussion does not address any state, local or foreign tax consequences of the Reorganizations. You should consult your tax adviser regarding the U.S. federal income tax consequences to you, if any, of the Reorganizations in light of your particular circumstances, as well as the state and local tax consequences, if any, of the Reorganizations.

**INFORMATION ABOUT THE FUNDS**

Information about each Target Fund and each Acquiring Fund is included in such Target Fund's and Acquiring Fund's prospectus. The prospectus of each Target Fund is incorporated by reference into and is considered a part of this Prospectus/Information Statement. Additional information about each Target Fund and each Acquiring Fund is included in its Statement of Additional Information ("SAI"). The SAI relating to this Prospectus/Information Statement is also considered part of this Prospectus/Information Statement and is incorporated by reference into this Prospectus/Information Statement. Information about the Target Funds is also included in the applicable Target Funds' annual report for the fiscal year ended October 31, 2024 and semi-annual report for the fiscal period ended April 30, 2025.

You may request a free copy of each Fund's prospectus and SAI, and the Target Funds' annual or semi-annual report, the SAI relating to this Prospectus/Information Statement, and other information by calling 1-800- 575-1265 or writing to the Trust at 140 Broadway, New York, NY 10005.

The Trust files materials, reports and other information with the SEC in accordance with the informational requirements of the Securities Exchange Act of 1934 and the 1940 Act. These materials can be viewed on the EDGAR database on the SEC's Internet site at http://www.sec.gov, and may be obtained, after paying a duplicating fee, by emailing the SEC at publicinfo@sec.gov.

**PRINCIPAL HOLDERS OF SHARES**

As of August 31, 2025, the Trustees and officers of the Trust as a group owned less than 1% of each Target Fund's outstanding shares; however, the Trustees and officers may invest in a Target Fund through an omnibus account at Brown Brothers Harriman & Co. and, individually or as a group, beneficially hold more than 1% of a Target Fund's outstanding shares. As of the date of this Prospectus/Information Statement, the Acquiring Funds were not operational and, therefore, had no shareholders.

Shareholders owning 25% or more of outstanding shares may be in control and be able to affect the outcome of certain matters presented for a vote of shareholders. To the knowledge of the Target Funds, no persons owned (beneficially or of record) 5% or more of the outstanding shares of the Target Funds as of August 31, 2025, except as listed below. Upon completion of the Reorganizations, it is expected that those persons listed below as owning 5% or more of a Target Fund's outstanding shares will own 5% or more of the then outstanding shares of the corresponding Acquiring Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Fund Name** | &nbsp;&nbsp; <br> **Share Class** | &nbsp;&nbsp; **Name and Address**<br> **of Record Owner** | &nbsp;&nbsp;**Percentage of <br> Shares Owned** |
| &nbsp;&nbsp;BBH Select Series – Large Cap Fund | &nbsp;&nbsp;Class I Shares | &nbsp;&nbsp; Charles Schwab & Co., Inc.<br> Attn Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105 | &nbsp;&nbsp;5.58% |
| &nbsp;&nbsp;BBH Select Series – Large Cap Fund | &nbsp;&nbsp;Class I Shares | &nbsp;&nbsp; Brown Brothers Harriman & Co.<br> 140 Broadway<br> New York, NY 10005 | &nbsp;&nbsp;89.14% |
| &nbsp;&nbsp;BBH Select Series – Mid Cap Fund | &nbsp;&nbsp;Class I Shares | &nbsp;&nbsp; Brown Brothers Harriman & Co.<br> 140 Broadway<br> New York, NY 10005 | &nbsp;&nbsp;97.96% |

---

**EXHIBITS TO PROSPECTUS/INFORMATION STATEMENT**

**Exhibit**

A. Form of Plan of Reorganization

B. Fundamental and Non-Fundamental
 Investment Policies

C. Financial Highlights

**EXHIBIT A**

**FORM OF PLAN OF REORGANIZATION**

THIS PLAN OF REORGANIZATION (the "Plan") is dated as of November __, 2025, and has been adopted by BBH Trust (the "Trust"), a Delaware statutory trust, to provide for the reorganization of its series BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund (each a "Target Fund") with and into its series BBH Select Large Cap ETF and BBH Select Mid Cap ETF (each an "Acquiring Fund") (collectively, the "Funds") as shown in the table below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;BBH Select Series – Large Cap Fund | &nbsp;&nbsp;BBH Select Large Cap ETF |
| &nbsp;&nbsp;BBH Select Series – Mid Cap Fund | &nbsp;&nbsp;BBH Select Mid Cap ETF |

---

WHEREAS, the Trust is a management investment company registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, each Acquiring Fund is a "shell" series of the Trust created for the purpose of acquiring the assets and assuming the liabilities of its corresponding Target Fund;

WHEREAS, the Trust, on behalf of each Fund, intends each reorganization to be a reorganization within the meaning of Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury regulations thereunder; and

WHEREAS, the Board of Trustees of the Trust, including a majority of Trustees who are not "interested persons" of the Trust, as such term is defined in Section 2(a)(19) of the 1940 Act, has determined that the transactions contemplated herein are in the best interests of each Fund and that the interests of shareholders will not be diluted as a result;

NOW, THEREFORE, the Trust, on behalf of each Fund, intends to enter into a series of transactions on the Closing Date (as defined in Section 9 below) such that (i) each Target Fund will transfer all of its assets to the corresponding Acquiring Fund solely in exchange for (a) the Acquiring Fund's assumption of all of the liabilities of the Target Fund and (b) shares of beneficial interest of the Acquiring Fund ("Acquiring Fund Shares") and cash in lieu of fractional shares, with such shares and cash having an aggregate value equal to the value of the net assets of the Target Fund, and (ii) each Target Fund subsequently will distribute the Acquiring Fund Shares and cash in lieu of fractional shares to its shareholders pro rata in liquidation and termination of the Target Fund, all upon the terms and conditions hereinafter set forth in this Plan (collectively, the "Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reorganization</u>. At the Closing Date, each Target Fund shall assign, deliver, and otherwise transfer all of its assets and good and marketable title thereto, and assign all its liabilities, irrespective of whether they are set forth in the statement of assets and liabilities referred to in Section 2 below, to the corresponding Acquiring Fund, free and clear of all liens, encumbrances, and adverse claims except as provided in this Plan, and the Acquiring Fund shall acquire all assets, and shall assume all liabilities of the Target Fund, and shall deliver to the Target Fund the number of Acquiring Fund Shares and cash in lieu of fractional shares that in the aggregate have a combined total value equal to the value of the Target Fund's shares outstanding at the close of business on the Closing Date, as determined in the manner set forth in Section 3 below. Shareholders of record of each Target Fund at the Closing Date shall be credited with corresponding Acquiring Fund Shares and, as applicable, cash in lieu of any fractional shares, in exchange for their shares of the Target Fund, as determined in the manner set forth in Section 3 below. The assets and liabilities of each Target Fund shall be exclusively assigned to and assumed by the corresponding Acquiring Fund. All debts, liabilities, obligations, and duties of each Target Fund, to the extent that they exist at or after the Closing Date, shall after the Closing Date attach to the corresponding Acquiring Fund and may be enforced against the Acquiring Fund to the same extent as if the same had been incurred by the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Transfer of Assets</u>. The assets of a Target Fund to be acquired by the corresponding Acquiring Fund shall include, without limitation, all cash, cash equivalents, securities, and receivables (including interest and dividends receivable) as set forth in a statement of assets and liabilities to be prepared as of the Valuation Time (as defined in Section 5 below), as well as any claims or rights of action or rights to register shares under applicable securities laws, any books or records of the Target Fund, and other property owned by the Target Fund at the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund Shares to be issued to, and the amount of cash in lieu of fractional shares to be distributed to, the corresponding Target Fund by an Acquiring Fund in exchange for the Target Fund's assets pursuant to Section 1 hereof shall have an aggregate value equal to the value of the outstanding shares of the Target Fund, with such value determined in accordance with Section 3(b) below. Each shareholder of record of the Target Fund at the Closing Date shall be credited with the whole number of full Acquiring Fund Shares (rounding down) determined by dividing the aggregate net asset value of the shares of the Target Fund held by such shareholder on the Closing Date by the net asset value of one Acquiring Fund Share, and, if applicable, cash in lieu of fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The net asset value per share of each Fund shall be the net asset value per share computed as of the Valuation Time (as defined in Section 5 below) in accordance with the pricing policies and procedures adopted by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Valuation of Assets</u>. The value of the assets of each Target Fund shall be the value of such assets computed as of the Valuation Time. In determining the value of the securities transferred by a Target Fund to the corresponding Acquiring Fund, each security shall be priced in accordance with the Trust's valuation policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Valuation Time</u>. The valuation time shall be immediately after the close of regular trading on the New York Stock Exchange on the business day immediately preceding the Closing Date (the "Valuation Time").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Liquidation of the Target Funds and Cancellation of Shares</u>. On the Closing Date, each Target Fund will liquidate and the corresponding Acquiring Fund Shares and cash in lieu of any fractional shares received by the Target Fund will be distributed pro rata to the shareholders of record of the Target Fund as of the Closing Date in exchange for their shares of the Target Fund in complete liquidation of the Target Fund. Such liquidation and distribution will be accompanied by the establishment of an open account on the share records of the Acquiring Fund in the name of each shareholder of the Target Fund that represents the respective number of Acquiring Fund Shares and amount of cash in lieu of any fractional shares due such shareholder. All of the issued and outstanding shares of each Target Fund shall be cancelled on the books of the Trust at the Closing Date and shall thereafter represent only the right to receive corresponding Acquiring Fund Shares and cash in lieu of any fractional shares. Each Target Fund's transfer books shall be closed permanently. The Trust also shall take any and all other steps as shall be necessary and proper to effect a complete termination of each Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Covenants of the Target Funds and Acquiring Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Target Fund has operated and will continue to operate its business in the ordinary course until the Closing Date, it being understood that such ordinary course of business includes distributions of net investment income and net realized capital gains, changes in portfolio securities, changes in market value of portfolio securities, and net redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquiring Fund shall not have commenced operations, prepared books of account and related records or financial statements, or issued any shares except for those operations commenced, books of accounts, and related records or financial statements prepared or shares issued in connection with a private placement to the initial shareholder of the Acquiring Fund to secure any required initial shareholder approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of this Plan, the Trust will take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Plan, including any actions required to be taken after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Conditions of the Reorganization</u>. Consummation of the Reorganization is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Board of Trustees, on behalf of each Target Fund and Acquiring Fund, shall have approved this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Closing Date, the SEC shall not have issued an unfavorable report under Section 25(b) of the 1940 Act, nor instituted any proceeding seeking to enjoin the consummation of the transactions contemplated by this Plan under Section 25(c) of the 1940 Act and no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Plan or the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Target Fund will have, at the Closing Date, good and marketable title to, and full right, power and authority to sell, assign, transfer and deliver, the assets to be transferred to the corresponding Acquiring Fund pursuant to Section 1. Upon delivery and payment for such assets, the Acquiring Fund will have good and marketable title to such assets without restriction on the transfer thereof free and clear of all liens, encumbrances, and adverse claims other than as disclosed to the Acquiring Fund and accepted by the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All required consents of other parties and all other consents, orders, and permits of federal, state and local regulatory authorities (including those of the SEC and of state Blue Sky securities authorities, including any necessary "no-action" positions of and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Target Funds or Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The registration statements on Form N-1A and Form N-14 relating to the Acquiring Funds and the Reorganization shall have become effective under the Securities Act of 1933 (the "1933 Act"), and no stop orders suspending the effectiveness of the registration statements shall have been issued and, to the best knowledge of the Trust, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Acquiring Fund Shares to be issued and delivered to the corresponding Target Fund for the account of the Target Fund's shareholders pursuant to the terms of this Plan will be validly issued, fully paid, and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust shall have received an opinion of Morgan, Lewis & Bockius LLP dated as of the Closing Date substantially to the effect that, based upon certain facts, qualifications, assumptions, certifications and representations, for federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The acquisition by an Acquiring Fund of all of the assets of the corresponding Target Fund, as provided for in the Plan, solely in exchange for Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a reorganization within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No gain or loss will be recognized by a Target Fund upon the transfer of all of its assets to the corresponding Acquiring Fund in exchange solely for (a) Acquiring Fund Shares and (b) the assumption by the Acquiring Fund of all of the Target Fund's liabilities pursuant to Section 361(a) and Section 357(a) of the Code, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No gain or loss will be recognized by an Acquiring Fund upon the receipt by it of all of the assets of the corresponding Target Fund in exchange solely for the assumption of all of the liabilities of the Target Fund and issuance of Acquiring Fund Shares (and cash in lieu of fractional shares, if any) pursuant to Section 1032(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No gain or loss will be recognized by a Target Fund upon the distribution of corresponding Acquiring Fund Shares by the Target Fund to shareholders of the Target Fund in complete liquidation of the Target Fund pursuant to Section 361(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The tax basis of the assets of a Target Fund received by the corresponding Acquiring Fund will be the same as the tax basis of such assets in the hands of such Target Fund immediately prior to the transfer of such assets, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer pursuant to Section 362(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The holding periods of the assets of a Target Fund in the hands of the corresponding Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No gain or loss will be recognized by the shareholders of a Target Fund upon the exchange of all of their shares of the Target Fund solely for corresponding Acquiring Fund Shares pursuant to Section 354(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The aggregate tax basis of Acquiring Fund Shares received by a shareholder of the corresponding Target Fund will be the same as the aggregate tax basis of the shares of the Target Fund exchanged therefor pursuant to Section 358(a)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The holding period of Acquiring Fund Shares received by a shareholder of the corresponding Target Fund will include the holding period of the shares of the Target Fund exchanged therefor, provided that the shareholder held the shares of the Target Fund as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The consummation of the Reorganization will not terminate the taxable year of a Target Fund.

In rendering such opinion, Morgan, Lewis & Bockius LLP may request and rely upon such representations contained in certificates of officers of the Trust and others as it may reasonably request, and the officers of the Trust shall use their reasonable efforts to obtain and make available such truthful certificates. The foregoing opinion may state that no opinion is expressed with respect to shareholders whose shares (including fractional shares) are redeemed, in whole or in part, in connection with the Reorganization. Notwithstanding anything herein to the contrary, neither the Target Fund nor the Acquiring Fund may waive the condition set forth in this Section 8(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Closing Date and Time of the Reorganization</u>. The closing date of the Reorganization shall be November ___, 2025, or such other date as fixed in writing by an authorized officer of the Trust (the "Closing Date"). All acts taking place on the Closing Date shall be deemed to take place simultaneously as of intermediately prior to opening of regular trading on the New York Stock Exchange on the Closing Date, unless otherwise provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Termination</u>. With respect to any Fund, this Plan may be terminated, without penalty, at or prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by resolution of the Trust's Board of Trustees if it is determined that proceeding with the Plan is not in the best interests of a Target Fund or Acquiring Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any governmental body shall have issued an order, decree or ruling having the effect of permanently enjoining, restraining, or otherwise prohibiting the consummation of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment</u>. This Plan may be amended, modified or supplemented to the fullest extent permitted by law upon authorization by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law</u>. This Plan shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the conflicts of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Fees and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the corresponding Target Funds and Acquiring Funds represents and warrants to the other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The expenses relating to the Reorganization, whether or not consummated, will be borne and paid by the Funds' investment adviser. Notwithstanding the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent the payment by another person of such expenses would result in a failure by a Target Fund or Acquiring Fund to qualify for treatment as a regulated investment company within the meaning of Section 851 of the Code or would prevent the Reorganization from qualifying as a reorganization within the meaning of Section 368(a) of the Code or otherwise result in the imposition of tax on either a Target Fund or Acquiring Fund or on any of their respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Waiver</u>. At any time prior to the Closing Date, unless otherwise noted in this Plan, any of the terms or conditions of this Plan may be waived by the Board of Trustees of the Trust if, in its judgment after consultation with fund counsel, such action or waiver will not have a material adverse effect on the benefits intended under this Plan for any Fund.

**EXHIBIT B**

**FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT POLICIES**

• The fundamental investment policies of the Target Funds and the Acquiring Funds are identical and are listed below. Fundamental policies cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. For purposes of the 1940 Act, a majority of the outstanding voting securities of a Fund means the vote of the lesser of (1) 67% or more of the voting securities of the Fund present, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund.

**Concentration**

The Funds will not make investments that will result in the concentration of their investments in the securities of issuers primarily engaged in the same industry. For purposes of this restriction, the term concentration has the meaning set forth in the 1940 Act, any rule or order thereunder, or any SEC staff interpretation thereof. Tax-exempt government securities and tax-exempt municipal securities will not be deemed to constitute an industry.

**Underwriting**

The Funds may not underwrite the securities of other issuers, except that a Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the 1933 Act.

**Investing in Commodities**

The Funds may not purchase or sell physical commodities, provided that a Fund may purchase securities of companies that deal in commodities. For purposes of this restriction, investments in transactions involving futures contracts and options, forward currency contracts, swap transactions and other financial contracts that settle by payment of cash are not deemed to be investments in commodities.

**Investing in Real Estate**

The Funds may not purchase or sell real estate, provided that this restriction does not prevent a Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. The Funds may exercise their rights under agreements relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

**Borrowing Money and Issuing Senior Securities**

The Funds may borrow money, directly or indirectly, and issue senior securities to the maximum extent permitted under the 1940 Act, any rule or order thereunder, or any SEC staff interpretation thereof.

**Lending**

The Funds may not make loans, provided that this restriction does not prevent a Fund from purchasing debt obligations, entering into repurchase agreements, lending its assets to broker/dealers or institutional investors and investing in loans, including assignments and participation interests.

• The non-fundamental investment policies of the Target Funds and Acquiring Funds are identical and are listed below. Non-fundamental policies may be changed by the Board without shareholder approval. Shareholders will be notified before any material change in these limitations becomes effective.

**Purchases on Margin**

The Funds will not purchase securities on margin, provided that a Fund may obtain short-term credits necessary for the clearance of purchases and sales of securities and further provided that a Fund may make margin deposits in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

**Pledging Assets**

The Funds will not mortgage, pledge, or hypothecate any of their assets, provided that this shall not apply to the transfer of securities in connection with any permissible borrowing or to collateral arrangements in connection with permissible activities.

**Selling Short**

The Funds will not make short sales of securities or maintain a short position, unless at all times when a short position is open it owns an equal amount of such securities or securities convertible into or exchangeable, without payment of any further consideration, for securities of the same issue as, and equal in amount to, the securities sold short, and unless not more than 10% of its net assets (taken at market value) is represented by such securities, or securities convertible into or exchangeable for such securities, at any one time.

**Restricted Securities**

The Funds will not purchase securities that are restricted at the time of purchase, except that a Fund may purchase private placement securities under Rule 144a and Regulation D.

**BBH Select Series – Large Cap Fund /** **BBH Select Large Cap ETF Investment Policy**

Without providing 60 days' advance notice to shareholders, the Fund will not change its policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities.

**BBH Select Series – Large Cap Fund /** **BBH Select Mid Cap ETF Investment Policy**

Without providing 60 days' advance notice to shareholders, the Fund will not change its policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in mid capitalization (mid cap) publicly traded equity securities.

**EXHIBIT C**

**FINANCIAL HIGHLIGHTS**

The financial highlights tables that follow are intended to help you understand the financial performance of each Target Fund for the periods listed below. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in each Target Fund (assuming reinvestment of all dividends and distributions). Other than the information for the six-month period ended April 30, 2025 for each Target Fund, which is not audited, the information below has been derived from the financial statements audited by Deloitte & Touche LLP, whose report, along with each Target Fund's financial statements, is included in the Target Fund's annual report and incorporated by reference into each Target Fund's Statement of Additional Information. The annual report and Statement of Additional Information are incorporated by reference herein and available at no cost by calling 1-800-575-1265.

As of the date of this Prospectus/Information Statement, the Acquiring Funds have not commenced operations; therefore, the Acquiring Funds do not have financial highlights information.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the years ended October 31,** | **For the years ended October 31,** | **For the years ended October 31,** | **For the years ended October 31,** | **For the years ended October 31,** |
|  | **For the<br> six months<br> ended<br> April 30,<br> 2025**<br>**(unaudited)** | **2024\*** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period/year | $16.08 | $12.52 | $11.08 | $14.12 | $10.30 | $10.12 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.03 | 0.05 | 0.04 | 0.03 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.01 | 3.55 | 1.56 | (2.60) | 3.82 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.04 | 3.60 | 1.60 | (2.57) | 3.86 | 0.18 |
| Dividends and distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.04) | (0.02) | (0.04) | (0.04) | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.60) |  | (0.14) | (0.43) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions to shareholders | (0.65) | (0.04) | (0.16) | (0.47) | (0.04) | (0.00)<sup>2</sup> |
| Short-term redemption fees<sup>1</sup> |  |  | 0.00 <sup>2</sup> |  | 0.00 <sup>2</sup> | 0.00 <sup>2</sup> |
| Net asset value, end of period/year | $15.47 | $16.08 | $12.52 | $11.08 | $14.12 | $10.30 |
| Total return<sup>3</sup> | 0.12%<sup>4</sup> | 28.80% | 14.63% | (18.93)% | 37.56% | 1.82% |
| Ratios/Supplemental data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in millions) | $459 | $476 | $389 | $371 | $467 | $387 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.71%<sup>5</sup> | 0.71% | 0.72% | 0.71% | 0.70% | 0.74% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.34%<sup>5</sup> | 0.36% | 0.31% | 0.20% | 0.29% | 0.34% |
| Portfolio turnover rate | 7%<sup>4</sup> | 9% | 9% | 26% | 18% | 38% |

---

<sup>\*</sup> Effective December 22, 2023, the Fund's Retail Class was converted to the Fund's Class I.

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

<sup>2</sup> Less than $0.01.

<sup>3</sup> Assumes the reinvestment of distributions.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

**BBH Select Series – Mid Cap Fund**

Financial Highlights<br> Selected per share data and ratios for a Class I share outstanding throughout each period/year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the years ended <br> October 31,** | **For the years ended <br> October 31,** | **For the years ended <br> October 31,** | |
|  | **For the <br> six months <br> ended <br> April 30, <br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **For the <br> period from <br> May 24, 2021 <br> (commencement <br> of operations) to<br> October 31,**<br>**2021** |
| Net asset value, beginning of period/year | $12.23 | $8.95 | $8.85 | $10.68 | $10.00 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | (0.02) | (0.03) | 0.01 | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.15) | 3.32 | 0.09 | (1.79) | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.17) | 3.29 | 0.10 | (1.83) | 0.68 |
| Dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions to shareholders | (0.04) | (0.01) |  |  |  |
| Net asset value, end of period/year | $11.02 | $12.23 | $8.95 | $8.85 | $10.68 |
| Total return<sup>2</sup> | (9.62)%<sup>3</sup> | 36.79% | 1.13% | (17.13)% | 6.80%<sup>3</sup> |
| Ratios/Supplemental data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in millions) | $483 | $475 | $140 | $12 | $14 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before reductions | 0.81%<sup>4</sup> | 0.84% | 1.09% | 2.29% | 2.46%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Fee waiver<sup>6</sup> | —% | —% | (0.19)% | (1.39)% | (1.56)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after reductions | 0.81%<sup>4</sup> | 0.84% | 0.90% | 0.90% | 0.90%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.31)%<sup>4</sup> | (0.23)% | 0.14% | (0.38)% | (0.40)%<sup>5</sup> |
| Portfolio turnover rate | 13%<sup>3</sup> | 6% | 7% | 23% | 3%<sup>3</sup> |

---

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> 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 six months ended April 30, 2025, the years ended October 31, 2024, 2023, 2022 and the period from May 24, 2021 to October 31, 2021, reflects fees reduced as result of a contractual operating expense limitation of the share class to 0.90%. The agreement is effective through March 1, 2026 and may only be terminated during its term with approval of the Fund's Board of Trustees. For the six months ended April 30, 2025, the years ended October 31, 2024, 2023, 2022 and the period from May 24, 2021 to October 31, 2021, the waived fees were $–, $–, $124,636, $179,874 and $135,159, respectively.

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

THE INFORMATION IN THIS DOCUMENT IS NOT COMPLETE AND MAY CHANGE. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS DOCUMENT IS NOT AN OFFER TO SELL OR SOLICITING AN OFFER TO BUY IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

**BBH TRUST**

**STATEMENT OF ADDITIONAL INFORMATION**

 **Dated October __, 2025**

***RELATING TO THE ACQUISITION OF THE ASSETS OF***

**BBH Select Series – Large Cap Fund**

**BBH Select Series – Mid Cap Fund**

***BY AND IN EXCHANGE FOR SHARES OF***

**BBH Select Large Cap ETF**

**BBH Select Mid Cap ETF**

140 Broadway

New York, NY 10005

1-800-575-1265

This Statement of Additional Information is not a prospectus and supplements, and should be read in conjunction with, the Prospectus/Information Statement dated October __, 2025 relating specifically to the proposed acquisition of the assets of the BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund (each a "Target Fund") in exchange for the assumption of liabilities by and issuance of shares of the BBH Select Large Cap ETF and BBH Select Mid Cap ETF (each an "Acquiring Fund") ("collectively, the "Funds"). Each Fund is a series of BBH Trust.

Additional information about the Funds has been filed with the U.S. Securities and Exchange Commission and can be found in the following documents, which are incorporated by reference into this Statement of Additional Information:

● Statement of Additional Information of the BBH Select Large Cap ETF and BBH Select Mid Cap ETF dated October 1, 2025 (File No. 811-21829) [HYPERLINK TO BE ADDED IN FINAL FILING]

● [Statement of Additional Information of the BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025018737/ea0230900-01_485bpos.htm) dated February 28, 2025, as may be supplemented or amended (File No. 811-21829)

● [Semi-Annual Report of BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025062230/ea0244692-01_ncsrs.htm) for the fiscal period ended April 30, 2025 (File No. 811-21829)

● [Annual Report of BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001342947/000121390025001221/ea0223226-09_ncsr.htm) for the fiscal year ended October 31, 2024 (File No. 811-21829)

This Statement of Additional Information consists of this cover page and the four documents listed above, all of which will be sent to any shareholder requesting this Statement of Additional Information.

You may request a copy of the Prospectus/Information Statement, or any other document of the Funds, without charge by calling the Trust at 1-800-575-1265 or by writing to the Trust at 140 Broadway, New York, NY 10005.

**PART C: OTHER INFORMATION**

**Item 15. Indemnification**

Subject to Section 4 of the Amended and Restated Declaration of Trust of BBH Trust (the "Registrant" or the "Trust"), the Trust shall indemnify (from the assets of one or more Series to which the conduct in question relates) each of its Trustees, officers, employees and agents (including Persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter, together with such Person's heirs, executors, administrators or personal representatives, referred to as a "Covered Person")) against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, except with respect to any matter as to which it has been determined that such Covered Person (i) did not act in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interests of the Trust; or (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office; and (iii) for a criminal proceeding, had reasonable cause to believe that his or her conduct was unlawful (the conduct described in (i), (ii) and (iii) being referred to hereafter as "Disabling Conduct"). A determination that the Covered Person is entitled to indemnification may be made by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Covered Person to be indemnified was not liable by reason of Disabling Conduct, (ii) dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency of evidence of Disabling Conduct, or (iii) a reasonable determination, based upon a review of the facts, that the indemnitee was not liable by reason of Disabling Conduct by (a) a vote of a majority of a quorum of the Trustees who are neither Interested Persons of the Trust nor parties to the proceeding (the "Disinterested Trustees"), or (b) an independent legal counsel in a written opinion. Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by one or more Series to which the conduct in question related in advance of the final disposition of any such action, suit or proceeding; provided that the Covered Person shall have undertaken to repay the amounts so paid to such Series if it is ultimately determined that indemnification of such expenses is not authorized under this Article VII and (i) the Covered Person shall have provided security for such undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Trustees, or an independent legal counsel in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial type inquiry), that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any Covered Person as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal. In making any determination regarding any person's entitlement of indemnification hereunder, it shall be presumed that such person is entitled to indemnification, and the Trust shall have the burden of proving the contrary.

Insofar as indemnification liabilities arising under the Securities Act of 1933 (the "1933 Act"), may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Agreement and Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issues.

**Item 16. Exhibits**

---

| | |
|:---|:---|
| (1)(a) | [Conformed copy of the Certificate of Trust of BBH Trust (the "Registrant" or the "Trust"), dated October 28, 2005, is incorporated herein by reference to Exhibit (a)(ii) to the Registrant's initial registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0001318148-05-000632 on October 31, 2005.](http://www.sec.gov/Archives/edgar/data/1342947/000131814805000632/certtrust.txt) |

---

---

| | |
|:---|:---|
| (1)(b) | [Conformed copy of the Agreement and Declaration of Trust of the Registrant, dated October 28, 2005, is incorporated herein by reference to Exhibit (a)(i) to the Registrant's initial registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001318148-05-000632 on October 31, 2005.](http://www.sec.gov/Archives/edgar/data/1342947/000131814805000632/dectrust.txt) |

---

---

| | |
|:---|:---|
| (1)(c) | [Conformed copy of the Amended and Restated Agreement and Declaration of Trust of the Registrant, dated December 8, 2006, is incorporated herein by reference to Exhibit (a)(iii) to Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001318148-07-000063 on January 18, 2007.](https://www.sec.gov/Archives/edgar/data/1342947/000131814807000063/dot.txt) |

---

---

| | |
|:---|:---|
| (1)(d) | [Conformed copy of the Amended and Restated Agreement and Declaration of Trust of the Registrant, dated August 10, 2016, is incorporated herein by reference to Exhibit (a)(4) to Post-Effective Amendment No. 62 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-16-016867 on August 24, 2016.](http://www.sec.gov/Archives/edgar/data/1342947/000089109216016867/e70662ex99a4.htm) |

---

(2) [By-Laws of the Registrant, dated October 28, 2005, are incorporated herein by reference to Exhibit (b) to the Registrant's initial registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001318148-05-000632 on October 31, 2005.](https://www.sec.gov/Archives/edgar/data/1342947/000131814805000632/bylaws.txt)

(3) Not Applicable.

(4) Form of Plan of Reorganization is attached as Exhibit A to the
Prospectus/Information Statement contained in this registration statement.

(5) Portions of the Registrant's Amended and Restated Agreement and Declaration of Trust and By-Laws
defining the rights of holders of shares of the Registrant are incorporated herein by reference to Articles V and VIII of the Registrant's [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1342947/000089109216016867/e70662ex99a4.htm) ,
as filed with the SEC on August 24, 2016 and incorporated by reference in Item 16(1)(d) above, and to Article II of the Registrant's [By-Laws](https://www.sec.gov/Archives/edgar/data/1342947/000131814805000632/bylaws.txt) , as filed with the SEC on October
31, 2005 and incorporated by reference in Item 16(2) above.

---

| | |
|:---|:---|
| (6)(a) | [Conformed copy of the Amended and Restated Investment Advisory and Administrative Services Agreement, dated June 14, 2018, between the Registrant and Brown Brothers Harriman & Co. ("BBH&Co.")(the "Advisory Agreement") is incorporated herein by reference to Exhibit (d)(1) to Post-Effective Amendment No. 75 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-18-004916 on June 25, 2018.](http://www.sec.gov/Archives/edgar/data/1342947/000089109218004916/e79167ex-d1.htm) |

---

(6)(b) [Annual Fee Schedule, as amended September 10, 2025, to the Advisory Agreement is filed herewith.](ea0257125-01_ex996b.htm)

---

| | |
|:---|:---|
| (6)(c) | [Conformed copy of the Sub-Advisory Agreement, dated December 19, 2016, between BBH&Co. and Select Equity Group, L.P. ("Select Equity") (the "Select Equity Sub-Advisory Agreement") is incorporated herein by reference to Exhibit (d)(5) to Post-Effective Amendment No. 65 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-16-019727 on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/1342947/000089109216019727/e72200ex99d5.htm) |

---

---

| | |
|:---|:---|
| (6)(d) | [Conformed copy of Amendment No. 1, dated February 23, 2017, to the Select Equity Sub-Advisory Agreement is incorporated herein by reference to Exhibit (d)(5) to Post-Effective Amendment No. 66 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 000891092-17-001610 on February 24, 2017.](http://www.sec.gov/Archives/edgar/data/1342947/000089109217001610/e73042ex99d5.htm) |

---

---

| | |
|:---|:---|
| (6)(e) | [Conformed copy of Amendment No. 2, dated November 18, 2022, to the Select Equity Sub-Advisory Agreement is incorporated herein by reference to Exhibit (d)(6) to Post-Effective Amendment No. 98 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-22-083994 on December 30, 2022.](http://www.sec.gov/Archives/edgar/data/1342947/000121390022083994/s147047_ex99-d6.htm) |

---

---

| | |
|:---|:---|
| (6)(f) | [Conformed copy of Amendment No. 3, dated August 16, 2023, to the Select Equity Sub-Advisory Agreement is incorporated herein by reference to Exhibit (d)(6) to Post-Effective Amendment No. 101 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-23-069031 on August 18, 2023.](https://www.sec.gov/Archives/edgar/data/1342947/000121390023069031/ea156802_ex99-d6.htm) |

---

---

| | |
|:---|:---|
| (6)(g) | [Conformed copy of the Sub-Advisory Agreement, dated August 16, 2023, between BBH&Co. and Trinity Street Asset Management, LLP ("Trinity Street") is incorporated herein by reference to Exhibit (d)(8) to Post-Effective Amendment No. 101 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-23-069031 on August 19, 2023.](http://www.sec.gov/Archives/edgar/data/1342947/000121390023069031/ea156802_ex99-d8.htm) |

---

---

| | |
|:---|:---|
| (7)(a) | [Conformed copy of the Distribution Agreement, dated April 16, 2018, between the Registrant and ALPS Distributors, Inc. (the "Distribution Agreement") is incorporated herein by reference to Exhibit (e)(1) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99e1.htm) |

---

---

| | |
|:---|:---|
| (7)(b) | [Conformed copy of Amendment No. 1, dated June 27, 2018, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(2) to Post-Effective Amendment No. 77 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-18-007732 on October 29, 2018.](http://www.sec.gov/Archives/edgar/data/1342947/000089109218007732/e2383ex99-e2.htm) |

---

---

| | |
|:---|:---|
| (7)(c) | [Conformed copy of Amendment No. 2, dated September 4, 2019, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(3) to Post-Effective Amendment No. 82 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-19-009366 on September 9, 2019.](http://www.sec.gov/Archives/edgar/data/1342947/000089109219009366/e6509ex-e3.htm) |

---

---

| | |
|:---|:---|
| (7)(d) | [Conformed copy of Amendment No. 3, dated December 9, 2019, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(4) to Post-Effective Amendment No. 86 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-20-002206 on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/1342947/000089109220002206/e8099ex99e-4.htm) |

---

---

| | |
|:---|:---|
| (7)(e) | [Conformed copy of Amendment No. 4, dated December 10, 2019, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(5) to Post-Effective Amendment No. 86 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-20-002206 on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/1342947/000089109220002206/e8099ex99e-5.htm) |

---

---

| | |
|:---|:---|
| (7)(f) | [Conformed copy of Amendment No. 5, dated May 10, 2021, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(6) to Post-Effective Amendment No. 94 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-004698 on May 24, 2021.](http://www.sec.gov/Archives/edgar/data/1342947/000089109221004698/e13424exe6.htm) |

---

---

| | |
|:---|:---|
| (7)(g) | [Conformed copy of Amendment No. 6, dated June 16, 2021, to the Distribution Agreement is incorporated herein by reference to Exhibit (e)(7) to Post-Effective Amendment No. 95 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-005285 on June 28, 2021.](http://www.sec.gov/Archives/edgar/data/1342947/000089109221005285/e13756ex99e7.htm) |

---

(7)(h) [Conformed copy of Amendment No. 7, dated June 9, 2025, to the Distribution Agreement is filed herewith.](ea0257125-01_ex997h.htm)

(7)(i) [Form of Amendment to the Distribution Agreement is filed herewith.](ea0257125-01_ex997i.htm)

(8) Not applicable.

---

| | |
|:---|:---|
| (9)(a) | [Conformed copy of the Custodian Agreement, dated February 1, 2007, between the Registrant and BBH&Co. (the "Custodian Agreement") is incorporated herein by reference to Exhibit (g)(i) to Pre-Effective Amendment No. 3 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001318148-07-000492 on March 19, 2007.](http://www.sec.gov/Archives/edgar/data/1342947/000131814807000492/custody.txt) |

---

---

| | |
|:---|:---|
| (9)(b) | [Conformed copy of the First Amendment, dated September 11, 2012, to the Custodian Agreement is incorporated herein by reference to Exhibit (g)(2) to Post-Effective Amendment No. 25 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-12-006200 on October 29, 2012.](http://www.sec.gov/Archives/edgar/data/1342947/000089109212006200/e50368_ex99g2.htm) |

---

---

| | |
|:---|:---|
| (9)(c) | [Conformed copy of the Second Amendment, dated March 7, 2024, to the Custodian Agreement is incorporated herein by reference to Exhibit (g)(3) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99g3.htm) |

---

(9)(d) [Form of Amendment to the Custodian Agreement is filed herewith.](ea0257125-01_ex999d.htm)

---

| | |
|:---|:---|
| (10)(a) | [Distribution Plan for Retail Class Shares (the "Retail Class Shares Distribution Plan") is incorporated herein by reference to Exhibit (m)(2) to Post-Effective Amendment No. 94 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-004698 on May 24, 2021.](http://www.sec.gov/Archives/edgar/data/1342947/000089109221004698/e13424exm2.htm) |

---

---

| | |
|:---|:---|
| (10)(b) | [Schedule A, as of March 6, 2024, to the Retail Class Shares Distribution Plan is incorporated herein by reference to Exhibit (m) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99m.htm) |

---

---

| | |
|:---|:---|
| (10)(c) | [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, as last amended May 10, 2021 (the "Rule 18f-3 Multiple Class Plan"), is incorporated herein by reference to Exhibit (n)(3) to Post-Effective Amendment No. 94 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-004698 on May 24, 2021.](http://www.sec.gov/Archives/edgar/data/1342947/000089109221004698/e13424exn3.htm) |

---

---

| | |
|:---|:---|
| (10)(d) | [Appendix A, dated June 12, 2024, to the Rule 18f-3 Multiple Class Plan is incorporated herein by reference to Exhibit (n) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99n.htm) |

---

(11) [Opinion and Consent of Morgan, Lewis & Bockius LLP regarding the legality of the securities being registered is filed herewith.](ea0257125-01_ex9911.htm)

(12) [Form of Opinion of Morgan, Lewis & Bockius LLP regarding tax matters is filed herewith.](ea0257125-01_ex9912.htm)

---

| | |
|:---|:---|
| (13)(a) | [Conformed copy of the Accounting Agency Agreement, dated February 1, 2007, between the Registrant and BBH&Co. (the "Accounting Agency Agreement") is incorporated herein by reference to Exhibit (h)(iii) to Pre-Effective Amendment No. 3 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001318148-07-000492 on March 19, 2007.](http://www.sec.gov/Archives/edgar/data/1342947/000131814807000492/acctg.txt) |

---

---

| | |
|:---|:---|
| (13)(b) | [Appendix A, as amended September 10, 2014, to the Accounting Agency Agreement is incorporated herein by reference to Exhibit (h)(2) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99h2.htm) |

---

---

| | |
|:---|:---|
| (13)(c) | [Conformed copy of the Transfer Agency and Service Agreement, dated October 5, 2009, between the Registrant and ALPS Fund Services, Inc. (the "Transfer Agency and Service Agreement") is incorporated herein by reference to Exhibit (h)(4) to Post-Effective Amendment No. 8 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-10-000816 on February 26, 2010.](http://www.sec.gov/Archives/edgar/data/1342947/000089109210000816/e37810ex_99h4.htm) |

---

---

| | |
|:---|:---|
| (13)(d) | [Appendix A, as amended June 14, 2018, to the Transfer Agency and Services Agreement is incorporated herein by reference to Exhibit (h)(4) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99h4.htm) |

---

---

| | |
|:---|:---|
| (13)(e) | [Conformed copy of Amendment 8, effective December 22, 2020, to the Transfer Agency and Service Agreement is incorporated herein by reference to Exhibit (h)(4) to Post-Effective Amendment No. 89 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-20-012966 on December 22, 2020.](https://www.sec.gov/Archives/edgar/data/1342947/000089109220012966/e12094ex99h4.htm) |

---

---

| | |
|:---|:---|
| (13)(f) | [Conformed copy of Amendment 9, effective March 11, 2021, to the Transfer Agency and Service Agreement is incorporated herein by reference to Exhibit (h)(5) to Post-Effective Amendment No. 93 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-003484 on April 14, 2021.](https://www.sec.gov/Archives/edgar/data/1342947/000089109221003484/bbh485aposex99h5.htm) |

---

---

| | |
|:---|:---|
| (13)(g) | [Conformed copy of Amendment 10, dated May 10, 2021, to the Transfer Agency and Services Agreement is incorporated herein by reference to Exhibit (h)(6) to Post-Effective Amendment No. 94 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-004698 on May 24, 2021.](https://www.sec.gov/Archives/edgar/data/1342947/000089109221004698/e13424exh6.htm) |

---

---

| | |
|:---|:---|
| (13)(h) | [Conformed copy of Amendment No. 11, dated June 16, 2021, to the Transfer Agency and Services Agreement is incorporated herein by reference to Exhibit (h)(7) to Post-Effective Amendment No. 95 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-005285 on June 28, 2021.](http://www.sec.gov/Archives/edgar/data/1342947/000089109221005285/e13756ex99h7.htm) |

---

---

| | |
|:---|:---|
| (13)(i) | [Conformed copy of Amendment No. 12, dated December 30, 2021, to the Transfer Agency and Services Agreement is incorporated herein by reference to Exhibit (h)(8) to Post-Effective Amendment No. 97 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-22-000837 on March 1, 2022.](https://www.sec.gov/Archives/edgar/data/1342947/000089109222000837/s135270-e14999ex99h8.htm) |

---

(13)(j) [Conformed copy of Amendment No. 13, dated June 9, 2025, to the Transfer Agency and Services Agreement is filed herewith.](ea0257125-01_ex9913j.htm)

---

| | |
|:---|:---|
| (13)(k) | [Conformed copy of the Amended and Restated Shareholder Servicing Agreement, dated December 10, 2018, between the Registrant and BBH&Co. (the "Shareholder Servicing Agreement") is incorporated herein by reference to Exhibit (h)(5) to Post-Effective Amendment No. 79 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-19-002301 on February 28, 2019.](https://www.sec.gov/Archives/edgar/data/1342947/000089109219002301/e3881ex-h5.htm) |

---

---

| | |
|:---|:---|
| (13)(l) | [Amendment to Appendix A, as amended December 14, 2021, to the Shareholder Servicing Agreement is incorporated herein by reference to Exhibit (h)(11) to Post-Effective Amendment No. 103 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0001213900-25-018737 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1342947/000121390025018737/ea0230900-01_ex99h11.htm) |

---

---

| | |
|:---|:---|
| (13)(m) | [Conformed copy of the Expense Limitation Agreement, dated July 14, 2010, between the Registrant and BBH&Co. (the "Expense Limitation Agreement") is incorporated herein by reference to Exhibit (h)(6) to Post-Effective Amendment No. 33 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 000891092-13-002798 on March 28, 2013.](http://www.sec.gov/Archives/edgar/data/1342947/000089109213002798/e52704exh6.htm) |

---

---

| | |
|:---|:---|
| (13)(n) | [Schedule A, as revised, to the Expense Limitation Agreement is incorporated herein by reference to Exhibit (h)(12) to Post-Effective Amendment No. 94 to the Registrant's registration statement on Form N-1A (File Nos. 333-129342 and 811-21829), as filed with the SEC via EDGAR Accession No. 0000891092-21-004698 on May 24, 2021.](http://www.sec.gov/Archives/edgar/data/1342947/000089109221004698/e13424exh12.htm) |

---

(13)(o) [Form of Authorized Participant Agreement is filed herewith.](ea0257125-01_ex9913o.htm)

(14) [Consent of independent registered public accounting firm, Deloitte & Touche LLP, is filed herewith.](ea0257125-01_ex9914.htm)

(15) Not Applicable.

(16) [Conformed copy of Power of Attorney of the Trustees of the Registrant, dated September 10, 2025, is filed herewith.](ea0257125-01_ex9916.htm)

(17) Not applicable

(18) Not Applicable.

**Item 17. Undertakings**

(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through
the use of a prospectus which is part of this registration statement by any person or party who is deemed to be an underwriter within
the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable
registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other
items of the applicable form.

(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be
filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining
any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities
offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned registrant agrees to file by post-effective amendment an opinion of counsel supporting
the tax consequences of the reorganization within a reasonable time after receipt of such opinion.

**SIGNATURES**

As required by the Securities Act of 1933, this registration statement has been signed on behalf of the Registrant, in the City of New York and State of New York on the 12th day of September 2025.

---

| | |
|:---|:---|
| **BBH TRUST** | **BBH TRUST** |
| By: | /s/ Daniel Griefenkamp |
|  | Daniel Greifenkamp |
|  | President and Principal Executive Officer |

---

As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| /s/ H. Whitney Wagner\* | /s/ H. Whitney Wagner\* | Trustee | September 12, 2025 |
| H. Whitney Wagner | H. Whitney Wagner |  |  |
| /s/ Mark M. Collins\* | /s/ Mark M. Collins\* | Trustee | September 12, 2025 |
| Mark M. Collins | Mark M. Collins |  |  |
| /s/ John M. Tesoro\* | /s/ John M. Tesoro\* | Trustee | September 12, 2025 |
| John M. Tesoro | John M. Tesoro |  |  |
| /s/ Joan A. Binstock\* | /s/ Joan A. Binstock\* | Trustee | September 12, 2025 |
| Joan A. Binstock | Joan A. Binstock |  |  |
| /s/ John A. Gehret\* | /s/ John A. Gehret\* | Trustee | September 12, 2025 |
| John A. Gehret | John A. Gehret |  |  |
| /s/ Karen Kochevar\* | /s/ Karen Kochevar\* | Trustee | September 12, 2025 |
| Karen Kochevar | Karen Kochevar |  |  |
| /s/ Jean-Pierre Paquin\* | /s/ Jean-Pierre Paquin\* | Trustee | September 12, 2025 |
| Jean-Pierre Paquin | Jean-Pierre Paquin |  |  |
| /s/ Daniel Greifenkamp | /s/ Daniel Greifenkamp | President and | September 12, 2025 |
| Daniel Greifenkamp | Daniel Greifenkamp | Principal Executive Officer |  |
| /s/ Charles H. Schreiber | /s/ Charles H. Schreiber | Treasurer and | September 12, 2025 |
| Charles H. Schreiber | Charles H. Schreiber | Principal Financial Officer |  |
| \*By: | /s/ Brian Carroll |  |  |
|  | Brian Carroll |  |  |
|  | As Attorney-in-Fact |  |  |
|  | Pursuant to Power of Attorney |  |  |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit</u>** |
| (6)(b) | [Annual Fee Schedule to the Advisory Agreement](ea0257125-01_ex996b.htm) |
| (7)(h) | [Conformed copy of Amendment No. 7 to the Distribution Agreement](ea0257125-01_ex997h.htm) |
| (7)(i) | [Form of Amendment to the Distribution Agreement](ea0257125-01_ex997i.htm) |
| (9)(d) | [Form of Amendment to the Custodian Agreement](ea0257125-01_ex999d.htm) |
| (11) | [Opinion and Consent of Morgan, Lewis & Bockius LLP regarding the legality of the securities being registered](ea0257125-01_ex9911.htm) |
| (12) | [Form of Opinion of Morgan, Lewis & Bockius LLP regarding tax matters](ea0257125-01_ex9912.htm) |
| (13)(j) | [Conformed copy of Amendment No. 13 to the Transfer Agency and Services Agreement](ea0257125-01_ex9913j.htm) |
| (13)(o) | [Form of Authorized Participant Agreement](ea0257125-01_ex9913o.htm) |
| (14) | [Consent of independent registered public accounting firm, Deloitte & Touche LLP](ea0257125-01_ex9914.htm) |
| (16) | [Conformed copy of Power of Attorney of the Trustees](ea0257125-01_ex9916.htm) |

---

## Ex-99.(6)(B)

**Exhibit (6)(b)**

ANNUAL FEE SCHEDULE

(effective date of Agreement June 14, 2018)

As amended September 10, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp; **Advisory and Administrative Fee Rate**<br> **(as percentage of average daily net assets)** |
| &nbsp;&nbsp;BBH Limited Duration Fund | &nbsp;&nbsp; 0.30% on the first $1 billion<br> 0.25% on amounts over $1 billion |
| &nbsp;&nbsp;BBH Partner Fund-International Equity | &nbsp;&nbsp; 0.60% on the first $3 billion<br> 0.55% on amounts over $3 billion |
| &nbsp;&nbsp;BBH U.S. Government Money Market Fund | &nbsp;&nbsp; 0.25% on the first $1 billion<br> 0.20% on amounts over $1 billion |
| &nbsp;&nbsp;BBH Intermediate Municipal Bond Fund | &nbsp;&nbsp; 0.40% on the first $2.5 billion<br> 0.35% on amounts over $2.5 billion |
| &nbsp;&nbsp;BBH Income Fund | &nbsp;&nbsp; 0.40% on the first $2 billion<br> 0.38% on the next $1 billion<br> 0.35% on amounts over $3 billion |
| &nbsp;&nbsp;BBH Select Series – Large Cap Fund | &nbsp;&nbsp; 0.65% on the first $3 billion<br> 0.60% on amounts over $3 billion |
| &nbsp;&nbsp;BBH Select Series – Mid Cap Fund | &nbsp;&nbsp; 0.75% on the first $3 billion<br> 0.70% on amounts over $3 billion |
| &nbsp;&nbsp;BBH Select Large Cap ETF | &nbsp;&nbsp; 0.65% on the first $3 billion<br> 0.60% on amounts over $3 billion |
| &nbsp;&nbsp;BBH Select Mid Cap ETF | &nbsp;&nbsp; 0.75% on the first $3 billion<br> 0.70% on amounts over $3 billion |

---

## Ex-99.(7)(H)

**Exhibit (7)(h)**

![](ex99-7h_001.jpg)

**AMENDMENT 7**

This amendment (the "<u>Amendment</u>") between the parties signing below ("<u>Parties</u>") amends the Existing Agreement as of June 6, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Distribution Agreement between ALPS and the Trust dated April 16, 2018, as amended |
| &nbsp;&nbsp;"ALPS" | &nbsp;&nbsp;ALPS Distributors, Inc. |
| &nbsp;&nbsp;"Trust" | &nbsp;&nbsp;BBH Trust |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS Distributors, Inc.** | **ALPS Distributors, Inc.** | **BBH Trust** | **BBH Trust** |
| By: | /s/ Stephen Kyllo | By: | /s/ Daniel Greifenkamp |
| Name: | Stephen Kyllo | Name: | Daniel Greifenkamp |
| Title: | SVP & Director | Title: | President |

---

**Schedule A to this Amendment**

**Amendments**

The Existing Agreement is amended as follows:

1.  **<u>APPENDIX A</u>** to  **<u>EXHIBIT 1</u>** of
the Existing Agreement is deleted in its entirety and replaced with the following:

**<u>APPENDIX A</u>**

**<u>LIST OF PORTFOLIOS</u>**

BBH Income Fund

BBH Intermediate Municipal Bond Fund

BBH Limited Duration Fund

BBH Partner Fund-International Equity

BBH Select Series-Large Cap Fund

BBH Select Series-Mid Cap Fund

BBH U.S. Government Money Market Fund

Page 2 of 3

**Schedule B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and conditions
of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice,
or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and addenda hereto), along with
the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes
all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect
thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an
original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures
so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or
its formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same
jurisdiction as the Existing Agreement.

Page 3 of 3

## Ex-99.(7)(I)

**Exhibit (7)(i)**

![](ex99-7i_001.jpg)

**AMENDMENT 8**

This amendment (the "<u>Amendment</u>") between the parties signing below ("<u>Parties</u>") amends the Existing Agreement as of , 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Distribution Agreement between ALPS and the Trust dated April 16, 2018, as amended |
| &nbsp;&nbsp;"ALPS" | &nbsp;&nbsp;ALPS Distributors, Inc. |
| &nbsp;&nbsp;"Trust" | &nbsp;&nbsp;BBH Trust |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed by their duly authorized representatives.

---

| | | |
|:---|:---|:---|
| **ALPS Distributors, Inc.** | **ALPS Distributors, Inc.** | **BBH Trust** |
| <br> By: |  | <br> By: |
| <br> Name: | Stephen Kyllo | <br> Name: |
| <br> Title: | SVP & Director | <br> Title: |

---

**Schedule A to this Amendment**

**Amendments**

The Existing Agreement is amended as follows:

1.  **<u>APPENDIX A</u>** to  **<u>EXHIBIT 1</u>** of the Existing Agreement is deleted in its entirety and replaced with the following:

**<u>APPENDIX A</u>**

**<u>LIST OF PORTFOLIOS</u>**

**<u>Effective as of September , 2025<sup>1</sup></u>**

**<u>Open-End Mutual Funds</u>**

BBH Income Fund

BBH Intermediate Municipal Bond Fund

BBH Limited Duration Fund

BBH Partner Fund-International Equity

BBH Select Series-Large Cap Fund

BBH Select Series-Mid Cap Fund

BBH U.S. Government Money Market Fund

**<u>Exchange-Traded Funds</u>**

BBH Select Large Cap ETF

BBH Select Mid Cap ETF

2. The following  **<u>APPENDIX B-1</u>** shall be added to the
Existing Agreement:

**<u>APPENDIX B-1</u>**

**<u>SERVICES</u>**

**<u>With respect to the Exchange-Traded Funds ("ETFs") set forth in Appendix A, ALPS provides the following:</u>**

**<u>ETF Distributor</u>**

· Act as legal principal underwriter and distributor

· Maintain and supervise Financial Industry Regulatory Authority, Inc. ("FINRA")
registrations for licensed individuals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Coordinate Continuing Education requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Administer and maintain required filings/licenses with FINRA

· Provide investment company advertising and sales literature review, approval
and record maintenance. Online submission, review/approval, and real-time status updates through the ALPS Advertising Review Portal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o File required materials with FINRA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Provide advertising regulatory and disclosure guidance

· Prepare, update, execute & maintain Authorized Participant Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Online access provided through SS&C Portal

· Support Authorized Participant relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consult and support the Trust's distribution model and strategy

<sup>1</sup> This List of Funds may be amended upon execution of an updated List of Funds signed by the Parties hereto.

Page 2 of 6

Authorized Participant Due Diligence and Oversight Services

· Review each Authorized Participant in accordance
with SS&C Authorized Participant Oversight Program

· Deliver quarterly reporting detailing due diligence
activity associated with the Trust's network, including risk ratings of each Authorized Participant firm

Distribution ETF Operations and Authorized Participant Agreement Process

· ALPS acts as the distributor with respect to
the issuance, redemption and distribution of creation units

· Monitor creation and/or redemption orders in
accordance with the terms of the prospectus, the Authorized Participant Agreement and ALPS' policies and procedures to ensure orders
are received in good form

· Troubleshoot order processing issues in real-time
in coordination with Fund personnel and respective parties, including the Transfer Agent and Authorized Participant

· Assist in the processing, issuance and acceptance
of manual orders for creation and redemption units dependent on the platform and Trust

· Coordinate with all parties including the Transfer
Agent, Custodian, Trust, Sponsor, ETF administrator and Authorized Participant, in order to establish the unit order taking protocol and
guidelines associated with Authorized Participant Agreements, as well as any additions or deletions to the ETFs listed under the Trust
and/or changes to the order-window cut-off times

· Prospectus fulfilment electronically to established
Authorized Participants under the Trust

· Collaborate with capital markets team on any
notices regarding changes to fees, order window cut-off time changes, holidays and/or halts in orders acceptance

· Creation/redemption order activity reporting
quarterly as part of the Distributor's scorecard

· Negotiate and coordinate the execution of Authorized
Participant Agreements in conjunction with the Trust's capital markets personnel to establish necessary Authorized Participant Agreements

· Maintain virtual library of all Authorized Participant
Agreements and supporting documents which can be accessed via ALPS' client portal under distributor/selling agreements, which provides
e-mail notifications when Authorized Participant Agreements are completed

· Prior to SEC submission, conduct review of registration
statement filings ("Offering Documents") for new ETFs listed under the Trust as it relates to the Distributor and creation/redemption
order procedures

Page 3 of 6

**<u>EXCHANGE-TRADED FUND SERVICES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust grants to ALPS the exclusive right to receive all orders for purchases of Creation Units of each Fund from Authorized Participants which have entered into an Authorized Participant Agreement with ALPS, and accepted by the Transfer Agent, in accordance with the Offering Documents and to transmit such orders to the Trust in accordance with the Offering Documents; provided, however, that nothing herein shall affect or limit the right and ability of the Trust to accept deposit securities and related cash components through or outside the clearing process, and as provided in and in accordance with the Offering Documents. The Trust acknowledges that ALPS shall not be obligated to accept any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ALPS agrees to: (i) act as agent of the Trust with respect to the continuous distribution of Creation Units of the Trust as set forth in the Offering Documents and in accordance with the provisions thereof; (ii) generate and transmit confirmations of Creation Unit purchase order acceptances to the Authorized Participants; (iii) deliver copies of the prospectus to Authorized Participants of such Creation Units and upon request the statement of additional information; and (iv) maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the request and direction of the Trust or Adviser, ALPS enters into Authorized Participant Agreements in connection with the sale of Creation Units. To the extent that ALPS is requested or required by the Trust or Adviser to enter into Authorized Participant Agreements on behalf of the Trust, ALPS and each of its affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns ("ALPS Associates") shall not be liable to the Trust for any action or inaction of any ALPS Associate except to the extent of direct Losses<sup>2</sup> finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of ALPS in the performance of ALPS' duties, obligations, representations, warranties or indemnities under an Authorized Participant Agreement. Under no circumstances shall ALPS Associates be liable for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. The Trust shall indemnify, defend and hold harmless ALPS Associates from and against Losses (including legal fees and costs to enforce this provision) that ALPS Associates suffer, incur, or pay as a result of any third-party claim or claim among the parties arising out of the subject matter of or otherwise in any way related to an Authorized Participant Agreement ("Claims"). Any expenses (including legal fees and costs) incurred by ALPS Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by the Trust on a quarterly basis prior to the final disposition of such matter upon receipt by the Trust of an undertaking by ALPS to repay such amount if it shall be determined that an ALPS Associate is not entitled to be indemnified. Notwithstanding the foregoing, nothing contained in this paragraph or elsewhere in this Agreement shall constitute a waiver by the Trust of any of its legal rights available under U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived.

<sup>2</sup> <u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

Page 4 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ALPS agrees to use all reasonable efforts, consistent with its other business, to facilitate orders of Creation Units through Authorized Participants in accordance with the procedures set forth in the applicable Offering Documents and the Authorized Participant Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ALPS shall, at its own expense, execute selected or soliciting dealer agreements with registered broker-dealers and other eligible entities providing for the purchase of Creation Units of Shares of the Trust and related promotional activities, in the forms as approved by the Board of Trustees of the Trust. The Trust shall not furnish or cause to be furnished to any person or display or publish any information or materials relating to the Trust (including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar material), except such information and materials that have been approved in writing by ALPS. Furthermore, ALPS shall clear and file all advertising, sales, marketing and promotional materials of the Trust with FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent applicable, ALPS agrees to administer the Trust's distribution plan on behalf of the Trust. ALPS shall, at its own expense, set up and maintain a system of recording and payments for fees and reimbursement of expenses disseminated pursuant to this Agreement and any other related agreements under the Trust's Rule 12b-1 Plan and shall, pursuant to the 1940 Act, report such payment activity under the Distribution Plan to the Trust at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All activities by ALPS and its agents and employees which are primarily intended to result in the sale of Creation Units shall comply with the Offering Documents, the instructions of the Board of Trustees of the Trust and all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA and the Listing Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If and whenever the determination of net asset value is suspended and until such suspension is terminated, no further orders for Creation Units will be processed by ALPS except such unconditional orders as may have been placed with ALPS before it had knowledge of the suspension. In addition, the Trust reserves the right to suspend sales and ALPS' authority to process orders for Creation Units on behalf of the Trust, upon due notice to ALPS, if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ALPS is not authorized by the Trust to give any information or to make any representations other than those contained in the Offering Documents or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for ALPS' use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At the request of the Trust, ALPS shall enter into agreements, in the form specified by the Trust, with participants in the system for book-entry of The Depository Trust Company and the NSCC as described in the Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ALPS agrees to make available, at the Trust's request, one or more members of its staff to attend Board meetings of the Trust in order to provide information with regard to the ongoing distribution process and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) ALPS will review all sales and marketing materials for compliance with applicable laws and conditions of any applicable exemptive order, and file such materials with FINRA when necessary or appropriate. All such sales and marketing materials must be approved, in writing, by ALPS prior to use.

Page 5 of 6

**Schedule B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto.

This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or its formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same jurisdiction as the Existing Agreement.

Page 6 of 6

## Ex-99.(9)(D)

**Exhibit (9)(d)**

**AMENDMENT**

**TO** 

**THE CUSTODIAN AGREEMENT BETWEEN** 

**BBH TRUST and BROWN BROTHERS HARRIMAN & CO.** 

THIS AMENDMENT TO THE CUSTODIAN AGREEMENT (this "**Amendment**") is dated _________ __, 2025, by and between BBH TRUST, a management investment company organized as a Delaware statutory trust and registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as amended ("the **1940 Act**") for itself and each of its series (each a "Fund" and collectively the "**Funds**") and BROWN BROTHERS HARRIMAN & CO., a limited partnership formed under the laws of the State of New York ("**BBH&Co.**" or, as applicable, the "**Custodian**" or the "**TA**"). Capitalized terms used herein and not defined shall have the meanings ascribed to them under the Agreement (defined below).

WHEREAS, the Fund and BBH&Co. executed a Custodian Agreement dated as of February 1, 2007, as amended (the "**Agreement**");

WHEREAS, the Fund has established one or more new portfolios organized as exchange traded fund(s) ("**ETF**" or, collectively, "**ETFs**") that will require custody services and transfer agency services under the Agreement;

WHEREAS the Fund desires to appoint BBH&Co. as Transfer Agent for the new ETF portfolio(s) and for any additional series established under the BBH Trust in the future that are organized as ETFs, and BBH&Co. is willing to accept such appointment, subject to the terms and conditions of the Agreement as amended hereby;

NOW THEREFORE, in consideration of the premises and the mutual covenants and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1. The name of the Agreement shall be modified by substituting "CUSTODIAN AND ETF TRANSFER AGENT AGREEMENT" in place of "CUSTODIAN
AGREEMENT".

2. Section 1 of the Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Section 1 heading shall be deleted and replaced with the following heading:

***"Appointment of BBH&Co."***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;2.2. The existing paragraph of Section 1 shall be repositioned as a subsection and numbered 1.1.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. Section 1 as so modified, shall be further modified by adding the following additional subsection:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The terms of this Agreement shall apply separately and respectively to each Fund for which a separate account is maintained on the books of the Custodian. The Parties agree that Sections 2-15 of the balance of this Agreement, the US MONEY MARKET FUND INVESTMENTS SCHEDULE TO CUSTODIAN AGREEMENT and 17f-5 DELEGATION SCHEDULE to the Agreement contain the provisions related to BBH&Co.'s performance as Custodian for the Funds. With respect to each Fund that is an exchange traded fund and added to this agreement from time to time ("**ETF**"), the Trust hereby engages BBH&Co. as transfer agent ("**TA**") for each of its Funds that is an ETF, to perform the TA-related obligations set forth in this Agreement, and BBH accepts such engagement. The Parties agree that Sections 2.1, 2.3, 3 and 10-15 and the Transfer Agency Terms and Conditions attached hereto as <u>Appendix A</u> contain the provisions related to BBH&Co.'s performance as TA (notwithstanding references to BBH&Co. as "Custodian"). The **Funds Transfer Services Agreement** is applicable to funds transfers under this Agreement, whether related to custody and/or transfer agency services.

3. Section 2.4 of the Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Fund represents and warrants that it is not resident in or organized under the laws of any country with which transactions or dealings are prohibited under a Sanctions Regime. The Fund further warrants that it is not owned or controlled by: (i) the government of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) a person or entity resident in or organized under the laws of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; or (iii) any person or entity on the List of Specially Designated Nationals and Blocked Persons published by OFAC or any comparable Sanctions Regime lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 The Fund represents and warrants that either the Fund or its service providers conduct ongoing screening of the Fund's investors and their transactional activity against lists promulgated by a Sanctions Regime, as such lists are amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1.1. In respect of any Fund that is an ETF, the following shall apply in lieu of the above Section 2.4.1: The Fund represents and warrants that it conducts ongoing screening of its holdings, relevant transactional activity, and service providers engaged by the Fund, including but not limited to Authorized Participants and distributors, against lists promulgated by a Sanctions Regime, as such lists are amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 The Fund represents and warrants that it has implemented adequate risk management, control and compliance procedures and systems to ensure that it will not instruct or otherwise cause Custodian to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not invest in, engage in, or facilitate any transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) any person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is subject to any Sanctions Regime (collectively, "Sanctioned Property"). The Fund further represents and warrants that it will promptly notify the Custodian in writing if either it or any of its underlying investors whose assets are held by the Custodian becomes subject to a Sanctions Regime or holds assets that subsequently became Sanctioned Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2.1. In respect of any Fund that is an ETF, the following shall apply in lieu of the above Section 2.4.2:

The Fund represents and warrants that it has implemented adequate risk management, control and compliance procedures and systems to ensure that it will not instruct or otherwise cause Custodian to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not instruct Custodian to invest in any asset, nor engage in or facilitate any transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) any person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is subject to any Sanctions Regime (collectively, "Sanctioned Property"). The Fund further represents and warrants that it has confirmed that relevant service providers engaged by the Fund, including but not limited to Authorized Participants and distributors, have implemented equivalent controls as stated above. The Fund further represents and warrants that it will promptly notify the Custodian in writing if either it or any of the above relevant service providers becomes subject to a Sanctions Regime or if any of the assets custodied by BBH subsequently becomes Sanctioned Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Fund represents and warrants that it has developed and implemented an anti-money laundering ("AML") program ("AML Program") that is designed to comply with all applicable AML and terrorist financing laws and regulations, including but not limited to: the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the rules and guidance of any applicable self-regulatory organization (collectively, "applicable AML laws"). The Fund represents and warrants that its AML Program, or the AML Programs of its service providers, include a written Customer Identification Program ("CIP") that identifies and verifies the Fund's investors, including beneficial owners, as required by applicable AML laws. The Fund further represents and warrants that its AML Program, or the AML Programs of its service providers, include policies, procedures and controls designed to ensure that: (i) none of the Fund's investors are prohibited banks that fail to maintain a physical presence in any country (a "Shell Bank"); (ii) enhanced due diligence is conducted on investors identified as Politically Exposed Persons, which includes ascertaining source of wealth for such investors; (iii) ongoing monitoring is conducted to identify and report suspicious activity; and (iv) the Fund or its service providers create and maintain all records and documentation required by applicable AML laws, including identification and verification records of the Fund's investors.

In respect of any Fund that is an ETF, the following shall apply in lieu of the immediately preceding two (2) sentences:

The Fund represents and warrants that its AML Program, or the AML Programs of its service providers, include a written Customer Identification Program ("CIP") that identifies and verifies the Fund's investors, including beneficial owners, as required by applicable AML laws. The Fund further represents and warrants that its AML Program, or the AML Programs of its service providers, include policies, procedures and controls designed to ensure that: (i) none of the Fund's investors are prohibited banks that fail to maintain a physical presence in any country (a "Shell Bank"); (ii) enhanced due diligence is conducted on investors identified as Politically Exposed Persons, which includes ascertaining source of wealth for such investors; (iii) ongoing monitoring is conducted to identify and report suspicious activity; and (iv) the Fund or its service providers create and maintain all records and documentation required by applicable AML laws, including identification and verification records of the Fund's investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 The Fund acknowledges that the Custodian is obligated under applicable US AML Laws to obtain, verify and record identifying information about its customers prior to opening an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 The Fund represents and warrants that upon request, it will provide the Custodian with information that the Custodian requires to comply with applicable AML Laws and Sanctions Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.3 The Fund further represents and warrants that it will not instruct or otherwise cause Custodian to hold any assets in custody or engage in or facilitate any transaction that would cause Custodian to violate any applicable AML laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Fund represents and warrants that it will promptly notify the Custodian in writing if any of the above representations and warranties cease to be true.

4. The Agreement is further amended by adding the new <u>Appendix A</u> attached hereto.

5. Except as modified by this Amendment, the Agreement shall otherwise remain in full force, and specifically,
for avoidance of doubt, in respect of each of the remaining Funds.

**6.** This Amendment may be executed in several counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original
or electronically transmitted form, and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed as of the date first above written.

**BBH TRUST**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

**BROWN BROTHERS HARRIMAN & CO.**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

APPENDIX A

TO THE CUSTODIAN AND ETF TRANSFER AGENT AGREEMENT

BETWEEN BBH TRUST and BROWN BROTHERS HARRIMAN & CO.

Effective as of ________, 2025

The following terms and conditions shall apply to each Fund that is an exchange traded fund ("**ETF**").

1.  ***ETF Transfer Agency Services*** . BBH&Co. in its capacity as ETF transfer agent ()"**TA**") shall perform
the following transfer agency services for the ETF Fund(s) and, where applicable, for the ETF's portfolios (if applicable). As used
in this <u>Appendix A</u>, the term Fund refers to each ETF Fund and incorporates and includes the term ETF portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;1.1. **Issuance and Redemption of Unit Baskets**. It is agreed and understood that the Fund, and the TA on the Fund's behalf,
shall issue and redeem Share Baskets of the Fund in blocks of __________ shares ()"**Shares**") ()"**Creation Baskets** "
and "**Redemption Baskets**," respectively, and generically, "**Baskets**") to and from such persons as
are identified by the Fund as "**Authorized Participants**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. Accept from the [Authorized Participants/[ALPS Distributors, Inc. ()"**Distributor** ")] creation and redemption orders
for communication to the appropriate parties, approval (as may be agreed with the Distributor), and processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. Pursuant to such purchase and redemption orders that the TA shall receive from the [Distributor/Authorized Participants (and
 which shall be confirmed by the Distributor, as rquired)] and pursuant to the procedures set forth in the Participant Agreement, the
 TA shall communicate such orders to the Fund as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3. Pursuant to such purchase orders that BBH&Co. as the **Index Receipt Agent** shall receive from **Distributor** "
 and pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Fund, TA shall transfer
 appropriate trade instructions to the Custodian and pursuant to such orders register the appropriate number of book entry only
 Shares in the name of The Depository Trust Company ()"**DTC**") or its nominee as a unitholder (each an Authorized
 Participant) of the Fund and deliver the Basket.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4. Pursuant to such redemption orders that Index Receipt Agent shall receive from the Distributor, pursuant to the procedures set forth
in the Authorized Participant Agreement entered into by the Fund, TA shall transfer appropriate trade instructions to the Custodian and,
pursuant to such orders, redeem the appropriate number of Shares that are delivered to the designated DTC Participant Account of the Custodian
for redemption and debit such Shares from the account of the Authorized Participant on the register of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.5. On behalf of the Fund, TA shall issue Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to
receive. Beneficial ownership of Shares shall be shown on the records of DTC and DTC Participants and not on any records maintained by
TA. In issuing Shares through DTC to an Authorized Participant, TA shall be entitled to rely upon the latest Instructions that are received
from the Distributor by TA as Index Receipt Agent concerning the issuance and delivery of such Shares for settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.6. TA shall not issue on behalf of the Fund any Shares where it has received an Instruction from the Fund or the Distributor or written
notification from any federal or state authority that the sale of the Shares has been suspended or discontinued, and TA shall be entitled
to rely upon such Instructions or written notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.7. Upon the issuance of Shares as provided herein, TA shall not be responsible for the payment of any original issue or other taxes,
if any, required to be paid by the Fund or the Distributor in connection with such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.8. Shares may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant Agreement and TA shall duly
process all redemption requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.9. TA will act only upon Instruction from the Fund and/or the Distributor in addressing any failure in the delivery of cash, securities
and/or Shares in connection with the issuance and redemption of Shares. The TA shall not be required to advance, expend or risk its own
funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. **Recordkeeping**.

In satisfying its obligations under the Agreement, TA shall record the issuance of Creation Baskets and maintain, pursuant to Rule 17Ad6(b) under the Securities Exchange Act of 1934, as amended, a record of the total number of Creation Baskets that are authorized, issued and outstanding based upon data provided to TA by the Fund or the Distributor. TA shall also provide the Fund on a regular basis with the total number of Shares authorized, issued and outstanding; provided however that TA shall not be responsible for monitoring the issuance of such Shares or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. **Services Related to the Monitoring of Cash Collateral**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1. Monitor the collateralization levels as set forth in Authorized Participant Agreements in connection with cash collateral posted by
Authorized Participants in connection with Creation Basket activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2. Mark to market daily the value of such cash collateral using a pricing source from the Fund's accounting agent or any
 other source on which the TA reasonably relies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3. Monitor collateral levels daily and communicate calls for additional collateral to the Authorized Participants as necessary
 based upon daily collateral requirement calculations using ratios set forth in Participant Agreements.

2.  ***Responsibility of BBH&Co. as ETF Transfer Agent.*** Subject to the specific provisions of this Section, the TA shall
not be liable to the Fund for any damage incurred by the Fund or a Portfolio unless such damages arise from the TA's (or its employees',
officers' or other agents') negligence, bad faith or willful misconduct. In no event shall the TA be liable hereunder for
any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if advised
of the possibility of such damages. BBH&Co. will provide the transfer agency services described in Schedule III hereto pursuant to
the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;2.1. **Limitations on Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. TA shall not be held accountable or liable to the Fund, or any third party if TA is unable to perform its responsibilities in
 accordance with this Agreement as a result of (i) any errors in the Services based upon or arising out of information received in a
 timely or untimely manner by TA either (a) from a source which TA was authorized to rely upon pursuant to a relevant Schedule
 hereto, or (b) from a source which in TA's reasonable judgment was as an appropriate source for such information, (ii)
 relevant information known to the Fund which would impact the Services but which is not communicated by the Fund or its agent to TA,
 or (iii) the suspension, discontinuance or termination of the transmission of information by information providers for any reason,
 provided TA shall have made reasonable commercial efforts to procure such transmission. The Fund hereby acknowledges and agrees that
 TA shall neither guarantee nor make any warranties whatsoever, with respect to the sources referenced above and to the accuracy or
 completeness of their information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. The Fund acknowledges and agrees that nothing herein is intended to diminish the responsibility of third parties, including without
limitation, its clients, custodian banks, brokers, and pricing and administrative agents, under their respective contractual and/or business
arrangements with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3. TA shall incur no liability with respect to any telecommunications, equipment or power failures (unless such telecommunications, equipment
or power failure is in the control of TA), or any failures to perform or delays in performance by postal or courier services or third-party
information providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4. TA shall in no event be required to advance or expend its own funds in connection with the services provided hereunder, or take
 any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent
 jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5. The Fund shall review the Services performed by TA under this Agreement promptly and periodically and shall notify TA of any
 improper performance, discrepancy or error therein. Unless the Fund provides written notice of any such discrepancy or error within
 a reasonable time after such Services are performed, the Services shall be deemed to have met the duties and standards set forth
 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6. In no event shall the TA be liable for the acts or omission of the CNS Clearing Process, DTC, NSCC or any securities
 depository, clearing corporation, exchange or communications service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7. Without limiting the generality of any of the foregoing provisions, in no event shall TA be liable for any taxes, penalties,
 fines, costs, charges or fees imposed on the Fund in connection with the Services hereunder unless otherwise agreed between the
 Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8. In no event shall TA be responsible for providing investment management services or advice or legal advice under this Agreement,
 nor shall TA be liable for the investment management services and advice received or given by the Fund or the legal advice received
 by the Fund from its counsel or other legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9. Without limiting the generality of any of the foregoing provisions, the TA shall have no liability for any damages arising out
 of (i) the failure of any Authorized Participant to perform its obligations under a Participant Agreement ("Participant
 Agreement" defined for this purpose as any Participant Agreement between the Distributor and an Authorized Participant
 acknowledged by the Administrator); (ii) activities or statements of sales or wholesaler personnel who are employed by any
 distributor (or its affiliates); or (iii) the failure of any Authorized Participant to deposit with the Custodian sufficient
 collateral, or to provide additional collateral upon request by the TA, in connection with the monitoring services provided for
 herein on Schedule III; or (b) any errors in the computation of collateral requirements based upon or arising out of quotations or
 information received by the TA from the Fund's accounting agent or any other source on which the TA reasonably relies.

3.  ***Instructions*** . TA shall not be liable for, and shall be indemnified by the Fund against any and all losses, costs, damages
or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions (as hereinafter defined) or upon
any other written notice, request, direction, instruction, certificate or other instrument believed by it to be genuine and signed or
authorized by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. Instructions shall mean a written request, direction, instruction or certification signed or initialed on behalf of the Fund by one
or more Authorized Persons. Authorized Persons may be identified by name, title or position. Telephonic and other oral instructions or
instructions given by facsimile transmission may be given by any one of the Authorized Persons. Such instructions shall be considered
Instructions if TA reasonably believes them to have been given by an Authorized Person. In no event shall Instructions be in the form
of electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. Where Instructions are conveyed through facsimile transmissions, the Fund hereby acknowledges that (i) receipt of legible
 instructions cannot be assured, (ii) TA cannot verify that authorized signatures on facsimile Instructions are original, and (iii)
 TA shall not be responsible for losses or expenses incurred through actions taken in reliance on such Instructions. The Fund agrees
 that such facsimile Instructions shall be conclusive evidence of the Fund's Instruction to TA to act or to omit to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3. Instructions given orally will be confirmed by written Instructions in the manner set forth above in Section 10.2.1, including
 by facsimile, but the lack of such confirmation shall in no way affect any action taken by TA in reliance upon such oral
 Instructions. The Fund authorizes TA to tape record any and all telephonic or other oral Instructions given to TA by or on behalf of
 the Fund (including any of its officers, directors, trustees, employees or agents or any investment manager or adviser or person or
 entity with similar responsibilities which is authorized to give Instructions on behalf of the Fund to TA). The Fund agrees to
 solicit valid written or other consent from any of its employees in respect to telephonic recordings to the extent such consent is
 required by applicable law.

4.  ***Representations of TA*** .

&nbsp;&nbsp;&nbsp;&nbsp;4.1. TA represents that it is a registered transfer agent under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. TA has established pursuant to the Bank Secrecy Act, and other U.S. laws and regulations applicable to it, Anti-Money Laundering (AML)
compliance programs, including but not limited to: (1) the development of internal policies, procedures, and controls; (2) the designation
of a compliance officer; (3) the implementation of ongoing employee training programs; and (4) the creation of an independent audit function
to test such programs.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. TA has a customer identification program (CIP) consistent with the rules under section 326 of the USA Patriot Act. TA. For the avoidance
of doubt, DTC is exempt from CIP requirements.

&nbsp;&nbsp;&nbsp;&nbsp;4.4. TA: (i) has in place policies and procedures reasonably designed to ensure compliance with the transfer agent rules of the Securities
Exchange Act of 1934, as amended; (ii) and will maintain appropriate records in accordance with said transfer agent rules.

\*\*\* \*\*\* \*\*\*

## Ex-99.(11)

**Exhibit (11**)

![](ex99-11_001.jpg)

September 12, 2025

BBH Trust

140 Broadway

New York, New York 10005

Re: Registration Statement on Form N-14

Ladies and Gentlemen:

We have acted as counsel to BBH Trust (the "Trust"), a Delaware statutory trust, on behalf of the BBH Select Large Cap ETF and BBH Select Mid Cap ETF (together, the "Acquiring Funds"), each a separate series of the Trust, in connection with the Trust's registration statement on Form N-14 pursuant to the Securities Act of 1933, as amended (the "Securities Act"), to be filed with the U.S. Securities and Exchange Commission (the "Commission") on or about September 12, 2025 (the "Registration Statement"), with respect to the Acquiring Funds' shares of beneficial interest (collectively, the "Shares") to be issued in exchange for the transfer of assets and assumption of liabilities of the BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund, also separate series of the Trust, as described in the Registration Statement (the "Reorganization"). You have requested that we deliver this opinion to you in connection with the Trust's filing of the Registration Statement.

In connection with the furnishing of this opinion, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certificate of the Secretary of State of the State of Delaware (the "Delaware Secretary of State"),
dated as of a recent date, as to the existence and good standing of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy, certified by the Delaware Secretary of State, of the Trust's Certificate of Trust, dated
October 28, 2005 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copies of the Trust's Amended and Restated Agreement and Declaration of Trust, dated August 10,
2016 (the "Declaration of Trust"), the Trust's By-Laws dated October 28, 2005 (the "By-Laws"), and the resolutions
adopted by the Board of Trustees of the Trust authorizing the Reorganization and the issuance of the Shares (the "Resolutions"),
each certified by an authorized officer of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A printer's proof of the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A copy of the form of Agreement and Plan of Reorganization to be entered into by the Trust on behalf of
the Acquiring Funds (the "Agreement").

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp** | **Morgan, Lewis & Bockius llp** |
| 1111 Pennsylvania Avenue, NW | 1111 Pennsylvania Avenue, NW |
| Washington, DC 20004 | ![](ex99-11_002.jpg) +1. 202.739.3000 |
| United States | ![](ex99-11_003.jpg) +1. 202.739.3001 |

---

BBH Trust

September 12, 2025

In such examination, we have assumed the genuineness of all signatures, the conformity to the originals of all of the documents reviewed by us as copies, including conformed copies, the authenticity and completeness of all original documents reviewed by us in original or copy form, and the legal competence of each individual executing any document. We have assumed that the Registration Statement, as filed with the Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above, and that the Agreement will be duly completed, executed and delivered by the parties thereto in substantially the form of the copy referred to in paragraph (e) above. We also have assumed for the purposes of this opinion that, with respect to matters relating to the Shares, the Certificate of Trust, the Declaration of Trust, the By-Laws, the Resolutions, and the Agreement will not have been amended, modified, or withdrawn and will be in full force and effect on the date of the issuance of such Shares.

This opinion is based entirely on our review of the documents listed above and such other documents as we have deemed necessary or appropriate for the purposes of this opinion and such investigation of law as we have deemed necessary or appropriate. We have made no other review or investigation of any kind whatsoever, and we have assumed, without independent inquiry, the accuracy of the information set forth in such documents.

This opinion is limited solely to the Delaware Statutory Trust Act to the extent that the same may apply to or govern the transactions referred to herein, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to any state or federal securities laws, including the securities laws of the State of Delaware. No opinion is given herein as to the choice of law or internal substantive rules of law that any tribunal may apply to such transactions. In addition, to the extent that the Declaration of Trust or the By-Laws refer to, incorporate, or require compliance with the Investment Company Act of 1940, as amended (the "1940 Act"), or any other law or regulation applicable to the Trust, except for the Delaware Statutory Trust Act, we have assumed compliance by the Trust with the 1940 Act and such other laws and regulations.

We understand that all of the foregoing assumptions and limitations are acceptable to you.

Based upon and subject to the foregoing, and to the further assumptions and limitations hereinafter set forth, it is our opinion that the Shares, when issued and sold in accordance with the Declaration of Trust, By-Laws, Registration Statement, and Resolutions, and for the consideration described in the Agreement, will be validly issued, fully paid, and nonassessable by the Trust.

This opinion is given as of the date hereof and we assume no obligation to update this opinion to reflect any changes in law or any other facts or circumstances which may hereafter come to our attention. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name in the Registration Statement. In rendering this opinion and giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

Very truly yours,

/s/ MORGAN, LEWIS & BOCKIUS LLP

## Ex-99.(12)

**Exhibit (12**)

![](ex99-12_001.jpg)

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004-2541

[ ], 2025

Board of Trustees

BBH Trust

140 Broadway

New York, NY 10005

---

| | |
|:---|:---|
| Re: | Agreement and Plan of Reorganization, dated as of [ ], 2025 (the "<u>Agreement</u>"), by and among (i) BBH Trust, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of its respective series identified on Exhibit A hereto (each a "<u>Target Fund</u>" and collectively, the "<u>Target Funds</u>"), and (ii) the Trust, on behalf of its respective series identified on Exhibit A hereto (each an "<u>Acquiring Fund</u>" and collectively, the "<u>Acquiring Funds</u>"). |

---

Ladies and Gentlemen:

You have requested our opinion as to certain U.S. federal income tax consequences of the reorganization of the Target Funds and the Acquiring Funds that will consist of, pursuant to the Agreement: (1) the transfer of all of the assets of each Target Fund to the applicable Acquiring Fund in exchange for the assumption of all of the liabilities of such Target Fund by the applicable Acquiring Fund and shares of beneficial interest of the applicable Acquiring Fund ("<u>Acquiring Fund Shares</u>"); (2) the distribution of Acquiring Fund Shares to the shareholders of the Target Fund; and (3) followed immediately by the complete liquidation of such Target Fund. The transactions described in (1) through (3) of the immediately preceding sentence, collectively, with respect to each Target Fund and respective Acquiring Fund, are referred to herein as a "<u>Reorganization</u>."

In rendering our opinion, we have reviewed and relied upon (a) the Agreement, (b) the proxy materials provided to shareholders of each Target Fund in connection with the recently held special meeting of shareholders, (c) certain representations concerning each Reorganization made to us in letters from the Trust dated [ ], 2025 (collectively, the "<u>Representation Letters</u>"), (d) the Acquiring Funds' Registration Statement filed on Form N-14 (the "<u>Registration Statement</u>"), (e) all other documents, financial and other reports and corporate minutes that we deemed relevant or appropriate, (collectively (a) - (e), the "<u>Documents</u>"), and (f) such statutes, regulations, rulings and decisions as we deemed material with respect to this opinion. We have assumed that the Documents and Representation Letters present all material and relevant facts relating to the Reorganization. All terms used herein, unless otherwise defined, are used as defined in the Agreement.

For purposes of this opinion, we have assumed that each Target Fund on the Closing of the Reorganization will satisfy, and following the Reorganization, each Acquiring Fund will continue to satisfy, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company. We have also assumed the accuracy and completeness of the information contained in the Documents. As to various matters of fact that are material to this opinion, we have relied, exclusively and without independent verification on the representations and warranties made in the Agreement by each Target Fund and each Acquiring Fund, as being true and correct in all material respects as of the Closing Date.

Board of Trustees

[ ], 2025

Based on the foregoing and provided each Reorganization is carried out in accordance with the applicable laws of the State of Delaware, the Agreement and the Representation Letters, it is our opinion with respect to each Reorganization that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acquisition by an Acquiring Fund of all of the assets of the corresponding Target Fund, as provided for in the Plan, solely in exchange for Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by a Target Fund upon the transfer of all of its assets to the corresponding Acquiring Fund in exchange solely for (a) Acquiring Fund Shares and (b) the assumption by the Acquiring Fund of all of the Target Fund's liabilities pursuant to Section 361(a) and Section 357(a) of the Code, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by an Acquiring Fund upon the receipt by it of all of the assets of the corresponding Target Fund in exchange solely for the assumption of all of the liabilities of the Target Fund and issuance of Acquiring Fund Shares pursuant to Section 1032(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by a Target Fund upon the distribution of corresponding Acquiring Fund Shares by the Target Fund to shareholders of the Target Fund in complete liquidation of the Target Fund pursuant to Section 361(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The tax basis of the assets of a Target Fund received by the corresponding Acquiring Fund will be the same as the tax basis of such assets in the hands of such Target Fund immediately prior to the transfer of such assets, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer pursuant to Section 362(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The holding periods of the assets of a Target Fund in the hands of the corresponding Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset.

Board of Trustees

[ ], 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No gain or loss will be recognized by the shareholders of a Target Fund upon the exchange of all of their shares of the Target Fund solely for corresponding Acquiring Fund Shares pursuant to Section 354(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The aggregate tax basis of Acquiring Fund Shares received by a shareholder of the corresponding Target Fund will be the same as the aggregate tax basis of the shares of the Target Fund exchanged therefor pursuant to Section 358(a)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The holding period of Acquiring Fund Shares received by a shareholder of the corresponding Target Fund will include the holding period of the shares of the Target Fund exchanged therefor, provided that the shareholder held the shares of the Target Fund as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The consummation of the Reorganization will not terminate the taxable year of a Target Fund.

No opinion is expressed as to any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax issues of any kind. Notwithstanding the foregoing, no opinion is expressed with respect to shareholders whose shares (including fractional shares) are redeemed, in whole or in part, in connection with the Reorganization.

This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. It represents our best legal judgment as to the matters addressed herein but is not binding on the Internal Revenue Service or the courts. Accordingly, no assurance can be given that the opinions and analysis expressed herein, if contested, would be sustained by a court. Our opinion is based upon the Code, the applicable Treasury Regulations promulgated thereunder, the present position of the Internal Revenue Service as set forth in published revenue rulings and revenue procedures, present administrative positions of the Internal Revenue Service, and existing judicial decisions, all of which are subject to change either prospectively or retroactively. We do not undertake to make any continuing analysis of the facts or relevant law following the date of this letter.

Our opinion is conditioned upon the performance by the Trust of its undertakings in the Agreement and the Representation Letters.

Our opinion addresses only the specific federal income tax consequences of a Reorganization set forth above and does not address any other U.S. federal, or any state, local, or foreign, tax consequences of a Reorganization or any other action (including any taken in connection therewith). This opinion is being rendered to the Trust, on behalf of the Acquiring Funds and the Target Funds, and may be relied upon only by the Trust, the Target Funds, the Acquiring Funds and their shareholders and may not be relied on for any purpose by any other person without our express written consent.

We hereby consent to the references to our Firm and the discussion of this opinion in the Registration Statement under the Proxy Statement/Prospectus headings "Summary – What are the Tax Consequences of the Proposed Reorganization?," "Information About the Reorganization — How will the Reorganization be carried out?," and "Federal Income Tax Consequences." In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder. Further, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Very truly yours,

EXHIBIT A

---

| | |
|:---|:---|
| **Target Fund** | **Acquiring Fund** |
| BBH Select Series – Large Cap Fund | BBH Select Large Cap ETF |
| BBH Select Series – Mid Cap Fund | BBH Select Mid Cap ETF |

---

## Ex-99.(13)(J)

**Exhibit (13)(j)**

**AMENDMENT THIRTEEN**

This amendment (the "<u>Amendment</u>") between the parties signing below (the "<u>Parties</u>") amends the Existing Agreement as of June 9, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Transfer Agency and Services Agreement between the Fund and ALPS dated October 5, 2009, as amended |
| &nbsp;&nbsp;"ALPS" | &nbsp;&nbsp;ALPS Fund Services, Inc. |
| &nbsp;&nbsp;"Fund" | &nbsp;&nbsp;BBH Trust |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Article A and general terms in Article B.

**IN WITNESS WHEREOF**, the Parties have executed this Amendment by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS Fund Services, Inc.** | **ALPS Fund Services, Inc.** | **BBH Trust** | **BBH Trust** |
| By: | /s/ Bahgesh Malde | By: | /s/ Daniel Greifenkamp |
| Name: | Bahgesh Malde | Name: | Daniel Greifenkamp |
| Title: | Authorized Signor | Title: | President |

---

**Article A to this Amendment**

**Amendments**

The Existing Agreement is amended as follows:

1. Appendix A "List of Portfolios" is deleted in its entirety and replace with new Appendix A
attached hereto.

**Article B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and conditions
of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice,
or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and addenda hereto), along with
the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes
all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect
thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an
original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures
so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or
its formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same
jurisdiction as the Existing Agreement.

Page 2 of 3

**Appendix A**

**List of Portfolios**

---

| | |
|:---|:---|
| &nbsp;&nbsp;BBH Income Fund | &nbsp;&nbsp;Class I Shares |
| &nbsp;&nbsp;BBH Intermediate Municipal Bond Fund | &nbsp;&nbsp;Class I Shares<br> Class N Shares |
| &nbsp;&nbsp;BBH Limited Duration Fund | &nbsp;&nbsp;Class I Shares<br> Class N Shares |
| &nbsp;&nbsp;BBH Partner Fund – International Equity | &nbsp;&nbsp;Class I Shares |
| &nbsp;&nbsp;BBH Select Series – Large Cap Fund | &nbsp;&nbsp;Class I Shares<br> Retail Class Shares |
| &nbsp;&nbsp;BBH U.S. Government Money Market Fund | &nbsp;&nbsp;Institutional Shares |
| &nbsp;&nbsp;BBH Select Series – Mid Cap Fund | &nbsp;&nbsp;Class I Shares<br> Retail Class Shares |

---

Page 3 of 3

## Ex-99.(13)(O)

**Exhibit (13)(o)**

**AUTHORIZED PARTICIPANT AGREEMENT**

**BBH Trust**

This Authorized Participant Agreement (the "Agreement") is entered into by and between ALPS Distributors, Inc. (the "Distributor") and _________________ (the "Authorized Participant" or the "AP") (National Securities Clearing Corporation ("NSCC") Number _____), and is subject to acceptance by Brown Brothers Harriman & Co. (the "Transfer Agent"). The Transfer Agent serves as the transfer agent for BBH Trust (the "Trust"). The Distributor, the Transfer Agent and the Authorized Participant acknowledge and agree that the Trust shall be a third party beneficiary of this Agreement, and shall receive the benefits contemplated by this Agreement, to the extent specified herein. The Distributor has been retained to provide services as principal underwriter of the Trust acting on an agency basis in connection with the sale and distribution of shares of beneficial interest, all without par value (sometimes referred to as "Shares"), of each of the separate investment portfolios of the Trust (each such portfolio a "Fund" and, collectively, the "Funds") named on <u>Annex I</u> to this Agreement.

As specified in each Fund's Prospectus and Statement of Additional Information ("SAI") (collectively, the "Prospectus") included as part of its registration statement, as amended, on Form N-1A ("Registration Statement"), the Shares of any Fund offered thereby may be purchased or redeemed only in aggregations of a specified number of Shares referred to therein and herein as a "Creation Unit". All references to "cash" shall refer to US Dollars ("USD"). The number of Shares constituting a Creation Unit of each Fund is set forth in the Prospectus. Creation Units may be purchased only by or through an Authorized Participant that has entered into an Authorized Participant Agreement with the Trust and the Distributor. The Prospectus provides that Creation Units generally will be sold in exchange for an in-kind deposit of a designated portfolio of securities (the "Deposit Securities") and an amount of cash computed as described in the Prospectus (the "Cash Component"), or an all cash payment (as described in <u>AP Handbook</u> hereto), plus a purchase "Transaction Fee" as described in the Prospectus, delivered to the Trust by the Authorized Participant for its own account or acting on behalf of another party. Together, the Deposit Securities and the Cash Component constitute the "Creation Deposit", which represents the minimum initial and subsequent investment amount for Shares of any Fund of the Trust. References to the Prospectus are to the then current Prospectus as it may be supplemented or amended from time to time. Capitalized terms not otherwise defined herein are used herein as defined in the Prospectus.

This Agreement is intended to set forth certain premises and the procedures by which the Authorized Participant may purchase and/or redeem Creation Units (i) through the Continuous Net Settlement ("CNS") clearing processes of NSCC as such processes have been enhanced to effect purchases and redemptions of Creation Units, such processes being referred to herein as the "CNS Clearing Process", or (ii) outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company ("DTC")) ("DTC Process"). The procedures for processing an order to purchase Shares (each, a "Purchase Order") and an order to redeem Shares (each, a "Redemption Order") are described in the Trust's Prospectus and in <u>AP Handbook</u> to this Agreement. All Purchase and Redemption Orders must be made pursuant to the procedures set forth in the Prospectus and <u>AP Handbook</u> hereto, as each may be amended by the Trust from time to time. An Authorized Participant may not cancel a Purchase Order or a Redemption Order after an order is placed by the Authorized Participant.

**The parties hereto in consideration of the premises and of the mutual agreements contained herein agree as follows:**

**1. STATUS OF AUTHORIZED PARTICIPANT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant hereby represents, covenants and warrants that with respect to Purchase Orders or Redemption Orders of Creation Units of any Fund (i) through the CNS Clearing Process, it is a member of NSCC and an Authorized Participant in the CNS System of NSCC (as defined in the Fund's Prospectus, a "Participating Party"), and/or (ii) outside the CNS Clearing Process, it is a DTC Participant (as defined in the Fund's Prospectus, a "DTC Participant"). The Authorized Participant may place Purchase Orders or Redemption Orders for Creation Units either through the CNS Clearing Process or outside the CNS Clearing Process, subject to the procedures for purchase and redemption set forth in this Agreement, the Prospectus and <u>AP Handbook</u> hereto. Any change in the foregoing status of the Authorized Participant shall terminate this Agreement and the Authorized Participant shall give prompt written notice to the Distributor, the Trust and the Transfer Agent of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant hereby represents and warrants that, unless the following paragraph is applicable to it, (i) it is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), (ii) is qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business, and (iii) is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("FINRA"), and the Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant agrees to comply with all applicable United States federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder and with the Constitution, By-Laws and Conduct Rules of FINRA, and that it will not offer or sell Shares of any Fund of the Trust in any state or jurisdiction where they may not lawfully be offered and/or sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Authorized Participant is offering or selling Shares of any Fund of the Trust in jurisdictions outside the several states, territories and possessions of the United States ("US") and is not otherwise required to be registered, qualified, or a member of FINRA as set forth above, the Authorized Participant nevertheless agrees to (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the Securities Act of 1933, as amended (the "1933 Act") and the regulations promulgated thereunder and (iii) conduct its business in accordance with FINRA Conduct Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Authorized Participant represents, covenants and warrants that it has established, presently maintains, and agrees to maintain and implement on an ongoing basis, an anti-money laundering program (the "Program") reasonably designed to comply with all applicable anti-money laundering laws and regulations and prevent the Authorized Participant from being used as a conduit for money laundering or other illicit purposes or the financing of terrorist activities, and is in compliance with the Program and all anti-money laundering laws, regulations and rules now or hereafter in effect that are applicable to it, including, without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 as well as the executive orders and regulations promulgated by the Office of Foreign Asset Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Authorized Participant understands and acknowledges that: (i) the method by which Creation Units will be created and traded may raise certain issues under applicable securities laws because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a "distribution", as such term is used in the 1933 Act, may occur at any point; (ii) some activities on its part, depending on the circumstances, may result in it being deemed a participant in a distribution in a manner which could render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act; and (iii) dealers who are not "underwriters," but who effect transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Authorized Participant represents that it has the capability to send and receive communications via authenticated telecommunication facility to and from the Distributor, the Custodian, the Subcustodian (in the case of funds with foreign securities "International Funds") and the Authorized Participant's custodian. The Authorized Participant shall confirm such capability to the satisfaction of the Distributor, the Custodian and the Subcustodian prior to placing its first Order with the Transfer Agent (whether it is a Purchase Order or a Redemption Order).

**2. EXECUTION OF PURCHASE ORDERS AND REDEMPTION ORDERS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Purchase Orders or Redemption Orders shall be made in accordance with the terms of the Prospectus and the procedures described in <u>AP Handbook</u> hereto. Each party hereto agrees to comply with the provisions of such documents to the extent such documents are applicable. It is contemplated that the telephone lines used by the Transfer Agent and the Distributor will be recorded, and the Authorized Participant hereby consents to the recording of all calls with the Transfer Agent and the Distributor, as the case may be. The parties agree that either party may use such recordings in connection with any dispute or proceeding relating to this Agreement. The Trust reserves the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units and the Authorized Participant agrees to comply with such procedures as may be issued from time to time, including but not limited to the cash collateral settlement procedures that are referenced in <u>AP Handbook</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether as a customer or otherwise) that delivery of a Purchase Order or Redemption Order shall be irrevocable, provided that the Trust and the Distributor on behalf of the Trust reserve the right to reject any Purchase Order until the trade is released as "good" as described in <u>AP Handbook</u> hereto and any Redemption Order that is not in "proper form" as defined in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any Redemption Order, the Authorized Participant also acknowledges and agrees on behalf of itself and any party for which it is acting (whether as a customer or otherwise) to return to the Trust any dividend, distribution or other corporate action paid to it or to the party for which it is acting in respect of any Deposit Security that is transferred to the Authorized Participant or any party for which it is acting that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Trust. With respect to any Redemption Order, the Authorized Participant also acknowledges and agrees on behalf of itself and any party for which it is acting (whether as a customer or otherwise) that the Trust is entitled to reduce the amount of money or other proceeds due to the Authorized Participant or any party for which it is acting by an amount equal to any dividend, distribution or other corporate action to be paid to it or to the party for which it is acting in respect of any Deposit Security that is transferred to the Authorized Participant or any party for which it is acting that, based on the valuation of such Deposit Security at the time of transfer, should be paid to the Fund. With respect to any Purchase Order, the Authorized Participant will receive the return of any dividend, distribution or other corporate action paid to the Trust in respect of any Deposit Security that is transferred to the Trust that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Authorized Participant or any party for which it is acting.

**3. NSCC.**

Solely with respect to Purchase Orders or Redemption Orders effected through the CNS Clearing Process, the Authorized Participant, as a Participating Party, hereby authorizes the Transfer Agent to transmit to the NSCC on behalf of the Authorized Participant such instructions, including amounts of the Deposit Securities and Cash Component as are necessary, consistent in all material respects with the instructions issued by the Authorized Participant to the Transfer Agent. The Authorized Participant agrees to be bound by the terms of such instructions issued by the Transfer Agent and reported to NSCC as though such instructions were issued by the Authorized Participant directly to NSCC.

**4. PROSPECTUS, MARKETING MATERIALS AND REPRESENTATIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will provide to the Authorized Participant copies of the then-current Prospectus or summary prospectus, if applicable and any printed supplemental information in reasonable quantities upon request. The Distributor represents, warrants and agrees that it will promptly notify the Authorized Participant when a revised, supplemented or amended Prospectus for any Fund is available and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus or summary prospectus at such time and in such numbers as the Authorized Participant may reasonably request so as to enable the Authorized Participant to comply with any obligation it may have to deliver such Prospectus and/or summary prospectus to customers. The Distributor will make such revised, supplemented or amended Prospectus available to the Authorized Participant no later than its effective date. The Distributor shall be deemed to have complied with this Section 4 when the Authorized Participant has received such revised, supplemented or amended Prospectus or summary prospectus by e-mail at [insert e-mail address], in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter. The Authorized Participant represents, warrants and agrees that it shall deliver the then-current Prospectus or summary prospectus to its customers in connection with the purchase of Shares in accordance with 1933 Act prospectus delivery requirements. The Authorized Participant agrees, at the request of the Distributor, to deliver proxy material, annual and other reports of the Funds or other similar information that the Funds are obligated to deliver to their shareholders to the Authorized Participant's customers that custody Shares with the Authorized Participant, after receipt from the Funds or the Distributor of sufficient quantities to allow mailing thereof to such customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor represents that (i) the Registration Statement and the Prospectus contained therein each conforms in all material respects to the requirements of the 1933 Act, and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") thereunder; (ii) the sale and distribution of the Shares as contemplated herein will not conflict with or result in a breach or violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust, any Fund or the Distributor; and (iii) no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issuance and sale of the Shares, except the registration under the 1933 Act of the Shares, which has occurred and is in effect for the Shares and the Trust; (iv) the Registration Statement has been declared effective by the SEC under the 1933 Act and the Investment Company Act of 1940, as amended (the "1940 Act"), and the SEC has not issued any stop order or other order or notice preventing or suspending the use of the Registration Statement or the Prospectus, and no proceedings for such purpose have been instituted, are pending or, to the best of its knowledge, are being contemplated or threatened by the SEC; (v) prior to the launch of each Fund, such Fund's Shares have been approved for listing on a U.S. national securities exchange; and (vi) all marketing and promotional materials prepared by the Trust or the Funds' adviser, and approved by the Distributor, and provided to the Authorized Participant in connection with the offer and sale of Shares comply with applicable law, including without limitation, as applicable, the provisions of the 1933 Act, FINRA's marketing rules, and the rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Authorized Participant represents, warrants and agrees that it will not make any representations concerning Shares other than those that are consistent with the Trust's then-current Prospectus or in any Marketing Materials (defined below) furnished to the Authorized Participant by the Distributor. Subject to Section 4(d) below, the Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares, including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials, except such information and materials as may be furnished to the Authorized Participant by the Distributor and such other information and materials as may be approved in writing by the Distributor ("Marketing Materials").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Authorized Participant may, without the written approval of the Trust or the Distributor, prepare and circulate, in the regular course of its business: (i) sales commentary and research reports that include information, opinions or recommendations relating to Shares (x) for public dissemination, provided that such sales commentary and research reports compare the relative merits and benefits of Shares with other products and are not used for purposes of marketing Shares, and (y) for internal use by the Authorized Participant; and (ii) research reports (as such term is defined in NYSE Communications Rule 472), institutional communications and correspondence (as such terms are defined in FINRA Rule 2210 or any successor rule) and other similar materials that include information, opinions or recommendations relating to Shares (the "Authorized Participant Institutional Communications"), provided that such Authorized Participant Institutional Communications comply with applicable FINRA Rules and any successor rules thereto. Neither the Distributor, the Trust nor the Transfer Agent shall have any liability or responsibility for such research reports and Authorized Participant Institutional Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor agrees to cooperate with the Authorized Participant in carrying out its reasonable due diligence with respect to this Agreement. For the avoidance of doubt, the Authorized Participant shall bear its own expenses incurred in connection with such due diligence.

**5. SUBCUSTODIAN ACCOUNT**.

The Authorized Participant understands and agrees that in the case of each International Fund, the Trust has caused Brown Brothers Harriman & Co. acting in its capacity as the Trust's custodian ("Custodian") to maintain with the applicable subcustodian ("Subcustodian") for such Fund an account in the relevant foreign jurisdiction to which the Authorized Participant shall deliver or cause to be delivered in connection with the purchase of a Creation Unit the securities and any other cash amounts (or the cash value of all or a part of such securities, in the case of a permitted or required cash purchase or "cash in lieu" amount) on behalf of itself or any party for which it is acting (whether or not a customer), with any appropriate adjustments as advised by such Fund, in accordance with the terms and conditions applicable to such account in such jurisdiction.

**6. TITLE TO SECURITIES; RESTRICTED SHARES.**

The Authorized Participant represents that upon delivery of a portfolio of Deposit Securities to the Custodian and/or the relevant Subcustodian in accordance with the terms of the Prospectus, (i) the Trust will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claims, including, without limitation, any restriction upon the sale or transfer of such securities imposed by (a) any agreement or arrangement entered into by the Authorized Participant in connection with a Purchase Order (including, but not limited to, any repurchase agreement or securities lending or borrowing agreement) or (b) any provision of the 1933 Act, and any regulations thereunder (except that portfolio securities of issuers other than U.S. issuers shall not be required to have been registered under the 1933 Act if exempt from such registration), or of the applicable laws or regulations of any other applicable jurisdiction and (ii) no such securities are "restricted securities" as such term is used in Rule 144(a)(3)(i) promulgated under the 1933 Act in the hands of the Authorized Participant immediately prior to any such delivery. The representation provided in this Section 6 excludes restrictions due to the status of the Trust or any Fund as an "affiliate" of such issuer of the Deposit Securities under Rule 144 under the 1933 Act.

The Authorized Participant represents that it is a qualified institutional buyer as defined in Rule 144A(a) under the 1933 Act.

**7. CASH COMPONENT AND FEES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>For Domestic Funds:</u> The Authorized Participant hereby agrees that as between the Trust and itself or any party for which it acts in connection with a Purchase Order for any Domestic Fund, it will make available in same day funds for each purchase of Shares an amount of cash sufficient to pay the Cash Component and any other amounts of cash due to the Trust in connection with the purchase of any Creation Unit (including the purchase Transaction Fee for in-kind and cash purchases and the additional variable charge for cash purchases (when, in the sole discretion of the Trust, cash purchases are available or specified as described in the Prospectus)) (the "Cash Amount") which shall be made through DTC to an account maintained by the Custodian and shall be provided in same day or immediately available funds on or before the settlement date in accordance with the Trust's Prospectus ("Contractual Settlement Date"). The Authorized Participant hereby agrees to ensure that the Cash Amount will be received by the Trust on or before the Contractual Settlement Date, and in the event payment of such Cash Amount has not been made by such Contractual Settlement Date, the Authorized Participant agrees on behalf of itself or any party for which it acts in connection with a Purchase Order to pay the full Cash Amount, plus interest, computed at such reasonable rate as may be specified by the Trust from time to time. The Authorized Participant may require its customer to enter into a written agreement with the Authorized Participant with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>For International Funds</u>: The Authorized Participant hereby agrees that as between the Trust and itself or any party for which it acts in connection with a Purchase Order for any International Fund, it will make available in same day funds for each purchase of Shares the Cash Amount as described in Section 7(a) above which shall be made via fed funds wire to an account maintained by the Custodian and shall be provided in same day or immediately available funds at least one business day before Contractual Settlement Date. The Authorized Participant hereby agrees to ensure that the Cash Amount will be received by the Trust on or before the Contractual Settlement Date, and in the event payment of such Cash Amount has not been made by such Contractual Settlement Date, the Authorized Participant agrees on behalf of itself or any party for which it acts in connection with a Purchase Order to pay the full Cash Amount, plus interest, computed at such reasonable rate as may be specified by the Trust from time to time. The Authorized Participant may require its customer to enter into a written agreement with the Authorized Participant with respect to such matters.

**8. ROLE OF AUTHORIZED PARTICIPANT; IRREVOCABLE PROXY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor, the Custodian, the Subcustodian, in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, the Subcustodian, or the Authorized Participant's custodian or their designees concerning the performance of the Authorized Participant's responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In executing this Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for a customer or for any other Authorized Participant or indirect participant, or any other shareholder in an underlying shares account ("Beneficial Owner"), that it shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Authorized Participant agrees to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Irrevocable Proxy</u>. The Authorized Participant represents, covenants and warrants that, from time to time, it may be a Beneficial Owner or legal owner of Shares (as that term is defined in Rule 16a-1(a)(2) of the 1934 Act). The Authorized Participant agrees to irrevocably appoint the Distributor as its agent and proxy with full authorization and power to vote (or abstain from voting) its beneficially or legally owned Shares which the Authorized Participant has not rehypothecated and which the Authorized Participant is or may be entitled to vote at any meeting of shareholders of a Fund held after the effective date of this Agreement, whether annual or special and whether or not an adjourned meeting, or, if applicable, to give written consent with respect thereto. The Distributor shall vote (or abstain from voting) such Shares in accordance with Distributor's proxy voting policies and procedures, with complete independence from and without any regard to any views, statements or interests of the Authorized Participant, its affiliates or any other person. The Authorized Participant acknowledges that the Distributor will not exercise discretion or otherwise provide advice or guidance to the Authorized Participant or any other party in connection with any vote (or abstention thereof). The Distributor may carry out its responsibilities hereunder through an agent, nominee, attorney or such other third party as it deems necessary or appropriate, to the extent allowable pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this Section 8, beneficially owned Shares shall not include those Shares for which the Authorized Participant is the record owner but which are held for the benefit of third parties or in customer or fiduciary accounts in the ordinary course of business. The Authorized Participant acknowledges that the Distributor will not exercise the voting rights applicable to such Shares. For the avoidance of doubt, it shall be the responsibility of the Authorized Participant to instruct the Distributor in writing as to which Shares will/will not be voted by the agent and proxy pursuant to this Section. The Authorized Participant represents that it has all the necessary legal power and authority to vote, and to appoint an agent and proxy to vote, all such Shares as contemplated herein. The Authorized Participant hereby agrees to indemnify and hold harmless the Distributor from and against any loss, liability, cost or expense suffered or incurred by such Distributor resulting directly from losses, liabilities or expenses resulting from this Proxy other than those arising from the gross negligence, bad faith or willful misconduct of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor, as proxy for the Authorized Participant hereunder: (i) is hereby given full power of substitution and revocation; (ii) may act through such agents, nominees, or attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys in any lawful manner deemed appropriate by it, including in writing, by telephone, facsimile, electronically (including through the internet) or otherwise. The powers of such agent and proxy shall include (without limiting its general powers hereunder) the power to receive and waive any notice of any meeting on behalf of the Authorized Participant. The Distributor may terminate this irrevocable proxy (i.e., Sections 8(d) through 8(f)) after sixty (60) days written notice to the Authorized Participant and termination of this irrevocable proxy by itself shall not serve to terminate the Agreement.

**9. AUTHORIZED PERSONS OF THE AUTHORIZED PARTICIPANT.**

Concurrently with the execution of this Agreement and from time to time thereafter as may be requested by the Trust or the Distributor, the Authorized Participant shall deliver to the Distributor and the Trust, with copies to the Transfer Agent at the address specified below, duly certified as appropriate by its Secretary or other duly authorized official, a certificate substantially in the form attached hereto as <u>Annex II</u> to this Agreement, setting forth the names and signatures of all persons authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each such person an "Authorized Person"). Such certificate may be accepted and relied upon by the Distributor and the Transfer Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until delivery to the Distributor and the Transfer Agent of a superseding certificate bearing a subsequent date (or the termination of this Agreement, if earlier). Upon the termination or revocation of authority of such Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of such fact to the Distributor and the Transfer Agent and such notice shall be effective upon receipt by the Distributor and Transfer Agent. The Distributor shall issue to each Authorized Participant a unique personal identification number ("PIN") by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN shall be kept confidential and only provided to Authorized Persons. If after issuance, an Authorized Participant's PIN is changed, the new PIN will become effective on a date mutually agreed upon by the Authorized Participant and the Distributor. The Distributor agrees to promptly cancel the PIN assigned to an Authorized Person upon receipt of written notice from the Authorized Participant that an Authorized Person's authority to act for it has been terminated.

**10. REDEMPTION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant understands and agrees that Redemption Orders may be submitted only on days that the U.S. stock exchange where the Shares are principally listed (as specified in the Prospectus) (the "Listing Exchange") is open for trading or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant represents, covenants and warrants that upon submission of a redemption request such redemption request complies with the terms of the then current Prospectus and the order procedures set forth in <u>AP Handbook</u> hereto.

**11. BENEFICIAL OWNERSHIP.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant represents and warrants to the Distributor and the Trust that (based upon the number of outstanding Shares of each such Fund made publicly available by the Trust) (i) it does not, and will not in the future, hold for the account of any single Beneficial Owner of Shares of the relevant Fund, eighty percent (80%) or more of the currently outstanding Shares of such relevant Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from the fair market value of such portfolio securities on the date of such deposit, pursuant to section 351 of the Internal Revenue Code of 1986, as amended ("IRC"), and (ii) when carrying Deposit Securities as a dealer and as inventory in connection with its market making activities, the Deposit Securities will be subject to the mark to market requirements of Section 475 of the IRC and pursuant to such Section 475 it will adjust the value of the Deposit Securities to their fair market value immediately prior to any purchase of Creation Units from a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust, the Distributor and the Transfer Agent shall have the right to reasonably require information from the Authorized Participant regarding Share ownership of each Fund (if the Authorized Participant does not provide the representation in Section 11(a)(ii) above) and to rely thereon to the extent necessary to make a determination regarding ownership of eighty percent (80%) or more of the currently outstanding Shares of any Fund by a Beneficial Owner as a condition to the acceptance of a deposit of Deposit Securities.

**12. INDEMNIFICATION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Authorized Participant hereby agrees to indemnify and hold harmless the Distributor, the Trust, the Transfer Agent and their respective subsidiaries, affiliates, directors, partners, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an "AP Indemnified Party") from and against any loss, liability, damage and reasonable cost and expense (including documented attorneys' fees) ("Losses") incurred by such AP Indemnified Party in connection with, arising out of or as a result of (i) any material breach by the Authorized Participant of any provision of this Agreement that relates to such Authorized Participant; (ii) any representation provided by the Authorized Participant herein that is false or misleading or omits material information necessary to make the statement contained therein complete; (iii) any material failure on the part of the Authorized Participant to perform any of its obligations set forth in the Agreement; (iv) any material failure by the Authorized Participant to comply with applicable laws, including applicable rules and regulations of self-regulatory organizations ("SROs"), to the extent relating to its role as an authorized participant hereunder; (v) actions of such AP Indemnified Party taken in reasonable reliance upon any instructions issued in accordance with <u>AP Handbook</u> hereto (as each may be amended from time to time) reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant, except to the extent that the Authorized Participant had previously revoked a PIN used in giving such instructions and such revocation was given by the Authorized Participant and received by the Transfer Agent in accordance with the terms of Section 9 hereto, or (vi)(1) any representation by the Authorized Participant about the Shares, any AP Indemnified Party, the Trust or any Fund that is not consistent with the Trust's then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares, or (2) any untrue statement of a material fact or alleged untrue statement of a material fact contained in any research reports or Authorized Participant Institutional Communications described in Section 4 hereof or any omission of a material fact or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party, the Trust or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor hereby agrees to indemnify and hold harmless the Authorized Participant and its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Distributor Indemnified Party") from and against any Losses incurred by such Distributor Indemnified Party in connection with, arising out of or as a result of (i) any material breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any representation provided by the Distributor herein that is false or misleading or omits material information necessary to make the statement contained therein complete; (iii) any material failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; (iv) any material failure by the Distributor to comply with applicable laws, including applicable rules and regulations of SROs, to the extent relating to its role as distributor in connection with the creation and redemption of the Creation Units; (v) actions of such Distributor Indemnified Party taken in reasonable reliance upon any instructions issued in accordance with <u>AP Handbook</u> hereto (as each may be amended from time to time) reasonably believed by the Distributor Indemnified Party to be genuine and to have been given by the Distributor; (vi)(1) any representation by the Distributor about the Creation Units, any Distributor Indemnified Party, the Trust or any Fund that is not materially consistent with the Trust's then-current Prospectus made in connection with the creation and redemption of Creation Units; and (2) any untrue statement of a material fact, alleged untrue statement of a material fact, omission of a material fact or alleged omission of a material fact contained in the Registration Statement of the Trust; or (vii) any untrue statement of a material fact, alleged untrue statement of a material fact, omission of a material fact or alleged omission of a material fact made in any Marketing Materials furnished to the Authorized Participant by the Distributor or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 12 shall not apply and an indemnifying party shall not have an obligation to indemnify an indemnified party and its respective related indemnified persons to the extent that any Losses are directly caused by, incurred as a result of, or in connection with, any gross negligence, bad faith, or willful misconduct on the part of the indemnified party. The term "affiliate" in this Section 12 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An indemnifying party shall not be liable under the indemnity agreement contained in this Section with respect to any claim made against an indemnified party unless the indemnified party shall have notified the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent). However, failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought otherwise than on account of the indemnity agreement contained in this Section and shall only release it from such liability under this Section to the extent it has been materially prejudiced by such failure to receive notice.

**13. LIMITATION OF LIABILITY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties undertake to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the absence of bad faith, gross negligence or willful misconduct on its part, neither the Distributor nor the Transfer Agent, whether acting directly or through agents, affiliates or attorneys shall be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall the Distributor, the Transfer Agent or the Authorized Participant be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, lost actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation)), even if such parties or the Transfer Agent have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall a party to this Agreement or the Transfer Agent be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation. Further, the Distributor shall not be liable for any action or failure to take any action with respect to the voting matters set forth in Section 8 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Distributor, the Transfer Agent nor the Authorized Participant shall be responsible or liable for any failure or delay in the performance of their obligations under this Agreement arising out of or caused, directly or indirectly, by an event of Force Majeure, which shall mean: (i) circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wind; explosions; wars; civil or military disturbances; terrorism; sabotage; epidemics, pandemics, public health emergencies or outbreaks (including but not limited to Covid-19), or any corporate or governmental order or requirement relating thereto; any provision of any present or future law, regulation or order of a U.S., or non-U.S., federal, state, municipal, local, territorial, provincial or other governmental department, regulatory authority, self-regulatory organization or legislative, judicial or administrative body, including any political subdivision thereof, or of any securities depository or clearing agency; any provision of any order or judgment of any court of competent jurisdiction; riots; interruptions; loss, failure or malfunction of utilities, computer (hardware or software) or communications service, including but not limited to as a result of computer viruses; accidents; labor disputes; acts of civil or military authority or governmental actions; or (ii) any other causes or events beyond its reasonable control, regardless of whether such causes or events are foreseeable or are of a nature or type described in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the Distributor nor the Transfer Agent shall be liable to the Authorized Participant or to any other person for damages arising out of mistakes or errors in data provided to the Distributor or the Transfer Agent (as applicable) by a third party, or out of interruptions or delays of electronic means of communications with the Distributor or the Transfer Agent (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor and the Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine, and in no event shall the Distributor or the Transfer Agent be liable for any Losses incurred as a result of the unauthorized use of any PIN.

The Transfer Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Tax Liability. To the extent any payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or any other similar tax or government charge applicable to the creation or redemption of any Creation Unit of Shares of any Fund made pursuant to this Agreement is imposed, the Authorized Participant shall be responsible for the payment of such tax or government charge regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trust or the Distributor is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. The Distributor agrees to use its best efforts to notify the Authorized Participant of all transfer taxes, sales or use taxes, stamp taxes, recording taxes, value added taxes or any other similar tax or government charge that the Authorized Participant may incur in the future in connection with the creation or redemption of any Creation Unit of Shares.

**14. INFORMATION ABOUT CREATION DEPOSITS.**

The Authorized Participant understands that the number and names of the designated portfolio of Deposit Securities to be included in the current Creation Deposit for each Fund will be made available by NSCC on each day that the Listing Exchange is open for trading and will also be made available on each such day through the facilities of the NSCC.

**15. ACKNOWLEDGMENT**.

The Authorized Participant acknowledges receipt of the Prospectus and represents that it has reviewed and understands such documents.

**16. NOTICES.**

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class mail, return receipt requested, or by telex, telegram or facsimile or similar means of same day delivery (with a confirming copy by mail). Unless otherwise notified in writing, all notices to the Trust shall be at the address or telephone, facsimile or telex numbers as follows:

---

| | |
|:---|:---|
| Attn: | [__________] |
|  | [__________] |
|  | [__________] |
|  | Attention: [__________] |
|  | E-Mail Address: [__________] |

---

All notices to the Authorized Participant, the Distributor and the Transfer Agent shall be directed to the address or telephone, facsimile or telex numbers indicated below the signature line of such party.

**17. EFFECTIVENESS, TERMINATION AND AMENDMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon execution by all parties hereto. A "Business Day" shall mean each day the Listing Exchange is open for regular trading. This Agreement may be terminated at any time by any party upon sixty (60) days prior written notice to the other parties and may be terminated earlier by the Trust or Distributor at any time in the event of a breach by the Authorized Participant of any provision of this Agreement or the procedures described or incorporated herein. This Agreement supersedes any prior such agreement between or among the parties.

**18. GOVERNING LAW; CONSENT TO JURISDICTION**.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party's address for purposes of notices hereunder. **Each party hereto each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement**.

**19. SUCCESSORS AND ASSIGNS.**

This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

**20. ASSIGNMENT.**

Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void.

**21. INTERPRETATION.**

The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

**22. ENTIRE AGREEMENT.**

This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof.

**23. SEVERANCE.**

If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supranational body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement so long as this Agreement, as so modified, continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits, obligations, or expectations of the parties to this Agreement.

**24. NO STRICT CONSTRUCTION.**

The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

**25. SURVIVAL.**

Sections 4 (Prospectus, Marketing Materials and Representations), 12 (Indemnification), 13 (Limitation of Liability) and 18 (Governing Law; Consent to Jurisdiction) hereof, as well as this Section 25, shall survive the termination of this Agreement.

**26. COUNTERPARTS.**

This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

**27. TRUST AS THIRD-PARTY BENEFICIARY.**

The parties understand and agree that the Trust, as a third-party beneficiary to this Agreement, is entitled and intends to proceed directly against the Authorized Participant in the event that the Authorized Participant fails to honor any of its obligations pursuant to this Agreement that benefit the Trust.

***[signature page follows]***

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be executed and delivered as of the day and year written below.

DATED:<u> </u> , 20<u> </u>

**ALPS DISTRIBUTORS, INC.** 

BY:<u> </u>

NAME: Stephen Kyllo

TITLE: SVP & Director

ADDRESS: 1290 Broadway, Suite 1000, Denver CO 80203

EMAIL: <u>APAgreementsmailbox@sscinc.com</u>

**[NAME OF AUTHORIZED PARTICIPANT**]

**DTC NUMBER: _________________**

BY:<u> </u>

NAME:<u> </u>

TITLE:<u> </u>

ADDRESS:<u> </u>

TELEPHONE:<u> </u>

EMAIL:<u> </u>

**ACCEPTED BY: BROWN BROTHERS HARRIMAN & CO. AS TRANSFER AGENT**

BY:<u> </u>

NAME:<u> </u>

TITLE:<u> </u>

ADDRESS: 50 Post Office Square, Boston, MA 02110

TELEPHONE:<u> </u>

EMAIL:<u> </u>

**ANNEX I**

**AUTHORIZED PARTICIPANT AGREEMENT**

**BBH Trust**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Ticker <br> Symbol** | &nbsp;&nbsp;**T-1** | &nbsp;&nbsp;**Deposit <br> Securities (%)** |
| BBH Select Large Cap ETF |  |  |  |
| BBH Select Mid Cap ETF |  |  |  |

---

**ANNEX II** 

**AUTHORIZED PARTICIPANT AGREEMENT**

**BBH Trust**

**AUTHORIZED TRADERS**

1. OVERVIEW

In accordance with the Authorized Participant Agreement (the "AP Agreement") between ALPS Distributors, Inc. (the "Distributor") and _______________ (the "AP") and subject to acceptance by Brown Brothers Harriman & Co. ("BBH"), as [Transfer Agent/Index Receipt Agent], this Authorized Persons Documentation Package is intended to delineate the roles and responsibilities of individual personnel at the AP who are deemed "Authorized Traders" within the meaning of the AP Agreement.

BBH, as part of our due diligence process, will verify the identity of any person or firm instructing with respect to an Authorized Trader's access to place ETF creation/redemption orders (e.g., set up, amendment or removal) by referring to this package, as completed by the AP. BBH will initiate a "callback" to authenticate certain instructions received, as outlined below.

To that end, BBH requires the following documentation from the AP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Completion of the attached form to identify Authorized Persons and define their role at the AP. Please see below for definitions to assist in your completion of the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i.* *Authorized Traders* 

BBH defines **Authorized Traders** as those individuals authorized to submit facsimile, telephone or electronic Exchange Traded Fund ("ETF") creation or redemption orders. BBH acknowledges that any ETF creation or redemption instruction received by the AP from an individual named as an Authorized Trader shall be deemed an instruction transmitted by an Authorized Participant, subject to the parameters set forth by the terms of the Authorized Participant Agreement. It is the responsibility of the Authorized Participant to notify BBH if a Trader is no longer authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii.* *BBH WORLDVIEW®APEX* 

APs may elect to be set up with access to Authorized Participant Exchange (APEX), BBH's web-based interface for Authorized Traders to submit ETF creation and redemption instructions electronically. APEX is accessed through BBH WorldView®. Authorized Traders can enter and cancel instruction via the online portal (where applicable before fund trading cut off). It is the responsibility of the Authorized Participant to notify BBH if a Trader is no longer authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii.* *Callbacks* 

The following types of instructions received via telephone, fax or email will require a callback to an Authorized Trader to authenticate the instruction. Instructions requiring a callback include but are not limited to the following. BBH requires the designation of individuals to whom a call back can be placed/performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Authorized Participant Establishment and Profile Set up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Authorized Trader Access Additions/Amendments and Removal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BBH WorldView® APEX set up requests

BBH may require a callback for additional instruction types at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iv.* *Interested Parties* 

BBH defines **Interested Parties** as those individuals authorized to receive Affirmations and Confirmations for creation or redemption orders placed by Authorized Traders. BBH requires that at least two Interested Parties are provided to ensure that order details are delivered to more than one party. The order Affirmations and Confirmations are sent to the Authorized Trader by default, therefore, the Interested Party may not be the same as the Authorized Trader. The Interested Party may be a team distribution email address, however, BBH will assume that there are multiple group members on the distribution. It is the responsibility of the Authorized Participant to notify BBH if an Interested Party is no longer authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Documentation of Authority

Documentation of authority of the AP must be provided, and accompany the attached Authorized Persons Documentation and executed AP Agreement, to facilitate BBH verification of the signer's permission to execute such documents. Corporate documentation may include a Corporate certificate, Certificate of Incumbency, Board Resolution and/or other corporate documentation which demonstrates the person signing is permissioned. BBH will not accept proprietary authorized signers lists or the below forms without corporate documentation.

**Please contact BBH AP Services with any questions related to this**

**information. T 617.772.4812 \| BBH.AP.Services@bbh.com**

![](ex99-13o_001.jpg)

**AUTHORIZED TRADERS**

Date:<u> </u>

2. AUTHORIZED PARTICIPANT PROFILE

Input information related to the AP Firm. Indicate the desired wire instructions for the delivery of ETF cash components.

---

| |
|:---|
| &nbsp;&nbsp;**Authorized Participant Name** |
| &nbsp;&nbsp;**BIC** |
| &nbsp;&nbsp;**Participant Account(s)** |
| &nbsp;&nbsp;**Street Address** |
| &nbsp;&nbsp;**Town/City, State, Zip Code** |
| &nbsp;&nbsp;**Wire Instructions**<br> Currency Bank ABA Bank Name<br> Beneficiary Account <br> Beneficiary Name Reference |

---

3. AUTHORIZED TRADER PROFILE

For APEX Access, indicate "Y" if the trader is authorized to submit Creations and Redemptions on APEX, BBH's online order-taking platform.

For Callback Authority, indicate "Y" if the trader is authorized to verbally confirm additions/amendments/deletions to this Authorized Traders Package.

For Signer Authority, indicate "Y" if the trader is authorized to instruct additions/amendments/deletions and sign subsequent Authorized Traders Package updates.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Authorized Trader Name** | **Signature** | **Telephone** | **Email** | **APEX**<br> **Access<br> (Y/N)** | &nbsp;&nbsp;&nbsp;&nbsp;**Callback Authority**<br> **(Y/N)** | &nbsp;&nbsp;&nbsp;&nbsp;**Signer<br> Authority**<br> **(Y/N)** |

---

4. AUTHORIZED TRADER PROFILE (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Authorized Trader Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Signature** | **Telephone** | **Email** | **APEX**<br> **Access<br> (Y/N)** | **Callback Authority**<br> **(Y/N)** | **Signer<br> Authority**<br> **(Y/N)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. INTERESTED PARTIES

For <u>Affirmation/ Confirmation Emai</u>l, indicate "Y" if the interested party is authorized to receive a copy of the Affirm and/or Confirm via email.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Interested Party Name** | &nbsp;&nbsp;**Email** | **Affirmation**<br> **Email (Y/N)** | **Confirmation**<br> **Email (Y/N)** |

---

**AUTHORIZED SIGNATURE**

**Authorized By:<u> </u>**

 **Name:<u> </u>**

**Title:<u> </u>**

**Telephone #:<u> </u>**

**Fax #:<u> </u>**

 **Date:<u> </u>**

**AUTHORIZED TRADERS - CHANGE LOG**

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Section Name** | **Change Description** | **Authorized Signature** |

---

**ANNEX III**

**AUTHORIZED PARTICIPANT AGREEMENT**

**BBH Trust**

**THE AP ACCOUNTS**

**FOR DELIVERY OF DEPOSIT SECURITIES**

The accounts into which [_________________] should deposit the securities constituting the Deposit Securities of each Fund upon redemption by the AP are set forth below:

---

| |
|:---|
| Name of AP: |
| Account Name: |
| Account Number: |
| Other Reference Number: |

---

**ANNEX IV**

**ORDER ENTRY SYSTEM/**

**ELECTRONIC INTERFACE TERMS AND CONDITIONS**

This Annex shall govern use by the Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders (collectively, "Orders") made available to the Authorized Participant by the Index Receipt Agent (the "System"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement to which this Annex is attached (the "Agreement"). In the event of any conflict between the terms of this Annex and the main body of the Agreement with respect to the placing of Orders, the terms of this Annex shall control, with respect to the Authorized Participant and Index Receipt Agent.

1. (a) The Authorized Participant shall provide to the Index Receipt Agent a document (see Annex II to the Agreement) certifying the names and signatures of all Authorized Traders as required by Annex II of the Agreement. The Authorized Participant shall be responsible in all respects for each Authorized Trader's use of the System, provided Authorized Participant has not provided written notice to Index Receipt Agent that such Authorized Trader's status has been revoked or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is understood and agreed that each Authorized Trader shall be designated as an authorized user of the Authorized Participant for the purpose of the Agreement. Upon termination of the Agreement, the Authorized Participant's and each Authorized Trader's access rights with respect to the System shall be immediately revoked.

2. The Index Receipt Agent grants to the Authorized Participant a limited, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Orders and otherwise communicating with the Index Receipt Agent in connection with the same. The Authorized Participant shall use the System solely for its own internal and proper business purposes. Except as expressly set forth herein, no license or right of any kind is granted to the Authorized Participant with respect to the System. The Authorized Participant acknowledges that the Index Receipt Agent and its suppliers retain and have ownership, title and exclusive proprietary rights to the System. The Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by the Index Receipt Agent or its suppliers. The Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. The Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without the Index Receipt Agent's prior written consent. The Authorized Participant may not remove any statutory copyright notice or other notice included in the System. The Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon the Index Receipt Agent's request.

3. (a) The Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic format) (collectively, the "Material"), which is delivered or made available to the Authorized Participant regarding the System is the exclusive and confidential property of the Index Receipt Agent. The Authorized Participant shall keep the Material confidential by using the same care and discretion that the Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. The Authorized Participant may make such copies of the Material as is reasonably necessary for the Authorized Participant to use the System for purposes of the Agreement and shall reproduce the Index Receipt Agent's proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. THE INDEX RECEIPT AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of the Agreement for any reason, the Authorized Participant shall return to the Index Receipt Agent all copies of the Material which are in the Authorized Participant's possession or under its control, provided, however, that Authorized Participant may make and retain a copy to comply with applicable law or its reasonable record retention policies and procedures.

4. Except with respect to a breach of the Index Receipt Agent System by an unauthorized third party, the Authorized Participant agrees that it shall have sole responsibility for maintaining the security and control of the user IDs, passwords and codes for access to the System provided to the Authorized Participant, which shall not be disclosed to any third party without the prior written consent of the Index Receipt Agent. The Index Receipt Agent shall be entitled to rely on the information received by it from the Authorized Participant and the Index Receipt Agent may assume that all such information was transmitted by or on behalf of an Authorized Trader regardless of by whom it was actually transmitted, except to the extent that Authorized Participant previously notified the Index Receipt Agent that such Authorized Person's access has been revoked or terminated or in the event of a breach of Index Receipt Agent System by an unauthorized third party.

5. (a) The Index Receipt Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Traders hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized Participant as a direct result of the Index Receipt Agent's gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING AND EXCEPT TO THE EXTENT ARISING FROM THE INDEX RECEIPT AGENT'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, IT IS HEREBY AGREED THAT IN NO EVENT SHALL THE INDEX RECEIPT AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES TO THE INDEX RECEIPT AGENT BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THE AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE INDEX RECEIPT AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE INDEX RECEIPT AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S REASONABLE CONTROL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Authorized Participant shall not make any deliberate misuse of any element of the System, including, without limitation, hacking, introduction of viruses or any device, method, or token whose knowing or intended purpose is to permit any person to circumvent the normal security and/or operation of the System or any portion thereof, disruption or excessive use or any use in contravention of applicable law, and making any modifications to the System, including without limitation the software, information, formats, and interfaces that comprise the System. The Authorized Participant will indemnify, defend and hold the Index Receipt Agent and its suppliers harmless against any losses, expenses, costs, or damages incurred as a result of the Authorized Participant's breach of the terms and conditions of this Annex, or its unauthorized use of the System. The Index Receipt Agent, at its own expense, shall indemnify and hold harmless the Authorized Participant, its affiliates directors, officers, employees and agents and defend any action brought against same with respect to a claim, demand, cause of action, debt, cost or liability, including reasonable attorneys' fees, to the extent arising from a claim that the System as used hereunder infringe or violate any patents, copyrights, trademarks, trade secrets, licenses or other property rights of any third party.

6. The Index Receipt Agent reserves the right to revoke the Authorized Participant's access to the System immediately and without notice upon any breach by the Authorized Participant of the terms and conditions of this Annex.

7. The Index Receipt Agent shall acknowledge through the System its receipt of each Order communicated through the System, and in the absence of such acknowledgment, the Index Receipt Agent shall not be liable for any failure to act in accordance with such Orders and the Authorized Participant may not claim that such Order was received by the Index Receipt Agent. The Index Receipt Agent may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by the Index Receipt Agent in sufficient time for the Index Receipt Agent to act upon, or in accordance with such instructions or communications, provided, however, that the Index Receipt Agent shall provide notice to Authorized Participant thereof as soon as reasonably practicable thereafter.

8. The Authorized Participant agrees that the Index Receipt Agent may deactivate any applicable encryption features at any time, without notice or liability to the Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

---

| | |
|:---|:---|
| **in its capacity as Authorized Participant** | **BROWN BROTHERS HARRIMAN & CO., in its capacity as Index Receipt Agent of the Trust** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

## Ex-99.(14)

**Exhibit (14**)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form N-14 of our reports dated December 19, 2024 relating to the financial statements and financial highlights of BBH Select Series – Large Cap Fund and BBH Select Series – Mid Cap Fund, each a series of BBH Trust, appearing in Form N-CSR of BBH Trust for the year ended October 31, 2024, and to the references to us under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in the Prospectus/Information Statement which is a part of such Registration Statement.

![](ex99-14_001.jpg)

Boston, Massachusetts

September 12, 2025

## Ex-99.(16)

**Exhibit (16)**

**POWER OF ATTORNEY**

Each person whose signature appears below hereby constitutes and appoints the Secretary and Assistant Secretaries of BBH Trust, and each of them, their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them and in their names, place and stead, in any and all capacities, to sign BBH Trust's registration statement on Form N-14 (and any and all amendments thereto) relating to the reorganization of (i) BBH Select Series – Large Cap Fund into BBH Select Large Cap ETF and (ii) BBH Select Series – Mid Cap Fund into BBH Select Mid Cap ETF, and to file such registration statement (with all exhibits thereto and other documents in connection therewith) with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of them might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ H. Whitney Wagner<br>| <br> Trustee | <br> September 10, 2025 |
| H. Whitney Wagner |  |  |
| /s/ Mark M. Collins<br>| <br> Trustee | <br> September 10, 2025 |
| Mark M. Collins |  |  |
| /s/ John M. Tesoro<br>| <br> Trustee | <br> September 10, 2025 |
| John M. Tesoro |  |  |
| /s/ Joan A. Binstock<br>| <br> Trustee | <br> September 10, 2025 |
| Joan A. Binstock |  |  |
| /s/ John A. Gehret<br>| <br> Trustee | <br> September 10, 2025 |
| John A. Gehret |  |  |
| /s/ Karen Kochevar<br>| <br> Trustee | <br> September 10, 2025 |
| Karen Kochevar |  |  |
| /s/ Jean- Pierre Paquin<br>| <br> Trustee | <br> September 10, 2025 |
| Jean-Pierre Paquin |  |  |

---